Good for: good-credit auto refinance applicants who want to shop rates
RefiJet is an online vehicle refinance company, which finds you a loan from its network of lender partners. The company also arranges loans, and handles the complicated paperwork, for people wanting to buy their leased car.
RefiJet is a good fit for those who:
- Have strong credit — the average credit score for RefiJet customers is 742.
- Want to shop loans without a hard credit pull to see a rate quote.
- Are interested in changing the terms of their loan by extending it or delaying a payment.
RefiJet auto refinance loans at a glance
|APR*||2.99% - 17.99%|
|Loan amounts||$10,000 - $150,000|
|Minimum requirements||Credit score: 580
|Hard credit check with application?||No|
|Availability||All 50 states|
RefiJet review details
Founded in 2015 and based in the Denver area, RefiJet specializes in auto refinancing. It offers borrowers a simple application process and the help of a loan officer to guide them through the transaction. Founder and CEO Reid Rubenstein says many of RefiJet’s customers are people who bought a car about a year ago, made all the payments on time, and now qualify for a lower interest rate.
Once RefiJet receives an application, it uses an algorithm to quickly estimate an interest rate based on a soft credit inquiry, which won’t impact your credit score. Then RefiJet presents you with refinance options from its lender partners, which include credit unions and finance companies. When you select a loan offer, the company submits your application to the new lender.
RefiJet also helps arrange lease buyout loans for people who want to buy a car they are currently leasing. This is a complicated transaction, Rubenstein says, and RefiJet handles the paperwork.
CAR LOAN RATES
The lowest interest rate RefiJet offers for a refinance loan is 2.99%. This is only available, however, if you have very strong credit. Lenders set their own requirements, but in general credit scores are categorized as follows:
- 300-629: Bad credit.
- 630-689: Fair credit, also called “average credit.”
- 690-719: Good credit.
- 720 and up: Excellent credit.
If your credit is less than top-tier, your interest rate will be higher — RefiJet’s maximum rate is 17.99%. 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 interest rate you might qualify for.
APPLYING TO RefiJet
- You can apply online or over the phone.
- Will also refinance most motorcycles and recreational vehicles.
- No application fee; prepayment and late fees vary by lender.
- Allows co-signers.
Restrictions may vary by individual lender, but RefiJet has the following general guidelines:
- Loan terms: 36 to 96 months. (NerdWallet doesn’t recommend loans over 60 months.)
- Maximum vehicle age: 10 years.
- Maximum vehicle mileage: 200,000 miles.
- Minimum income: $2,000/month for individuals and $2,500/month for joint accounts.
- Available in all 50 states.
How RefiJet compares
RefiJet shops for a new loan for you from its lender network, rather than lending you the money directly. Additionally, RefiJet will refinance cars that have been driven up to 200,000 miles, while most lenders cap the mileage between 100,000 and 150,000 miles. Also, unlike many lenders we’ve reviewed, RefiJet offers loan terms up to 96 months. Such a long loan term isn’t recommended as it requires the borrower to pay significantly more interest on a car that is getting old and perhaps unreliable.
The table below shows how RefiJet compares to other refinance companies.
|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 / 140,000 mi||No|
|IFS||500||$1,500||10 yrs / 150,000 mi||No|
|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|
|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 RefiJet
RefiJet offers additional auto finance products such as gap insurance and vehicle service contracts. It also lets borrowers delay their first payment on the new loan between 30 and 45 days. This might allow you to catch up on paying off other higher interest rate debt.
The RefiJet website features a blog with information on auto refinancing and how RefiJet works, as well as an auto loan calculator to help you estimate payments on your loan.
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.