2023 RefiJet Auto Refinance Review
RefiJet auto loans at a glance
|Refinance auto loans|
|Loan terms||24 to 84 months|
|Loan amounts||$5,000 to $150,000|
Trapped in an auto loan that’s busting your budget? Maybe you scored a better-paying job and can qualify for a lower interest rate. There are lots of reasons to refinance your auto loan.
RefiJet is an auto refinance company that works with national lenders to help you refinance your car loan. RefiJet has an A+ rating with the Better Business Bureau (BBB), though one significant drawback is its $495 fee.
- Potentially lower your payment: RefiJet says it lowers payments by an average of $150 per month.
- Prequalify online: By filling out a brief form with RefiJet, you can see which lenders may be a good match without submitting to a hard credit inquiry.
- Many loan options: Since RefiJet works with multiple lenders, you may have several options that suit your refinancing needs.
- Best for those with fair or poor credit: Refinancing your auto loan with RefiJet is a good option for those with a less-than-perfect credit score. Borrowers with strong credit may find better terms with other lenders.
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RefiJet pros and cons
RefiJet works with borrowers with low credit scores and offers competitive refinance rates. You can prequalify online with a soft credit pull that won’t impact your credit score. Still, with any large purchase, it’s smart to understand both the benefits and drawbacks before you make a decision.
Cash back refinancing available
Prequalify without hurting your credit score
No payments for the first 2 months (interest still accrues)
Charges a $495 origination fee
Final terms may differ from quote
Only offers refinancing and lease buyout loans
RefiJet works with a variety of lenders, so your final terms will depend on the application, your credit score and history and other factors that may not show up in a prequalification.
RefiJet offers cash-back loans, which means that if you have equity in your car, you could receive cash back after the refinance. Keep in mind that RefiJet charges $495 on all loan originations, so be sure to factor the fee into your budget.
A closer look at RefiJet auto loans
RefiJet refinances most cars, trucks, motorcycles and SUVs, and it also offers lease buyout loans. The Colorado-based company works with a network of lenders to find the best auto refinance loan for you. A financial services representative will be assigned to your loan to walk you through the offers and handle the loan and title paperwork.
RefiJet refinancing requirements
Here’s what you’ll need to prequalify for auto loan refinancing with RefiJet:
- Currently employed or have a verifiable source of income
- Made all car payments on time in the past six months
- Vehicle 10 years old or newer with less than 150,000 miles
- Have full coverage auto insurance
- Valid vehicle registration
- Valid driver’s license
RefiJet also offers protection programs that you could add to your loan, such as guaranteed asset protection (GAP) coverage and extended service contracts.
RefiJet advertises that you won’t have to make a payment for the first two months of your loan, but it’s common for the first loan payment not to be due for up to 90 days as the paperwork is finalized. Interest will still accrue before you make the first payment.
How to get a loan with RefiJet
RefiJet makes it easy to receive multiple auto refinancing loan offers by filling out a single form. After you’ve filled out the initial online application, a financial services rep will walk you through the rest of the process.
Start by filling out an online application to view your prequalified loan options in just a few minutes. You’ll need to provide some basic information:
- Contact information
- Annual income
- Rent/mortgage payment
You’ll also have to specify your reason for refinancing, which RefiJet will use to select lenders and programs that may best fit your situation.
Submit your paperwork
After you submit your application, a financial services representative will call you to gather additional information to submit to lenders. The representative will ask you to submit:
- Driver’s license
- Vehicle registration & title
- Proof of insurance
- Proof of income and residence
- Photo of odometer
Some lenders may require additional documents. RefiJet uses a secure online portal to submit sensitive personal information. When the required documents have been uploaded, the RefiJet representative will submit your application to the lender, which will use a hard pull to check your credit score.
Finalize your loan
Your RefiJet representative will contact you to go over the loan details, including any associated costs, such as title fees. If you decide to move forward, you’ll receive the loan documents to complete and return. If your state has any specific requirements to complete the process, your representative will assist with that process.
When the refinance loan is finalized, your representative will pay off the old loan, update the title to reflect the new lien and connect you with the new lender.
How RefiJet auto loans compare
RefiJet isn’t the only place to refinance an auto loan. It’s a good idea to receive offers from multiple lenders so you can compare rates, terms and fees. RefiJet seems to focus on customer service through the refinancing process, so paying the $495 fee may be worth it to have someone manage the paperwork on your behalf.
If you have good-to-excellent credit, you may be able to find a lower rate from other lenders. You can use an auto loan refinance calculator to determine whether refinancing is right for your situation.
|RefiJet||Bank of America||Navy Federal Credit Union|
|Terms||24-84 months||48-72 months||36-96 months|
|Amount||$5,000-$150,000||Minimum of $7,500||Minimum of $5,000|
|Min. credit score||500||Not disclosed||Not disclosed|
Is a RefiJet loan right for you?
If you have less-than-perfect credit and would like some extra guidance during the application process, a RefiJet loan may be a good choice. The system helps you evaluate loan options from multiple lenders rather than trying to do it on your own. It’s one way to shop around, but you should also consider looking at other lenders to make sure you’re getting the best deal.
Car buyers with strong credit may be able to find a lower rate from another refinance company, but since RefiJet offers prequalification, it can’t hurt to see the rates it has to offer.
Frequently asked questions
RefiJet is a reputable refinancing marketplace with an A+ rating with the Better Business Bureau (BBB). Note: RefiJet also has 1.29 out of 5.0 stars from customer reviews on the BBB site.
RefiJet requires a minimum credit score of 500 to qualify for a loan, though the best rates and terms are reserved for borrowers with higher scores.
Refinancing your car could temporarily lower your credit score during the first few months of the new loan, due to the hard credit pull and increased credit usage. However, with a history of on-time loan payments, your credit score can rebound over time.