RateGenius Auto Loan Refinance and Lease Buyout Loans: 2024 Review

Full Review of RateGenius

RateGenius partners with a network of approximately 220 lenders to provide auto loan refinancing and lease buyout loans. It also offers cash-out auto refinancing, so borrowers with vehicle equity may be able to receive cash with a new refinance loan. RateGenius doesn’t offer purchase loans.

Pre-qualification using a soft credit inquiry is available to all RateGenius applicants, so you can be matched to loan offers without affecting your credit scores. Pre-qualification is not an approval of credit. After you select the pre-qualified offer with the interest rate, payment and loan term that works best for you, RateGenius secures full loan approval. This requires a hard credit inquiry.

The RateGenius network includes lenders that work with borrowers of all credit types. Some lending partners will consider borrowers with a low credit score and no credit history. However, borrowers with fair or bad credit should anticipate an interest rate at the high end of the RateGenius rate range.

Table of contents

RateGenius at a glance

RateGenius may be a good fit for those who ...

Do you qualify for a RateGenius auto loan?

How to apply for a RateGenius auto loan

How auto loan rates work and how we collect them

How do we review auto loan aggregators?

RateGenius at a glance

RateGenius works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

• Restrictions

  • Maximum vehicle age: 12 years for refinancing; 5 years for lease buyouts.

  • Maximum vehicle mileage: 150,000 miles for refinancing; 100,000 miles for lease buyout.

  • Other vehicle restrictions: None.

  • Loan amount minimum: $8,000.

  • Loan amount maximum: $150,000.

  • Maximum loan-to-value ratio: 150%.

  • Refinance time restrictions: Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred.

  • Bankruptcy restrictions: At least one lending partner has no bankruptcy restrictions.

• Other loan details

  • Approval speed: Applicants will not see pre-qualified offers immediately. Pre-qualification usually takes from 10 minutes up to two hours.

  • Initial deferred payment: Up to 120 days.

  • Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible. Otherwise by check.

  • Selected payment due date: Borrowers can select their payment due date, but only at a specific time when asked during the loan process.

  • Maximum debt-to-income ratio: 60%.

  • Hardship plans: Majority of lending partners offer hardship options, such as deferred payments and extended loan terms.

• More lender details

  • Contact options: Phone, email, text, live chat and website form. Spanish-speaking agents available by phone, email, text and chat.

  • Availability: Mon-Fri 7 a.m.-7 p.m., Sat 9 a.m.-5 p.m. MT.

  • Online resources: Offers auto-related articles, a variety of auto loan calculators, an auto refinance glossary of terms and auto refinancing FAQs.

  • Related services: Offers guaranteed asset protection (gap insurance) and vehicle service contracts. If selected, these can be rolled into the auto loan for an additional price.

RateGenius may be a good fit for those who:

• Want assistance with the entire loan process. RateGenius handles each phase of the loan process all the way to transferring the vehicle title.

• Need more flexible loan requirements. The RateGenius network includes lenders that work with borrowers who have a low credit score, past bankruptcy or no credit history. However, applicants with bad or poor credit should expect a higher interest rate.

• Could benefit from having a co-applicant. RateGenius can match applicants to lenders that allow both co-signers and co-borrowers. Having a co-applicant can help borrowers who might not qualify alone.

Do you qualify for a RateGenius auto loan?

RateGenius basic eligibility requirements to apply for an auto refinance or lease buyout loan include the following:

• Must be at least 18 years old.

Here are the minimum borrower requirements to qualify for an auto loan with RateGenius. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: 580.

• Minimum credit history: At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is three months.

• Maximum debt-to-income ratio: 60%.

• Minimum annual income: $30,000.

Before you apply for auto refinancing or a lease buyout loan

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator or lease buyout calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents and information. RateGenius requires the following to submit an initial auto loan refinancing application: address, time at address, phone, email, birthdate, employment status, employer name, income, housing status, housing payment amount and basic vehicle information.

» MORE: Compare auto loan refinancing lenders

How to apply for a RateGenius auto refinance or lease buyout loan

1. Pre-qualify on the RateGenius website. Use the “Find My Rate” button to pre-qualify with a soft credit pull, which will not affect your credit scores. You’ll be asked for information like employment status, income, housing information and basic details about your current car. The RateGenius application lets you easily select a vehicle make, model and year, but it does not enable you to provide your VIN or license plate number to automatically pull information about your specific vehicle. RateGenius also has the option to apply by phone at 844-290-5731.

2. Choose a loan offer. If you pre-qualify and are matched to one or more lenders, you will see offers with estimated interest rate, monthly payment and loan term. After you select an offer and move forward with the loan application, a hard credit inquiry will be done to determine final loan approval and a RateGenius representative will contact you. A hard credit inquiry may cause a slight, temporary drop in your credit scores.

3. Stay on top of your loan payments. According to RateGenius, all of its lending partners report loan payments to the three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments if available is a good way to make sure your payments arrive by the due date.

» MORE: Compare lease buyout loans

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).