RateGenius

RateGenius

 4.3/5 (77 ratings)
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RateGenius

About RateGenius

RateGenius works with more than 150 lending partners to help you refinance your auto loan and save money. The company matches you with lenders that fit your situation, and it advertises saving people an average of $83 a month after refinancing. The company also provides personal finance resources through its blog.

Overall Satisfaction Rating

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Pros

  • 150+ lenders
  • Rates at 2.43%
  • Easy application
  • High average savings

Cons

  • No comparison
  • May have fees

Bottom Line

RateGenius is a simple refinancing platform that compares over 150 lenders’ rates and terms to find the best fit. Though you can compare loan offers directly, the low rates and high average savings make it a good option.

What is RateGenius?

RateGenius is a nationwide vehicle refinance platform that works with more than 150 lenders to help customers find savings on their auto loans. Using its advanced technology platform, RateGenius saves customers an average of $83 per month after refinancing. It also has a long list of 4- and 5-star reviews that praise its helpful customer service team and ability to offer multiple savings opportunities. On its website, RateGenius provides news and resources dedicated to helping customers make smarter financial decisions across the board.

How does RateGenius work?

With RateGenius, customers apply online to find rates. The RateGenius system looks at options from more than 150 lenders to help narrow down the best savings and terms that fit each person’s situation. Its financial team compares your options for you to find the loan that’s the best fit for your situation. After you choose your refinancing solution, RateGenius will pay off your old loan with your previous lender, transfer your title to the new lender with a lower rate and transition you to your new lender.

How to apply for a RateGenius loan

Customers can apply online or over the phone with RateGenius. The online application is easy to follow, walking you through the process step by step. Unfortunately, it doesn’t let you compare your loan options immediately on the platform itself. Instead, it takes your information, including income, rent payments, vehicle information and more, and then sends that to a loan officer.

This person will then reach out directly to you to discuss your options and answer any questions you may have.

RateGenius rates and fees

Loan rates start as low as 2.43% on a 48-month loan for those with excellent credit, according to RateGenius at the time of publishing. The fees associated with RateGenius depend on the situation. In some cases, there will be prepaid charges associated with your loan, which vary by lender and state. Some states may also require a DMV fee to process the title. If there are fees associated with your situation, RateGenius says it discloses and documents them.

RateGenius FAQ

Does RateGenius run your credit?

Yes. After you submit an application, RateGenius runs a hard credit check in order to provide more specific results. You can choose not to send in your Social Security number with your application, which means you won’t get a credit check — but this also means your rates won’t be as personalized.

How long does it take to hear back from RateGenius?

It typically takes between 24 and 48 hours. During this time, its team is figuring out what options are available to you and what may work best for your situation.

Can I refinance with RateGenius with poor credit?

Yes, but your rates will likely be high. The best interest rates are reserved for those with the highest credit scores.

Where is RateGenius located?

RateGenius is based in Austin, Texas.

Is RateGenius legit?

RateGenius is a legitimate refinancing platform that offers a fully online auto refinancing experience. It partners with over 150 lenders across the U.S. If you’re expecting a platform that allows you to see and compare your own options in real time, RateGenius may not be the right fit. Instead of showing you options, its experts handpick loan offers on your behalf. Applying takes only a few minutes, and you can refinance your car loan within 24 to 48 hours.

RateGenius Reviews

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 19, 2023

RateGenius had the rate that I could go for and the payments I was looking for. They were very, very, very helpful with getting things together. I had a couple of problems with my insurance company, and they wanted to upcharge me $700 more a month. When I called back to RateGenius, the rep said that they've had problems with that insurance company. So I asked for a better place and he provided me with one. I not only saved with my refinance, I also saved on my insurance. So he was very, very helpful.

The application process took about two weeks. Everything was pretty cut and dry as much as possible. Everybody at RateGenius was extremely helpful with getting things together for me. I went through Money One Federal Credit Union and everything's going great so far. It was very quick. It took about three weeks to get everything transferred over from my other financial institution to this one. But it wasn't bad at all.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 5, 2022

    The first time I went through RateGenius, they were very informative. They found me a great rate. I very much enjoyed their service. Their rep was very informative. He was a really nice guy. He worked with me. I was in the process of moving, so he told me what I needed to do in order to get the loan. I had to register my truck through the state that I was in. Then from there, my loan was approved within days. He got everything squared away. He was very much on the ball.

    The total process went over a course of about 10 days from the beginning, from the quote, all the way to getting all the information, turning everything in, and getting a contract signed. Because my wife was in Las Vegas, I had to receive the contract, sign them, and then send them over to Vegas for my wife to sign them. Then we had to send them to the lender. So, it took a little bit longer only because we had an extra step in there. In the end, if I hadn't set up automatic payments, I would have no idea where to pay my payments. I would have been late on my first payment and that's not a good thing. It wasn't a big deal but I received my welcome letter from the bank after my payment was due, so it was kinda hard for me.

