Allison Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com.
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
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.
PROS
Perfect credit not required
Interest rates published online
Co-applicants permitted
Available in all 50 states
CONS
Fees
Limited loan options
RateGenius is an online platform that connects borrowers with lenders that offer auto refinancing. There are over 150 lenders in the network, and you can have your information shopped around with no impact on your credit score. If there is a match and you decide to move forward, your application can be processed within 24 to 48 hours.
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.
If you plan to use a co-applicant, they must live in the same state as you and be present when you are applying for a loan.
What we like and what we don’t like
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.
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
Representatives are available by phone at 866-728-3436 or email at hello@rategenius.com to help you apply or address any questions you may have. RateGenius does not list its business hours on its website. While it does not offer a mobile app, you can receive live help through the online chat tool.
Auto loan types offered
You can explore auto loan refinancing and lease buyout loan offers through RateGenius.
Auto loan refinancing
Amounts: $8,00-$55,000
Terms: 36-84 months
APR: 3.09%-9.51%
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
Amounts: $8,000-$55,000
Terms: 36 - 84 months
APR: 3.09%-9.51%
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.
Name, physical address, date of birth, email address and mobile phone number
Year, make, model and mileage of your vehicle
Social Security number (optional)
Co-borrower’s information (if applicable)
Housing information and monthly payment amount
Employer and income information
RateGenius FAQs
It’s free to apply for auto loan refinancing. However, some lenders in the RateGenius network assess finance charges — the amount you’ll pay depends on your state of residence. There are also instances where RateGenius charges a fee to cover the cost of title processing with the DMV in your state.
No. RateGenius is partnered with over 150 lenders that offer competitive rates on auto loan refinancing. You can use the online platform to identify the best deals available to you and apply.
You can pre-qualify for an auto loan in minutes with a soft pull that won’t hurt your credit score. If there’s a match and you decide to move forward with a loan application, the lender will do a hard pull that could temporarily impact your credit score.
How Bankrate rates RateGenius
Overall score
4.2
Availability
4.3
RateGenius’s high minimum loan amount knocks an otherwise good availability score down.
Affordability
4
With 150 lenders on board, RateGenius can offer some leniency when it comes to qualification standards, though some charge fees.
Customer experience
4.2
A quick funding turnaround time helps boost RateGenius’s score.
Transparency
4.5
RateGenius allows prequalification, but only publishes some fees.
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.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Allison Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com.
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.