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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.
$5,000
Min. Loan Amount
$50,000
Max. Loan Amount
2.99% (as low as)
APR
| 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 |
| Requirements | Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles. |
Eligibility varies by lender, but you’ll need to meet a few basic requirements first:
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.
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.
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.
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.
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.
The specific documents you’ll need depends on your state and your current car loan, but MotoRefi may request:
Your lender may require additional loan documentation.
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.
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.
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.
