RefiJet auto loan refinancing review
Though not the most transparent, this connection service handles all of the paperwork for you.
If you’re looking to refinance a car, motorcycle or RV loan, RefiJet may be able to help. Unlike other connection services, it not only matches you with potential lenders but also handles all of the paperwork for you. But it’s not the most transparent about what rates and terms you might qualify for.
First, do I qualify?
To qualify to refinance your auto loan with RefiJet, you need to meet the following criteria:
- Employed or have a verifiable source of income
- History of on-time loan payments
- Valid driver’s license
Your car also needs to meet a few requirements to qualify:
- Less than 10 years old
- No more than 150,000 miles on it
- Registered in your state
What makes RefiJet unique?
Unlike other connection services that simply match you with a lender and send you on your way, RefiJet offers a full-service application process. Not only will it fill out your refinancing application for you, but it will even work with your new lender to get your old car loan paid off and title changed. Plus, RefiJet works with lenders that offer motorcycle and RV loan refinancing on top of traditional auto loan refinancing.
What types of car loans does RefiJet offer?
As a connection service, RefiJet doesn’t offer loans directly. Instead, it can potentially match you with a lender that can refinance your current car loan. By refinancing with one of RefiJet’s partner lenders, you may be able to:
- Lower your current interest rate
- Extend your current loan term
- Add or remove a cosigner
- Buy out your car lease
- Get cash back from your equity
You may also be able to refinance your motorcycle or RV loan with one of RefiJet’s partner lenders.
What are the benefits of using RefiJet?
Getting your auto loan refinanced through one of RefiJet’s partners comes with a few perks:
- No hard credit requirements. Unlike other refinancing providers, RefiJet is lenient with credit score requirements.
- Wide availability. RefiJet works with borrowers in all 50 states.
- Full-service application process. After you’re connected with a lender, RefiJet fills out the application on your behalf. It even works with your new lender to get your old car loan paid off and title changed.
What to watch out for
Consider these potential drawbacks before using RefiJet’s connection service:
- No online signup. While you can begin the process online, you’ll have to speak with a representative over the phone before you can get matched with potential lenders.
- Unclear rates and terms. RefiJet’s website offers no specific details about borrowing amounts, rates or terms you might qualify for through its partner lenders.
- No new or used car loans. RefiJet’s partner lenders can only help you with your refinancing needs — you won’t be able to take out a new or used car loan.
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What do borrowers say about RefiJet?
There aren’t many reviews as of July 2019, but what’s there is a mixed bag. It’s accredited with the Better Business Bureau (BBB) and earns an A+ rating based on factors like transparency and time in business. But it only scores 3 out of 5 stars based on 10 borrower reviews.
A few customers complained about RefiJet’s complicated application process, while others raved about their positive and efficient experience. One customer felt pressured to purchase gap insurance and extended coverage, so watch out for pushy sales pitches when finalizing your loan agreement.
How do I get started?
First, double-check that you and your car meet RefiJet’s eligibility requirements. If you do, you can begin the process online by following these steps:
- Visit RefiJet’s website and enter your name, email address and phone number. Click Lower My Payments.
- Enter your home address and click Form Completed! Click to submit it.
- Wait for a RefiJet financial services representative to get in touch with you.
If you fill out the online form during business hours, you can expect a call from a RefiJet representative that same day. They’ll then collect more information and supporting documents before presenting you with your refinancing options.
Happy with one of the offers? Your personal RefiJet representative will submit your application with your chosen lender. If approved, RefiJet will fill out any necessary paperwork on your behalf. Then, all you have to do is sign and return the documents. RefiJet will facilitate the process of paying off your old car loan and updating your title for you.
What information do I need?
Have the following information on hand before filling out RefiJet’s online form:
- Social Security number
- Details about your job and residence
- Copies of your driver’s license and registration
- Proof of insurance
- Your car’s current mileage
I used RefiJet to refinance my auto loan. Now what?
After you’re approved for refinancing, RefiJet works with your new lender to pay off your old car loan. However, it’s still a good idea to confirm with your previous lender that your account has been successfully closed out.
Once that’s taken care of, you’re on the hook for monthly repayments to your new lender. Ask if you can sign up for autopay to avoid late fees and other penalties. And keep an eye on your bank account and loan balance. If you see something off, reach out to your lender’s customer service team as soon as possible.
RefiJet may be worth considering if you’re looking to refinance your current car loan and hate all the paperwork that comes with it. But you won’t know what rates and terms you might qualify for until after you fill out its online form.
Prefer to apply for refinancing directly? Compare other providers with our guide to auto loan refinancing.