MotoRefi car loans review


Overview: best for lowering rates or monthly costs through refinancing.

MotoRefi is an online marketplace where borrowers and car loan top lenders, including online companies, local banks, and credit unions, are connected. This service is meant exclusively for people trying to refinance their car loans, thus seeking to save the most possible on their existing monthly installments: you get this through both lower interest rates and more comfortable repayment terms.

The company was founded in 2016 and has headquarters in Arlington, Virginia. Its mission is clear: to make refinancing auto loans simple, transparent, and effective. It claims to provide the best rates to consumers, saving an average of roughly $100 per month on their refinanced auto loans. MotoRefi makes it easy and fast to find lenders and has a straightforward application process as well.

The company doesn’t refinance car loans directly but works with numerous lenders who does it, and that can support people of all credit scores. You will be linked with a lender in your state, who will fund your loan once you received and accept a pre-qualified offer, which happens in seconds and gives you a cheaper rate than your current one.

Recently, auto loans through MotoRefi were available only in California, Connecticut, and Michigan, but now the company can serve all the 50 States, plus territories and islands. It has grown very rapidly, and it is even mentioned in the Washington Business Journal.

We found that despite your credit score, you might be able to apply, making MotoRefi suitable for car buyers in their early years of driving, who are more likely to not having built a credit.


What products are available through MotoRefi?


MotoRefi currently only offers auto loan refinancing for regular cars, trucks, and SUVs; a motorcycle (despite the company’s name) or commercial-vehicle can’t be secured. You’ll need to know other providers if you want a loan from scratch for a new vehicle, used car, or a lease buyout.

  • Refinancing auto loans. This is achieved either through a more stretched loan term, applying a lowered rate, or both. MotoRefi partners with top lenders, that can provide you with the lowest rates on the market. This still depends on your credit score: smaller rates can be expected from borrowers with excellent credit. With available terms from 1 up to 6 years, you’ll be eligible to refinance from $5,000 up to $50,000.

The company takes care to mediate the past lender’s payoff, re-titling the vehicle and sparing you the trip to the DMV.

MotoRefi can also provide a set of products to protect the vehicle’s value and improve your overall experience as a car holder: auto insurance, total loss protection (GAP insurance), key replacement coverage, and extended vehicle protection, all in one place. These won’t be necessarily included when refinancing but can be added only if requested.


Why choose MotoRefi?


This platform is specialized in providing the benefit of saving money to consumers by refinancing their auto loans, as the company realizes that lots of people are spending more than necessary. You can compare the rates from several lenders on the website without SSN, and there is no initial hard pull on your credit.

The whole process is online, so you do not even have to leave your house to refinance your car. MotoRefi shows you all the possible options, and you can select the rates which fit you the most. All credit scores may have a chance to qualify as well.

Its customer service has plenty of members who are always ready to answer your questions and support you throughout the entire process, so to ensure that your experience is seamless, without any stress.


What are MotoRefi requirements?


A number of basic criteria have to be met, and these are fixed: you must be a minimum of 18 yrs old, US citizen or permanent resident, have an income of at least $2,000/month (or $24,000 yearly); plus, your vehicle can’t exceed a 100,000 mileage. Additional requirements may exist, and consistently vary by lenders: credit unions and banks are generally the ones that ask the most.


There is no specified minimum credit score on the website, so we assume that Motorefi can accept all credit profiles. This parameter is crucial for the interest rate you may be able to get, thus determining the amount of your future monthly payments.


So, here is MotoRefi by numbers:


Min. Loan Amount $5,000
Max. Loan Amount
Starting from 2.49%, possibly below
Interest Rate Type
Processing and title transfer fees: $399 enrolled in the loan amount.
Credit score


And here is a list of the ins and outs we were able to find and summarize.


Like every lender, being it direct or a connection service, refinancing in itself has its cost: MotoRefi charges roughly $400 for doing this, but the good news is that it’s not an upfront expense, but it will be enrolled in the loan repayments, staggered in years, unless you want to do otherwise.

If you need to be supported by another person, who takes part in the loan amount and then makes the repayments, Motorefi allows you to use a co-borrower, by submitting a joint application.