    Working with RateGenius lowered my payments and the interest rate that I ended up receiving saved me thousands, so I couldn't be happier. When I first bought the truck back in 2019, I ended up getting a six-year loan. I was two and a half years into my loan. The loan that I got was for the remaining of the same amount of time that I took from when I first got the loan, and it dropped my payments $200 and saved me interest. Probably, I was at a 12%, and now I'm at a 3%. So, I had saved like 9%.

    RateGenius response

    Hello Kelan! Thank you for being so willing to recommend our services. Our team works diligently to provide an excellent experience for all of our customers. We would love to hear from you again in the future with any other potential refinancing needs!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 8, 2022

    I have a used car and about a year and a half of using it, the gasket on the engine completely blew. We still owed a good 6,000 on it and to replace the engine or repair it or have it rebuilt was going to cost over $6,000 and I had no way to do that. I had to go to Ford and I was having to be charged roughly $500 a month, which was burdening. So, I went to RateGenius to find out what else I could do since my credit had gone up. They told me that they would be looking at several different lenders that can set up different plans and I was able to configure what worked best for my means. While it was a little bit challenging trying to get things settled, I was able to end up with a rate that felt agreeable. I'm now down to 470 a month, which is not too bad.

    I had a couple of hitches on behalf of the people that RateGenius was contacting but they did everything to work to my favor and it helped out with that. I didn't feel like I was being blindsided into something else, which was the biggest thing. I wasn't getting shoved different things into my gullet and just saying this was how it had to be.

    RateGenius response

    Hello Alan! Thank you for leaving this review. We certainly value all of our customers, and are pleased to hear that you felt that based on your review. Thank you for choosing to refinance with us!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 19, 2022

    The rep from RateGenius was really good. She kept me in touch with everything and kept me updated. During the signup, I was asked for standard information like employment history and making sure that I had an income, and then my residency. The process from beginning to end took about a couple of days. RateGenius will shop for you, and then they'll give you the best offers. They're doing good because pretty much everything was sent through email and I kept up with my representative through text messages. So, they have multiple ways of keeping in touch.

    Tracking your progress is done through a website. They give you a link, and then you go to the link, and then it makes sure that it's you. It doesn't have log-ins. They send you a text through your phone with a passcode, and then you get in and it has all your information. So, it's really easy to deal with. All the paperwork was done through DocuSign. I uploaded the needed documents through my phone. I went to the website on the phone, and then clicked on the link to the document that I needed. It was a really quick, easy process and I didn't have to deal with the bank at all until the end.

    RateGenius response

    Hello Patrick! Thank you so much for your feedback! We are very pleased to hear that we were able to provide you with such a quick and wonderful customer experience! Thank you for choosing RateGenius for your auto financing needs. We hope you will choose us again in the future.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 9, 2022

    The process with RateGenius was easy. They sent me the link where I could log in and see the transaction and what I needed to upload. My agent was also very nice and quick on everything. They did two loans for me. The first loan took three days to get processed and the second one didn't take longer than two days. The rates and terms that I got were excellent as well. On the first loan, the agent was saying that she got me a good deal but I'd be paying a little bit more. Then she asked what I was looking for, so I told her what I was looking for to be able to pay a lower payment than what I was paying. She went beyond that and found me somebody with a lower interest rate and with extra incentives that I didn't have.

    The interest rate on the loan I had with somebody else was a 16 something and she got me a 6.2. Plus, I didn't have the warranty and she included that in the deal as well. She saved me close to $7,000 a year on the first loan which was a lot. She said it was just 2,000 or 3,000 in a year for people. All in all, I'm going to continue to use RateGenius and I'm going to refer them to everybody I know.

    RateGenius response
    Thank you so much for using our services not only once, but twice. Our team is delighted that we have

    been able to assist you in reaching your refinancing goals twice. We appreciate you choosing to work with us!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 21, 2023

    I had a very great experience with them. I spoke with somebody and she helped me through over a two-day span to make sure all the paperwork went through. Everything worked out very well. Rates were better than what I had.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 20, 2023

    The application process was pretty easy. It took about 10 business days. The gentleman that I dealt with seemed knowledgeable and made the process easy.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 20, 2023

    Talking with the rep was fairly easy. A couple of times, I got asked for information and I provided it multiple times. Other than that, it was fairly simple. With the online portal, submitting the documents was very straightforward. There were a couple of times where I was told the link was available to upload documents but it wasn't yet. There would be days where I have a very busy day for one reason or another so I wouldn't be able to complete whatever it was that needed to be done that day. But Rate Genius was fairly straightforward, very simple and communicative. If I ever had any issues, it was usually quickly resolved. I would use Rate Genius again. It is what I expected. There was a 50 bucks processing fee, which is not bad.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 20, 2023

    RateGenius seem to fit my needs best. Signing up was fairly easy. They were pretty quick. The process was expedited.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 20, 2023

    My experience with RateGenius went pretty smoothly. The only thing I noticed was that they were rushing me, and it was their end of quarter. I realized it's all about their goals and not mine. Other than that, the sign-up process seemed pretty simple. I got documents I signed and I sent to them via UPS. They sent me a label. I had to go to the UPS store to drop it off, though. I'm just glad it got done really quickly.

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    RateGenius Company Information

    Company Name:
    RateGenius
    Website:
    www.rategenius.com