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

RefiJet iLending
Bankrate score 3.5 4.4
Better for
  • Borrowers who want to prequalify
  • Borrowers who want to cash out equity
  • Drivers with lower credit scores
  • Borrowers who want a fully online application process
Loans offered Auto loan refinancing, cash out refinancing Auto loan refinancing
Loan amounts Not specified $5,000-$150,000
APRs Not specified 6.59%-18.79%
Loan term lengths 24-84 months 12-96 months
Fees $395 processing fee Not specified
Minimum credit score Not specified 560
State footprint Not specified All states
Time to funding As little as 1 day after approval As little as 1 day after approval
Autopay discount? Varies by lender Varies by lender
Refinancing restrictions
  • Age: Vehicle less than 10 years old
  • Mileage: Under 150,000
  • No RVs or motorcycles
  • Credit score: 560
  • Annual income: At least $24,000
  • Age: Vehicle model 2013 or newer
  • Mileage: Under 150,000

Best for: Auto loan prequalification


Rating: 3.5 stars out of 5
Learn more in our Bankrate review
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    • 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.
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    • 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


Rating: 4.4 stars out of 5
Learn more in our Bankrate review
  • Green circle with a checkmark inside


    • 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.
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    • 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.