RateGenius Review: 2022 Auto Refinance Rates

The application process on RateGenius is similar to the application process on other refinance comparison websites. You will need to provide information about your vehicle and your current loan, compare offers with a loan specialist and choose a refinance loan.

You can do most of the process on the RateGenius website. You’ll work with a loan specialist who can help you decide which offer will save you the most money over time or lower your monthly payment.

Prequalify and apply

To get started, you can either do a prequalification, which doesn’t require a credit check, or a full loan application, which does. Please be aware that the prequalification form can only be found on a specific page of the website. Most of the other links that say “Apply Now” or “Get My Rate” lead to the full application form.

Prequalification can provide an estimate of the rates you may qualify for. But you’ll need to complete a full application to see the actual refinance loan offers. At first, you can choose whether you want to lower your car payment, lower your interest rate, remove someone from your loan, or just check out your options.

Information you need to apply

For a complete application, you will need to provide the following:

  • Basic coordinates
  • Vehicle model, year, trim level and mileage
  • Current lender and payment amount
  • Type of residence and personal monthly rent or mortgage
  • Type of employment, employer and gross annual income

Be sure to provide the correct trim level for your car. If you have a turbocharged engine or a limited model, this will change your loan-to-value ratio.

Entering your social security number is optional. RateGenius does not need it to complete a full credit check. Also, it’s good to write down your Vehicle Identification Number (VIN) in case a lender needs it later. Our secret shoppers went through the online application process, and it took about five minutes once we gathered the necessary information.

Review your refinance loan offers

Once you apply, RateGenius specialists will see which lenders in the network offer good rates and terms for what you want to accomplish. Then a specialist will contact you directly with information about your loan offers. You can usually get a response within 24-48 hours of submitting the initial request.

Automatic refinancing can be complicated, so it’s nice to work with a specialist who can break down the information. They will review important facts such as:

  • Interest rate options
  • Total loan cost
  • All costs associated with refinancing
  • How much you will save compared to your current loan
  • Your options for payment terms and monthly payment amounts

Choose a RateGenius refinance loan and complete the process

Once you’ve chosen a loan to move forward with, the process can be completed in as little as one business day. That is, if all your information is correct and nothing else is required from you.

RateGenius will notify you when the process is complete. At this point, you will stop paying your old lender and start monthly payments on the new loan. In many cases, your first payment may not be due for 30 days or more. Of course, don’t stop paying your current car loan payment until the refinance is complete.

RateGenius transfers your title

One good thing about RateGenius is that it handles the title transfer process for you. RateGenius specialists work with DMV offices in each state to register the new lender as a lien holder on your title. Not all lenders do this, and it can be a bit of a hassle to do it yourself.

Before you refinance, make sure your registration is in good standing. This means you have no outstanding toll violations, parking tickets, or the like.

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