RateGenius Auto Refinance Review: Rates, Fees, & Terms

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When you need a vehicle, you will accept any terms you can get. If you have bad credit, that normally means your auto loan rates will be terribly high.

Did you know that making monthly payments on your auto loan for just a few months can help your credit score? If this sounds like your situation or if your credit score has increased, refinancing your current car loan may be a great option.

The thought of refinancing can seem like a lot of work; however, with loan aggregators such as RateGenius, the process is simple and free with no obligations.

Best for Online Auto Refinance
RateGenius Auto Loans Review
RateGenius Auto Refinance
  • Loan Amount
    $12,000 to $100,000
  • Est. APR
    1.99% -16.00%
  • Learn More
  • Auto Loan Details

What Is RateGenius?

RateGenius is a no-cost, no-obligation loan aggregator that helps you lock in the best auto loan rates. It is important to note that RateGenius is not a lender but rather a marketplace. They have a network of more than 150 lenders made up of banks, credit unions, and other lending providers.

How Does RateGenius Work?

When you apply for auto loan refinance on RateGenius, they pull a soft credit inquiry to make sure they have lenders that will work with you. If RateGenius decides they can help you refinance your auto loan, they will then do a hard credit pull.

Your information then goes out to more than 150 lenders within the RateGenius network. They will then present you with the top 10 options. You are under no obligation to accept any offers; however, if you select one, RateGenius will then work with you directly to make sure all the paperwork is completed. They will even transfer the title over for you.

RateGenius Auto Refinance Features and Benefits

RateGenius offers several features and benefits, below are what we love.

Simple Application

One of the main benefits of RateGenius is its simple application. You can finish the application in just a few minutes, either online or over the phone. This application is quick, easy, and straightforward.

Compare Multiple Refinance Rates at Once

When you finish your loan application, RateGenius pushes your information out to more than 150 lenders within their network. RateGenius will then present up to 10 lender options so you can decide which one is best for you.

Can Speak to Loan Specialists

At any time during the loan process, you can call RateGenius and talk to a loan specialist. Once your application is finished, a loan specialist will be assigned to you. They will help you the rest of the way. This is great if you have any last-minute questions.

RateGenius Auto Loan Rates

RateGenius states auto refinance rates change frequently. As of June 8th, 2021, they have rates as low as 2.43% for excellent credit scores (750-850) and as high as 11.39% for poor credit scores (639 or less).

RateGenius has loan terms of 36 months to 72 months which also affects auto loan rates.

How to Apply for RateGenius Auto Loan Refinance

RateGenius implements a three-step process to refinance your auto loan. Like we said earlier, this process is simple and straightforward. Let’s dive in.

#1. Applying for Auto Loan Refinance

It only takes a few minutes to submit your application online or over the phone, whichever you prefer. This application asks for basic information, such as who you are, your current lender, and the vehicle you want to refinance.

RateGenius requests that you have the following information handy.

  • Loan Information: Name of your current lender and your current monthly payment
  • Vehicle Information: Make, model, current mileage, and VIN if you have it.
  • Contact Information: Address, phone number, and email address.

#2. Choose Your New Auto Loan

Once you are finished with your application, someone from RateGenius will work with their network of lenders to find the best qualifying interest rates and monthly payments that fit your needs and profile. If approved, RateGenius will immediately contact you.

#3. Complete the Refinance Process

Once a loan option is selected, the loan documents will be available to you within your customer portal or shipped to you via UPS. You will review the loan documents with a RateGenius specialist, sign the appropriate paperwork, and return it electronically or via the pre-paid postage envelope.

From there, RateGenius handles the rest, including:

  • Paying off the remaining balance on your old loan
  • Transferring the title to your new lender
  • Transitioning you to your new lender

RateGenius Restrictions & Requirements

RateGenius does have vehicle restrictions and individual requirements. Below is a quick overview of restrictions and requirements:

  • Vehicle restrictions: The vehicle must not be older than 7 years old and needs to have less than 100,000 miles on it.
  • Individual requirement: The individual must be at least 18 years of age. The loan minimum is $12,000, and the maximum is $100,000. If your credit score is less than 600, you may need a co-signer.

How Much Can You Borrow from RateGenius?

You can borrow between $10,250 and $55,000 based on your credit and vehicle information.

