RateGenius can help you find affordable auto loan refinancing or lease buyouts with rates as low as 2.99%. The company itself doesn’t actually extend these loans, however. Instead, they work to connect their customers with auto refinance loans from a network of lenders.
If you’re considering refinancing your current auto loan or purchasing a car you’re currently leasing, you may want to check out RateGenius and all they have to offer. Keep reading to learn how this platform works and more about the loans they offer.
RateGenius Auto Loans: Key Takeaways
- Refinance with interest rates as low as 2.99%.
- Borrow between $10,000 and $90,000.
- Minimum credit score of 550 is required.
- Repay your loan over 24 to 87 months.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
RateGenius Auto Loans: Refinance Your Auto Loan and Save
Auto loans from RateGenius are intended to help people save money on their long-term borrowing costs or reduce their monthly payment. RateGenius reports that their loans are best for consumers who have seen improvement to their credit scores since they first applied for an auto loan. With a current credit score that is higher than it was in your past, you may be able to secure a new auto loan with better terms.
It’s important to note, however, that RateGenius doesn’t offer loans on their own. Instead, they connect borrowers with a network of lenders that offer auto refinancing with their own terms.
According to RateGenius, applicants who get approved for auto loan refinancing save an average of $76 per month on their loans. You may also be able to cut your interest rate in half or more, depending on your old loan details and your current financial situation.
In addition to auto loan refinancing, RateGenius also offers loans for lease buyouts. These loans can help you purchase and keep any car you’re leasing, as well as avoid any “end of lease” charges you might have to pay otherwise.
RateGenius notes that their lease buyout loans are a good deal if a) the buyout price is equal to or less than the current market value of your vehicle, b) you can qualify for a good interest rate on your new loan, and c) the vehicle is still in good working condition.
What to Watch Out For
RateGenius auto loans don’t come with any application fees or hidden fees, although lenders may charge their own set of fees that can vary. Here’s what Rate Genius says about fees in their fine print:
“In some cases, there will be prepaid finance charges associated with your loan. The amount of these fees vary depending on your lender and the state in which you live. Additionally, we may collect a small fee on behalf of your state’s DMV in order to process the title on your behalf. In either case, we’ll always disclose and document these for you to keep you in the loop.”
This means that you may or may not be charged any other fees depending on the lender you ultimately work with, but you should always check to make sure.
In addition to fees you may be charged, you’ll also want to keep in mind that saving money with auto refinancing usually involves extending the length of your loan. You may get a lower monthly payment and a lower interest rate, but you need to be careful if you’re extending your auto loan payoff date by several more years. If you lengthen your car loan enough, you could wind up paying more interest over the long run, or still owing money on a car that’s well past its prime.
Finally, it’s important to note that RateGenius auto loans won’t work for every type of vehicle. Specifically, you cannot use these loans for cars older than seven years or any auto with more than 100,000 miles on it. For the most part, auto loan refinancing from RateGenius is intended for car owners with newer vehicles that have fewer miles and less wear and tear.
Who Rate Genius Auto Loans Are Best For:
- Consumers with pricey auto loans who have improved their credit scores over the last few years.
- Anyone who wants to buy a car they’re currently leasing.
- Car owners whose vehicles are newer and in good condition.
How We Rate RateGenius Auto Loans
At SLG, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how RateGenius stacks up:
|RateGenius at a Glance|
|Affordability (interest rates, fees, and terms)||🌕🌕🌕🌕🌑|
|Availability (credit requirements, geographic reach)||🌕🌕🌕🌕🌑|
|Ease of Use||🌕🌕🌕🌕🌑|
How to Apply for Auto Loan Refinancing with RateGenius
Because RateGenius is an online auto lending platform, they make it easy to apply for auto loan refinancing or a lease buyout online and from the comfort of your own home. Information you should be ready to share when you apply includes:
- Vehicle age, make and model, condition, and miles
- Your name
- Phone number
- Email address
- Date of birth
- Home address
- Housing payment
- Employment information
- Income information
- Social Security number
Once you supply RateGenius with this information, they will work hard to process your application and connect you with a lender in their network. If your application is approved, it’s possible to have your loan refinance underway in 24 to 48 hours.
The Bottom Line
Refinancing your auto loan could help you save money if you’re able to qualify for a new loan with a lower interest rate and better terms. However, you should be careful not to extend your loan repayment timeline so long that you wind up paying more interest over the long haul. Ideally, you’ll refinance your loan into a new loan that helps you save money without requiring you to pay on your car for several more years.
Before you apply with RateGenius, however, it can also make sure to consider other auto refinancing companies that may allow you to get preapproved for a new loan without a hard inquiry on your credit report. By taking the time to compare several lenders, you’ll put yourself in the best position to score a better deal.