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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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.
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I got RateGenius online and when I spoke to the people there, they were very informative, patient, and professional. My rep found me one rated L.A. Credit Union and told me she would do a little bit more work. She found me a much better rate at Seattle Credit Union. There are so many scams out there today. This is one of the good people. My loan consultant at RateGenius said to me she's been doing this for 20 years. She's never seen a loan application processed and funded in less than 48 hours. It was quick.
The process was pretty straightforward. It took less than half an hour. The representative that I was assigned to was Bert. I spoke with him and he was very helpful. At the time that I did the application, he told me what information I needed to upload. So I did that. Once he had it, he needed specifics that I had to get off of my car. But it was a fairly simple process.
I'm satisfied with the rate. My original rate was around 15%. So the fact that they got it less than 5% was great. My whole experience was hassle-free. The only time that it took me was I had to get a form notarized, but everything else, you can literally do from your smartphone. So I would definitely recommend RateGenius to anyone.
My representative, Dalton, was outstanding. He really shopped around and worked hard to find the loan that was right for me. I'm very grateful and happy for the refinance that he helped me with. The savings over the lifetime of the loan is going to be several thousand dollars. Also, the monthly payment went down by a little over 100 bucks, which I'm thrilled about because it's always nice to have 100 more dollars in your pocket every month. So I'm happy about both things. I would definitely recommend RateGenius if I knew of somebody who needed to refinance their car.
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 seemed to be the best for the job. I compared them to eight companies and they had good ratings. The signup was a piece of cake. My agent was very helpful and quick to respond to anything I asked. They did exactly what they said and I would use them again.
My experience was rather pleasant. I'd never refinanced a car before, so it was all new to me. The rep Abraham was real helpful, and the lady that worked with me was awesome. They were really very patient with me 'cause I made a few mistakes and we had to redo it a couple times. They did a really great job, and we finally got the paperwork right. Also, compared to what my old rate was, the new rate was awesome. RateGenius took me from 20% to 4%. I'd recommend them to anybody if anybody asks.
The signup process with RateGenius was fast. They sent me the paperwork and I did it by computer. It was a very professional experience. They worked with everything. Since I got a new loan and I'm paying less, I'm saving this month on payments.
For the most part, everything went smoothly with RateGenius and the process from application to finish did not even take a month. I was pleased with the service. The reps were there every time we had a question. They were on point. By doing the refinance with RateGenius, I have lower payments. We’ll recommend them.
Everything went smooth and the rep I worked with was really helpful. He was upfront with everything he needed and everything was simple. The new rate and terms are a lot lower, although I was hoping for a lower payment.
RateGenius Company Information
- Company Name:
- RateGenius
- Website:
- www.rategenius.com