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rateGenius is a nationwide vehicle refinance platform that is partnered with over 150 lenders, and helps borrowers save an average of $83 per month on their auto loan payments. Upon applying, a borrower is connected with multiple lenders, offering a range of rates and payments that a borrower can choose from, allowing them to get the lowest rates possible and save more money.

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

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The Good

  • Easy to Apply
  • Minimum Credit Score
  • Title Assistance
  • Service Contracts Available
  • Tools and Resources

Easy to Apply

The rateGenius application process only takes a few minutes. You can complete the loan application either online or over the phone. When applying, borrowers will need to provide their personal, loan, and vehicle information. After providing the information, rateGenius will work with its network of lenders to find the best interest rate and monthly payments for your new loan. If you are approved, you will be immediately contacted by a representative regarding your offer. 

To complete the process, rateGenius will send your loan documents to your secure customer portal, or they can be delivered to your door. After reviewing the details of your contract and signing, return the paperwork to rateGenius. The company will then pay off the remaining balance of your old auto loan, transfer the title to your new lender, and transition you to your new lender. 

Minimum Credit Score

To refinance with rateGenius, a minimum credit score of 550 is required. This minimum credit score requirement is significantly low in the industry. But, to get the lowest rates possible you should have a good (690-719) to excellent (720+) credit score, which will lower your monthly payments and save you more money overall.

Title Assistance

Titling, often the last part of the refinance process, can be complicated, especially because titling laws vary in all 50 states. To assist in, and simplify, the titling procedure, rateGenius takes care of all title work for each of its customers. rateGenius' title experts work with the Department of Motor Vehicles (DMV) in each state, as well as each lender to make this process as painless as possible.

Vehicle Service Contracts Available

rateGenius offers vehicle service contracts (VSCs) that can help cover the cost of unexpected repairs. This can bring additional peace of mind to all car owners, but particularly to those who may have older cars with higher mileages.

While you may not want to add an additional cost to your refinanced loan, you aren't required to pay the cost of the VSC upfront; you can instead choose to spread out the cost over the life of your loan. In addition, different levels of coverage are offered, allowing you to tailor it to your specific needs.

Tools and Resources

When visiting rateGenius's website, you should definitely take advantage of the company's numerous tools and resources. rateGenius's Learning Center is excellent for anyone looking to learn more about the industry, their credit score, tips for dealing with dealerships, industry rates, and more. Any questions you may have are probably answered, in detail, in a rateGenius blog post. 

rateGenius also has a page dedicated to all the latest news and industry insights. 

While the blog and latest news pages are great, we recommend checking out the Auto Refinance Calculator. This is a great way to see what refinancing your vehicle could save you. The calculator shows how much you'll save each month, the new monthly payment, and the total payment savings.

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The Bad

  • Possible Fees
  • Hard Credit Check
  • Auto Loan Refinancing Criteria

Possible Fees

rateGenius discloses that in some cases, there will be a prepaid finance charge associated with your loan. However, the amount of the fees varies depending on your lender and your home state. rateGenius also states that it may collect a small fee on behalf of your state's DMV to process your car title on your behalf. 

Hard Credit Check

rateGenius may not be right for you if you're on the fence about refinancing your vehicle. As soon as you submit your application, rateGenius will pull your credit history - otherwise known as a "hard inquiry" that may affect your credit score. Generally, a company will perform a soft credit pull upon application, allowing borrowers to compare and weigh their lender options without their credit score taking a hit.

However, if rateGenius doesn't believe that any lenders will offer you a loan, it will not perform a hard credit pull.

Auto Loan Refinancing Criteria

To refinance your vehicle with rateGenius, make sure to meet the following criteria:

  • Ten years old or newer
  • Under 120,000 miles
  • Personal use vehicle
  • Loan amounts from $10,000 to $90,000

Additionally, your current auto loan must have a remaining balance between $10,000 and $55,000, been funded at least one month prior, and have at least 24 months of payments left. These requirements should not be difficult to meet, but it is important to keep them in mind when considering rateGenius for your auto refinance needs.

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The Bottom Line

If you are seriously planning on refinancing your vehicle, a rateGenius auto loan could be a good option for you. The company boasts streamlining the auto refinancing process and making it easier for you to apply and receive competitively low rates and terms. The company will do a hard pull of your credit score, so it might not be the best option for you if you are just shopping around and comparing rates.

If you have bad credit, rateGenius could be a good option for you as the minimum credit score requirement is low, at 550. However, if you have good credit or excellent credit, you will be able to receive a lower interest rate, lowering monthly payments and saving you more money overall.

rateGenius offers additional products and services to enhance your auto refinance experience, such as title processing and vehicle service contracts; the company is committed to making the refinancing process as simple and personalized as possible.

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