Where's the Best Place to Refinance Your Car Loan?  Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.
RefiJet is one of several online options that specializes strictly in car loan refinancing. In business since 2016, this platform connects people across the credit spectrum (starting at a minimum score of 580) with lenders willing to make them a refi offer.
A few criteria you'll need to meet
In addition to that 580+ credit score, RefiJet's lending partners have a few additional eligibility criteria. Those include an income of at least $2,000/month and a credit history of at least a year with a minimum of 2 tradelines. Also, your car has to be fully insured and have a valid registration, and it can't be more than 10 years old.
Solid range of loan rates and terms
If you meet all of those requirements, you should definitely see what RefiJet can do for you. Their lending partners offer loans from $5,000 to $100,000, for terms of 24-96 months. With such a wide range of lending partners, their interest rates can vary widely, which may or may not be better than what you already have. Check your offers carefully.
No payments required in the first three months
RefiJet also offers a nice perk of not requiring payments for the first three months of your loan. So, if you need a bit of breathing room (over the holidays, maybe?), doing your car loan refinancing here could do that for you.
Soft pull when you confirm your identity
To start the process, you'll answer some basic questions: name, email, phone number address, monthly rent or mortgage, and employment details. RefiJet will try to do a soft credit inquiry to verify your identity; if they're unable to do so, they'll ask for your full SSN to confirm who you are.
Most loans completed in a week or faster
Once your identity has been validated, RefiJet will connect you with several lending partners willing to offer you a refinanced loan. While we wish that they would tell prospective clients more about those partners prior to filling out the preliminary application, it's pretty standard within the industry for referral platforms to be a little hush-hush about it. When you choose the refi option that's best for you, RefiJet helps you fill out the remaining application paperwork (which will require a hard pull on your credit) and they'll submit it to the lender on your behalf. Most customers will see that process completed within a week or less.
Reputation has improved over the years
The Better Business Bureau has both accredited and "A+"-rated RefiJet. Those designations mean that for the 70+ complaints filed there across the last 3 years, RefiJet has responded quickly and appropriately to all of them. We're also pleased to report that the company's overall feedback (in places like Trustpilot and other verified sources) has improved significantly since our last evaluation. In the comments left from clients within the month or two leading up to this review, it's easy to find compliments for specific representatives, for the overall speed of the process, and the ability to get good rates for individuals across the credit spectrum.
Definitely a service to look at if your credit is less-than-perfect
We're happy to move RefiJet up to a higher rating among the options for car loan refinancing online. It's great that their customer feedback has improved so dramatically, and we continue to be big fans of referral platforms that are open to a broader range of credit profiles. Plus, what's not to love about having no payments for the first three months? While being a little more open with their lending partners would be appreciated, RefiJet still gets our recommendation as a great place to start looking for auto loan refinancing.
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Where's the Best Place to Refinance Your Car Loan?
Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.
Maybe when you first got your loan, your credit score wasn't so hot, and you ended up with a not-so-great interest rate. Or maybe the economy has shifted, and interest rates have dropped since you first signed on the dotted line. Whatever the reason, if you can snag a lower interest rate by refinancing, you could end up saving some serious money in the long run.
Like anything in life, there are pros and cons to consider. On the upside, refinancing could mean lower monthly payments, which can free up some cash in your budget for other things, like saving up for a rainy day or treating yourself to a fancy coffee every now and then. Plus, if you can get a lower interest rate, you'll pay less in interest over the life of your loan, which means more money in your pocket.
But there are downsides too. Refinancing usually means extending the length of your loan, which could mean paying more in the long run, even if your monthly payments are lower. And if your credit score has taken a hit since you first got your loan, you might not qualify for a better rate anyway. Plus, there are often fees involved with refinancing, so you'll want to make sure the potential savings outweigh the costs.
All pluses and minuses aside, it's a smart idea to start your car loan refinancing online. Instead of driving down to your local bank or credit union, you can compare rates and apply for refinancing right from the comfort of your couch. Plus, online lenders often have lower overhead costs than traditional brick-and-mortar banks, which means they can sometimes offer better rates and terms.
When it comes to comparing different sites for auto loan refinancing, there are a few criteria you'll want to keep in mind:
Ultimately, the decision of which site to use for auto loan refinancing will depend on your individual circumstances. Maybe one lender offers a slightly lower interest rate, but another has better customer service or more flexible repayment options. To help you do your homework and crunch the numbers, the experts here at Top Consumer Reviews have rated and ranked some of today's most popular options for car loan refinancing. At the end of the day, those car payments are your hard-earned money, so why not make it go a little farther with a better loan?
