General Questions

  • Q: How does refinancing work?
    A: Refinancing is the process of finding a new lender (lien holder) for an existing loan, often for a better rate, but also to extend their term, skip a few payments, add or remove a co-applicant, and add products (such as GAP insurance) to a loan.

  • Q: When I refinance does that mean I have to start the entire term of my loan over again or extend the term of my loan?
    A: Generally, rateGenius refinances your current auto loan for the amount left in the current term i.e. if you have 42 months left in your current term, rateGenius will refinance you at 42 months at a lower interest rate so you will pay less for the same vehicle in the same amount of time. However, your term is flexible and may be shortened or lengthened to accommodate your particular refinance needs.

  • Q: Do you only refinance cars?
    A: RateGenius specializes in refinancing cars, trucks and SUVs. In certain states we're able to refinance motorcycles and RVs, but we do not handle financing for heavy equipment, motor homes, recreational or commercial vehicles or homes. Consolidation, personal and new purchase loans to buy or trade a vehicle are not currently available through rateGenius either, however a lender in our network may be able to accommodate you with those loans.

  • Q: My vehicle is under my company name, can you still refinance it?
    A: rateGenius can refinance a personal vehicle purchased under a company name. Commercial vehicles and heavy equipment machinery are not eligible for refinance through rateGenius.

  • Q: Is there a charge to refinance my automobile?
    A: RateGenius does not charge any application or loan fees. The only cost associated with refinancing your vehicle is a Title Transfer Fee that is paid to your state (varying from $5-$65) depending on the state you are in. Some lenders may also have a loan processing fee. All additional fees are typically added to the loan so there are no out-of-pocket expenses to you.

  • Q: While I am working with RateGenius to refinance my automobile, can I stop making payments on my current loan?
    A: No, you are contractually obligated to make payments on your current loan until your account is paid in full. rateGenius will get a current payoff amount from your existing lien holder which is good for 10 days from the date received. Therefore, it is important to complete all your loan paperwork and return it to rateGenius as quick as possible. Once your loan documents are received, rateGenius verifies all pages have been completed and signed properly and we ensure you've included all the additional information required by the lender including your proof of income, proof of insurance, etc. That process typically takes 1 business day, unless something is missing. RateGenius then submits the completed loan package to your new lender for approval and funding. This process normally takes 2-3 business days. A payoff check will be sent to your current lender either overnight or 2-day shipping via UPS. Your old lien holder may take 3 to 10 business days to post the payment within their system, but the payment should be dated with the date the payment was received. When the entire process is complete, and your current lender has been paid off, then you are free from your old loan.

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