And if you don’t like disclosing sensitive documents from the start, Motorefi doesn’t require SSN to be uploaded just to see your offers with the first application.


We had to delve into our research to find about terms and requirements since the website is currently missing this important information, that a prospective customer would like to know in advance. However, this doesn’t seem to be a big no-no, because the customer service is there to solve any doubt of yours.

Some people just want a direct approach to a lender, from start to finish, so we considered Motorefi being not a lender in itself as a downside.

How do you apply with MotoRefi?


When you first apply through MotoRefi’s website, you will be able to see if you pre-qualify, which means checking approximate loan rates from the partnering lenders. This happens without your credit score being affected: there is only a soft credit pull at this step. You can then determine whether to submit formally to one of those deals, which prompts a hard inquiry. But note, prequalification is not an acceptance promise, and the terms you are given after making a formal application can differ from the terms you have prequalified.

Once the application starts, you’ll need to enter personal information like full name, address, contact number, annual income, your vehicles’ information like car plate number, vehicle number, and car model. At last, Confirm that you simply are a citizen of the US and agree with terms and conditions. In a matter of seconds, you will see offers from the lenders in the network that can accept your status.

The reported timespan to get a pre-approval response is within 24 hours.

You will see how much each offer will cost per month and get a summary of what is offered. You can choose not to accept these offers, without any penalty.

Documents you’ll be needing are:


  • a copy of your driver’s license
  • your VIN ( vehicle information number )
  • your car’s plate number
  • a few other documents that confirm your identity, including SSN. Some of the other documents may require depending on which lender you are working with.

After you have finished the one-page application, MotoRefi will give you the chance to see your submission, the renewed term, how much you are saving with the new loan, then to finalize your application. By creating an account, you will lock your rate.

MotoRefi will look out for the documents and walk you through the rest of the refinancing procedure, with the final agreement signed online on the MotoRefi platform. As a reminder, a $399 fee is required to process documents.

Then the new lender will pay off the old loan to the past company as you pay the new one, and you are done. Any potential over-payment will be refunded to you by the old lender.

MotoRefi clearly states that your submitted information is kept safe with the latest security technology and that it won’t be sold to third parties: you can check the details in the privacy policy section.


What happens once your auto loan is refinanced?


Your new loan will be serviced by the lender you were connected with. This implies that you are going to make repayments towards a new company, and need to contact it for management of your payment schedule or for future issues.

The turnaround time depends on the lender, being it generally slower if your servicer is a bank or credit union: the average of similar services can grant the loan in 24-48 business hours.


Is MotoRefi legit?


The answer is a resounding yes. You don’t have to worry because the company is not on the market for too long. You can see the faces of the customer service team, and they can be easily reached by phone, chat, or email.

Despite its young age, Motorefi has been accredited by the Better Business Bureau with an A+ (accounting for time in business)and rated 5/5 stars from the clients reviewing on the bureau’s website, which is quite hard to get, even for more established and reputable companies. This tells you about the commitment of the company to excellent service.

On the Trustpilot website, it is rated 4.7 out of 5 by more than 200 current and past customers. Among the many reviews, one thing in common is that applying is experienced as a defiantly simple process, also thanks to an honest staff; people are happy of not having to go through much truly complicated paperwork. There is one report of $270 monthly saving and several other of a substantial reduction in interest rates.

Some claim that getting the new loan was fast, and the staff was friendly and knowledgeable to them, while in general there is the perception of professional customer service. On the other hand, some customers were not aware of the refinancing fee they had to pay; as a paradox, some others weren’t so comfortable with the process being entirely online.


Final verdict 


MotoRefi is your pit-stop if you are looking for the best auto loan refinancing rates because it lets you shop around from multiple lenders in a single strike. You are likely to qualify if you couldn’t elsewhere, because of a bad credit score.

If you want to save on your car loan installments, need it easy and fast, and value strong support as a customer, then you can’t go wrong with MotoRefi.

You can also effectively compare other auto refinancing solutions, among our choices, if instead, you need a direct lender, and absolute transparency about expected rates, terms, and credit requirements, or just discard to the choice of a fully online process. You will certainly find the right lender for your needs.