2024 RefiJet Auto Refinance Review
RefiJet auto loans at a glance
 | Refinance auto loans |
| Starting annual percentage rate (APR) | 5.29% |
| Loan terms | 24 to 96 months |
| Loan amounts | $5,000 to $150,000 |
| See Refinance Rates |
When you buy a car, your initial auto loan may not work long term for you. In these instances, you can refinance your car loan with companies like RefiJet. To do this, prequalify for a RefiJet auto refinance loan, and then the company can match you with lenders in its network. There are several benefits of refinancing your auto loan through RefiJet. For example, the company:
- Allows for co-borrowers: If your credit score is less than perfect, you may still qualify for a RefiJet auto refinance loan but will likely receive high rates. To reduce your rates, you can add a co-borrower to your auto loan.
- Lowers your payments: RefiJet claims it helps borrowers save an average of $150 a month when they refinance.
- Charges an origination fee: All RefiJet loans come with a $495 origination fee. These are one-time administrative fees that typically come out of your total loan amount.
- Offers flexible features: RefiJet offers both long and short repayment terms as well as a large range of borrowing amounts.
- Works with bad-credit borrowers: With a low credit requirement and the option to add a co-borrower, RefiJet may be a good fit for those looking to refinance a car loan with bad credit.
RefiJet pros and cons
Using RefiJet to refinance a car loan may be a good option for some borrowers, but for others, some of its drawbacks may offset its advantages.
| Pros | Cons |
|---|---|
Bad-credit borrowers may qualify Allows for cosigners No payments for first three months | Charges a $495 origination fee High minimum borrowing amount Only offers refinance loans |
With a minimum credit score requirement of just 500, RefiJet even makes it possible for those who don’t have great credit to qualify to refinance a car loan. The company also allows you to refinance with a co-borrower and no loan payments are due for the first three months.
On the other hand, RefiJet loans come with a $495 origination fee and only allows you to refinance a current auto loan. If you’re looking for a small car loan, you may need to look elsewhere as RefiJet’s borrowing amounts start at $5,000.
A closer look at RefiJet auto loans
Aside from traditional refinance auto loans, RefiJet also offers cash-out auto refinancing and car lease buyouts. You can refinance a variety of vehicles through RefiJet including cars, trucks, SUVs and motorcycles.
RefiJet does not originate its own loans, meaning it instead relies on a network of lenders you can qualify with on its platform. This can give you multiple options to choose from when you apply for a loan.
RefiJet refinancing requirements
To qualify for an auto refinance loan with one of RefiJet’s lenders, you’ll need to meet the following requirements:
- 500 minimum credit score
- Must be employed or have other verifiable source of income
- Must have made recent on-time payments on your current auto loan
- Vehicle must be no more than 10 years old
- Must have full coverage insurance
- Must have up-to-date vehicle registration
- Must have valid driver’s license
How to get a loan with RefiJet
Decide on your goals
To know when to refinance an auto loan, it’s a good idea to know what your goals are ahead of time. Are you looking to lower your monthly payments? Or do you want to secure a lower interest rate? Perhaps you aren’t happy with your current lender, you want to add a co-borrower or you want to cash in on the equity you’ve built up in your car.
Your answers to these questions can impact the type of loan you’ll need and what to look for in a lender.
Check your credit
Knowing your credit score can help prepare you for what lenders you may or may not qualify with and what annual percentage rate (APR) you may receive. The higher your credit score, the better chance you’ll have of qualifying with more lenders and the lower the rates you may receive.
Prequalify for a loan
RefiJet allows you to prequalify for auto refinance loans so you can view your potential rates, terms and borrowing limits without affecting your credit score. While these features aren’t set in stone, you can plug these numbers into an auto refinance calculator to decide whether an offer fits your budget and goals.
Submit your paperwork
Once you decide on one of RefiJet’s lenders, you’ll have to submit a formal application. During this part of the process, you’ll have to verify the information you supplied, such as your income, your identity and information about your car. The lender will also run a hard credit pull to check your credit history.
Finalize your loan
If RefiJet officially approves you for a loan, you’ll need to sign your loan agreement. Be sure to read all the fine print, as this contract will outline all the details of your loan. Once it’s signed by both parties, you won’t have to make any payments for the first three months.
How RefiJet auto loans compare
Even if you think RefiJet may be a good fit for you, it’s always a good idea to shop around and compare at least three lenders. Consider these other refinance auto lenders and pay attention to how they compare to RefiJet.
| RefiJet | myAutoLoan | iLending | |
|---|---|---|---|
| Starting APR | 5.29% | 5.74% | 5.20% |
| Loan terms | 24 to 96 months | 24 to 72 months | 24 to 84 months |
| Loan amounts | $5,000 to $150,000 | Starting at $5,000 | Starting at $7,500 |
| Minimum credit score | 500 | 600 | 525 |
Is a RefiJet loan right for you?
If you have a poor credit score and meet RefiJet’s other requirements, RefiJet may be a good option for you. The company can match you with multiple lenders for you to compare and choose from. Keep in mind, however, that if you have bad credit, you won’t qualify for RefiJet’s lowest rates.
Frequently asked questions
RefiJet requires that you have a minimum credit score of 500 or higher. Bad credit can come with high APRs, so you may want to take time to improve your credit score if you fall into this range.
Yes, RefiJet is a legitimate company based in Denver, Colo. Founded in 2016, RefiJet currently has no rating with the Better Business Bureau (BBB), though it did previously have an A+ rating. The BBB notes that RefiJet’s profile is currently being updated.
No, instead of funding its own auto refinance loans, RefiJet works with a network of partner lenders that you can prequalify with. After you prequalify, you can choose from the potential offers from RefiJet’s lenders.