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Is it difficult to refinance a car loan?
If you're looking to refinance a car loan you'll find it's much easier to execute than in years past. Fortunately, car owners in 2021 have the option to go online to refinance a car loan. Even more, the online process makes it much easier than shopping in person. For those looking to refinance to perhaps lower their payment or even take advantage of a better interest rate, online car refinance can be as simple as a few clicks.
Benefiting from the Advantages of Online Car Loan Refinancing
Aside from preventing the hassle of finding a local finance company, driving there and finding a place to park, the online process offers conveniences that many people prefer. You simply input your personal data and car information to find a lender - no need to divulge your details to anyone, and it takes only a few minutes.
Avoiding Dings on Your Credit Report
Until you find the lender you want to work with you, nothing affects your credit score. With the information that you provide on your credit rating, a lender knows what to expect from your report. For example, each lender who offers refinancing for your car loan shows you a rate online, and you can accept it or keep shopping. True, your lender may inquire about your credit report to approve you at the beginning of your application, but it does not affect your score until you actually apply for a car loan.
The privacy that shopping online affords you lets you protect your credit rating. A personal visit to a local lender potentially means a ding on your report. When you go to a banks local office, it becomes clear that you want to decide on the spot what you plan to do. You can avoid getting pushed into a decision too early in the process by checking various offers online without agreeing to proceed with anything.
Comparing Offers
Your access to online refinancing for your car loan gives you an advantage that you do not have in a face-to-face meeting with a lender. When you can see the offers that refinance lenders make online, you can pick the one you like the best. Whereas at a bank or finance office, you may feel required to make an important financial decision immediately.
Without a friend or relative to discuss the decision with you, the chance of accepting an offer too soon increases. In the quiet of your home, you have time to think about it and talk it over. Rushing into a deal you live with for years when you visit a loan company's office rarely provides the best outcome. Online shopping lets you choose an option your most comfortable with.
Busy schedules make it challenging to meet appointments, frequently wasting time when almost no one has the time to spare. When you shop for your car loan online, you can do it at the most convenient time of the day or night. Even better, it does not require an appointment. You can start or stop searching at any time, and you can apply as often as you like.
Getting the Best Deal
When shopping online to refinance your current car loan, many people do not realize they'll find a better interest rate than at a local credit union or bank. Without the expense of overhead costs of physical branches, lenders can afford to offer better rates. You can benefit from the difference between companies with low operating costs and banks with branches in many locations. When your lender has fewer expenses, it makes money available to attract customers like you. Online refinance gives you opportunities that do not happen otherwise.
Your chance of approval improves with online refinancing too. Traditional lending institutions tend to rely on your FICO score as proof of your creditworthiness. When you have a good or better score, they make it easy to get a loan. Online lenders take a more reasonable approach and may approve a lower score. In addition, they can look at many other things in your financial history that make you a good candidate that they can trust, such as regular payments of utility bills.
Taking Advantage of Available Options
Knowing that you can refinance your car loan puts you at an advantage financially. Industry experts say that less than half of people who buy motor vehicles know they refinancing is an option. In addition, only a small percentage of car buyers ever use refinancing. For those that are looking for ways to make ends meet, car loan refinancing can provide an excellent option to reduce monthly car loan expenses.
Choosing an Online Unsecured Loan
In the world of online finance, you can find loans that do not require any collateral to qualify for approval. Most online loans fit into the unsecured category, and it works for your benefit. Instead of borrowing against your assets, you have another option borrow. Lenders count on you to repay the money you borrow, but failure does not let them repossess your car. Whether you have assets that can secure a loan or not, you do not need them when you go online to refinance your vehicle. Of course, the consequences of failure exist as a practice that does not help you in the long run.
Uploading Minimal Documentation
When you choose an online lender, you can expect to provide some paperwork as part of an application. A few minutes of locating and uploading necessary documents seems much better than handing your private papers to someone in an office.
Getting Approval Faster
A quick approval is another reason that many prefer shopping and securing refinance loans online. When you apply electronically instead of personally, you can complete an application in a few minutes. Lenders who approve you ahead of time can respond immediately instead of making you wait to receive a letter in the mail. You most likely need the money when you ask for it, and online refinance lenders respond promptly to your application.
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