General Questions

Q: When I refinance, does that mean I have to start the entire term of my loan over again or extend the term of my loan?

A: Your term is flexible and may be shortened or lengthened to accommodate your particular refinance needs. Generally, rateGenius refinances your current auto loan for the amount left in the current term. This means that if you have 42 months left in your current term, rateGenius will refinance your loan at 42 months at a lower interest rate so that you will pay less for the same vehicle in the same amount of time.

Q: Do you only refinance cars?

A: RateGenius specializes in refinancing cars, trucks and SUVs. We also provide refinancing services for the following vehicles with a minimum loan balance of $7,500:

  • Motorcycles
  • RVs
  • ATVs

Q: My vehicle is under my company name. Can I refinance?

A: RateGenius can refinance a vehicle purchased under a company name into a personal vehicle loan as long as the individual has company authorization. We cannot refinance the vehicle under a company's name. Commercial vehicles and heavy equipment machinery are not eligible for refinance through rateGenius.

Q: Is there a charge to refinance my automobile?

A: RateGenius does not charge any application or loan fees. The only cost associated with refinancing your vehicle is a title transfer fee that is paid to your state. Some lenders may also have a loan processing fee. All additional fees are typically added to the loan so there are no out-of-pocket expenses to you.

Q: While I am working with rateGenius to refinance my automobile, can I stop making payments on my current loan?

A: No, you are contractually obligated to make payments on your current loan until your account is paid in full. RateGenius requests a current payoff amount from your existing lien holder that is good for 10 days from the date received. Therefore, it is important to complete all of your loan paperwork and return it to rateGenius as quickly as possible. Once your loan documents are received, rateGenius verifies that all pages have been completed and signed properly, and we ensure that you have included all of the additional information required by the lender, including your proof of income and proof of insurance. That process typically takes 1 business day unless something is missing. RateGenius then submits the completed loan package to your new lender for approval and funding. This process normally takes 2–3 business days. A payoff check will be sent to your current lender either overnight or by 2-day shipping via UPS. Your old lien holder may take 3 to 10 business days to post the payment within their system, but the payment should be dated with the date the payment was received. When the entire process is complete and your current lender has been paid off, then you are free from your old loan.

Don't see your question answered here? Visit our other FAQ pages for more information about rateGenius' vehicle products: