RefiJet Auto Refinance Loans: 2021 Review
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Our Take
The bottom line: Best for fair or good-credit auto refinance applicants who want to shop rates.
Full Review
on RefiJet's website
on RefiJet's website
Min. Credit Score
500
Est. APR
2.45 - 17.99%
Loan Amount
$7,500 - $150,000
Pros & Cons
Pros
- Prequalify with a soft credit check.
- Offers marketplace to compare loans from multiple lenders.
Cons
- Offers loan terms over 60 months.
Compare to Other Lenders
|  |  |
|---|---|---|
| Learn More | Learn More | Learn More |
Min. Credit Score500 | Min. Credit Score575 | Min. Credit Score660 |
Est. APR2.45 - 17.99% | Est. APR2.05 - 29.40% | Est. APR2.99 - 9.99% |
Loan Amount$7,500 - $150,000 | Loan Amount$5,000 - $99,000 | Loan Amount$5,000 - $100,000 |
Full Review
To review RefiJet, NerdWallet collected and compared more than 15 data points against other lenders that seek the same customer or offer a similar product.
RefiJet is an online vehicle refinance company that finds you a loan from its network of lender partners. The company also arranges loans, and handles the complicated paperwork, for people wanting to buy their leased car.
RefiJet may be a good fit for those who:
Launched in 2016 and based in the Denver area, RefiJet specializes in auto refinancing. It offers borrowers a simple application process and the help of a loan officer to guide them through the transaction. The company says that many of its customers are people who bought a car about a year ago, made all the payments on time, and now qualify for a lower interest rate.
Once RefiJet receives an application, it uses an algorithm to quickly estimate an interest rate based on a , which won’t impact your credit score. Then RefiJet presents you with refinance options from its lender partners, which include credit unions and finance companies. When you select a loan offer, the company submits your application to the new lender.
RefiJet also helps arrange lease buyout loans for people who want to buy a car they are currently leasing, and RefiJet handles the paperwork for you.
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The lowest interest rate RefiJet offers for a refinance loan is available only if you have 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 , you can get an idea of the rate you might qualify for.
Restrictions may vary by individual lender, but RefiJet has the following general guidelines:
RefiJet offers additional auto finance products such as gap insurance and vehicle service contracts. It also lets borrowers delay their first payment on the new loan between 30 and 45 days. This might allow you to catch up on paying off other higher interest rate debt.
The RefiJet website features a blog with information on auto refinancing and how RefiJet works, as well as an auto loan calculator to help you estimate payments on your loan.
on RefiJet's website
Frequently asked questions
RefiJet is an online auto loan refinance company based in Denver, Colorado. The company helps borrowers find an auto refinance loan from its network of lender partners.
Refinancing a car loan may be a good idea when you’ve improved your credit score and if you can’t keep up with payments on your current loan. Refinancing can lower your loan payment and the amount of interest you have to pay.
To get out of an , you can continue to make on-time payments, make extra payments to pay the loan down faster, or refinance to a shorter loan term.
