Refinancing your car loan with RefiJet can help you reduce your monthly payment or pay less interest over time. Considering the company’s reputation and pricing, this RefiJet review gives the loan provider an overall rating of 8.3 out of 10.0. The Home Media review team recommends comparing the prequalifications of various lenders to find the best auto refinance loan rates for your situation.
Year of foundation: 2016
BBB rating: A+
RefiJet is a relatively new company that offers traditional and cash auto refinances, as well as lease buyouts. The company does not underwrite the loans itself. Instead, it connects customers to a vast 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 car loan refinancing for cars, trucks, SUVs and motorcycles. Its lowest interest rate is 2.49%, but the company does not specify a maximum rate. RefiJet charges an origination fee of $395, which is rolled into your total loan amount.
With loans through RefiJet, you may be able to:
- Change the terms of your loan
- Add or remove co-borrowers
- Reduce your monthly loan payments
- Lower 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’s industry standard not to have a first loan payment due for 30-90 days after refinancing.
RefiJet may not be available in all states, as availability depends on the lenders it works with. You can call a RefiJet representative to see if your location is eligible.
*Rate range as of 08/10/22
Factors That Affect Auto Refinance Rates
The Annual Percentage Rates (APRs) you find through RefiJet will vary depending on a number of factors, including:
- credit history
- Debt to income ratio
- Market factors such as the federal interest rate
- Loan-to-value ratio
- Refund amount
- term of the loan
All of these factors affect when should you refinance a car. We recommend refinancing when you can get a lower interest rate and save money over the life of the loan. Refinancing at a higher rate or for a longer term will ultimately cost more, even if you get a lower monthly payment.
RefiJet application process
There is no application fee to use RefiJet and you can start the process online. To make the process go smoothly, you should prepare the following documents in advance:
- Driving license
- Vehicle Identification Number (VIN)
- A photo of your odometer
- Proof of insurance
- Proof of income and residence
- Title of the vehicle if you own it
You will also need the repayment amount of your current loan. This is the exact amount needed to pay off your old loan, including interest to date. RefiJet will need to verify this with your current lender for approval to refinance the auto loan.
Here’s what to expect with the RefiJet application process:
The whole process can take as little as a few hours. But depending on your situation, it may take longer. Several parties may be involved in the auto refinance loans offered by RefiJet, including dealerships and financial services representatives. RefiJet reviews on Google praise customer service staff for being reachable by phone and text throughout the process
During the application process, you will be presented with complementary products including extended service contracts and guaranteed asset protection (insurance gap). RefiJet can build the cost of these products into your loan, but you’ll pay interest on them in addition to your car.
Be aware that you could pay more for an extended warranty over the term of the loan than if you purchased one separately from a reputable extended car warranty company. Many warranty companies offer simple payments for 18, 24 or 36 month periods that do not include compound interest like a car loan would.
Gap coverage can be useful if you owe more than 80% of the value of your car. But if you’ve already paid a good chunk of the value for your car, you might not need it. We recommend that you decide if you want a extended car warranty or gap coverage before starting the refinancing process with RefiJet.
Overall, RefiJet has a pretty good reputation for customer service. More than 800 RefiJet reviews on Google rate the company on average 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 site, but there are only 25 reviews. The company has also closed 45 customer complaints through the BBB over the past three years.
Positive reviews about RefiJet
Unlike many refinancing companies, RefiJet does not offer instant online prequalifications. You must wait for a call from a customer service representative to move forward with the process.
This arrangement seems to work in the company’s favor, as many positive customer reviews praise the agents for their helpfulness, responsiveness, and diligence. Some clients even say that the agents they’ve worked with deserve raises for their excellent service.
Negative reviews of RefiJet
Of course, not everyone has the same experience with the company. For example, some customers have had difficulty canceling extended warranties they obtained through RefiJet after selling their refinanced vehicles.
Other negative RefiJet reviews indicate that the interest rate originally offered did not match the rate they were ultimately entitled to or that the lender demanded a larger down payment than expected. However, this underlines the fact that the prequalifications are only estimates of the rates that you may be offered.
Conclusion on RefiJet
RefiJet is a solid option for auto refinance if you want to work with a company that has a personal touch. However, the company charges origination fees and may not offer the best rates for all borrowers. Include it when shopping, but keep your options open.
Our review team contacted RefiJet for a comment on its original fees and negative reviews, but received no response.
Refinance companies work with different lender networks, so we recommend comparing rates from multiple companies when looking for a refinance car loan. Our two top picks for auto loan refinance are Auto Approve and myAutoloan.
Automatic approval: first choice for refinancing
AutoApprove offers rates as low as 2.25% and can work with borrowers who have fair and superior credit. Loan terms generally range from 12 to 84 months, according to its website. In addition to automatic refinancing, Auto Approve offers end-of-lease buyouts and early buyouts. The company has a A+ rating and BBB accreditation.
Find out more in our Automatic Approval Review.
MyAutoloan: best low rate option
You can compare many loan options with myAutoloan, a popular marketplace. The company works with lenders who offer new, used, refinance, private party and lease buyout loans. The lowest rate for auto refinance from myAutoloan is 1.99% for a loan up to 36 months. Most customers have positive experiences with myAutoloan — the Average rating of 4.3 stars on Trustpilot shows it.
Find out more in our myAutoloan review.
Because consumers rely on us to provide unbiased and accurate information, we’ve created a comprehensive rating system to formulate our ranking of the best car loan companies. We’ve collected data on dozens of loan providers to score companies on a wide range of ranking factors. The end result was an overall score for each vendor, with the companies scoring the most points at the top of the list.
Here are the factors taken into account by our assessments:
- Reputation (30% of total score): Our research team considered ratings from industry experts and each lender’s years in business to assign this rating.
- Availability (20% of total score): Companies that cover a variety of circumstances are more likely to meet the needs of borrowers.
- Loan details (15% of total score): We considered the loan types, terms and loan amounts available from each lender to determine this score.
- Prices (25% of the total score): Auto loan providers with low APRs scored 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.