RateGenius Auto Loan Refinance and Lease Buyout Loans: 2023 Review

Origination fee: Yes, there is a fee of $495 in nearly all cases.

Personal information needed: For the initial application, address, time at address, phone, email address, birthdate, employment status, employer name, housing status, housing payment amount, basic vehicle information. Additional information may be requested later by the lender.

Pre-qualification available: Pre-qualification with a soft credit check is available in nearly all cases, but a few network lenders may use a hard credit inquiry.

Online, in-person or both: Process can be completed 100% online, including document upload. Borrowers can also apply by phone.

Approval speed: Pre-qualification offers can be seen immediately in most cases. Approval can take longer but is usually in less than 24 hours.

Minimum FICO credit score: There is a minimum credit score requirement in all cases. The lowest among all network lenders is 550.

Minimum credit history: Only a few lenders require a minimum credit history. For those that do, the shortest is 12 months.

Minimum annual gross income: There is a minimum income requirement in all cases, with the lowest being $30,000.

Maximum debt-to-income ratio: 60%.

Bankruptcy restrictions: Nearly all lending partners have bankruptcy restrictions, but details were not disclosed.

States covered: Available in all 50 states.

Maximum vehicle age: 10 years.

Maximum vehicle mileage: 150,000 miles for auto refinance; no maximum for lease buyout.

Other vehicle restrictions: Possible with some lenders.

Loan amount minimum: $8,000.

Loan amount maximum: $100,000.

Refinancing time restrictions: Can refinance as soon as the previous loan's paperwork is complete and the title can be transferred. Some lenders require at least an $8,000 balance remaining on the loan.

Loan terms: 24-96 months.

Rate discount: All lending partners offer a 0.25 to 0.50 percentage point rate discount if automatic payment is used.

Greater-than-minimum payments: Are accepted by all network lenders and can be made by automatic payment in most cases. Method of applying surplus varies by lender.

Bi-weekly payments: RateGenius does not know if its lending partners accept bi-weekly payments.

Late payment fee: Yes, following a grace period of 10-15 days. Amount of the fee varies by state.

Prepayment penalty: None.

Co-applicants allowed: Allows co-borrowers but not co-signers. Co-borrowers can apply at the same time.

Payment options: Mailed-in check, phone, online, ACH. Varies by lender.

Selected payment due date: Borrowers aren’t able to select the payment due date.

Offers cash-out refinancing: Yes. The maximum amount available depends on the vehicle’s loan-to-value ratio.

Hardship plans: RateGenius does not know if its lenders offer hardship plans.

Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible.

Assistance provided: Borrowers work with a loan specialist to complete paperwork. When loan package is complete, RateGenius pays off the old loan and handles transferring the title to the new lender.

Availability: Monday through Saturday, 8 a.m.-7 p.m.

Contact options: Phone, email, text message.