Get connected with transparent refinancing offers to save on your auto loan.
Fortunately, you can find the right auto loan refinancing lender through MotoRefi and potentially lower your monthly payments.
| Product Name | MotoRefi Car Loan Refinancing |
|---|---|
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| APR | 2.99% (As low as) |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 6 years |
| Requirements | Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles. |
- Have an income of at least $2,000 a month.
- Have a vehicle with less than 100,000 miles.
- Be at least 18 years old.
- Be a US citizen or permanent resident.
Am I eligible?
Eligibility varies by lender, but you’ll need to meet a few basic requirements first:
- Reside in California, Connecticut or Michigan.
- Have an income of at least $2,000 a month.
- Have a vehicle with less than 100,000 miles.
- Be at least 18 years old.
- Be a US citizen or permanent resident.
What makes MotoRefi unique?
MotoRefi started offering loans in March of 2017. It works with different lenders that serve people with all types of credit. Once you’re prequalified, you’re connected with a lender in your state that can finance your loan and possibly offer you a lower rate or better terms.
Does MotoRefi only offer auto loan refinancing?
Yes. Unlike many other lending services with a variety of loans, MotoRefi focuses on connecting borrowers to the right lenders for car loans. Your state and credit score will determine which lenders you’re connected with. You may be able to refinance anywhere from $5,000 to $50,000 with a term stretching between 1 year(s) and 6 year(s). Borrowers with excellent credit can expect lower rates, including MotoRefi’s advertised APR of 2.99% (As low as).
MotoRefi charges a processing fee of $199. You’ll also need to pay a title transfer fee as dictated by your state. These will be included in your loan amount, making the impact a little less hefty on your wallet.
What are the benefits of MotoRefi?
- Offers sent through mail. MotoRefi sends out prequalification offers to eligible recipients. If you’ve received one, you can enter your access code to make the application process simpler.
- Title transfer fee covered. The cost of transferring your title is covered by MotoRefi and rolled into the cost of your loan. You won’t have to worry about the paperwork involved, since MotoRefi takes care of that for you.
- Multiple lenders available. MotoRefi will compare your application to its network to find lenders that fit you. You can compare your options and pick a car loan with good interest rate and loan terms.
Are there any drawbacks?
- Not guaranteed approval. When you fill out an application or receive an offer in the mail, you’re simply prequalified. This doesn’t mean you’re guaranteed approval of a loan.
- Website isn’t comprehensive. Much of the information you’ll need to refinance, including loan amounts and eligibility requirements, aren’t stated on its website. You’ll have to contact customer service with specific questions regarding the car loan refinancing process to learn more.
- Not a direct lender. MotoRefi takes care of the refinancing process, but isn’t the company backing your loan. Instead, you’ll be making your payments to the lender you’re connected with.
Compare more car loan providers
What do customers have to say about MotoRefi?
MotoRefi has been accredited by the Better Business Bureau since May 2018 and earns an A rating. There are very few reviews for MotoRefi online, but many rated the refinancing process positively, stating that they were able to save money on their monthly car payments. Others haven’t said much, but left 5-star ratings on MotoRefi’s Facebook page.
Unfortunately, the lack of solid reviews makes it difficult to gauge how former borrowers feel about MotoRefi’s refinancing service. Because of this, you should take extra time to review your loan documents to make sure MotoRefi is the right choice for your refinancing needs.
How do I apply?
- Go to the MotoRefi website and click Get Started.
- Enter your personal and contact information, including your annual income.
- Enter your vehicle information by providing your license plate number, VIN or by selecting a make and model.
- Agree to the terms and conditions, and confirm that you’re a US citizen or permanent resident.
Once you’ve completed the one-page application, click Check Your Rate. MotoRefi will give you a chance to review your application, and it may ask for your Social Security number to confirm your identity.
After your application is processed, MotoRefi may be able to find a lender that suits your needs. If you’re connected with a lender, you’ll have a chance to review your terms and finalize your application. MotoRefi will take care of the paperwork for you and will walk you through the refinancing process.
What documents will I need to apply?
The specific documents you’ll need depends on your state and your current car loan, but MotoRefi may request a copy of your driver’s license or other documents that confirm your identity. You may also have to submit your vehicle’s identification number or license plate number, and your lender may require additional loan documentation.
What happens after I refinance my car loan?
If MotoRefi is able to connect you with several lenders, you’ll be able to review your options and select the right fit for your refinancing needs.
MotoRefi offers vehicle service contracts and gap insurance as optional products to add on to your loan. You’ll see how much each will cost per month and receive a summary of what’s being offered so your decision is an informed one.
The lender you’re connected with will service your new loan. This means you’ll pay a new company and will need to contact it for additional information regarding your loan terms and payment options.
Bottom line
MotoRefi is a new option for people looking to compare multiple car loan refinancing offers at once. It makes the process simple — apply once and prequalify for a number of different loans. If you’re interested in potentially saving money through car loan refinancing, then MotoRefi may be a good choice. You can also compare other auto refinancing options to find the best one for your needs.
