RefiJet Auto Loan Refinance and Lease Buyout Loans: 2024 Review

Full Review of RefiJet

Established in 2016, RefiJet is an auto loan aggregator that partners with a network of 20-plus lenders to provide auto loan refinancing, car lease buyout loans and cash-out refinancing. It does not offer auto purchase loans.

Borrowers can apply for a refinance loan through RefiJet’s online application or by phone. Online applicants will be asked to input personal information like job title, income and address, as well as vehicle information like make and model of the car, mileage and car features. Borrowers can also work with a financial services representative (FSR) by phone to provide application information, and this FSR remains their contact throughout the loan process.

Using this information, RefiJet matches applicants to lenders in its network and provides multiple loan options for which an applicant may pre-qualify. This is done with a soft credit check and will not affect an applicant’s credit scores. Applicants select an option, which is then submitted to the lender for approval and may result in a hard credit check.

RefiJet also offers cash-out refinancing, meaning borrowers with vehicle equity may be able to receive cash with their refinance loan. Borrowers should weigh the pros and cons of cash-out auto refinancing.

Table of contents

RefiJet at a glance

RefiJet may be a good fit for those who ...

Do you qualify for a RefiJet auto loan?

How to apply for a RefiJet auto loan

How auto loan rates work and how we collect them

How do we review auto loan aggregators?

RefiJet at a glance

RefiJet works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

• Restrictions

  • Maximum vehicle age: 10 years for refinancing; 5 years for lease buyouts.

  • Maximum vehicle mileage: 100,000 for refinancing; 75,000 for lease buyouts.

  • Other vehicle restrictions: Does not refinance exotic vehicle makes.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $150,000.

  • Maximum loan-to-value ratio: 140%.

  • Refinance time restrictions: Borrowers must wait three months after closing on their previous loan before they can refinance.

  • Bankruptcy restrictions: No open or discharged bankruptcies in the past 12 months.

• Other loan details

  • Approval speed: Immediate in most cases.

  • Initial deferred payment: Up to 90 days.

  • Existing loan payoff: For refinancing, funds are sent electronically if possible and by check, otherwise.

  • Selected payment due date: Borrowers can select their payment due date at a specific time when prompted during the loan process.

  • Maximum debt-to-income ratio: 55%.

  • Hardship plans: Does not know if lending partners offer hardship options.

• More lender details

  • Contact options: Email, phone, text and website form.

  • Availability: Customer service is available seven days a week: Monday-Friday 7 a.m.-7 p.m. ET and Saturday 9 a.m.- 7 p.m. ET.

  • Online resources: Borrowers can take advantage of resources on the RefiJet website, including articles related to refinancing and car-buying.

  • Related services: RefiJet also offers GAP insurance and extended service contracts for an additional cost, which can be rolled into a borrower’s loan.

RefiJet may be a good fit for those who:

• Want to compare loan options: Pre-qualification with a soft credit check will not affect applicant's credit score.

• Prefer assistance with the loan process: Applicants receive one-on-one assistance from loan application and selection to title transfer paperwork.

• Spanish-speaking applicants: RefiJet offers a Spanish version of its landing page as well as Spanish-speaking representatives to assist.

Do you qualify for a RefiJet auto loan?

RefiJet does not have any additional basic eligibility requirements to apply for an auto loan.

Here are RefiJet’s minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: At least one lending partner has no minimum credit score requirement. Among lenders that have a minimum, the lowest is 500.

• Minimum credit history: At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is one year.

• Maximum debt-to-income ratio: 55%

• Minimum annual income: At least one lending partner has no minimum income requirement. Among lenders that have a minimum, the lowest is $36,000 annually.

Before you apply

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator or lease buyout calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents. RefiJet requires the following to submit an initial auto loan refinancing or lease buyout application: address, time at address, phone, email, birthdate, employment status, income, housing status, housing payment amount and basic vehicle information.

» MORE: Compare auto loan refinancing lenders

How to apply for a RefiJet auto loan

1. Pre-qualify for a loan. Applicants can pre-qualify for a loan on RefiJet’s website or by phone at 800-260-5355. They’ll be asked to provide information like job title, income and address, as well as vehicle details like make and model of the car, mileage and car features. Applicants also have the option to work with a RefiJet financial services representative (FSR), whom they can contact throughout the loan application process. Pre-qualifying won’t hurt an applicant’s credit scores.

2. Make a loan decision. If you pre-qualify, RefiJet will match you with multiple loan offers from different lenders that best fit your situation. If you decide to move forward with a loan offer, RefiJet will submit a formal application to the lender, which will require a hard credit check. A hard inquiry may result in a temporary dip in your credit scores.

3. Stay on top of your loan payments. According to RefiJet, more than 75% of its lending partners report on-time payments to all three major credit bureaus. On-time payments will help build your credit scores, but missed payments will hurt it. If you can, set up automatic payments to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).