RateGenius stands out as a key facilitator in the auto loan refinancing industry, offering a unique blend of services tailored to car owners looking to improve their loan conditions. This review analyzes the comprehensive range of services RateGenius brings to the table, from its inception and market credibility to the comprehensive range of services it provides. As we examine the specifics, we’ll uncover how RateGenius might be the right choice for your auto refinancing needs.
Overview of RateGenius
RateGenius stands as a specialized intermediary in the auto refinancing industry, primarily serving as a conduit between borrowers and a network of lenders. The company’s fundamental purpose is to facilitate the refinancing of auto loans by connecting customers with lenders that best suit their financial circumstances. This approach is geared towards helping borrowers secure more favorable loan terms, potentially leading to significant savings on their auto loans.
Brief History and Credibility of the Company
Since its establishment, RateGenius has grown into a respected entity in the financial world. Known for its robust network of over 150 lenders nationwide, the company has a proven track record of offering efficient and reliable refinancing options. Its growth and sustained success reflect its commitment to customer satisfaction and financial expertise.
Summary of Services Offered
RateGenius’s suite of services extends beyond just auto loan refinancing. They also offer lease buyout loans, catering to customers interested in buying their leased vehicles. Their services are tailored to various financial needs, including lowering monthly payments, reducing interest rates, and transitioning from leasing to owning a vehicle. This comprehensive approach to auto financing solutions highlights RateGenius’s dedication to addressing the diverse financial requirements of its customer base.
Is RateGenius legit or a scam?
Not only is RateGenius a legitimate company, but they also have raving reviews.
A culmination of 8,749 certified customer reviews puts RateGenius at an average of 4.9 out of 5 stars. Operating in all 50 states, RateGenius’ stellar rating among past clientele is more than likely for many reasons.
Auto Refinancing with RateGenius
RateGenius serves as a gateway for borrowers looking to refinance their auto loans. The aim is straightforward: to find you a better deal than your current loan terms. By tapping into a vast network of over 150 lenders, RateGenius increases your chances of landing a more favorable interest rate, which can lead to significant savings.
Average Savings and Lender Network
Speaking of savings, let’s talk numbers. On average, customers who refinance through RateGenius save about $78 per month. That’s not pocket change! It’s the result of RateGenius leveraging its extensive lender network to find competitive rates that align with your financial profile.
The Process of Refinancing Through RateGenius
The refinancing process with RateGenius is designed to be as smooth and straightforward as possible. You fill out an application, and they take it from there, comparing offers to find the best fit for you. It’s a hassle-free approach that takes the legwork out of shopping around for loan options.
RateGenius Lease Buyout Loans
Lease buyout loans are a financial tool for individuals who want to purchase their leased vehicle before the lease term ends. This option becomes particularly attractive if you’ve grown fond of your leased car and see its long-term value. Essentially, a lease buyout loan enables you to buy the car you’re currently leasing, turning your lease into a purchase.
How RateGenius Supports Lease Buyouts
RateGenius steps in to streamline the lease buyout process. They work with you to secure a loan that covers the buyout cost of your vehicle. This approach is designed to transition seamlessly from leasing to owning, ensuring that the terms are aligned with your financial situation.
Process and Benefits
The process is straightforward: apply for a lease buyout loan through RateGenius, and they will match you with lenders who offer competitive terms. The benefits? You get to keep the car you’re already comfortable with, often with a loan term and rate that are more favorable than your original lease terms.
RateGenius Application Requirements
For RateGenius to consider your application, you must meet the following requirements:
- Your current auto loan must have a balance of $10,000 or more and cannot exceed $90,000
- Your financed vehicle must not have any more than 150,000 miles on it
- You must be 18 years or older
- Your combined household income must be at least $2,000 or more each month
- Your financed vehicle must not be any older than 10 years
- Your credit score must be at least 525
If you’re self-employed, instead of submitting your gross monthly income, you’ll need to provide your net monthly income (meaning what you make after taxes and deductions come out).
If you do not meet the required monthly income, you can sign with a co-applicant to meet the minimum requirements.
RateGenius Fees and Rates
There is no fee to apply with Rate Genius. Even when you apply and are matched up with several lenders, there’s no fee. RateGenius is an auto refinance loan broker, and as such, its sole job is to connect you with multiple lenders. Any compensation RateGenius receives for its services comes from lending partners and not borrowers that refinance auto loans.
