RefiJet Auto Refinance: 2022 Review

Refinancing your car loan with RefiJet can help you lower your monthly payment or pay less interest over time. Considering the company’s reputation and rates, this RefiJet review gives the loan provider an overall score of 8.3 out of 10.0. At the Home Media Review team, we recommend comparing the pre-qualifications of different lenders to find them best car refinance loan rates for your situation.

About RefiJet

founding year: 2016
headquarters: Denver
BBB rating: A+

RefiJet is a relatively new company offering traditional and cash-out auto refinancing, as well as lease buyouts. The company does not write any loans itself. Instead, it connects customers to a wide network of lenders. To qualify, your vehicle must be less than 10 years old and have no more than 150,000 miles.

RefiJet Auto Refinance Details

RefiJet specializes in this Auto loan refinance for cars, trucks, SUVs and motorcycles. The lowest interest rate is 2.49%, but the company does not state a maximum rate. RefiJet charges a $395 processing fee which is added to your total loan amount.

With loans through RefiJet, you may be able to:

  • Change the terms of your loan
  • Add or remove co-borrowers
  • Lower your monthly loan payments
  • Reduce your interest rate

According to the company’s website, RefiJet customers save an average of $150 per month after refinancing. RefiJet also advertises no payments for the first two months of your new loan, but it is industry standard for a first loan installment not to be due 30 to 90 days after refinancing.

RefiJet may not be available in every state as availability depends on the lenders it works with. You can call a RefiJet representative to see if your location qualifies.

*Tariff zone from 08/10/22

Factors Influencing Auto Refinance Rates

The Annual Percentage Rates (APRs) you will find through RefiJet depend on a number of factors including:

  • credit history
  • Debt to Income Ratio
  • Market factors such as the federal interest rate
  • loan-to-value ratio
  • payout amount
  • credit term

All of these factors have an impact when to refinance a car. We recommend refinancing if you can get a lower interest rate and save money over the life of the loan. Refinancing at a higher interest rate or longer term will end up costing you more, even if you get a lower monthly payment

RefiJet application process

There are no registration fees to use RefiJet and you can start the process online. In order for the process to go smoothly, you should prepare the following documents in advance:

  • driver’s license
  • registration
  • Vehicle Identification Number (VIN)
  • A photo of your odometer
  • proof of insurance
  • Proof of Income and Residence
  • Vehicle title if you own it

You will also need your current loan repayment amount. This is exactly the amount needed to pay off your old loan including interest to date. RefiJet needs to verify this with your current lender in order to get approval to refinance the car loan.

Here’s what you can expect from the RefiJet application process:

The whole process can only take a few hours. But depending on the situation, it may take longer. Auto refinance loans offered through RefiJet may involve multiple parties including merchants and financial services agents. RefiJet reviews on Google commend the customer service representatives for being available by phone and SMS throughout the process

additional products

During the application process, you will be presented with add-on products that include extended service contracts and guaranteed asset protection (gap insurance). RefiJet can pay the cost of these products into your loan, but you pay interest on top of your car.

Note that you may pay more for an extended guarantee over the life of the loan than if you bought one separately from a reputable extended car warranty company. Many guarantee companies offer simple payments for periods of 18, 24, or 36 months that do not include compound interest like a car loan would.

Gap coverage can be useful if you owe more than 80% of your car’s value. But if you’ve already paid off a good chunk of your car’s value, you might not need it. We encourage you to decide if you want one extended car warranty or gap coverage before you start the refinancing process with RefiJet.

RefiJet Reviews

Overall, RefiJet has a pretty good reputation for customer service. On average, more than 800 RefiJet reviews on Google rate the company 4.3 out of 5.0 stars. RefiJet has a lower average rating of 1.3 stars out of 5.0 from customers on the BBB website, but it only has 25 reviews there. In addition, the company has resolved 45 customer complaints on the BBB over the past three years.

Positive RefiJet reviews

Unlike many refinancing companies, RefiJet does not offer instant pre-qualifications online. You must wait for a call from a customer service representative to continue the process.

This arrangement appears to be working to the company’s advantage, as many of the positive customer reviews praise the agents for their helpfulness, responsiveness, and diligence. Some clients even say that the agents they have worked with deserve a raise for their great service.

Negative RefiJet reviews

Of course, not everyone has the same experience with the company. For example, some customers have had difficulty canceling the extended warranties they received through RefiJet after they sold their refinanced vehicles.

Other negative RefiJet reviews say that the rate they initially quoted didn’t match the rate they ultimately qualified for, or that the lender required a larger down payment than they expected. However, this underscores the fact that prequalifications are only estimates of the rates you might be offered.

Conclusion on RefiJet

RefiJet is a solid auto refinance option if you want to work with a company that has a personal touch. However, the company charges a processing fee and may not have the best rates for all borrowers. Add it when you shop, but keep your options open.

Our review team reached out to RefiJet for comment regarding their handling fee and negative reviews, but received no response.

Refinancing companies work with different networks of lenders, so we recommend comparing interest rates from multiple companies when looking for a car loan to refinance. Our two top auto loan refinance picks are Auto Approve and myAutoloan.

Automatic approval: top choice for refinancing

AutoApprove offers interest rates as low as 2.25% and can work with borrowers who have a fair credit history and above. According to the website, the loan terms are usually between 12 and 84 months. In addition to automatic refinancing, Auto Approve offers leasing end buyouts and early buyouts. The company has one Rating A+ and accreditation from the BBB.

Find out more in our Approve review automatically.

MyAutoloan: Best Low Interest Rate Option

You can compare many loan options with myAutoloan, a popular marketplace. The company works with lenders offering new, used, refinance, private party and lease buyout loans. The lowest myAutoloan auto refinance interest rate is 1.99% for a loan up to 36 months. Most customers have had positive experiences with myAutoloan – the company 4.3 star average rating it shows on Trustpilot.

Find out more in our myAutoloan review.

Our methodology

Because consumers rely on us to provide objective and accurate information, we have developed a comprehensive rating system to formulate our ranking of the best car loan companies. We collected data on dozens of loan originators to rank the companies based on a variety of ranking factors. The end result was an overall rating for each vendor, with the companies with the most points topping the list.

Here are the factors our reviews take into account:

  • Reputation (30% of total score): Our research team considered industry expert reviews and each lender’s fiscal year to generate this score.
  • Availability (20% of total score): Companies that cover a variety of life circumstances are more likely to meet borrowers’ needs.
  • Loan details (15% of total score): We considered the types of loans, terms, and loan amounts available from each lender to determine this score.
  • Prizes (25% of total points): Auto loan providers with low APRs scored the highest in this category. Available discounts have also been taken into account.
  • Customer Experience (10% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.

*Data correct at time of publication.

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