Refijet Car Loans Review
Refinancing your car loan helps you potentially secure a lower interest rate and monthly payment on your auto loan — especially if your credit score and financial situation have improved.
Loan marketplaces like RefiJet can help you find several great refinancing options. RefiJet works with over 20 refinancing lenders, helping you drive your vehicle for less or tapping some of your equity with a cash-out refinance.
If you lease your vehicle, they can help you buy out that lease as well.
The company even offers extras like gap insurance and extended service contracts.
In our RefiJet review, we’ll take a closer look at this company and see if they’re worth a look.
Refijet Loan Types and Terms
|Car Loan types||Rate-and-term refinancing, cash-out refinancing, lease buyout|
|Loan amount||$5,000 – $100,000|
|Repayment terms||Refinance: 24-96 months
Lease buyout: 24-72 months
|APR||Varies by lender|
|Minimum credit score||500|
|Good for||Buying out leases, cash-out refinancing, comparison shopping, low credit|
Refijet is Good For
- Buying out leases
- Cash-out refinancing
- Comparison shopping
- Low credit
- Prequalification with soft credit check available
- Low minimum credit score
- Can buy out your lease
- Some lenders offer automatic payment discounts
- Cash-out refinances available
- Lack of full online application
- Vehicles older than 10 years not eligible
- $395 origination fee
RefiJet has a simple enough application process, although some of it happens offline.
First, you can either fill out RefiJet’s form on their website, call RefiJet, and even contact them via social media to get started. Regardless of the method, a financial services rep will call you.
Once they do so, you’ll discuss your loan options with your rep, then provide your relevant financial information to the rep. They’ll use that information to prequalify you for some offers.
From there, they’ll direct you to their secure online portal to apply. You’ll upload your documents, and RefiJet will submit the application for you.
The lender will review and get back to you with a decision. If approved, RefiJet will update your title and pay off the existing loan.
Terms & Requirements
RefiJet works with a variety of lenders, meaning more borrowers are likely to find the refinancing loan they need.
That said, here are some requirements and terms you can expect to see from RefiJet.
Car Loan Requirements
RefiJet makes refinancing loans fairly accessible, but you must meet some requirements, such as:
- US citizen or permanent resident age 18 or older
- Verifiable income and employment history
- On-time recent car payments
- Credit score of 500
- Maximum debt-to-income ratio of 70%
Here are the vehicle requirements:
- 10 years old or newer
- 150,000 miles or less
- Full vehicle insurance coverage
- Valid registration
RefiJet is not available in Alaska or New York at the time of writing.
Car Loan Terms
Since RefiJet is a marketplace, APRs can vary by lender. It’s hard to say what the approximate range is. That said, some lenders may offer a 0.25% discount on your rate if you sign up for automatic payments.
Loan amounts are more certain. You can get $5,000 – $100,000.
Repayment terms are 24-96 months for refinances and 24-72 months for lease buyouts.
Privacy & Security
RefiJet has strong customer support. Customer service is available by phone and text Monday-Friday, 7 am – 7 pm MST. It’s also available Saturdays from 9 am – 2 pm MST.
You can also reach out to customer service on social media platforms and via email, and an agent will reply as soon as they can.
Beyond that, the RefiJet website has several self-help resources on auto refinancing, such as:
- Blog posts
- A calculator
- A glossary
Overall, RefiJet can be a good option for car owners with new enough vehicles who want some hands-on assistance in the refinancing process. It’s also a good choice for those who want to buy their leased vehicle. As long as your vehicle isn’t too old, RefiJet makes auto refinancing fairly accessible.
5775 DTC Blvd Suite 400, Greenwood Village, CO 80111, USA