RefiJet 2023 Review
RefiJet Auto Refinancing Review – Rates, Features, Testimonials & More
Looking to refinance your auto loan and save money on your monthly auto payment? RefiJet is an auto refinancing that is known for their top-notch security and speedy service who can help you refinance your auto loan to reduce your payment!
RefiJet is an auto refinancing company with nearly a dozen solutions for those who need to swap their current loan for one that has a term and interest rate that works better for their budget.
RefiJet is best known for their stellar customer service and simple auto loan refinancing process.
Our RefiJet review covers everything you need to know about their auto refinancing solutions, past user experiences, pros and cons, rates and more.
What is RefiJet?
Refinancing your vehicle is a great way to save money or make your monthly auto payments more affordable. This process is made easy by RefiJet.
Once you submit an inquiry on their website, by email or by phone, a Financial Service Representative will reach out with you to begin the application process.
You’ll be asked to provide some information about your car, your income and other related documents. You will also be asked some questions about your goal for refinancing. This will help your representative match you with a lender.
Lenders will make offers, and you can accept the one that makes the most sense for you. Once you accept a loan, you will proceed to pay the new lender monthly.
Auto Refinancing Solutions from RefiJet
It is common for auto refinancing companies to offer a one-size-fits-all solution for your loan refinancing needs, but RefiJet takes a different approach.
Since people refinance for dozens of different reasons, RefiJet created solutions for all different needs.
From payment “vacations” to options to add co-borrowers, RefiJet has it all. Let’s take a look at what they have to offer.
Monthly auto payments can take up a large chuck of your monthly budget. If you find yourself falling behind on other payments because you prioritize your car payment, there is a solution.
Payments are typically due every 30 days, but if you refinance, there is a bit of a grace period before you have to make your first payment on your new loan.
If you refinance as your payment due date on your current loan is approaching, you can buy yourself an additional 45 to 90 days.
This one to three month delay can be useful if you need just a little bit of time to catch up on your other bills without worrying about your vehicle being repossessed.
Auto Refinancing for Life-Changing Events
While you may have a budget and a general plan on how to navigate your finances each month, life changes. Marriage, babies, career changes, divorce and retirements are all major life-changing events that will change your budget.
Whether you want to shorten your term to save in the long run or lower your monthly auto payment to accommodate a new family member in your budget, RefiJet has a refinancing solution that will make it happen.
Before you refinance to accommodate the changes in your life, consider the long-term implications. Think about how extending the term of your loan will affect you down the line. Consider what adding or removing a co-borrower will look like.
If you are unsure what to do, a RefiJet service rep can walk you through the process and help you better understand your options.
Extended Service Contracts
RefiJet offers extended services contracts with any loans that they offer. An extended service contract is basically a safety net that helps you out with some large, unexpected costs that are related to your vehicle.
At RefiJet, the extended service contracts cover towing fees and lodging if you break down somewhere far from home. They also cover electronic mishaps that may occur in any of the electronic systems of your vehicle.
RefiJet suggests speaking with your assigned Financial Service Rep to choose the coverage that makes most sense with your budget and vehicle.
Guaranteed Asset Protection
When you refinance with RefiJet, you can add Guaranteed Asset Protection (or GAP for short). This protection is used if something happens to your vehicle and it is no longer worth the amount you owe on it.
A common example is when you get into an accident and your insurance provider totals your car. This means that they are willing to cover what the vehicle was worth at the time of the accident.
Unfortunately, they may value your car at thousands less than what you owe. This means that you may owe additional money back to your lender after your insurance pays out.
GAP covers this gap between what you owe and what you have.
Did you know that you could buy out your lease with an auto loan?
Getting out of a lease can come with some hefty fees. Taking out an auto loan helps to spread out the cost so that it better fits in your budget.
RefiJet says that lease buyouts are something to consider carefully since it is not always the best move. They say to consider the pros and cons of leasing and owning and compare that against your lifestyle and budget.
Add or Remove Co-Borrower
You may automatically think about marriage or divorce when the idea of adding or removing a co-borrower comes to mind. However, you don’t need a drastic life change for this move to be a good idea.
If you and another person are co-borrowers on an auto loan, and one of your credit scores increases, you may consider refinancing under that person’s name. With the lower credit score knocked off, you may be eligible for lower interest rates.
If you are the sole borrower on the loan and somebody with better credit offers to be added to your loan as a co-borrower, this can also qualify you for lower interest rates.
Check out the numbers and see what makes sense for you.
Loan Term Extension
If you are in need of a lower monthly auto payment due to budget constraints or lifestyle changes, extending the term of your loan can come in handy.
