RefiJet is an online marketplace that connects car owners with lenders willing to refinance existing auto loans
RefiJet does not lend money itself. Instead, it collects basic information about your current car loan and connects you with multiple lenders who may offer you a new loan at a different interest rate or term. You submit your information once through RefiJet's website, and the company shares it with its network of lenders. Those lenders then contact you directly with offers.
The goal is to lower your monthly payment, reduce the total interest you pay over the life of the loan, or shorten the loan term. Whether refinancing makes sense depends on your current interest rate, your credit score, how much you still owe, and what lenders are willing to offer you.
Key Takeaways
- RefiJet is a marketplace that sends your loan information to multiple lenders at once, rather than a lender itself.
- You provide details about your car and current loan once, and lenders contact you with offers you can compare.
- Refinancing can lower your monthly payment or total interest cost, but only if a lender offers you a better rate than you currently have.
- Your credit score, the age of your car, and how much you still owe all affect whether lenders will make you an offer and what rate they quote.
- Checking offers through RefiJet does not lock you into anything; you can accept, reject, or ignore any offer a lender makes.
How the RefiJet process works from start to finish
You begin by entering information on RefiJet's website: your name, phone number, the year and make of your car, your current loan balance, and your current interest rate. You do not need to upload documents at this stage. RefiJet uses this information to pre-screen you and determine which lenders in its network might be interested.
Within hours or a few days, lenders contact you by phone or email with offers. Each offer includes a proposed interest rate, monthly payment, and loan term. You can review multiple offers side by side and decide whether to move forward with any of them. If you accept an offer, that lender will ask for more detailed information and documents—your driver's license, proof of insurance, and your current loan paperwork—to complete the refinance.
Once you accept an offer and provide full documentation, the new lender pays off your old loan and issues you a new one. The entire process from initial inquiry to funding typically takes one to two weeks, though it can be faster or slower depending on the lender and how quickly you provide documents.
What information RefiJet needs and why
RefiJet asks for your personal details, vehicle details, and loan details because lenders use this information to decide whether to make you an offer and what rate to quote. Your credit score is the single biggest factor—lenders pull your credit report to see your payment history and existing debt. A higher credit score usually means a lower interest rate offer.
The age and mileage of your car matter because older cars are riskier for lenders to finance. A car with very high mileage or one that is more than 10 years old may not attract offers from all lenders, or the offers may come with higher rates. The amount you still owe compared to the car's current value also affects your offers. If you owe more than the car is worth, some lenders will decline to refinance.
Your current interest rate and loan term help lenders understand whether refinancing would actually save you money. If you already have a very low rate, lenders know they cannot offer you much better, so they may not bother making an offer.
When refinancing through RefiJet might save you money
Refinancing makes the most sense if your credit score has improved since you took out your original loan, or if interest rates in the market have dropped. If either is true, a new lender may offer you a lower rate than you currently pay. A lower rate means a lower monthly payment, or you can keep your payment the same and pay off the loan faster.
You also benefit if you have a long loan term remaining and want to shorten it. For example, if you have 5 years left on a 7-year loan, refinancing into a 3-year loan can save you years of payments—though your monthly payment will be higher.
Before accepting any offer, calculate whether the monthly savings outweigh any fees the new lender charges. Some lenders charge origination fees, documentation fees, or title transfer fees. A lender might quote you a lower rate but charge $500 in fees, which could take months of savings to recoup.
Reasons a lender might decline to make you an offer
Not every lender in RefiJet's network will make you an offer. If your credit score is very low, many lenders will pass because the risk is too high. If your car is very old, has very high mileage, or is worth less than you owe, lenders may also decline. Some lenders have minimum or maximum loan amounts they will refinance, so if your balance is outside their range, they will not offer.
If you have missed payments on your current loan or have other recent negative marks on your credit report, lenders will be cautious. Some lenders also have geographic restrictions and will not refinance loans in certain states.
Receiving no offers does not mean you cannot refinance—it means RefiJet's particular network of lenders cannot help. You could contact banks or credit unions directly, though you would need to repeat the process with each one separately.
The difference between RefiJet and going directly to a lender
RefiJet's main advantage is convenience: you enter your information once and hear from multiple lenders without having to call each one separately. This saves time and lets you compare offers easily. The disadvantage is that you see only the lenders in RefiJet's network, not every lender in your area or online.
If you go directly to a bank, credit union, or online lender, you control which lenders you approach and can sometimes negotiate terms. You also avoid sharing your information with a marketplace. The trade-off is that you do the legwork yourself—calling or visiting each lender, answering their questions, and waiting for each to pull your credit and make an offer.
Some people use both approaches: they check RefiJet to see what the market is offering, then contact their own bank or credit union to see if they can match or beat those offers.
What happens to your credit score when you use RefiJet
When lenders pull your credit report to make an offer, they perform what is called a hard inquiry. A hard inquiry temporarily lowers your credit score by a few points—usually between 5 and 10 points per inquiry. Multiple inquiries within a short time window (typically 14 to 45 days, depending on the scoring model) often count as a single inquiry, so checking multiple offers through RefiJet in one session usually causes less damage than it might seem.
The impact is temporary. Your score typically recovers within a few months. However, if you are planning to explore for a mortgage, home equity line of credit, or other major loan soon, you may want to wait before refinancing your car, since multiple hard inquiries can affect your approval odds or rates on those larger loans.
Frequently Asked Questions
Does using RefiJet cost money?
No. RefiJet does not charge you to submit your information or receive offers. If you accept an offer from a lender, that lender may charge fees as part of the refinance, but those fees are separate from RefiJet and vary by lender.
Can I refinance if I still owe more than my car is worth?
Some lenders will refinance an underwater loan, but many will not. If you do find a lender willing to refinance, the interest rate may be higher than if you owed less than the car's value. You can ask lenders about this when they contact you with offers.
What if I get an offer but decide not to take it?
You are not obligated to accept any offer. Receiving an offer does not lock you into anything. You can ignore it, reject it, or shop around with other lenders before deciding. Only when you sign paperwork with a lender does the refinance process actually begin.
How long does refinancing take from start to finish?
The entire process usually takes one to two weeks once you accept an offer and provide full documentation. The initial phase—submitting information and receiving offers—can happen within hours or a few days. The slowest part is typically the lender's underwriting and verification of your documents.
Can I refinance if my car loan is very new?
Yes, but it may not make financial sense. If you refinanced recently or took out your loan very recently, you have not had time to build equity in the car, and lenders may be cautious. Additionally, refinancing costs money in fees, so you need enough time and savings to recoup those costs before the benefit becomes real.