Auto Refinance FAQs
Your term is flexible and may be shortened or lengthened to accommodate your particular refinance needs. Generally, RateGenius refinances your current auto loan for the amount left in the current term. This means that if you have 42 months left in your current term, RateGenius will refinance your loan at 42 months at a lower interest rate so that you will pay less for the same vehicle in the same amount of time.
RateGenius specializes in refinancing cars, trucks, and SUVs. We also provide refinancing services for the following vehicles with a minimum loan balance of at least $10,250.
RateGenius can refinance a vehicle purchased under a company name into a personal vehicle loan as long as the individual has company authorization. We cannot refinance the vehicle under a company’s name. Commercial vehicles and heavy equipment machinery are not eligible for refinance through RateGenius.
In some cases, there will be prepaid finance charges associated with your loan. The amount of these fees vary depending on your lender and the state in which you live. Additionally, we may collect a small fee on behalf of your state’s DMV in order to process the title on your behalf. In either case, we’ll always disclose and document these for you to keep you in the loop.
No, you are contractually obligated to make payments on your current loan until your account is paid in full. RateGenius requests a current payoff amount from your existing lien holder that is good for 10 days from the date received. Therefore, it is important to complete all of your loan paperwork and return it to RateGenius as quickly as possible. Once your loan documents are received, RateGenius verifies that all pages have been completed and signed properly, and we ensure that you have included all of the additional information required by the lender, including your proof of income and proof of insurance. 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 by 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.
RateGenius moves quickly to expedite the refinance process. The application takes only a few minutes and within 24–48 hours, RateGenius can put you on the road to saving thousands by refinancing your car, truck, SUV, or speciality vehicle.
We don’t necessarily need your Social Security number to pull your credit. Credit can be pulled with your consent using various pieces of information. However, a Social Security number will provide the most accurate information for your auto refinance loan application. Keep in mind, your privacy and protection is of great concern and a high priority. All information is obtained securely and guarded in our system. See our Security Statement to learn more about how we store your info.
Enter whatever information you have now and you can complete the application at a later date. Before closing the site, make note of your application ID. If more information to complete the refinance is needed, a RateGenius representative will contact you via email or phone.
You can easily find the 17-digit number and letter sequence on your insurance card, registration, original purchase paperwork, on your vehicle’s dash, or the end of the driver’s side door.
Generally persons with proof of steady household income qualify for refinancing, pending income requirements are met. Individuals who are considered self-employed will need to provide their net monthly income (income after taxes and deductions as opposed to gross monthly income). Persons who do not meet income requirements can include a co-applicant to help meet those requirements.
By refinancing your current auto loan through RateGenius, you will be able to add or remove a co-signer from your existing loan as long as you are a resident of a state allowing the addition or removal of a co-applicant. Our customer service department can tell you if your state allows the addition or removal of a co-applicant.
Yes. We can add anyone over the age of 18 as a joint applicant as long as you reside in a state that allows the addition of a co-applicant.
To protect your privacy, RateGenius cannot take information on a person from anyone other than his or her spouse, parent, or someone with power of attorney, regardless of relation.
If you are acting as a translator for an applicant, you may provide RateGenius with that person’s information as long as he or she is with you at the time the application is taken, either by phone or online.
The person submitting information must be that applicant’s spouse or have the person’s Military Power of Attorney.
To protect the co-applicant’s privacy, RateGenius does not make unsolicited phone calls to anyone. If you are submitting an application by phone, the customer service representative will give you an application ID. Please have the co-applicant call RateGenius with that ID to continue the application process with them.
Whoever is applying to refinance must be listed on the loan. If your name is not on the loan, you cannot refinance the vehicle. This applies to married couples, as well.
If you want to purchase the vehicle (a lease buyout) when the lease is up, we can help you submit an application to buy out the lease.
Yes, RateGenius is still here to help! While some of our lenders may have stricter requirements due to the effects of COVID-19, our qualifications to get approved have not changed. Click here to learn more about application requirements.
In most cases, you can. RateGenius has been working with our lenders to complete the title process electronically whenever possible. We’re also in the process of testing new methods of retitling that meet state requirements but also keep employees and customers safe. All customers should anticipate some delays during the refinance process due to closures.
Our lenders want to be sure you’ll be able to make your payments on time for the duration of your loan. That’s why typically, they will not approve those who are receiving unemployment income as their sole source of income. Employment benefits last anywhere between 20 to 26 weeks and lenders need to know you’ll continue making payments when your benefits expire.
If you’ve been financially impacted by COVID-19, your lender may be able to help. We recommend contacting them as soon as possible to discuss your options. RateGenius has also compiled a list of nationally-recognized lenders who are offering COVID-19 assistance.