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RefiJet offers competitive rates, a hassle-free application process, and excellent customer service, making it a solid choice for most borrowers. However, it's not available in all states and has a minimum loan amount requirement.
Introduction
Auto loan refinancing can offer a variety of financial benefits, from reducing your monthly payments to shortening your loan term. As part of Money Verdict's ongoing series on financial services, we've decided to dive deep into the world of auto loan refinance companies to offer unbiased reviews and opinions. The first lender on our list is RefiJet, a popular choice for borrowers looking to refinance their auto loans. Read on to find out if RefiJet is the right fit for you.
Who is RefiJet Auto Refinancing Loan a Good Fit For?
RefiJet is an excellent option for those who have a stable income and good credit history and are looking to lower their monthly payments or interest rate. This loan could also be a good fit for borrowers who want to consolidate multiple auto loans into a single payment.
The application process with RefiJet is designed to be quick and hassle-free, consisting of the following steps:
Step 1: Preliminary Online Application
You'll start by filling out a preliminary online application on RefiJet's website. This form will ask for general information, such as your name, contact details, Social Security number, and some basic financial details like your current monthly income.
Step 2: Soft Credit Check and Rate Quotes
RefiJet performs a soft credit check that won't affect your credit score. Based on this and the information you provide, you'll receive multiple rate quotes tailored to your profile. You can review these offers and see which one aligns with your financial objectives.
Step 3: Consultation with Financial Representative
Once you've received your initial rate quotes, a dedicated financial representative from RefiJet will contact you to discuss your options and answer any questions. This adds a personalized touch to the process and ensures you understand the terms and conditions of each offer.
Step 4: Document Submission
After you've chosen a loan offer, you'll need to submit several documents for verification. These may include:
Proof of income (e.g., pay stubs, tax returns)
Proof of residence (e.g., utility bill, lease agreement)
Identification (e.g., driver's license, passport)
Current auto loan information (e.g., monthly statement, loan agreement)
Vehicle details (e.g., vehicle identification number [VIN], insurance details)
Step 5: Loan Approval and Payoff
After verifying your documents, RefiJet will finalize the loan agreement. They will then coordinate with your existing lender to pay off your current loan and establish your new loan terms.
Qualifying for a RefiJet auto loan refinance typically involves meeting several requirements:
Credit Score:
Generally, a credit score of 600 or higher is required for loan approval. However, better rates and terms are often available for those with higher scores. It's advisable to check your credit report for any errors that could negatively impact your score before applying.
Vehicle Requirements:
Your vehicle should be less than 10 years old and have fewer than 150,000 miles. Additionally, the vehicle title should be in your name and free of any liens that could interfere with the refinancing process.
Income Requirements:
You'll typically need to prove that you have a stable income to meet the loan repayment terms. Most lenders will request recent pay stubs, W-2 forms, or tax returns as proof of income. The minimum income requirements may vary, but a stable job history will generally strengthen your application.
Debt-to-Income Ratio:
Lenders may also look at your debt-to-income ratio, which is the percentage of your monthly income that goes towards paying debts. A lower ratio is generally viewed more favorably, as it indicates that you have sufficient income to cover the new loan payment in addition to your other financial obligations.
By understanding both the application process and qualifications in detail, you'll be better equipped to navigate the auto loan refinancing landscape. Make sure you have all the necessary documentation ready and meet the qualifications to make your application process as smooth as possible.
Generally, a credit score of 600 or higher is required to qualify for an auto loan refinance with RefiJet. However, better rates and terms are usually available for those with higher credit scores.
RefiJet typically requires that the vehicle be less than 10 years old and have fewer than 150,000 miles. If your car meets these criteria, you may be eligible for refinancing.
No, RefiJet does not charge prepayment penalties. This means you have the flexibility to pay off your loan early without incurring additional fees.
RefiJet is not available in every state. It's important to check their website or consult with a customer service representative to confirm availability in your state.
The initial online application can be completed in just a few minutes. After that, you'll need to consult with a financial representative and submit required documents. The total time can vary but is generally quick.