When you extend your loan, it makes each monthly payment towards principal smaller. However, spreading the loan out like this will cost you more in interest, even if the rate stays the same.
If you are able to refinance with a lower interest rate, you may end up paying a similar amount once the loan is totally paid off.
Equity Backed Cash Back
If your car is worth $20,000 and you’ve paid off $12,000, the amount you’ve paid off is equity. Unfortunately, you can’t call your lender and ask for it back if the need arises.
RefiJet has a solution. They offer services that help you to refinance and get cash back on your vehicle. They call it a “cash-out refinance.” Essentially, this allows you to get some cash back and refinance to pay that amount off.
This type of refinancing is not to be taken lightly, because the ultimate goal is to pay your vehicle off. But it is an option if you’re in a pinch.
Lower Interest Rates
RefiJet offers four ways for borrowers to lower interest rates. You can qualify for lower interest rates by getting out of loan with a lender who offers ridiculous interest rates, improving your credit score, adding a co-borrower with a better credit score or choosing a different loan structure.
Getting a lower interest rate can save you hundreds or thousands over the term of your loan.
Lower Monthly Payments
RefiJet has a few solutions for lowering the monthly payments on your auto loan. You can either lower your interest rate or extend the term of your loan.
Talk with your assigned Financial Service Rep to see what the best option is for you.
How Much Does RefiJet Cost?
Refinancing your vehicle with RefiJet is absolutely free. There are no application fees or other costs involved.
Like many auto refinance companies, RefiJet is supported by their lenders. There are no gimmicks or games. It’s actually free!
Any fees that you have to pay will be charged by the lender and reflected in your initial contract.
H2: Who is Eligible for Auto Refinancing From RefiJet?
RefiJet has some criteria for those who want to apply to refinance their vehicles.
In order to be approved, you must be employed. They want you to be able to verify your source of income. This policy is in place because they want to know that borrowers will be able to pay back their new loans.
You must have a history of paying recent car payments back on time. Even if you’ve had a somewhat rocky past, the past six months of payments are what matter most.
Applicants must have a valid driver’s license in order to be considered.
The vehicle that you are looking to refinance must be 10 years old or newer. It must be fully insured and have a valid registration.
If you meet all of this criteria, you are more than welcome to apply for auto refinancing with RefiJet.
Why Should You Refinance?
There are several reasons why people choose to refinance, and most of these reasons involve saving money.
Here are a couple of the most popular reasons for refinancing:
- Interest rates have decreased
- You want to pay your auto loan more quickly
- You were suckered into an auto loan with an outrageous interest rate
- You’ve been consistently on time with your payments for at least six months
- You need to pause your auto loan temporarily
Who Should Refinance?
Even if you can refinance, it doesn’t necessarily mean you should refinance.
If your credit score has increased since you bought your vehicle, refinancing could be a good idea. Since your credit score has improved, you’re likely eligible for loans with lower interest rates. This is will save you money
However, if your credit score has decreased since you bought your vehicle, refinancing is probably not a great option. Lower credit scores usually mean higher interest rates, meaning you’ll end up paying more if you refinance.
Another instance where you should not refinance is if the amount you owe on the car is greater than the value of your car.
Does RefiJet Offer Other Kinds of Refinancing?
RefiJet only offers financing on auto loans. You can refinance your car, truck, SUV or motorcycle.
RefiJet comes with so many useful features and benefits. Let’s check out some of the pros of choosing RefiJet for your auto refinancing needs.
Applying for RefiJet requires the submission of some sensitive information. They have made it a priority to regularly update their site’s security in order to bring users peace of mind.
You can rest assured that any information that you submit to RefiJet is totally protected.
More Refinancing Solutions
RefiJet does more than offer one-size-fits-all refinancing. They offer 10 different solutions for vehicle owners who are looking to save money on their auto loans.
Free Application, No Hidden Fees
Using RefiJet is absolutely free for users. There are no fees.
Great Customer Service
Refinancing can be overwhelming. That’s why RefiJet assigns each customer a personal Financial Service Rep to guide them every step of the way.
There are some cons of RefiJet that you should consider before applying. These drawbacks may not be applicable for all applicants.
Hard Credit Inquiry
Applying to auto refinancing companies requires a credit inquiry that appears on your credit report. Some are soft inquiries and others are hard inquiries. At RefiJet, they do a soft inquiry upon application, but their lenders do a hard inquiry.
Limited Vehicle Refinancing Options
Unlike many competitors, RefiJet’s vehicle refinancing options are limited to cars, trucks, SUVs and motorcycles.
