RefiJet Auto Loan Refinance and Lease Buyout Loans: 2023 Review

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.

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.

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.

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.

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.