RateGenius auto loans: 2023 review

RateGenius Pros and cons

RateGenius can help you save a bundle on your auto loan or buy out your lease without doing a ton of legwork. However, there are also drawbacks to be mindful of before using the platform.

Do you qualify?

To qualify with RateGenius you must:

• Be at least 18 years of age.
• Have a loan balance of at least $8,000.
• Have at least 24 months remaining on your loan term.
• Have a steady source of income that’s deemed satisfactory by the lender.
• Own a personal use vehicle that’s under 10 years old with less than 120,000 miles.

What we like and what we don’t like

What we like

• Options for borrowers with imperfect credit: The RateGenius network is extensive, and some lenders work with applicants with low credit scores.
• Interest rates published online: You can find the current auto refinance rates by credit rating on the website, and the figures are updated daily.
• Co-applicants permitted: If you’re unable to meet the lender’s income or credit requirements, you can include a co-applicant when you apply to strengthen your approval odds.
• Available in all 50 states: There are lenders available to serve you in all 50 states.

What we don’t like

• Fees: Some lenders in the RateGenius network assess prepaid finance charges and title processing fees.
• Limited loan options: Auto purchase loans aren’t available through RateGenius. Borrowers are limited to refinancing and lease buyout loans.

How to contact RateGenius

Auto loan types offered

Auto loan refinancing

Refinancing your car loan through a lender in the RateGenius network could be a smart financial move for a few reasons. Refinancing could make sense if your monthly payment is too high or your credit score has improved, potentially qualifying you for a better interest rate. It is also ideal for borrowers who want to shorten their loan term to save on interest or remove someone from the current auto loan. 

Lease buyout loans

The lenders in the RateGenius network offer lease buyout loans if you plan to keep your leased vehicle. You don’t necessarily have to wait until  the lease is up to apply for financing. But it could be more cost effective to wait until the lease term ends so you can 

How to apply for a loan with RateGenius

Applying for an auto loan with RateGenius is easy, and it only takes 24 to 48 hours to complete the process and receive your funds. To get started, complete the online application or call RateGenius to apply by phone.

You will need to provide your contact information, the name of your current lender, current monthly payment and vehicle information.

RateGenius will share your information with lenders in its network to determine if there is a potential match. If you choose to apply with a lender, submit a formal application and any required documents. Upon approval, the lender will send the loan documents electronically for you to review and sign or mail them to your doorstep in a pre-paid postage envelope.

RateGenius FAQs

How Bankrate rates RateGenius

Methodology 

To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories. 

• Availability: This accounts for loan amounts, vehicle restrictions and availability in each state.
• Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. 
• Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app availability.
• Transparency: Here prequalification and disclosure of rates and fees are accounted for.