RefiJet vs. iLending: Which offers better auto loans?
Key takeaways
- RefiJet and iLending offer auto loan refinancing options with competitive APRs and minimum credit scores catering to bad credit borrowers.
- RefiJet stands out for its cash-out refinancing program for customers with vehicle equity, while iLending offers a quick and easy application process.
- Always compare multiple lenders and their fees before finalizing an auto refinancing decision.
RefiJet and iLending give car owners access to a variety of different auto refinance lenders, and both set minimum credit scores that cater to bad credit borrowers. Neither company actually lends money — instead they match you to a network of lenders to offer the best refinancing rates and terms for your needs.
Both lenders offer a wide range of loan amounts and competitive APRs tied to your credit score. RefiJet offers a cash-out refinance program if you need to tap equity in your vehicle, but it takes a little bit longer than iLending to get your funds. If you need help on weekends, iLending provides customer service seven days a week, and you may be able to get your funds within a day of approval.
RefiJet vs. iLending at a glance
| RefiJet | iLending | |
|---|---|---|
| Bankrate score | 3.5 | 4.4 |
| Better for | Auto loan cash-out refinance | All-week personalized customer service |
| Loans offered | Auto loan refinancing, cash out refinancing | Auto loan refinancing |
| Loan amounts | $5,000–$150,000 | $5,000–$150,000 |
| APRs | 5.29%-21.99% | 5.94%-18.79% |
| Loan term lengths | 24–96 months | 12–96 months |
| Fees | Not specified | $395 processing fee |
| Minimum credit score | 500 | 560 |
| State footprint | Not specified | All states |
| Time to funding | 3-12 days | As little as 1 day after approval |
| Autopay discount? | Varies by lender | Varies by lender |
| Refinancing restrictions |
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RefiJet
Better for: Auto loan cash-out refinance
Bankrate’s view
RefiJet is one of few auto companies with access to cash-out refinancing for its customers. You can tap the equity in your vehicle and use the cash to take care of overdue maintenance, buy some new tires or for other purposes as needed.
Its 500 minimum credit score also gives borrowers with rough credit histories a chance for approval that many car lenders don’t offer. If you need a little breather in your budget, RefiJet also offers a two-month payment-free period option. RefiJet also offers a Spanish version of its website.
Pros
- Prequalification available
- Payment-free period
- Borrow extra cash from your car's equity
Cons
- Pricey processing fee
- Application process is not fully automated
- Long funding turnaround time
iLending
Better for: All-week personalized customer service
Bankrate’s view
Customers of iLending get access to a personal auto loan specialist seven days a week, and $50,000 more in borrowing power than RefiJet. Plus, its entire application process and customer service support system are online or by phone. If you want to pay your loan off quickly and can afford the payment, iLending offers a 12-month term option.
Pros
- Access to a representative every day of the week
- Higher maximum loan amount
- Quick funding
Cons
- Higher credit score minimum
- No in-person service
- Rates and terms aren't disclosed until prequalification
How to choose between RefiJet and iLending
Both companies pair their customers with financial experts and a network of different lenders. We’ve done a deep dive into the main features of each loan to help you fine tune your decision between the two.
APR range
RefiJet holds a slight edge when it comes to its minimum APR, but iLending’s maximum rate keeps you under 19 percent. However, RefiJet’s lower minimum credit score may be the reason for its higher maximum APR.
Minimum credit score
If you’ve had major issues in your credit history, RefiJet may be the better choice since its minimum credit score is set at 500, versus iLending’s 560 minimum. The extra credit flexibility may be one of the reasons RefiJet takes a bit longer to fund. It’s common for lenders to take extra time to vet income and employment history to approve a loan for borrowers with low credit scores.
Repayment terms
You can extend your term as long as 96 months, which may come in handy if you’re borrowing over $100,000 at iLending. If you need a small loan amount with a quick payoff, iLending offers a 12-month minimum term compared to RefiJet’s 24-month minimum.
Time to receive funds
You can get your funds within a day of approval at iLending. It will take between three and 12 days if you apply for a RefiJet loan. Another reason the process may take longer at RefiJet is that it offers cash-out refinancing. Since the lender is giving you extra cash beyond what you owe, it often takes extra time to assess your car’s value to reduce the chance you’ll end up upside down on your loan.
Fees
You’ll pay a $395 processing fee to get a loan through a RefiJet lender. Though iLending’s website indicates there may be fees depending on the lender it pairs you with, there is no set processing fee for using its comparison services.
The bottom line: which lender is best?
RefiJet is the better choice if you want to get some extra cash from your car’s equity, or have a lot of challenges in your credit history. On the other hand, iLending is better if you need a larger loan amount, shorter term or prefer customer service that’s accessible seven days a week.
Remember, both companies offer services to match you to lenders, but don’t directly lend money. You may also want to check out auto refinance rates directly with your bank or credit union to see if they offer any options without the help of an intermediary.
