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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 $116 per month after refinancing. The company also provides resources to help with purchasing a vehicle and other personal finance topics through its Learning Center and blog.
- Works with over 150 lenders
- Interest rates as low as 4.67%
- Simple and fast application process
- High average savings
- No tools to compare options
- Some loans have fees
Featured Reviews
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 claims to save customers an average of $116.71 per month after refinancing. Customers 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, from buying a car to planning a vacation.
How does RateGenius work?
With RateGenius, customers apply online or over the phone 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 needs and budget. The company will then contact you via phone, email, or text to discuss your options.
After you choose your refinancing solution and complete the necessary paperwork, 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. The loan officer will then reach out directly to you to discuss your options and answer any questions you may have.
It generally takes from 24 to 48 hours to hear back from a RateGenius loan officer.
» MORE: What is a hard credit check?
RateGenius rates and fees
Loan interest rates start as low as 4.67% for those with excellent credit, according to RateGenius at the time of publishing. The fees associated with RateGenius depend on the specific lender and loan, and can also vary by location. In some cases, there will be prepaid charges associated with your loan. 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, so there shouldn’t be any surprises.
» MORE: How do interest rates work?
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.
Does refinancing a car hurt your credit?
Yes, refinancing a car can lower your credit score temporarily. This is mainly due to the hard credit check lenders perform when you take out a new loan — the refinancing itself doesn’t typically have an impact. In most cases, the drop in credit score is small and temporary, and your credit will bounce back in time.
How long does it take to hear back from RateGenius?
It typically takes between 24 and 48 hours to hear back from RateGenius. 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, you can refinance through RateGenius even if you have poor credit. However, your rates will likely be higher than average. As with most lenders, the best interest rates are reserved for those with the highest credit scores.
Where is RateGenius located?
RateGenius is based in Austin, Texas, but its services are available nationwide.
Is RateGenius legit?
Yes, RateGenius is a legitimate refinancing platform. It partners with over 150 lenders across the U.S. Rather than giving you a bunch of options and little guidance, RateGenius’s 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.
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- 4,696,463 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
RateGenius Company Information
- Company Name:
- RateGenius
- Website:
- www.rategenius.com