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MotoRefi car loan refinancing review

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

MotoRefi is a connection service that specializes in bringing borrowers and auto loan refinance lenders together. It coud help speed up the application process — especially if you don’t know where to start. But it’s not available in every state.

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Min. Loan Amount


Max. Loan Amount

2.99% (as low as)



Min. Loan Amount$5,000
Max. Loan Amount$50,000
APR2.99% (as low as)
Interest Rate TypeFixed
RequirementsMust have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.

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 and works with different lenders that serve people with all types of credit. Once you’re prequalified, you’ll be connected with a lender in your state that can finance your loan and possibly offer you a lower rate or better terms than with your current car loan.

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 to 6 years. Borrowers with excellent credit can expect lower rates, including MotoRefi’s advertised APR of 2.99% (as low as).

When you apply, MotoRefi charges a processing fee of $199. It also asks for a title transfer fee, which depends on 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?

  • Title transfer fee included in loan. The cost of transferring your title is covered by MotoRefi and rolled into the cost of your loan. And you won’t have to worry about the paperwork involved, since MotoRefi also takes care of that for you.
  • Accepts coborrowers. If you already share you loan with someone or want to add another person, MotoRefi’s partners allow you to apply with a coborrower.
  • Compare multiple lenders at once. MotoRefi will compare your application to its network to find lenders that fit your needs and financial situation. You can compare your options and pick a car loan with good interest rate.
  • No Social Security number required. You don’t need to provide your SSN when use MotoRefi’s service — you’ll do that later when you apply with a lender.

Are there any drawbacks?

  • You might not get the rates you receive. 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. And even if you’re connected with a lender, you may not be approved for a refinancing 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.
  • 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.
  • Not available in all states. MotoRefi is only available to residents of California, Connecticut and Michigan.

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MotoRefi reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.77 out of 5 stars, based on 355 customer reviews
BBB customer complaints 4.7 customer complaints
Customer reviews verified as of 16 October 2020

Not a lot. As of June 2019, MotoRefi only has 75 customer reviews on its Better Business Bureau (BBB) page and none on its Trustpilot page. But the few reviews are positive — it scores nearly five out of five stars from BBB customers.

Since MotoRefi won’t actually be handling your loan, you might want to look into online reviews of lenders that you get connected with — that should give you a better idea of what you’re getting into.

Is MotoRefi legit?

It is. It’s accredited by the BBB, which gives it an A-rating based on factors like transparency and time in business. It’s also been written up in publications like American Banker and Fortune.

How do I apply?

  1. Click the Go to Site button on this page.
  2. Once on the MotoRefi website, hit Get Started.
  3. Enter your personal and contact information, including your annual income.
  4. Enter your vehicle information by providing your license plate number, VIN or by selecting a make and model.
  5. 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. 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 rest of the refinancing process.

What documents do 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
  • Other documents that confirm your identity.
  • Vehicle identification number (VIN)
  • License plate number

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. 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.

In addition to its lender connection service, MotoRefi also 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, and you can choose not to accept these products without penalty.

More about MotoRefi

Founded in 2016, MotoRefi is an Arlington-based fintech company. It partners with online lenders, local credit unions and banks to help borrowers save on their current car loans by refinancing. The company estimates that customers who use the platform to refinance save an average of $100 a month on car repayments.

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. However, its limited number of serviced states and income requirement mean you may not be able to apply.

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.

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