RateGenius Auto Loans Review

RateGenius offers auto refinance loans and lease buyout loans. Its lender network is composed mostly of credit unions, which it says often offer better rates, personalized service and more satisfied members.

RateGenius also offers GAP waivers, which, if you total your car, would cover the difference between the car’s value and what you still owe. This can potentially save you thousands if you have an accident, but do your research to determine whether this kind of coverage makes sense for you. Also note you may be able to purchase gap insurance from your car insurance company.

RateGenius allows you to prequalify for offers without hurting your credit score. However, submitting an application will result in a hard credit pull. The application takes only a few minutes to complete, and if approved, you will receive your offer by phone, email and text.

RateGenius can usually process the loan within 24 to 48 hours. It will request a current payoff amount from your existing lien holder, then ask for all of your signed paperwork and documentation, such as proof of income and insurance. RateGenius then submits the completed loan package to your new lender for approval and funding, and a payoff check will be sent to your current lender.

Refinance terms are from 36 to 84 months. Depending on your lender and the state in which you live, there may be prepaid finance charges associated with your loan. Additionally, RateGenius may collect a small fee on behalf of your state’s DMV to process the title for you.

To refinance through RateGenius, you need to be a U.S. citizen and at least 18 years old. Although RateGenius doesn’t specify eligibility requirements for cars, it says most companies will not refinance a car older than 10 years or with more than 120,000 miles. Lenders also generally require that your car be a “personal use” vehicle, which means it can’t be used as part of a business, such as a ride-hailing service.

Because RateGenius connects you with various lenders, it does not offer any discounts itself. However, you may qualify for discounts, such as autopay, depending on the lender you choose.

RateGenius has lenders across all 50 states, and it accepts all credit types. It will also consider your debt-to-income ratio and your loan-to-value ratio, which is the ratio of your loan amount to the value of your vehicle. Be ready to upload documents that verify your identity, income, address, vehicle and loan information, and insurance.

RateGenius is accredited with the Better Business Bureau and has an A+ rating. Trustpilot rates RateGenius 4.7 out of 5 stars, an Excellent score, with more than 3,900 reviews. The Consumer Financial Protection Bureau received six vehicle-loan- or lease-related complaints about RateGenius in 2021 and each received a timely response and closed with an explanation.

For help with your loan refinancing, call 866-728-3436 or email hello@rategenius.com.

  • Someone with an existing car loan who would like to refinance.
  • Someone who still owes at least $10,250 on their existing auto loan.
  • Someone who plans to apply with a co-applicant.

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