Good for: good-credit refinance applicants who want help shopping loans
RateGenius is a vehicle refinance loan broker that finds you loans from its network of partners. The company also arranges lease buyout loans.
RateGenius is a good fit for those who:
- Have good credit — the average credit score for its customers is 690.
- Are serious shoppers who don’t mind having a hard credit pull to get a rate quote.
- Prefer help dealing with lenders and completing the application paperwork.
RateGenius auto refinance loans at a glance
|APR*||3.49% - 25.87%|
|Loan amounts||$10,000 - $90,000|
|Minimum requirements||Credit score: 550
|Hard credit check with application?||Yes|
|Availability||All 50 states|
RateGenius review details
Founded in 1999, rateGenius specializes in matching borrowers to auto refinance loans among its network of lenders. The company tries to streamline the approval process as much as possible, but some lenders require more paperwork than others, especially for borrowers “further down the credit tier,” according to a company spokesperson.
The lender rateGenius selects will perform a hard credit pull, which slightly lowers your credit score, to provide a preapproved loan offer. If your application is denied, rateGenius will try up to two more lenders. Credit reporting agencies typically group such multiple hard inquiries as one inquiry if they occur within a short time, generally 14, 30 or 45 days.
If rateGenius doesn’t think any lenders will offer you a loan, it won’t perform a hard pull. Even so, it’s best for serious refinance applicants who intend to get a new loan, rather than those casually checking rates.
Car loan rates
The best rate offered by rateGenius for a refinance loan, 3.49%, will be available only if you have very good credit. Lenders can set their own requirements, but excellent credit is generally considered 720 or better, while 690 to 719 is generally considered good. The average credit score for rateGenius customers is 690.
If your credit is less than top-tier, your interest rate will be higher. This means your monthly payment will be more and, over time, you’ll pay more interest. If you know your credit score you can get an idea of the rate you might qualify for.
Applying to rategenius
- You can get preapproved in two to three hours in some cases.
- No application fee; late payment fees vary by lender.
- Borrowers are not obligated to accept an offer.
- Maximum vehicle age: 7 years.
- Maximum vehicle mileage: 100,000 miles.
- Loan terms: 24 to 87 months. (NerdWallet doesn’t recommend loans over 60 months.)
- Available in all 50 states.
How rateGenius compares
Unlike other lenders that provide refinance loans directly, such as LightStream and SpringboardAuto.com, rateGenius is a broker that shops for an auto refinance loan for you in its lender network. The table below shows how rateGenius compares to other refinance lenders.
|Company||Minimum credit score||Minimum monthly income||Maximum vehicle age/mileage||Hard pull?||Get started|
|MyAutoloan ||500||$1,100||10 yrs / 125,000 mi||Yes|
|OpenRoad Lending||500||$1,500||10 yrs / 100,000 mi||Yes|
|LendingClub||510||None||10 yrs / 120,000 mi||No|
|CarFinance.com||525||None||8 yrs / 100,000 mi||Yes|
|Capital One||540||$1,500 - $1,800||7 yrs / No restriction||No|
|IFS||550||$1,500||10 yrs / 150,000 mi||Yes|
|RateGenius||550||$2,000||7 yrs / 100,000 mi||Yes|
|RefiJet||580||$2,000||10 yrs / 200,000 mi||No|
|Autopay||600||$2,000||11 yrs / 125,000 mi||No|
|Clearlane||600||$1,800||10 yrs / 100,000 mi||No|
|Consumers Credit Union||640||$500; $2,000 preferred||No restriction||Yes|
|Company||Min credit score, monthly income||Get started|
$1,500 - $1,800
|Consumers Credit Union||640|
$500; $2,000 preferred
More from rateGenius
RateGenius has an affiliated insurance broker (rateGenius Insurance Agency) and may contact you with insurance offers once you’re approved for a loan. The company also offers gap insurance and vehicle service contracts.
The rateGenius website features information on how rateGenius works, along with general information about auto refinancing and a calculator to help you estimate payments.
Shopping for an auto loan
More from NerdWallet:
Auto Loans Ratings Methodology
NerdWallet’s auto loans ratings reward lenders offering the most transparency and consumer-friendly features. Ratings are based on weighted averages of several categories, including flexibility of loan options, clarity of borrower requirements, accessibility, speed of funding and fees. Using our editorial discretion, we also consider consumer reviews and complaints. These ratings are a guide, but we encourage you to shop around to find the lowest interest rate you can qualify for. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.