RefiJet Auto Refinance Loans: 2021 Review
To evaluate RefiJet, NerdWallet collected and compared over 15 data points with other lenders who are either looking for the same customer or have a similar product.
RefiJet is an online vehicle refinancing company that finds you a loan with its network of lending partners. The company also arranges loans and handles complicated paperwork for people wishing to purchase their rental car.
RefiJet may be a good choice for those who:
Have good credit: The company has a high minimum credit score requirement, and the lowest rates are available if you have excellent credit (720 FICO or better).
You want to buy loans: You can compare the rates of several lenders with a soft credit application, which has no impact on your credit score.
Look for flexible loan terms: RefiJet allows borrowers to change the terms of their loan by extending it or delaying a payment.
RefiJet exam details
Launched in 2016 and based in the Denver area, RefiJet specializes in automotive refinancing. It offers borrowers a straightforward application process and the help of a loan officer to guide them through the transaction. The company says many of its customers are people who bought a car about a year ago, made all the payments on time, and are now eligible for a lower interest rate.
Once RefiJet receives a request, it uses an algorithm to quickly estimate an interest rate based on a flexible credit application, which will not affect your credit score. Next, RefiJet presents you with refinancing options from its lending partners, which include credit unions and finance companies. When you select a loan offer, the company submits your request to the new lender.
RefiJet also helps organize lease buyback loans for people who want to buy a car they are currently renting, and RefiJet takes care of the paperwork for you.
RefiJet auto loan rate
The lowest interest rate offered by RefiJet for a refinance loan is only available if you have excellent credit.
If your credit is lower than the top level, your interest rate will be higher. This means that your monthly payment will be higher, and over time you will pay more interest. If you know your credit rating, you can get an idea of the rate you might be entitled to.
You can apply online or by phone.
Will also refinance most motorcycles and recreational vehicles.
Prepayment and late fees vary depending on the lender.
Restrictions may vary from lender to lender, but RefiJet has the following general guidelines:
Maximum vehicle age: 10 years.
Maximum vehicle mileage: 200,000 miles.
Minimum income: $ 2,000 / month.
Available in all 50 states.
More from RefiJet
RefiJet offers additional auto financing products such as gap insurance and vehicle maintenance contracts. It also allows borrowers to delay their first payment on the new loan between 30 and 45 days. This could help you catch up on paying off other higher interest debt.
The RefiJet website has a blog with information about auto refinancing and how RefiJet works, as well as a car loan calculator to help you estimate your loan payments.