MotoRefi car loan refinancing review September 2018 | finder.com

MotoRefi car loan refinancing review

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Get connected with transparent refinancing offers to save on your auto loan.

It’s been a few years and your car payment is starting to eat away at your budget. You might have had a good deal when you first took out your loan, but if your credit has improved, you may be stuck paying extra interest.

Fortunately, you can find the right auto loan refinancing lender through MotoRefi and potentially lower your monthly payments.

Product NameMotoRefi Car Loan Refinancing
Min Loan Amount$5,000
Max. Loan Amount$50,000
APR2.99% (As low as)
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term6 years
RequirementsMust 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

Rates last updated September 21st, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
Wells Fargo Auto Loans
Auto loans with high loan amounts to cover your car purchase or refinancing needs.
Good to excellent credit
1 to 6 years
Your income and assets must support your existing debt obligations and the desired loan amount.

Compare up to 4 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?

  1. Go to the MotoRefi website and click Get Started.
  2. Enter your personal and contact information, including your annual income.
  3. Enter your vehicle information by providing your license plate number, VIN or by selecting a make and model.
  4. 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.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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