RefiJet Review 2021: Auto Loan Refinancing and Lease Buyout Loans

RefiJet offers auto loan refinancing, lease buyout loans and cash-out refinancing from a network of lenders. Applicants work with a Financial Services Representative throughout the loan process.
Shannon BradleyNov 24, 2021

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Auto loan reviews

RefiJet

  • Auto loan refinancing

  • Auto lease buyout loan

The bottom line: Best for applicants who want to work directly with a Financial Services Representative to apply and compare loan options. Bad- or fair-credit borrowers may qualify.

Auto loan refinancing review

RefiJet
Learn More

on RefiJet's website

Learn More

on RefiJet's website

Min. Credit Score

500

Est. APR

1.99-17.99%

Loan Amount

$5,000-$100,000

Pros

  • Offers pre-qualification with a soft credit check.
  • Some network lenders offer rate discounts with automatic payment.
  • Customer service available on Saturday.
  • Provides Spanish version of website.

Cons

  • May charge an origination fee up to $395.
  • Not available in a few states.
  • Fully online application not available for applicants who prefer it.

Best for applicants wanting a loan representative’s help with the refinancing process from beginning to end. Applicants with bad or fair credit may qualify.

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. They do not offer auto purchase loans.

On their website, RefiJet describes their “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 their 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 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 their 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.

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

  • Personal information needed: Address, phone, email and date of birth for initial contact form on website.

  • 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 Financial Services Representative by phone. Upon qualifying, borrowers upload documents through a secure portal.

  • Approval speed: 24 hours after all information submitted.

  • Funding: One day or less after loan closing.

  • Minimum FICO credit score: 500.

  • Minimum credit history: Varies by lender.

  • Minimum annual gross income: Varies by lender.

  • Maximum debt-to-income ratio: 70%.

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

  • States covered: Not available in NY, HI.

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: 150,000 miles.

  • Other vehicle restrictions: Not provided.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $100,000.

  • Time restrictions: Borrower can refinance as soon as they have new registration documentation.

  • Loan terms: 24-96 months for auto refinance; 24-72 for lease buyout.

  • Automatic payment: Offered by most partner lenders. Not required.

  • Rate discount: Some partner lenders offer 0.25 percentage point rate discount for setting up automatic payment.

  • Greater-than-minimum payments: Yes. Can be made through automatic payment. Surplus is automatically applied to any accrued interest and then to principal, as designated by borrower on each payment.

  • Bi-weekly payments: Accepted and can be made by automatic payment.

  • Late payment fee: Varies by lender.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes.

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

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

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

  • Cash-out refinancing: Yes. Limits not provided.

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

  • 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.-2 p.m. MST.

  • Contact options: Phone, email, social media, text.

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

How does this loan compare?

RefiJet
MyAutoloan
LightStream
Learn MoreLearn MoreLearn More
Min. Credit Score

500

Min. Credit Score

575

Min. Credit Score

660

Est. APR

1.99-17.99%

Est. APR

1.89-21.99%

Est. APR

2.99-9.99%

Loan Amount

$5,000-$100,000

Loan Amount

$5,000-$100,000

Loan Amount

$5,000-$100,000

Auto lease buyout loan review

RefiJet

RefiJet - Lease buyout loan

Min. Credit Score

500

Est. APR

1.99-17.99%

Loan Amount

$5,000-$100,000

Pros

  • Offers pre-qualification with a soft credit check.
  • Some network lenders offer rate discount with automatic payment.
  • Customer service available on Saturday.
  • Provides Spanish version of website.

Cons

  • May charge an origination fee up to $395.
  • Not available in a few states.
  • Fully online application not available for applicants who prefer it.

Best for applicants wanting hands-on assistance through the lease buyout process, including the title transfer. Bad- or fair-credit borrowers may qualify.

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

Lenders set their own requirements, but the 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: For a subprime borrower (FICO score between 501 to 600), a $10,000 car loan, with a repayment term of 36 months, an interest rate of 12% and $0 down payment would carry monthly payments of $332, according to NerdWallet's auto loan calculator.

To review RefiJet, NerdWallet sent a survey requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.

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