Good for: good-credit auto refinance candidates who need to store charges
RefiJet is a web-based automobile refinance firm, which finds you a mortgage from its community of lender companions. The corporate additionally arranges loans, and handles the difficult paperwork, for folks wanting to purchase their leased automotive.
RefiJet is an efficient match for many who:
Have robust credit score — the typical credit score rating for RefiJet clients is 742.
Wish to store loans and not using a onerous credit score pull to see a fee quote.
Are eager about altering the phrases of their mortgage by extending it or delaying a cost.
RefiJet auto refinance loans at a look
APR*2.99% – 17.99%
Mortgage quantities$10,000 – $150,000
Minimal necessitiesCredit score rating: 580
Onerous credit score test with utility?No
AvailabilityAll 50 states
*APR is used to guage the true price of borrowing cash and consists of the rate of interest.
RefiJet assessment particulars
Based in 2015 and primarily based within the Denver space, RefiJet makes a speciality of auto refinancing. It affords debtors a easy utility course of and the assistance of a mortgage officer to information them by the transaction. Founder and CEO Reid Rubenstein says a lot of RefiJet’s clients are individuals who purchased a automotive a couple of 12 months in the past, made all of the funds on time, and now qualify for a decrease rate of interest.
As soon as RefiJet receives an utility, it makes use of an algorithm to rapidly estimate an rate of interest primarily based on a smooth credit score inquiry, which gained’t affect your credit score rating. Then RefiJet presents you with refinance choices from its lender companions, which embody credit score unions and finance firms. When you choose a mortgage supply, the corporate submits your utility to the brand new lender.
RefiJet additionally helps organize lease buyout loans for individuals who need to purchase a automotive they’re at present leasing. It is a difficult transaction, Rubenstein says, and RefiJet handles the paperwork.
CAR LOAN RATES
The bottom rate of interest RefiJet affords for a refinance mortgage is 2.99%. That is solely accessible, nonetheless, if in case you have very robust credit score. Lenders set their very own necessities, however normally credit score scores are categorized as follows:
300-629: Weak credit.
630-689: Truthful credit score, additionally known as “common credit score.”
690-719: Good credit score.
720 and up: Glorious credit score.
In case your credit score is lower than top-tier, your rate of interest shall be increased — RefiJet’s most fee is 17.99%. This implies your month-to-month cost shall be extra and, over time, you’ll pay extra curiosity. If you already know your credit score rating, you will get an concept of the rate of interest you would possibly qualify for.
APPLYING TO RefiJet
You possibly can apply on-line or over the telephone.
Can even refinance most bikes and leisure automobiles.
No utility price; prepayment and late charges fluctuate by lender.
Restrictions could fluctuate by particular person lender, however RefiJet has the next common tips:
Mortgage phrases: 36 to 96 months. (NerdWallet doesn’t suggest loans over 60 months.)
Most automobile age: 10 years.
Most automobile mileage: 200,000 miles.
Minimal earnings: $2,000/month for people and $2,500/month for joint accounts.
Out there in all 50 states.
How RefiJet compares
RefiJet retailers for a brand new mortgage for you from its lender community, moderately than lending you the cash immediately. Moreover, RefiJet will refinance vehicles which were pushed as much as 200,000 miles, whereas most lenders cap the mileage between 100,000 and 150,000 miles. Additionally, not like many lenders we’ve reviewed, RefiJet affords mortgage phrases as much as 96 months. Such a protracted mortgage time period isn’t beneficial because it requires the borrower to pay considerably extra curiosity on a automotive that’s getting outdated and maybe unreliable.
The desk under reveals how RefiJet compares to different refinance firms.
Extra from RefiJet
RefiJet affords further auto finance merchandise comparable to hole insurance coverage and automobile service contracts. It additionally lets debtors delay their first cost on the brand new mortgage between 30 and 45 days. This would possibly can help you compensate for paying off different increased rate of interest debt.
The RefiJet web site incorporates a weblog with info on auto refinancing and the way RefiJet works, in addition to an auto mortgage calculator that will help you estimate funds in your mortgage.
Purchasing for an auto mortgage
Charges and penalties: Most lenders don’t cost an utility price to use for refinancing. When you obtain the mortgage, late cost charges will fluctuate by lender.
Fee procuring: Make all purposes inside a short while to attenuate the affect in your credit score rating. Credit score bureaus sometimes group a number of car-loan requests and deal with them as a single inquiry if completed inside a brief window, typically 14, 30 or 45 days. Nevertheless it’s additionally good to test your rating and report afterward to substantiate that is the case.
Run the numbers: Refinancing generally is a great way to economize in case your credit score improves. Nevertheless, NerdWallet doesn’t suggest extending your mortgage time period when refinancing, because you’ll find yourself paying extra in curiosity and will wind up owing greater than the automotive is price. Use an auto mortgage calculator to match affords.
It’s good to comparability store once you need to refinance your automotive mortgage. That may, nonetheless, result in being contacted by sellers and lenders.
Many lenders and mortgage marketplaces share your info with different lenders and companions to get you the very best deal. This implies you can get emails and telephone calls from lenders and presumably even automotive sellers. You’ll want to learn the privateness info on a lender’s web site.
To keep away from undesirable calls and emails, contemplate creating a brand new electronic mail account and get a Google Voice telephone quantity which you can test individually. Each choices are free and can be utilized for different procuring wants.
While you refinance a automotive mortgage, the paperwork and knowledge requested could fluctuate by lender, however you’ll typically want the next:
Car info, together with the 12 months, make, mannequin and present mileage of the automotive; the automobile identification quantity; an correct description of the automobile’s trim stage, options and choices; proof of car registration and insurance coverage; and a replica of your driver’s license.
Mortgage info, together with the identify of the lending establishment and account quantity on your present automotive mortgage; and your remaining mortgage time period and stability.
Private and monetary info, together with proof of earnings; employment info; banking and credit score historical past; Social Safety quantity; and proof of residence.
Extra from NerdWallet:
See extra automotive mortgage suppliers
See extra auto mortgage refinance choices
See if auto mortgage refinancing is best for you
Auto Loans Rankings Methodology
NerdWallet’s auto loans scores reward lenders providing probably the most transparency and consumer-friendly options. Rankings are primarily based on weighted averages of a number of classes, together with flexibility of mortgage choices, readability of borrower necessities, accessibility, velocity of funding and charges. Utilizing our editorial discretion, we additionally contemplate client critiques and complaints. These scores are a information, however we encourage you to buy round to search out the bottom rate of interest you may qualify for. NerdWallet doesn’t obtain compensation for any critiques. Learn our editorial tips.