RefiJet Review: Auto Loan Refinancing
Looking for a safe, convenient, and cost-effective option to refinance your car?
RefiJet Auto Loan is a refinance company that allows you to save money on an auto loan. You can use RefiJet to get refinancing even if your credit rating is less than stellar.
In this RefiJet review, we will help you decide if RefiJet is the right choice for your refinancing needs. We’ll be looking at what this financial service is, how it works, and more.
Table of Contents:
- How RefiJet Works
- How RefiJet Can Help
- Application Process
- How Much You Can Borrow
How Does RefiJet Work?
RefiJet has been around since 2015 and has its office in the Denver, Colorado area, even though it provides services to clients all across the 50 states of the United States, including Washington, DC. Their contact information is the following:
- Address: 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231
- Phone Number: (800) 260-5355
- Website: refijet.com
The company specializes in providing auto loan refinance services, but it isn’t a lender. RefiJet under the parent company LendingTree, instead provides refinance options by helping you find the auto loan lenders with the best interest rates and terms to suit your unique needs. As a side note, LendingTree also provides credit card comparisons as well as other loan products.
You can access its auto refinance loan services by filling a simple new loan application on the RefiJet website. After RefiJet’s algorithm reviews your application, you’ll be provided with refinancing options with competitive interest rates. These options are from RefiJet’s lending partners, which consist of banks, credit unions, and other financial institutions.
Once you find a loan offer you like, click “yes,” and the company will submit your application on your behalf to the chosen new lender.
Aside from helping clients with auto refinancing, RefiJet also provides lease buyout loans. The company simplifies the process of a lease buyout by letting you choose the loan option that works best for you. It handles all the paperwork on your behalf.
Each RefiJet Auto loan client is assigned a personal concierge or financial service representative who will guide the client through the steps to getting the loan they need. The right refinance loan for you will depend on your goals.
Select Your Refinance Goal:
- Lower your interest rate
- Lower your monthly payments
- Get cashback from your equity
- Extend your loan term
How Refinancing with RefiJet Can Help You
- Add or remove a co-borrower: If you are dissatisfied with your current co-borrower, Refijet can facilitate their removal and help you with adding a co-borrower with a better credit rating (has good credit). With such a co-borrower, you can get a loan with better terms including a lower interest rate. Alternatively, you can become the sole borrower if that suits you better.
- Buy out your lease: If you like the car you’ve been leasing, RefiJet can help you get a loan to buy the vehicle upon the expiration of the lease.
- Minimize liability with Guaranteed Asset Protection (GAP): RefiJet can help you get GAP. GAP insurance is coverage that supplements your auto insurance by paying the difference between the outstanding balance on your loan and the value of your vehicle.
- Extended Service Contract (ESC): This coverage takes care of the cost of unexpected repairs to your vehicle. RefiJet offers competitive pricing on ESC.
- Skip your next loan payment: When you refinance through RefiJet, you get a month off from making car loan payments.
- Protect Your Credit Score: RefiJet also protects your credit rating by processing your application with a “soft credit check.” This process won’t appear as an inquiry to your credit bureau and won’t negatively impact your credit score.
How Do You Qualify for a RefiJet Auto Loan?
To qualify for a RefiJet auto loan, you have to meet certain minimum requirements. These requirements include but are not limited to:
- You must have a currently insured vehicle. The vehicle’s model must not be older than 2008.
- You must be employed or have a verifiable source of income.
- You must have a credit history of timely loan payments.
- You must have a valid driver’s license.
- You must be above 18.
- You must have a minimum credit score of 580.
You can submit your application via the phone or online, but be sure to have the following information ready when submitting your application:
Application Documents Required:
- Social security number
- Information about your work (you must be earning at least $2,000 monthly)
- Your address
- Your driver’s license
- Proof of valid insurance
- Your vehicle’s current mileage (the mileage must not be above 200,000 miles)
If you can’t provide any of the above, your application may be declined.
RefiJet Application Process
As we mentioned earlier, you can easily access RefiJets services by filling a simple application on its website.
After RefiJet’s algorithm reviews your application, you will pre-qualify and be provided with refinancing options with competitive interest rates.
These options are from RefiJet’s lender partners, which consist of banks, credit unions, and other financial institutions.
How Much Can You Borrow?
How much you can borrow, and the terms of a loan will not be determined by Refijet, but by the actual lender providing the loan. In other words, you’ll need to speak with your assigned loan officer in regard to the fine details of your loan.
The lender will determine how much you can borrow based on the information you’ve provided regarding your credit situation, the state of your vehicle, and other factors.
Generally, loan amounts that can be accessed via RefiJet range between $10,000 and $150,000.
During our RefiJet review, we discovered that APR with RefiJet varies from client to client, ranging between 2.99 percent and 17.99 percent.
This financial institution provides loans to all credit tiers, however your personal credit history will play a role in the APR rate you’re assigned.
An APR of 2.99 percent on a refinance loan is only possible if your credit rating is strong.
Strong in this scenario means a credit rating that’s above 690. The average credit score for RefiJet customers is 742. Anything lower than that and the interest rate goes up.
The lower the credit score, the higher the interest rate will be. It can be as high as 17.99 percent, but never higher.
RefiJet offers cost-effective auto refinancing solutions by not charging application fees or any other fees.
The only fees that may occur on your loan are your state’s charges and the fees incurred if you opt for GAP and ESC.
While RefiJet doesn’t charge fees, the lender you finally go with may charge prepayment and late fees.
Is RefiJet the Best Choice For You?
Based on our RefiJet review, this service is a good option if you want to compare rates and get the best deal on a refinancing loan.
If you’re trying to finance a used car over 10 years of age, RefiJet isn’t the company for you.
The company makes getting refinancing convenient and easy by arranging all aspects of the loan application, including the paperwork, on your behalf.
According to Google, RefiJet may drop the ball a bit on answering phone calls, so be sure to get all your information from your assigned loan officer.
Just remember that RefiJet will only be able to help you get the best interest rates and cut the cost of prepayment if you have a strong credit rating.
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