RefiJet Auto Loan Refinance and Lease Buyout Loans: 2023 Review

Full Review

Established in 2016, RefiJet is an auto loan aggregator that partners with a network of 20-plus lenders to provide auto loan refinancing, car lease buyout loans and cash-out refinancing. It does not offer auto purchase loans.

On its website, RefiJet describes the company's “high personalized process to facilitate auto refinance loans.” That process does not currently include a full online application. Borrowers instead work with a financial services representative by phone to provide application information, and this FSR remains their contact throughout the loan process.

Using this information, RefiJet matches applicants to lenders in its network and provides loan options for which an applicant may pre-qualify. This is done with a soft credit check and will not affect an applicant’s credit scores. Applicants select an option, which is then submitted to the lender for approval and may result in a hard credit check.

RefiJet also offers cash-out refinancing, meaning borrowers with vehicle equity may be able to receive cash with their refinance loan. Borrowers should weigh the pros and cons of cash-out auto refinancing.

RefiJet may be a good fit for those who:

• Want to compare loan options: Pre-qualification with a soft credit check will not affect applicant's credit score.

• Prefer assistance with the loan process: Applicants receive one-on-one assistance from loan application and selection to title transfer paperwork.

• Spanish-speaking applicants: RefiJet offers a Spanish version of its website, and Spanish-speaking representatives are available to assist.

RefiJet at a Glance

Note that aggregators like Refijet work with many different lenders, so the information provided is general and can reflect the high or low end available among their lending partners.

• Application process

  • Origination fee: Yes. Charges origination fee of $395.

  • Personal information needed: Address, phone, email, birthdate, employment status, gross income, monthly housing cost and citizen status. Vehicle information might be required later in the process.

  • Pre-qualification available: Yes. Borrowers can receive multiple pre-qualified offers with rate and payment estimates. Offers are good for 30 days.

  • Online, in-person or both: Applicant provides information to a financial services representative by phone. Upon qualifying, borrowers upload documents through a secure portal.

  • Approval speed: Pre-qualification offers can be seen immediately in most cases. Pre-approval can take longer, but applicants usually know if they have been pre-approved in less than 24 hours.

• Qualifications

  • Minimum FICO credit score: 550.

  • Minimum credit history: Varies by lender.

  • Minimum annual gross income: Varies by lender with $30,000 as the lowest income requirement among available lenders.

  • Maximum debt-to-income ratio: 60%.

  • Bankruptcy-related restrictions: No open or discharged bankruptcies in past 12 months.

  • States covered: All 50 states.

• Restrictions

  • Maximum vehicle age: 10 years for refinancing. Lease buyout loans can be taken on cars that are older than 5 years.

  • Maximum vehicle mileage: Varies by lender, but some lenders do allow over 100,000 miles for refinancing. Lease buyout lenders cap out at 100,000 miles.

  • Other vehicle restrictions: Exotic cars.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $100,000.

  • Maximum loan-to-value ratio: 150%.

  • Refinancing time restrictions: Some lending partners will refinance as soon as the title can be transferred and others require a waiting period.

• Other loan details

  • Loan terms: 24-96 months for auto refinance; 24-96 for lease buyout.

  • Rate discount: Some partner lenders offer 0.10 percentage point rate discount for setting up automatic payment.

  • Greater-than-minimum payments: Available in most cases and can be made through automatic payment. How surplus is automatically applied varies by lender.

  • Bi-weekly payments: Accepted in most cases.

  • Late payment fee: Varies by lender.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes, in all cases.

  • Co-signers allowed: Yes, and can complete application at the same time.

  • Payment options: Varies by lender.

  • Selected payment due date: Yes, both before and after signing loan agreement.

  • Offers cash-out refinancing: Yes, with a maximum of $10,000.

  • Hardship plans: Might be offered by some network lenders for borrowers unable to make monthly payments.

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

• Customer service

  • Assistance provided: Financial services representative assists borrowers throughout the financing process. Assistance includes transfer of ownership through the Department of Motor Vehicles.

  • Availability: Mon-Fri 7 a.m.-7 p.m., Sat 9 a.m.-4 p.m. MST.

  • Contact options: Phone, email, website chat, online form and text.

» MORE: Compare lenders that offer auto lease buyout loans

More from RefiJet

RefiJet also offers GAP insurance and extended service contracts, which can be rolled into a borrower’s loan.

Borrowers can also take advantage of resources on the RefiJet website, including auto refinance videos, a blog and answers to frequently asked questions.

RefiJet auto loan rates

Credit requirements vary by auto lender, but RefiJet’s lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).