RateGenius Car Loans Review
RateGenius is a national auto refinance platform that collaborates with over 150 lenders to help customers save money on their car loans. After refinancing, RateGenius saves customers an average of $83 per month thanks to its advanced technology platform. They have professional customer service representatives and the ability to provide a variety of savings options.
The company owns a marketplace website, which means it does not lend money to customers directly. Instead, they collaborate with a network of roughly 150 lenders across the country that make RateGenius consumers offers, allowing them to choose the best bargain.
RateGenius Loan Types and Terms
|Car Loan types||Auto refinance, Lease buyout loans|
|Loan amount||$10,000 – $100,000|
|Repayment terms||36 – 84 months for Auto refinance
36 – 60 months for Lease buyout loans
|APR||Varies by lender|
|Minimum credit score||560|
|Good for||Comparing rates, Loan Process assistance, Easy application Process, Access to over 150 lenders, Lease buoyant Options, Auto loan refinancing|
RateGenius is Good For
- Rates comparison
- Loan process assistance
- Easy application Process
- Access to over 150 lenders
- Lease buoyant Options
- Auto loan refinancing
- Application is fast and easy.
- Most rates are at the lowest they’ve ever been.
- Older automobiles (no more than ten years old).
- May charge origination fee up to $395.
- The minimum loan amount could be lower.
The procedure of applying for a loan with RateGenius is fairly straightforward. You can apply with RateGenius in one of two ways: through their website or by calling 1-866-728-3436 to speak with a loan specialist.
You must give the following information before applying with RateGenius:
- Enter the amount of your current monthly payment.
- Specific facts about the vehicle: Vehicle make, model, and style, as well as current mileage and an optional VIN.
- Information about how to contact us (phone number, mailing address, and email address)
RateGenius will make assessments to compare your information to that of its associate lenders as soon as your information has been submitted. You will then receive a report describing each lender’s interest rates and terms once they have matched your profile with the best possible lender that fits your condition. Choose the option that makes the most financial sense to you and favors your conditions, and the rest is easy. RateGenius pulls a hard credit check on your information while some lenders give options for a soft credit check.
You can start a conversation with a RateGenius employee if you have questions about the application process while filling out the forms. You can find the chat button when you access their online form on the bottom right corner of your screen.
Terms & Requirements
Getting a car loan from RateGenius can be a straightforward process as they are determined to have their customers have an amazing and hassle-free experience while using their websites. There are some requirements to meet before applying for an Auto Loan:
Car Loan Requirements
The requirements for being considered for a loan are:
- You must be a citizen of the United States
- You must be 18 and above
- You must be employed or have proof of being self-employed
Your automobile must:
- Be under the age of ten
- Has less than 120,000 mileage.
- Be the borrower’s automobile, which is registered in his or her name.
Your current auto loan has:
- Been in place for at least one month before the application deadline with RateGenius
- at least 24 months left on the loan term.
- Existing Loan Minimum balance of $10,000
- Closed at least a month prior
RateGenius is a platform that shows you, the lenders, what works best for your situation when compared to dealer-based or other auto-financing options. If your application is accepted, the organization will work with you closely to finish the full auto loan refinancing procedure, from paperwork to the title transfer.
Customers with fair or low credit may not be able to acquire the best interest rates, which means their monthly payment and total interest paid would be much greater.
Car Loan Terms
RateGenius offers different types of loans:
- Auto Refinance
- Lease Buyout Loans
RateGenius does not offer loans itself but serves as a marketplace for over 150 lenders. They serve as an intermediary between car dealerships offering car loans to qualified candidates.
Lenders set their requirements as estimated APR rates go between 1.75 to 21.00%. Their loan amount usually ranges between $12,000 to $100,000. The least credit score that qualifies you for an auto loan is 560 or above, while the greatest rates are normally reserved for those with excellent or outstanding credit (a FICO score of 690 and above).
RateGenius may not offer any repayment terms as they are a loan marketplace, the partners provide their terms based on their mode of operations. Their repayment terms are estimated to be about 36- 84 months for auto refinancing and 36 – 60 months for lease buoyant loans.
If your credit score is poor (300 to 559), your APR on an Auto refinanced loan may result in a higher interest rate than you did on the original loan.
If you Do not have a steady financial inflow, you are less likely to receive a decent refinance loan offer.
Privacy & Security
RateGenius is a proud member of the Better Business Bureau and is licensed as a registered lender with the Texas Office of Consumer Credit Commissioner. The RateGenius network only works with well-established FDIC-insured banks, thrifts, and licensed lenders.
RateGenius gathered Personally Identifiable Information from its clients to deliver the Services, develop the Services, and protect its legal rights. Some of the uses of the information gathered are:
- To find their customers the best interest rate from their lenders.
- To send notifications about our newest news and updates to their customers.
- To provide relevant advertising and assess the efficacy of RateGenius and other efforts;
- To communicate with their customers regarding their website or Services
To safeguard the Personally Identifiable Information collected and retained from loss, misuse, destruction, or unauthorized access, they use commercially acceptable security. Although they endeavor to protect your Personally Identifiable Information using commercially acceptable techniques, they cannot guarantee ultimate security.
RateGenius offers customer care services through phone calls at (866) 728-3436 and can email them directly at email@example.com. Their working hours are 7:00 a.m. to 8:00 p.m. Monday through Friday, and they are also available from 9:00 a.m. to 5:00 p.m. on Saturday.
RateGenius can be a fantastic fit for you. Even if your credit score is low, you may be able to locate a lender that can meet your needs because the lenders they connect you with take a wide range of criteria into account when making their selections.
If your automobile is under ten years old, has less than 120,000 miles on it, is used for personal purposes, and your current auto loan is between $10,000 and $55,000, you may be qualified.
9300 United Dr., Suite 180, Austin, Texas 78758