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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, they offer auto loan refinancing to a much broader market than its parent company. Drivers who want a quick digital application process may prefer iLending.
RefiJet is a newer member of the auto loan refinancing industry, but this company has grown quickly. The company has developed an extensive network of lenders and financial institutions to help it serve its customers. Customers who prioritize customer service may find an ideal fit with RefiJet, as customer service is one of their strong points and stated ongoing commitments.
RefiJet vs. iLending at a glance
|Loans offered||Auto loan refinancing, cash out refinancing||Auto loan refinancing|
|Loan amounts||Not specified||Not specified|
|Loan term lengths||24-84 months||12-84 months|
|Fees||$495 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||Up to 10 days from approval|
|Autopay discount?||Varies by lender||Varies by lender|
RefiJet auto refinancing
RefiJet pairs its customers with a financial expert to help them navigate the application and loan process. That can be especially helpful for people unfamiliar with auto loans or refinancing, though remember that as RefiJet staff, these experts have the incentive to sell you on a loan. But involving RefiJet staff may slow the application process. RefiJet’s initial application is online, but the process 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 on them.
- 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.
- Potentially multiple fees: RefiJet charges a $495 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 — by working through a middleman.
iLending auto refinancing
iLending is not a direct lender but instead pairs with several lenders offering their own terms, rates and requirements to prospective borrowers. Like RefiJet, iLending promises to pair each of its customers with a lending specialist to help them navigate their loan 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. The downside is that the company does not offer in-person services or customer support options.
- Personal lending specialist: You’ll have support throughout the refinancing process.
- Low minimum APR: iLending’s minimum APR is about the same as RefiJet offers. It’s also well under the national average used auto loan rate of 11.70 percent (which refinancing rates tend to parallel).
- Simple and quick application process: iLending claims that applications take only a few minutes.
- Only refinance vehicle loans: As with RefiJet, you can’t buy a new or used vehicle through the platform. You can only refinance an existing loan.
- No in-person service: Like many online lenders, iLending doesn’t have in-person locations where you can access customer service.
- Vague qualification requirements: Vehicle and loan requirements likely vary among iLending’s lender partners, but without even general guidelines listed on their site, it’s hard to know whether you’d qualify before submitting a prequalification application.
How to choose between RefiJet and iLending
Both companies pair their customers with financial experts, but the two differ in the details. RefiJet allows customers to use vehicle equity, while iLending offers slightly lower minimum APRs.
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 deciding to take 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 low minimum APRs and a quick online application
iLending touts a minimum APR that is low by industry standards. While not all customers of iLending will see such a low APR, those with the best credit may. A low APR is key to both a low monthly payment and paying less in interest over time.
Additionally, the company also 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 has a quicker potential turn-around, with funds available as soon as one day after approval, while iLending may take as much as 10 days. iLending offers slightly lower minimum APR and doesn’t charge a processing fee. RefiJet offers cash-out refinancing, while iLending does not. While both offer good options to the right borrowers, it’s often helpful to compare refinance lenders across the industry before making a decision.