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LAST UPDATED: June 22nd, 2021

MotoRefi, founded in 2016, connects borrowers with top credit union and bank lenders to get them the best deals on refinancing their auto loan. With a quick application and approval process, and rates as low as 1.49 percent APR*, MotoRefi helps customers save an average of $100 per month on their car payments.

Customers have the option to pay off their loan early without penalty, but it is important to note that MotoRefi does charge a one-time $399 for loan processing.

You can pre-qualify with no impact to your credit score and all loan processing is done online.

Continue reading for a full review of this auto refinance company.

*This rate is based on an example of refinancing a 2019 or newer car with a credit score of 740 for a loan term of 36 months.

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The Good

  • 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.


The Bad

  • 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.


The Bottom Line

MotoRefi is not a direct lender and instead connects customers to various credit union and bank lenders in its network. This can be beneficial for low-credit borrowers, as qualification requirements are generally stricter with direct lenders, but it does mean that rates, terms, and fees will vary by lender.

If you have an excellent credit score of at least 740 and are looking to refinance a newer vehicle (2019 and newer), you will have an increased chance of getting competitively low rates. If you don’t have perfect credit, you can apply with a cosigner which can help you get lower rates than you might otherwise.

Overall, MotoRefi is a competitive choice for your auto loan refinancing needs, but it is important to consider and compare the offers you receive, as well as the $399 loan processing and retitling fee that you will be charged.

Currently, there are no MotoRefi reviews. If you have refinanced through this company, please let us know about your experience by leaving a review.

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Darrin Pelham Rincon, GA

I was recently guided to the MotoRefi page while looking for ways to improve my financial situation. The process was super fast and easy with an offer coming very quickly. I started receiving texts, calls and emails after finishing the process but they stopped as soon as I replied to a text that I had sought a different means to pay off my vehicle. I was impressed in the offer that I was given and although it was competitive it wasn't exactly what was best for me. The application process was free, the people that contacted me were professional and not pushy and again everything stopped with just one text. If you are looking for a refi on your vehicle give MotoRefi a look.

2 years ago

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