How It Works

Lots of people pay too much in interest when they purchase a car. RateGenius has helped consumers save thousands of dollars by financing or refinancing their car loan at a lower interest rate. Odds are, we can help you. And our service is FREE! All you have to do is fill out a loan application; once you have submitted it we will shop your loan to various lenders to find you the best possible rate; or, if you have been pre-approved, we send the application to the lender that pre-approved you.

Here's an example of how it works:

  • Original Loan - $21,000 financed at a 6.99% APR for 72 monthly payments of $357.93.
  • Refinanced Loan - $21,000 refinanced at an 3.25% APR for 72 monthly payments of $321.42.
  • The Result - payments reduced by $36.51 per month! Reducing payments by $36.51 for 72 months results in a total savings of $2628.72 over the term of the loan!

Completing The Loan Application

You can complete an application online or over the phone with our call center (1-866-728-3436). The loan application consists of various sections that you must fill out. You will need to supply personal data such as date of birth and social security number, your current and previous addresses, employment history and some financial information (such as who you bank with and how much money you make).

Once you have completed that portion of the application, you will have to provide information about the loan itself. If you are trying to finance a purchase, you will need to know how much you want to borrow, how much of a down payment you are planning on, and how long you would like the loan to run (usually 2 - 5 years). If you know the make and model of the car you want to buy, all the better.

It you want to refinance an existing loan, you will need to know more information than just the loan amount, make and model. It is helpful if you have your existing loan agreement, which contains all of the critical information about the financing that you would like to replace (such as the loan term, finance charge and lien holder). In addition to the information on the loan agreement, you will need to know the current mileage of the vehicle.

Once you have completed all of this information you must confirm a few things: that you really are who you say you are; that the application is correct to the best of your knowledge; that you are 18 years of age or older; and that you authorize us to pull your credit report. After doing all that, your application is submitted, and we go to work finding you a better deal.

Finding A Loan

Once you've submitted your loan application, we take all of the data that you provided, pull your credit report and and use this information to shop your loan to lenders in our network. Various factors play into finding you a better loan: your credit history, your income, how long you've been living at your current address, how much the desired loan is, how long the loan term is and other factors.

Our staff goes through each application and matches each one with the best possible lender, not only for the best loan terms, but also for the best lender fit. Our lender network contains both local and national lenders, so we get the best of all worlds. Because of our extensive network, customers can end up not only with a new and better loan, but with a new and better loan from a local lender.

Finding you a loan usually takes about a week. That gives us time to look at the loan and talk to lenders in our network about your better application. During this time, lenders may need to pull another credit report to help them in their decisioning process (this does not adversely affect you or your credit). If we can't find you a better loan, then we will send you notice via email or U.S. postal service.

Pre-approved Loans

Many people come to the site pre-approved for a loan. When you have been pre-approved, it means that a lender has already told us that you meet their initial credit criteria. This makes the application process shorter. You enter your pre-approved number and verify your identity, which sets up your rateGenius account. You must still complete a loan application, but the loan search process is much quicker and easier - we simply forward your application to the lender that pre-approved you. That lender will then review your full loan application to see that you meet their pre-established criteria for credit worthiness.

When You Get A Loan

When we find you a loan, we will contact you by phone or email. We will send you the paperwork to close the loan via expedited delivery; you complete it and return it to us via prepaid delivery. We handle the rest of the process including transferring the lien to the new lender and re-titling the vehicle.