RateGenius auto loan rates vary depending on your loan amount, credit score, and income level. That said, borrowers have received interest rates as low as 1.99% (if they have good credit scores) to as high as 18.87% (for borrowers with subprime credit scores).
Borrowers may encounter the following fees when they are approved for auto loan refinancing:
- Late Payment: Should you be late on a payment, any late payment fee is determined by the new lender and not RateGenius.
- Title Transfer: There will be a title transfer fee. Title transfer fees are not imposed by RateGenius or your chosen lender, but by the state in which you live. The amount of the fee varies depending on your location.
- Loan Processing: Depending on the lender you choose, there may also be a loan processing fee, but this is up to the lender and is not uniform across all lending companies.
Any other fees associated with auto refinance loans are small and will come directly from your refinancing lender. This happens regardless of where you refinance or which auto loan broker you work through. Because the fees are negligible, they are usually added to the cost of your new loan to reduce out-of-pocket expenses.
This isn’t ideal for borrowers because adding fees to the total cost of the loan means you pay interest on the fees over the entire life of the car loan. Although the extra costs are negligible, they are something to keep in mind.
RateGenius Reviews
Many customers have left positive reviews and testimonials for RateGenius auto loans. They cited the convenience of the online application process and the wide range of lenders available through the service. Some customers have reported successfully refinancing an existing car loan through RateGenius and saving hundreds or even thousands of dollars in interest as a result.
However, there are also negative reviews and complaints from customers who have had less positive experiences with the service. Some customers have reported issues with communication and customer service, while others have expressed frustration with fees or the requirement to provide extensive documentation.
The Better Business Bureau (BBB) currently gives RateGenius an ‘A,’ and very few complaints. You will find many 4- and 5-star reviews of RateGenius at several other review sites as well.
RateGenius Application Process
Applying with RateGenius takes only a few minutes to complete. Once you have submitted your application, a loan officer from RateGenius will get back to you within 1 to 2 days, though many borrowers have reported hearing back from them the same day.
Before you begin your application, take a few minutes to make sure you have the following information:
- Your current monthly car payment
- Name of your current lien holder
- Make, model, and style of your financed vehicle
- Amount of miles your financed vehicle has
- Your financed vehicle VIN (vehicle identification number)
- Your employer’s phone number (to be used for employment verification)
Once you submit all the required information, RateGenius will compare your information with its partnered lenders. Once they have matched your profile with a suitable lender, you will receive a report detailing each lender’s interest rates and terms. Choose the one that makes the most financial sense for you and your situation, and from there, everything gets even simpler.
If your application is denied, RateGenius will try up to two more lenders. More often than not, rateGenius works with borrowers with average to good credit who have a credit score of at least 690.
Unique Advantages of Choosing RateGenius
A few things that make RateGenius stand out are:
- Variety of loan terms: RateGenius’s partnered lenders offer various terms to suit each borrower’s needs. It currently offers auto refinance terms from 24 to 87 months. A loan term over five years is generally not recommended (because of interest and car depreciation), but a longer-term can help you reach a more manageable monthly payment if your finances are tight.
- Refinance any qualifying vehicle: With RateGenius you can refinance trucks, SUVs, RVs, motorcycles, and even boats. As long as the vehicle meets the age requirements, maximum mileage, and remaining loan amount qualifications, you can refinance it through RateGenius.
- No obligation: Unlike some companies, with RateGenius you are under no obligation to accept any offers. Use the information you obtained to price compare with other companies or plan for the future. There is no fee if you do so, and you are more than welcome to circle back in the future and apply again when you are ready.
RateGenius also offers vehicle service contracts and gap insurance.
Bottom Line
Rate Genius is a great company for people who want to price compare but don’t want to put in the repeated hours of searching and submitting paperwork. They tend to cater more to borrowers with average to good credit scores but encourage anyone interested to apply.
Remember: if they don’t think any of their affiliated lenders will accept you, they’ll let you know so you don’t hurt your credit history.
If you’re curious, use their online calculator to get an idea of how much you could save each month, but don’t hold back. With a 4.9/5 customer satisfaction, you can expect outstanding customer service. And with an average of $78 savings for each customer each month, RateGenius is a company that deserves your attention.
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