At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About RefiJet
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Loan amount
Not specified
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Min. credit score
500
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APR from
5.24%
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Funds available in
As soon as one business day following closing
RefiJet: 2023 Auto loan review
Published 2023-01-01 00:00:00
Pros and cons of RefiJet auto loans
RefiJet auto loans can simplify how you shop for rates, but it’s not without its drawbacks.
PROS
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Prequalification available
Payment-free period
Pull equity out of your car
Spanish version of website available
CONS
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Potentially multiple fees
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Full application not online
If you’re looking to refinance your vehicle with a private lender, there are an array of companies large and small to choose from. RefiJet is focused specifically on auto refinance loans, and has been Better Business Bureau (BBB) accredited since 2016, where — at the time of this writing — it holds an A+ rating.Do you qualify?
In order to qualify with a lender in RefiJet's partner network you'll need to meet a few eligibility requirements.
- Be at least 18 years of age
- Be employed or have a steady, verifiable source of income
- Full coverage insurance on your vehicle
- Valid vehicle registration and driver’s license
- Be current on your auto loan payments
- Vehicle is no more than 10 years old
- Vehicle has fewer than 150,000 miles on it
- Not refinancing a recreational vehicle or motorcycle
What we like and what we don’t like
RefiJet can simplify how you shop for rates, but it’s not without its drawbacks.What we like
- Prequalification available: RefiJet lets you view personalized rate quotes from lenders without a hard credit check.
- Payment-free period: Qualified borrowers enjoy a two-month hiatus from monthly auto loan payments.
- Pull equity out of your car: You can get cash back from the equity in your vehicle if you refinance your auto loan.
- Spanish version of the website available: You can translate the entire website to Spanish at the click of a button.
What we don't like
- Potentially multiple fees: Some lenders assess loan origination fees that can be costly. On top of these, RefiJet charges a $495 processing fee.
- Full application not online: You will need to speak with a team member after submitting the initial online form to prequalify for financing.
How to contact RefiJet
You can call the toll-free phone number on RefiJet’s website to speak with a customer service representative, send an email or submit an online inquiry form for further assistance. Despite requiring a phone call as a part of the prequalification process, RefiJet does not list its customer service hours on its website.Auto loan types offered
Whether you want to refinance your current auto loan or buy out your lease, RefiJet has you covered.
Auto loan refinancing
You won't find new or used auto loans with RefiJet, instead it focuses on matching potential borrowers with lenders that offer auto refinance loans. While it doesn't offer specific loan amount limits or APR ranges on its site, you can prequalify to check your potential rates before fully applying.
Lease buyout
Would you prefer to keep your leased vehicle instead of turning it in and searching for a new ride? You can buy out your lease and avoid excess mileage or wear and tear fees. RefiJet helps you find a loan with a term and monthly payment that work for you. There is also no prepayment penalty if you decide to pay the loan off early to save money on interest.
How to apply for a loan with RefiJet
Visit RefiJet’s website to fill out an interest form, and a member of the team will reach out to you. Alternatively, you can call the company’s toll-free number to speak with an auto refinancing expert if you have additional questions before getting started.
A financing expert will help you analyze your options and select the best fit if there is a match within RefiJet's network. The next step is to finalize your loan application and upload any documents the lender requires to issue a final approval.
How to apply for a loan with RefiJet
Visit RefiJet’s website to fill out an interest form, and a member of the team will reach out to you. Alternatively, you can call the company’s toll-free number to speak with an auto refinancing expert if you have additional questions before getting started.
A financing expert will help you analyze your options and select the best fit if there is a match within RefiJet's network. The next step is to finalize your loan application and upload any documents the lender requires to issue a final approval.
How Bankrate rates RefiJet
Overall score 3.4 Availability 3.5 RefiJet works with a variety of lenders, and doesn’t disclose a hard minimum or maximum loan amount. It also doesn’t list what states it’s available in. Affordability 3.4 A low starting APR of 2.49 percent is a mark in its favor, but RefiJet doesn’t have a maximum APR specified, discounts or fees lenders might charge. Customer experience 3.4 RefiJet doesn’t have an app available, nor does it provide its customer service hours, but it does have a quick funding timeline and its lenders offer recurring payments. Transparency 4 You can prequalify with RefiJet and get quotes from several lenders, but complete rates and fees are not available on its website. 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.