2024 RateGenius Auto Refinance Review
RateGenius auto loans at a glance
 | Refinance auto loans |
| Starting annual percentage rate (APR) | 4.67% |
| Loan terms | 24 to 84 months |
| Loan amounts | $10,250 to $100,000 |
| See Refinance Rates |
RateGenius is a company that offers auto loan refinancing via its network of over 150 lenders. With competitive APRs and flexible repayment terms, a rateGenius loan may be a good fit if you’re looking to secure lower rates or change the length of your loan. It also has:
- Low credit score requirements: Even if your credit score is as low as 500, you may still qualify to refinance with a RateGenius auto loan.
- A short approval timeline: It only takes a few minutes to fill out a loan application and then anywhere from one to two days before RateGenius officially approves you.
- Potential fees: Your auto refinance loan may come with administrative fees depending on your lender and the state you live in.
- Loan options for bad-credit borrowers: Because of its low credit score requirement, RateGenius may be best for consumers who want to refinance their car loan but are struggling to get approved due to their poor credit.
RateGenius pros and cons
Like any financial product, a RateGenius auto refinance loan has some positives and negatives to consider before closing on your loan.
| Pros | Cons |
|---|---|
Bad-credit borrowers may qualify Allows for co-applicants Social Security number not required to apply for a loan | Lenders may come with administrative fees High minimum borrowing amount Approval can take one to two days |
RateGenius is one of several companies that allows you to refinance a car loan with bad credit. The company also gives you the option to add or remove a cosigner on your car loan when you refinance. When you fill out an application, you’re not required to provide your Social Security number.
Depending on where you live and which lender you’re matched with on RateGenius’s platform, you may have to pay administrative fees. With a minimum borrowing amount of $10,250, RateGenius might not be a good fit if you’re looking for a smaller car loan.
A closer look at RateGenius auto loans
Instead of funding its own loans, RateGenius partners with over 150 lenders and matches you with lenders after you fill out an application. From there, you can choose the right lender for you.
Aside from traditional auto refinance loans, RateGenius also offers car lease buyout loans. This means if you’re leasing a vehicle, you can apply for an auto loan with RateGenius and use those funds to buy out your leasing contract.
RateGenius refinancing requirements
Aside from a credit score requirement of at least 500, the vehicle must not have more than 150,000 miles on it or be over 10 years old. Depending on the lender, you may have to meet other borrowing requirements.
How to get a loan with RateGenius
Choose your refinance goals
When you refinance your auto loan, you’ll need to decide on your priorities. You can lengthen your auto loan to reduce the size of your monthly payments or get a smaller APR. To estimate your potential savings, you can use an auto refinance loan calculator.
Check your credit score
Your credit score determines the lenders who will approve your loan. It can also give you an idea of the rates lenders may offer you.
Fill out an application
Next, you’ll need to fill out a RateGenius auto loan application. You’ll need to specify the make, model and year of your car. You’ll also need to provide your personal information and disclose whether you plan to use a co-borrower.
Verify your information
If you qualify with any of RateGenius’s lenders, you’ll need to verify the information you provided. You may need to verify your income and identity with documents such as bank statements, pay stubs and your government-issued ID. You also may need to provide your vehicle identification number (VIN) and insurance information.
Close on your loan
If you decide to move forward with the loan, RateGenius will run a hard credit pull, which can cause your credit score to temporarily dip. You’ll need to sign your auto loan contract, which will detail all of the features of the loan. Be sure to read over the entire agreement so you fully understand it.
How RateGenius auto loans compare
Even if RateGenius fits your auto refinancing goals, it’s wise to compare multiple companies and shop around for rates, terms, loan amounts and borrowing criteria.
| RateGenius | iLending | RefiJet | |
|---|---|---|---|
| Starting APR | 4.67% | 5.20% | 5.29% |
| Loan terms | 24 to 84 months | 24 to 84 months | 24 to 96 months |
| Loan amounts | $10,250 to $100,000 | Starting at $7,500 | $10,000 to $150,000 |
| Minimum credit score | 500 | 525 | 580 |
If you don’t think RateGenius is a good fit for you, consider alternative options such as iLending and RefiJet. Both offer competitive rates and similar features to RateGenius, and both have low credit score requirements.
Is a RateGenius loan right for you?
A RateGenius auto loan may be right for you if you’re looking to refinance your car loan and struggling to qualify with other lenders because of your credit. However, if you have a bad credit score, you’ll likely receive higher rates. If this is the case, consider taking some time to improve your credit score to boost your chances of securing lower rates.
Frequently asked questions
You only need a credit score of at least 500 to qualify for a RateGenius auto refinance loan. However, keep in mind that bad credit car loans come with high interest rates.
Yes, RateGenius is a legitimate company that offers auto loans ranging from $10,250 to $100,000. Founded in 1999, RateGenius has an A+ score with the Better Business Bureau.
When you apply for a RateGenius loan, at some point during the process, the company will run a hard credit pull. This allows the company to view your credit background and payment history.