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 offers refinancing for other specialty vehicles and, in some cases, 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*||2.49% - 18%|
|Loan amounts||$10,000 - $90,000|
|Minimum requirements||Credit score: 525
|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. It searches its network of lenders to find you the best offer and then helps you complete the steps for approval. This can be helpful for customers who value a hands-off process, but who still want the benefit of comparison shopping.
The company tries to streamline the process as much as possible, but some lenders require more paperwork than others, says Jonathan Olsen, who works on business development for rateGenius. “Generally, the further down the credit tier, the more documents are needed to finalize the loan,” he says.
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, 2.49%, 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
- Can refinance trucks, SUVs, RVs, motorcycles and boats
- No application fee; late payment fees vary by lender
- Borrowers are not obligated to accept an offer
- Maximum vehicle age: 10 years
- Maximum vehicle mileage: 150,000 miles
- Loan terms: 24 to 87 months (NerdWallet doesn’t recommend loans over 60 months)
- Available in all 50 states
How rateGenius compares
Compared to other lenders we reviewed, the maximum refinance rate from rateGenius is mid-range, but significantly less than those on the high end, where maximum rates exceed 29%. This seems to reflect rateGenius’s desire to work with borrowers who have average or better credit.
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 companies that work with a network of lenders.
|Company||Minimum FICO||Minimum monthly income||Loan amount||Maximum vehicle age/mileage||Hard pull?|
|MyAutoloan||500||$1,100||$7,500 - $100,000||10 yrs / 125,000 mi||Yes|
|RateGenius||525||$2,000||$10,000 - $90,000||10 yrs / 100,000 mi||Yes|
|IFS||550||$1,500||$5,000 - $100,000||10 yrs / 100,000 mi||Yes|
|Clearlane||580||$1,800||$5,000 - $75,000||11 yrs / 125,000 mi||No|
|Autopay||600||$2,000||$5,000 - $100,000||11 yrs / 125,000 mi||No|
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 detailed information on how rateGenius works, along with general information about auto refinancing and a calculator to help you estimate payments. According to the site, rateGenius also provides customer service in Spanish.
Shopping for an auto loan
More from NerdWallet:
To review rateGenius, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data and compared the lender with others that seek the same customer or offer a similar product.