MotoRefi

• Low Rates
• Quick Application Process
• No Prepayment Penalty Fee
• Cosigners Accepted

Low Rates

MotoRefi advertises rates as low as 1.49 percent APR, which is significantly lower than competing lenders in the industry. For example, other lenders advertise the following rates:

• Autopay — 1.99% APR
• LightStream — 2.49% APR

Although MotoRefi’s rates are lower than other lenders, it is important to note that to receive the lowest interest rate, you will need an excellent credit score of at least 740. In addition, the age of the vehicle you are refinancing will also be taken into account when determining the interest rate you will qualify for.

Quick Application Process

Applying for an auto refinance loan through MotoRefi only takes a few seconds and requires minimal information; no social security number (SSN) required. Upon completing this application, you will receive multiple offers from lenders in MotoRefi’s network from which you can choose based on your needs and finances.

Once you choose a lender you will be required to provide additional information and MotoRefi will take care of the rest, setting you on the path for more savings.

No Prepayment Penalty Fee

If you would like to pay your loan off early you can do so without penalty, allowing you to save more on interest.

Cosigners Accepted

MotoRefi allows customers to apply with a creditworthy cosigner, which can not only improve your chances of approval, but also get you a lower interest rate than you might otherwise.

Not all lenders provide this option, making MotoRefi a good option for those with poor or no credit who might not be approved for refinancing with other lenders.

• Not a Direct Lender
• Undisclosed Maximum APR
• Processing and Retitling Fee

Not a Direct Lender

While it isn’t necessarily bad that MotoRefi does not process and fund loans directly, there are some drawbacks. For example, rates, terms, and fees may vary by lender in MotoRefi’s network, making it important for you to carefully assess the lenders and offers you receive so you know exactly what you’re getting and will be paying for.

Undisclosed Maximum APR

Although MotoRefi’s lowest rate is competitively low in comparison to its competitors, there is no maximum APR disclosed on the MotoRefi website. This can make it difficult to know what rates you will receive and how high they might be since the lowest rate will only likely be given to those with excellent credit and newer vehicles (2019 and newer).

Processing and Retitling Fee

MotoRefi charges a $399 fee for loan processing and vehicle retitling which is added to your overall loan amount. Many other lenders do not have this fee, so it could be beneficial to look into other lenders if you would like to avoid extra expenses.