No Online Application
While you can file an inquiry form online, there is no online application portal.
RefiJet Auto Refinancing Customer Reviews
Customer reviews are a great way to learn more about how a business is run and how it treats its customers.
We did some research to see what people were saying, and we were pleased with our findings. RefiJet scored 4.9/5 on Lending Tree. Most reviews noted how quick and easy the process is.
One vehicle owner on Lending Tree shared their great experience with RefiJet:
“RefiJet was one of the lenders suggested by LendingTree to refinance my car. Tom, my rep, was proactive in getting a deal done on my behalf, offering the lowest rate compared to other providers. He was attentive and responsive to my questions throughout the process (which was well-optimized even with fully remote transactions). I recommend RefiJet to anyone interested in lowering their car payments.”
Here are reviews from past RefiJet customers:
“It was so easy & so fast, esp seeing how it was all done over the phone & by mail. It was all done within a week's time. I went from paying 18.79 % to 5.50 %, saving me a little over $110 a month! Isaiah was very nice & easy to talk to & understand.” - Ashley
“Tom Chelekis was excellent. He was extremely helpful, responsive and efficient. The whole process only took about 3 days to have my refinance fully complete. He was a rockstar and will definitely pass along the positive experience I had with RefiJet.” - John
How to Apply for RefiJet Auto Refinancing
You can apply for auto refinancing with RefiJet in just a few simple steps. Here’s what you’ve got to do.
The Application Process
In order to apply for refinancing from RefiJet, you must first submit an inquiry. You can do this by giving them a call, sending them an email or filling out the secure form on their website.
Once you reach out, you will be matched with a Financial Service Representative. They will assess your situation and pair you with a lender who can provide a loan that meets your needs When they find a match, your Financial Service Representative will submit your application to the lender.
After the lender accepts your application and makes you an offer, your RefiJet representative will mail you the paperwork for your approval. You’ll mail the paperwork back in a prepaid USPS envelope, and your new loan will be ready to go.
RefiJet takes pride in their Financial Service Reps who work with customers every step of the way.
Documents Needed to Apply for RefiJet
Before you apply, there are a few documents to gather.
Here’s what you need:
- Driver’s license
- Social Security Number
- Proof of insurance
- Vehicle registration
You also may need:
- Proof of residence
- Vehicle title
- Proof of income (paystubs)
- Credit history
Having these materials on hand makes the application process quick and easy.
How to Contact RefiJet
Address: 7555 E Hampden Ave #500 Denver, CO 80231 Customer Service: (800) 260-5355 Website: https://www.refijet.com/ Email Support: [email protected] LinkedIn: RefiJet Facebook: https://www.facebook.com/RefiJet/ Twitter: @refijet
Alternatives to RefiJet Auto Refinancing
Did you know that shopping around and applying for auto refinancing from multiple companies has the same effect on your credit as applying for just one refinance company?
As long as you keep your applications within a short window, they will appear as one item on your credit report rather than several.
If you are looking for more auto refinancing options, you’re in luck.
Check out The Credit Review’s complete list of recommended auto refinancing companies for reviews, feature summaries, FAQ and more!
RefiJet Review – Summary
RefiJet is a free service for people who are looking to refinance their vehicles. Their highly professional customer service representatives are trained in helping borrowers determine what the best case scenario is in their situation.
This auto refinance company matches customers to lenders with a quick and easy process that helps avoid the confusion that can come with refinancing a vehicle.
Past customers have left phenomenal reviews for RefiJet, and we feel that this is a company that you can put your trust in.
Frequently Asked Questions
Where is RefiJet Refinancing Available?
RefiJet is available in all 50 states.
What type of vehicles qualify for refinancing?
RefiJet offers refinancing for cars, trucks, motorcycles and SUVs. It must have less than 150,000 miles and be newer than 10 years old.
What are the terms of loans from RefiJet?
RefiJet offers loans with a variety of terms. The term of each loan depends on the lender.
What sets RefiJet apart from competitors?
RefiJet’s customer service is their #1 selling point. They make it easy for customers to refinance their auto loans, even if they have very little understanding of how the process works. They also offer their services to users for free, which is a plus.
I am unemployed. Can I refinance with RefiJet?
At this time, you must provide your paystubs in order to qualify for refinancing with RefiJet.
Reviews for RefiJet
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Our Auto Refinance Partners
Auto Approve, Autopay, Gravity Lending, iLending, RateGenius
|Credit Score Required||660|
|Pricing||Free to apply|
|Number of Customers Helped||10,000|
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