RefiJet Auto Loan Refinancing: 2023 Review

Pros and Cons of RefiJet

Types of Auto Loans Offered by RefiJet

RefiJet Auto Loan Refinancing Terms, Rates, and Fees

Who May a RefiJet Auto Loan Be Right For?

• Looking for a refinancing specialist: When you are purchasing a new car, it’s a relatively simple matter of taking out a loan. But when you are refinancing an existing loan, there are numerous reasons that you could be doing so, and several unique aspects to these loans. RefiJet specializes in vehicle refinancing and can help you to do things like adding or removing co-borrowers or buying out a lease. 
• Personalized service: RefiJet is focused on offering personalized service. The company has live financial service representatives who work directly with applicants on the telephone.
• You have a troubled credit history: RefiJet offers loans to borrowers with a variety of credit profiles, including those with fair and poor credit. You can become prequalified with just a soft pull, which doesn’t affect your credit. For more information, see Subprime Auto Loans, Explained.

Who RefiJet May Not Be Right For

• Those who want to do everything online. RefiJet boasts personalized service, but not everyone wants that. If you would prefer to complete your loan entirely online without talking to a live representative, then this isn’t the option for you.
• If you want to avoid a large processing fee. RefiJet charges processing fees. The fees can reportedly cost up to $395. If you’re looking to avoid these kinds of large fees, then you can do better with another lender.
• You don’t like upselling. RefiJet goes to great lengths to convince borrowers to buy additional products. One is called Guaranteed Asset Protection (GAP) coverage, which you probably don’t need. The other is extended warranties, which are notorious for robocalls.
• You have an older car. RefiJet will only refinance cars that are less than 10 years old. So if you have an older car that still has plenty of value, then you need to find another lender that’s willing to work with you.

What to Watch Out for With RefiJet Auto Loans

• Processing fee. RefiJet reportedly charges a $395 application processing fee, which is more than some other lenders.
• No online application. If you’re trying to get a loan completely online, you may be surprised to find that it isn’t possible with RefiJet. Applicants have to speak with a live representative via telephone.
• Vehicle restrictions. Autos must be less than 10 years old and have less than 150,000 miles. You will be asked for a picture of the car’s odometer.

RefiJet Auto Loan Eligibility Requirements

• The vehicle must be less than 10 years old.
• The vehicle must have less than 150,000 miles. 
• There are no published restrictions on car brands or vehicle types.
• RefiJet can also refinance most motorcycles and recreational vehicles.

How to Apply for a RefiJet Auto Loan

1. Contact RefiJet. You can contact RefiJet by email, by phone, or by filling out a form on its website. After this initial step, RefiJet will request a soft pull of your credit report, which won’t affect your credit score in any way.  See: How Does Auto Loan Preapproval & Prequalification Work?
2. Submit documents. As with any loan, there are several documents that you will have to submit. These include your driver’s license, registration, and proof of insurance. You will also need to provide proof of your residence and your income. You will also have to provide a copy of the vehicle’s title and a photo of the vehicle’s odometer. RefiJet will then check your credit reports. For more information, learn which credit bureau Is used most for auto loans.
3. Select a new loan. RefiJet’s customer service will present you with several options and help you to select the type of loan that’s right for you. For more information, see Our guide to car loan interest rates.

Alternative Auto Loans to Consider

• iLending: iLending offers vehicle refinancing for cars, trucks, vans, SUVs, motorcycles, boats, RVs and ATVs. It offers interest rates as low as 2.24% APR and is available to applicants with a wide variety of credit profiles. 
• AutoPay: Autopay offers new vehicle purchases and refinancing loans to borrowers with a wide range of credit profiles, and you can receive prequalification with no impact on your credit. Its interest rates start at 2.99% APR for the most qualified borrowers, and co-signers are allowed. 
• Caribou: Caribou is an online vehicle refinancing company that offers loans to applicants with a wide variety of credit scores. Its application process is completely online, and it does have a $399 document processing fee.
• Lantern by SoFi: Lantern works with a network of auto refi lenders to produce a selection of refi offers with competitive rates. Just fill out one simple form, explore your financing options, and apply for an auto loan refinance that could lower your monthly payments, reduce the interest you pay over the life of the loan, or both.