RefiJet vs. iLending: Which offers better auto loans?

RefiJet and iLending are relative newcomers as auto loan refinancers, founded in 2016 and 2006, respectively. iLending began as Fleet Financial, which focused on financing fleet vehicles for businesses and their employees. Today, it offers auto loan refinancing to a much broader market than its parent company. Drivers who want a quick digital application process may prefer iLending.

RefiJet has developed an extensive network of lenders and financial institutions to help it serve its customers. One stand-out feature of the lender is its cash-out refinancing option, which is great for those wanting to tap into their vehicle’s equity.

RefiJet vs. iLending at a glance

Best for: Auto loan prequalification

RefiJet

Rating: 3.5 stars out of 5

3.5

Learn more in our Bankrate review

• Bankrate's view

   RefiJet pairs its customers with an employee to help them navigate the application and loan process. That can be especially helpful for people unfamiliar with auto loans or refinancing. But remember that as RefiJet staff, these experts are incentivized to sell you on a loan. On the flip side, involving RefiJet staff may slow the application process, as it cannot be completed without talking to one of the company’s agents.

  RefiJet reviews indicate that the company has developed a good reputation for customer service. The company maintains open customer service lines on weekends, which not all competitors do. RefiJet also offers a Spanish version of its website. Although RefiJet uses a network of lenders with varying eligibility requirements, they specify that vehicles must be less than 10 years old and have fewer than 150,000 miles.

• Pros and cons

  

  Pros

  • Prequalification available: You can view rate quotes from partner lenders without undergoing a hard credit check.
  • Payment-free period: You may be able to delay your first payment for up to two months — just remember that those payments will be added to the end of your repayment period.
  • Draw on your car’s equity: If your car is worth more than what you owe, you may qualify for cash back when you refinance.

  

  Cons

  • Potentially multiple fees: RefiJet charges a $395 processing fee. Many competitors don’t charge this fee at all. Its partner lenders may charge additional fees.
  • Full application not online: After you submit the first form, you’ll have to speak to a RefiJet team member to complete the process.
  • Not a direct lender: Though RefiJet can help you connect with multiple lenders with a single application, you’ll face additional costs — like the processing fee mentioned above — when working with a middleman.

Best for: Poor credit borrowers

iLending

Rating: 4.4 stars out of 5

4.4

Learn more in our Bankrate review

• Bankrate's view

   iLending is not a direct lender but instead matches borrowers with partner lenders. Like RefiJet, iLending promises to pair each of its customers with a lending specialist to help them navigate their application and repayment process.

  iLending focuses on digital interactions. Their entire application process and customer service support system are online or phone-based. Based on iLending reviews posted online, the company has a good reputation for delivering on these digital conveniences. And their most recently shared rates are competitive compared to national averages, though a spokesperson states these rates change frequently.

• Pros and cons

  

  Pros

  • Personal lending specialist: You’ll have support throughout the refinancing process.
  • Low minimum credit score: The listed score, 560, falls into the poor credit range. You may need a higher score to find lower rates with iLending, but because prequalification doesn’t impact your credit score, it doesn’t hurt to check.
  • Simple and quick application process: iLending claims that applications take only a few minutes.

  

  Cons

  • Unclear timeline: iLending's website states it could take up to several weeks to finance a loan.
  • No in-person service: Like many online lenders, iLending doesn’t have in-person locations where you can access customer service.
  • Unclear fees: You won’t find partner lenders’ fees listed on iLending’s website, so read the fine print on any loan offer you receive.

How to choose between RefiJet and iLending

Both companies pair their customers with financial experts. RefiJet is the right choice for those who want to access their vehicle’s equity, while iLending is fit for those looking for a quick online application.

Choose RefiJet if you have vehicle equity that you want to access

RefiJet offers cash-out refinancing to borrowers with equity on their vehicles who select this option during their application. If your vehicle is worth more money than you currently owe on it, you have equity in that vehicle. The lender may write you a check to cover the difference between what you owe and what the car is worth, providing you quick cash.

It’s important to weigh several variables before taking a cash-out refinancing option. It may not be worth it if you only have a little equity in your vehicle. This option simultaneously reduces your equity in your vehicle and increases what you owe. So, while cash-out refinancing can provide quick access to funds, it can also put you at risk of going upside-down on your loan.

Choose iLending for a quick online application

The company makes applying for refinancing a quick and easy process that can be done entirely online. Many customers value the access and convenience of an online application. But if you prefer an in-person application experience, you can find it with many banks and credit unions.

Compare more lenders before applying

RefiJet offers cash-out refinancing, while iLending does not. iLending’s most recently shared rates are competitive compared to the national average, but RefiJet doesn’t share rates upfront. While both offer good options to the right borrowers, it’s often helpful to compare refinance lenders across the industry before making a decision.