RateGenius Auto Refinance Loans: 2021 Review

To review RateGenius, NerdWallet collected and compared more than 15 data points from the lender, interviewed company executives, and compared the lender with others that seek the same customer or offer a similar product.

RateGenius is a vehicle refinance loan broker that helps borrowers shop for auto loans from its network of partners. The company also arranges lease buyout loans.

RateGenius may be a good fit for those who:

• Have good credit: RateGenius’ lowest rates are available to borrowers with excellent credit (720 FICO and up.)

• Are serious shoppers: The lender requires a hard credit pull to get a rate quote, which slightly lowers your credit score.

• Prefer help dealing with lenders: The company helps applicants complete auto loan paperwork.

Founded in 1999, RateGenius specializes in matching borrowers to auto refinance loans among its network of lenders. Unlike other lenders that provide refinance loans directly, such as LightStream and Capital One, RateGenius is a broker that shops for an auto refinance loan for you in its lender network.

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 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.

» MORE: Best auto loans for good, fair and bad credit

RateGenius auto loan rates

RateGenius has a low minimum credit score requirement, but its best rates are available to borrowers with excellent credit.

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 apply in minutes online or over the phone, and 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.

• Allows co-applicants.

RateGenius restrictions

• Maximum vehicle age: 7 years.

• Maximum vehicle mileage: 100,000 miles.

• Maximum loan-to-value ratio: 120%.

• Loan terms: Did not answer.

• Available in all 50 states.

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