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, its stellar rating among past clientele is more than likely for many reasons. One rationale is it saves people money every month: on average about $78. Another is probably the sheer amount of lenders they’ve partnered with — over 150 across the nation.
One major perk is their streamlined application process. Saying it’s easy and takes only a few minutes is true of just about every internet-based loan broker these days
What sets rateGenius apart?
It truly analyzes your application before it commits to a hard credit pull. If they don’t think your application will be approved by any of the lenders they work with, they’ll let you know in the beginning so your credit isn’t damaged by an inquiry. Thoughtful is not a word often associated with auto loan brokers, but that’s a pretty thoughtful thing to do.
When is refinancing an auto loan a good idea?
You should consider refinancing for any of the following reasons:
- If your credit score has improved and is now in a new credit tier
- If interest rates were high when you financed your vehicle
- If you were given a high interest rate because of your credit score
- If you have suffered from financial difficulties since financing your vehicle and need a lower payment
Refinancing can solve and help with all of the above issues. Work with a new lender with better rates and loan terms, and you could lower your interest rate and monthly payments. With the right lender, you can be in more control of your finances.
RateGenius Application Requirements
For your application to be considered by rateGenius, 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.
Fees and Rates
There is no fee to apply with rateGenius. Even when you apply and are matched up with several lenders, there’s no fee. RateGenius is a refinance loan broker, and as such, its sole job is to connect you with lenders. Any compensation it receives for its services comes to it from partner lenders and not borrowers aiming to refinance their auto loan.
Rates obviously 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 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 refinancing are small and will come directly from your refinancing lender. This happens regardless of where you refinance or which loan broker you work through. Because the fees are negligible, they are usually added to the cost of your new loan so as 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 loan. Although the extra costs are negligible, they are something to keep in mind.
RateGenius Application Process
Applying with rateGenius takes only a few minutes to complete. Once you have submitted your application, 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 of 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 that lays out each lender’s interest rates and loan 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.
A few things that make rateGenius stand out are:
- Variety of loan terms: RateGenius’s partnered lenders offer a variety of loan terms to suit each borrower’s needs. It currently offers refinance loan terms from 24 to 87 months. Loan terms over five years are generally not recommended (because of interest and car depreciation), but a longer term can help you reach more manageable monthly payments 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 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 you’ll be accepted by any of their affiliated lenders, they’ll let you know so you don’t hurt your credit.
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 and an average of $78 savings for each customer each month, rateGenius is a company that deserves your attention.