RateGenius Pros and Cons


  • You can add or remove co-signers when refinancing with RateGenius.
  • No minimum income is needed, but RateGenius prefers to see LTV of less than 50%.
  • RateGenius is available in all 50 states.
  • RateGenius helps with title transfers.
  • Low credit scores can still get approved, but RateGenius states their creditors like to see co-signers with stronger credit if your score is under 600.
  • RateGenius has terms up to 72 months.
  • RateGenius current rates start at 2.43% and go up to 11.39%.
  • There is no fee to use RateGenius.
  • There is no obligation to accept any offers.
  • RateGenius will do a soft credit inquiry first to make sure they can work with you.


  • The minimum loan is $10,250 with RateGenius, which is double other auto lending aggregators.
  • RateGenius pulls a hard inquiry on your credit.
  • RateGenius is for higher credit scores.
  • Vehicle restrictions of no more than 100,000 miles or older than 10 years to qualify.
  • The minimum term is 36 months.
  • Loans are only available on personal vehicles.

How Does RateGenius Compare?

Here is how RateGenius compares to other loan aggregators.

#1. RateGenius vs. MotoRefi

Unlike RateGenius, Caribou does not require an SSN, nor does it pull a hard credit inquiry. These are done at the lender level if you select one of the lenders from the results Caribou gives you. The loan terms are similar. Total loan values range from $5,000 to $50,000, and terms vary between 12 months to 60 months.

Caribou does advertise a starting APY as low as 1.49% compared to the 2.43% that RateGenius advertises.

>> More: Full Caribou Review

#2. RefiJet vs. RateGenius

RefiJet only allows you to fill the application out via a Financial Service Rep (FSR) over the phone. There is not an online application option. RefiJet offers a much wider loan spread, with the minimum being $5,000 and the maximum being $150,000. The length is 24 months to 84 months (96 months is available in some instances).

RateGenius does not advertise a minimum monthly income requirement, but RefiJet does at $2,000.

>> More: Full RefiJet Review

#3. RateGenius vs. Autopay

Autopay offers loans as low as $2,500. This is 75% lower than RateGenius. Terms with Autopay range from 24 months to 84 months. Both RateGenius and Autopay have similar vehicle restrictions. Autopay sets vehicle restrictions at less than 11 years old and fewer than 125,000 miles.

With Autopay, you can be younger than 18 years old, but you will need to have a co-signer.

>> More: Full Autopay Review

#4. Auto Approve vs. RateGenius

Auto Approve is one of the few loan aggregators that offers loan terms as low as 12 months and up to 84 months. Auto Approve also offers up to 90 days of deferred payments to qualified buyers. Auto Approve also offers loans for boats and RVs and GAP insurance.

>> More: Full Auto Approve Review

Frequently Asked Questions

Is RateGenius Legitimate?

Yes, RateGenius is legitimate and has been in business since 1999. Additionally, they hold a rating of A- with the Better Business Bureau (BBB).

Does RateGenius Do a Hard Credit Inquiry?

Initially, RateGenius pulls a soft inquiry to make sure they can provide you with auto loan options. If your credit score is within their operating range, they will then do a hard credit inquiry.

Should I Refinance My Car with RateGenius?

If you are on the market for auto loan refinance, RateGenius is worth considering. At no cost and obligation to you, they will provide up to 10 different loan options. This is a great service to compare offers and shop around for the lowest interest rate. However, we thinkCaribou and Autopay are slightly better and less of a headache.

Is RateGenius Safe?

Yes, RateGenius is safe to use. They employ advanced encryption and bank-level security to protect your personal data.

Bottom Line: RateGenius Review

If you would like to save time and not “shop” around when considering refinancing your auto loan, using a loan aggregator like RateGenius is a great option.

However, unlike most loan aggregators, RateGenius pulls a hard credit inquiry to match you with the best auto loan refinancing lenders. This means you do not see results until after a hard inquiry, making RateGenius less appealing than other companies on the market.

Brian Latchford
Brian Latchford

Brian is a serial entrepreneur that loves financial technology and personal finance. From working with start-ups to creating his own recruiting company, Brian knows first hand what it takes to manage money. Throughout his career, Brian has become a respected writer covering topics in personal finance, business, and financial technology.