RateGenius review

ByJonathan MillerOct.18, 2018

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In a Nutshell

RateGenius is a loan marketplace that puts great emphasis in connecting its customers to the best possible lender. It will handle everything after the initial application, from qualification to matching to finalizing the details. All you have to do is approve the offer you receive before submitting the final paperwork.

pros

  • Experts help find the best refinance rates
  • A quick and straightforward application

cons

  • No new or pre-owned auto loans
  • Focus exclusively on refinancing

RateGenius at a Glance

RateGenius offers its services to customers in all 50 states, helping thousands of customers refinance their existing loans with more favorable terms. The company prides itself in handling all the heavy lifting for its customers, from application to approval, and can assist customers facing a variety of financial circumstances and unique needs. Rounding out its qualifications, the company holds an A+ rating from the Better Business Bureau.

Best For?

RateGenius’s focus on refinancing loans makes it ideal if you’re looking to improve your loan terms without a lot of effort. This solution can be applicable for a wide variety of borrowers, including those that have improved their credit scores since taking out a loan, those that have raised their income, and even customers who are simply looking to take advantage of more favorable economic conditions. The company can help customers compare different options, and will handle all the difficult parts of the application. This makes it a great service for borrowers who are looking for refinancing options, but may not have the time or resources to do so alone. 

Features

RateGenius bills itself as a full-service company, and unlike many competitors that host lending marketplaces, it ensures that customers are matched to the right lender by handling the comparison process as well. The company claims it can save customers an average of $89 per month and allow them to restructure their loans with much more beneficial rates. RateGenius will also help you complete the required paperwork and submit it properly. The company works with over 150 reliable lending institutions, including several credit unions alongside local and national lending partners. 

Some RateGenius highlights:

  • RateGenius handles the full approval process
  • Lightning-fast application takes a few minutes to complete
  • Receive funds in as little as 3 days
  • Wide network of over 150 national and local lending institutions
  • Save an average of $89 per month
  • Access the benefits of comparison shopping with none of the stress
  • Find the right insurance with a network of 20 trusted carriers
  • Available in all 50 states

 Application Process

The application and approval process is one of RateGenius’ biggest strengths. The company has streamlined the process of accessing a refinancing loan, making it easy for customers to complete the entire process without having to lift a finger. To get started, customers have to fill out a brief application directly on the company’s website, or over the phone via the company’s toll free number. When applying, you’ll need to have the following information at hand:

  • Details on current loans, including the name of the current lienholder and monthly payments 
  • Information about the vehicle, including make, model and year, current mileage, and VIN number
  • Basic contact details including phone number, email address, and employer’s phone number (if currently employed)

Additionally, RateGenius requests that applicants have an income of at least $2,000 a month, be 18 years or older, a US citizen or permanent resident, and have a minimum credit score of 525.

Once completed, RateGenius will begin the process of matching customers with the best available lender. This works like most traditional lending marketplaces, but in RateGenius’ case, the company will handle the comparisons and will match customers with the best fit for their particular needs. After customers approve the selection, the company helps them finalize the process by submitting paperwork and filling out all the necessary forms all while assisting customers until they have received their funds. 

Loan Types and Terms

Unlike other lenders, RateGenius is focused exclusively on providing refinancing loans for vehicles, and to this end has created an impressive system to ensure that customers have the highest odds of success. RateGenius’ partners offer interest rates for refinancing that are on the lower end of the industry’s spectrum, with some as low as 2.99%, with the upper end of the range reaching towards 18%. On average, however, most customers receive interest rates around 5.00%. You can choose from loan amounts that start at $10,000 and go as high as $90,000. The company does have some restrictions on its loans, requiring that cars be less than 10 years old and have under 100,000 miles. Some of RateGenius’ partners may offer loans for cars with up to 150,000 miles, but this varies from lender to lender. Borrowers can apply for terms that start at 24 months and reach up to 87 months of duration.  

How Safe Is It?

We were pleased with the level of security offered by RateGenius. The company employs HTTPS protocols for all its webpages, ensuring they are protected against malware and phishing attacks. Moreover, all communications, data transmissions, and even stationary data is encrypted using Secure Sockets Layer technology and robust encryption that is industry standard. RateGenius also uses strong protections, both electronic and physical, for its data servers. In terms of data collection, we were appreciative of RateGenius’ efforts to maintain a very transparent attitude about the data it collects from customers, as well as how it is used and why. Customers can easily view this information on the company’s security and privacy policy page.

Repayment Options

Because RateGenius is not a loan originator, payments on refinancing loans are handled directly with the loan provider customers are matched with. However, the company’s network does generally offer automated payments, and other traditional payment methods such as ACH and checks. Customers can select from term durations ranging between 24 and 87 months, and generally can find repayment terms that improve upon their existing loans.

Help & Support

Customers can reach RateGenius via telephone or email ticket on the company’s support page. In our experience, the company’s support staff was incredibly knowledgeable on the vehicle refinancing industry and were more than capable of answering all our queries effectively. We found that wait times were minimal over the phone, and emails were generally responded to within one business day.  

Bottom Line

RateGenius is focused exclusively on providing refinancing loans, and has created an impressive system to do so. By helping customers through the whole application process, handling matching with the best available lender, and even finalizing loan details, it can ensure the highest odds of success while creating large savings for borrowers. Moreover, thanks to an expansive network of local and national lenders, the company can offer their services to a wide variety of customers with different credit backgrounds. RateGenius is ideal for customers who prefer to shop around for refinancing loans, but do not have the time or resources to do so expediently.

Physical Address

RateGenius, Inc.

9300 United Drive, Ste 180

Austin, TX

78758

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