RefiJet Review: Nationwide Access to Low Rates

At a Glance

Established in 2016, RefiJet was founded by experienced entrepreneurs specializing in auto finance, regulatory compliance, lending, and business operations. Headquartered in Denver, Colorado, the company offers nationwide auto refinance loans and services, leveraging advanced technology to ensure seamless customer service and data security. With a commitment to continuous improvement, RefiJet has developed a custom loan application process and industry-leading call center technology. Their mission is to provide consumers with attractive refinancing options while maintaining the highest regulatory compliance standards. RefiJet was ranked No. 650 on the Inc. 5000 list of fastest-growing private companies and was named one of the "Best Places to Work" by the Denver Business Journal​.

Features

Auto loan refinancing: RefiJet specializes in auto loan refinancing, allowing borrowers to replace their existing car loans with new ones with better terms. This can lead to lower monthly payments or reduced interest rates, potentially saving money over the life of the loan.

Online application: The company offers an online application process that is designed to be straightforward and user-friendly. Applicants can complete the entire process by entering their personal information on the RefiJet website. This convenience allows for a smoother application process and quickly matches applicants with RefiJet's network of lenders.

Multiple vehicle type refinancing: RefiJet accommodates a variety of vehicle types, including cars, trucks, SUVs, and motorcycles. This flexibility allows more borrowers to refinance their loans, regardless of the type of vehicle they own.

Nationwide lending network: Their extensive network offers competitive rates and terms by connecting borrowers with over 20 lenders across the United States. This extensive network enables RefiJet to offer competitive rates and terms by connecting borrowers with multiple options from different financial institutions.

Accommodates most credit scores: RefiJet is known for their flexibility in accommodating various credit profiles. With a minimum credit score requirement of 500, the service is accessible to borrowers with both strong and less-than-perfect credit histories. Their broad eligibility requirements ensure that a wide range of applicants can benefit from refinancing, including those who may have been turned down by other lenders.

Additional services

Guaranteed asset protection (GAP): GAP waivers are offered to cover the difference between the vehicle's actual cash value and the amount still owed on the loan in case the car is totaled or stolen. This protection can prevent borrowers from facing significant out-of-pocket expenses in unfortunate situations.

Extended service contracts (ESC): These contracts provide coverage for unexpected repairs and maintenance that the manufacturer's warranty may not cover. By including this in the loan, borrowers can protect themselves from costly repairs and enjoy peace of mind knowing that their vehicle is covered for a longer period​.

Support for co-borrowers: This feature allows for co-signers, which can be beneficial for applicants with bad credit scores.

Lease buyout loans: RefiJet offers lease buyout loans that allow you to purchase your leased vehicle instead of returning it at the end of the lease term. This can be an attractive option if you have grown attached to the vehicle and prefer to own it. The process involves transitioning the remaining lease balance into a new auto loan, which can be paid off over time instead of making a large payment upfront.

Fees & Rates

RefiJet offers auto loan refinancing with competitive interest rates and flexible terms. The lowest rates start at 2.49% for highly qualified borrowers, with typical rates ranging from 5.29% to a maximum rate of 21.99%, depending on the borrower's creditworthiness and other factors. Loan terms range from 24 to 96 months, providing various options to tailor the loan to meet individual financial needs.

New borrowers can benefit from a three-month payment-free period at the start of the loan, providing immediate financial relief​. The company is accessible to a wide range of borrowers, requiring a minimum credit score of just 500, and offers loans from $5,000 to $150,000​.

According to external sources, RefiJet charges an origination fee of up to $495. This one-time fee covers the expenses associated with loan processing and is added to your total loan amount. Additional processing fees may apply, depending on the specific lender within RefiJet's network, and some lenders might charge late fees​. However, there are no prepayment penalties, allowing borrowers to pay off their loans early without incurring extra charges​.

Advantages & Perks

Accepting most credit scores

RefiJet accepts applicants with a minimum credit score of 500, making it accessible to a wide range of credit profiles. This inclusivity allows individuals with varying credit histories to qualify for refinancing, providing options for borrowers who might not have access to traditional refinancing solutions.

Fully online application

RefiJet offers a fully online application process, allowing borrowers to apply for refinancing from the comfort of their homes. The application is designed to be straightforward and requires personal and vehicle information. Thanks to a soft credit check, applicants can pre-qualify without impacting their credit score.

Highly compliant

RefiJet prides themselves on their compliance with industry standards and regulations. They adhere to guidelines set by the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and Federal Communications Commission (FCC).

Variety of vehicle coverage

RefiJet offers refinancing options for a wide variety of vehicles, including cars, trucks, SUVs, and motorcycles. This flexibility allows borrowers with different types of vehicles to find refinancing options that suit their needs. However, it's important to note that vehicles must be less than ten years old to qualify.

Highly secure

RefiJet ensures high-level data security through several advanced measures, as their SOC 2 certification demonstrates. Their comprehensive security program includes physical measures such as 24/7 video monitoring and data loss prevention methods to restrict and monitor office access. Administratively, they conduct strict background checks for employees, enforce strong system password protocols, and provide comprehensive initial and ongoing security training programs.

Nationwide coverage

According to outside sources, RefiJet operates with a nationwide network of over 20 lenders, allowing them to offer competitive rates and terms across all 50 states. This broad reach ensures that borrowers from different regions can access RefiJet’s refinancing services and benefit from their extensive lender connections.

No prepayment penalties

RefiJet's no prepayment penalty policy allows borrowers to pay off their loans early without incurring additional fees. This feature offers several advantages: it enables borrowers to save on interest by reducing the total interest paid over the life of the loan, provides financial flexibility by allowing the use of unexpected financial gains (like a bonus or tax refund) to pay down debt faster, and allows borrowers to achieve debt freedom sooner, freeing up cash flow for other financial goals.

Cons & Drawbacks

No in-person service

RefiJet operates entirely online and over the phone, meaning there is no option for in-person consultations or support. This can be inconvenient for borrowers who prefer face-to-face interactions or need personalized assistance that is easier to provide in person.

Not a direct lender

RefiJet is not a direct lender. Instead, they act as an aggregator, connecting borrowers with a network of lending partners, including banks, financial institutions, and credit unions​. While this provides access to multiple loan options, the final loan terms and conditions depend on the chosen lender, and RefiJet itself does not have direct control over these aspects.

Limited to refinancing

RefiJet specializes solely in auto loan refinancing and lease buyouts. They do not offer new purchase auto loans, which limits their services to refinancing existing loans or financing leased vehicles​. Borrowers looking to purchase a new vehicle will need to seek financing elsewhere.

Only eligible for cars ten years old or newer

To qualify for refinancing with RefiJet, the vehicle must be no older than ten years. This restriction can exclude a significant number of potential borrowers who own older vehicles, thus limiting their options for refinancing through RefiJet​.

Customer Experience

RefiJet has received mostly positive reviews from their customers across various platforms. The Better Business Bureau (BBB) rates RefiJet at 4.75 stars with an A+ accreditation, indicating a solid reputation for service quality. Trustpilot also shows a favorable rating of 4.4 out of 5 stars. Overall, the general sentiment toward RefiJet is positive, reflecting their commitment to customer satisfaction and reliable service.

Positive reviews

Many customers praise RefiJet for their efficient service and helpful staff. Customers often mention the ease of the refinancing process, highlighting how RefiJet helps them secure better interest rates and terms, leading to significant savings. The company's representatives are frequently described as knowledgeable, courteous, and attentive, making the refinancing experience smooth and stress-free. Customers appreciate the prompt communication and follow-up throughout the process. One customer highlighted the straightforward and fast process, leading to a much lower interest rate and substantial monthly savings. Another review emphasized the convenience of handling the entire transaction online, which was particularly beneficial for those with busy schedules.

Negative reviews

On the other hand, some customers have expressed dissatisfaction with certain aspects of RefiJet's service. Common issues include delays in processing, especially in communication with representatives, which have reportedly led to frustration and confusion. Some customers report challenges reaching their assigned loan officers, resulting in longer processing times than initially expected. One reviewer mentioned a lack of follow-up after the initial application, resulting in a prolonged process. A few customers have also experienced inconvenient and unexpected requests for additional documentation after the loan closure. Additionally, there are complaints about the high volume of marketing communications, such as calls and emails, which some customers find intrusive. Despite these issues, RefiJet has responded to complaints and worked towards resolving them, as evidenced by several follow-up responses from the company on review platforms.

How Do I Reach Out to RefiJet?

For inquiries and additional information about their services, you can contact RefiJet through several methods. For direct assistance, call (800) 260-5355 or (888) 628-2289. If you prefer a less immediate approach, email [email protected] or [email protected]. Written inquiries can be sent using the contact form on their website, or you can begin your refinancing journey by completing their dedicated form. To stay updated with the latest news from RefiJet, follow them on social media platforms such as Facebook, Twitter, LinkedIn, and YouTube.

Takeaway

Founded in 2016 and based in Denver, Colorado, RefiJet specializes in auto loan refinancing, offering advantages such as lower monthly payments and reduced interest rates. Their user-friendly online application process allows borrowers to quickly enter personal and vehicle information to find the best loan options. RefiJet accommodates various vehicle types and partners with over 20 lenders nationwide, providing competitive rates and terms. They accept applicants with credit scores as low as 500, making their services accessible to a wide range of borrowers.

Additionally, RefiJet offers services like Guaranteed Asset Protection (GAP) and Extended Service Contracts (ESC) for added financial security. With interest rates starting at 2.49% and flexible loan terms, RefiJet ensures a comprehensive refinancing experience. Despite not offering in-person services and only refinancing vehicles less than ten years old, RefiJet maintains a strong reputation for customer satisfaction, reflected in high ratings across ConsumerAffairs, BBB, and Trustpilot.

If you're unsure which auto loan company to choose, use our comparison tool to help you decide. For additional industry insights, visit our blog page. Finally, explore our list of the top auto loan refinancing companies to discover more options.