AUSTIN, TX, December 17, 2020 /PRNewswire/ — RateGenius (https://www.rategenius.com/), a fintech company with a proprietary consumer lending platform, today announced that it has funded approximately $8.5 billion in auto credit since 1999.
Even more important for the company was that almost $1 billion of those loans were dispersed in 2020, even though 85% of the RateGenius team worked remotely for much of the year. The company, which also facilitates vehicle registration for its customers, has faced additional challenges due to the COVID-19 pandemic. As government offices across the country closed, RateGenius worked with state and county organizations to test new title change methods that met each state’s requirements and kept employees and customers safe. .
“It’s a credit to our people and our intuitive technology that we’ve been able to make this kind of financial assistance easier for Americans,” said Chris Spelt, the CEO of RateGenius. “I also want to thank our curated list of over 150 financial institutions for their willingness to work with our customers as many lenders retreated during the pandemic.”
“RateGenius has been great working with him to create auto refinance loans,” said EECU’s Chief Credit Officer. Joe Rossa. “Since the beginning of the relationship, it has truly been a true business experience and friendship. RateGenius employees have always been easy to work with and the quality of their work is top notch.”
Consumers have been the true beneficiaries of the unique partnership between RateGenius and its lenders. In a recent survey, the majority of RateGenius customers, 69%, asked the company to lower their interest rate. Another 19% wanted a lower monthly payment.
The financial savings can be substantial. Earlier this month, RateGenius shared the availability of a report which examined how different generations (Gen Z, Millennials, Gen X and Baby Boomers) could benefit financially from refinancing their car loans.
The report found that all four generations are doing well, each saving $900 or more per year after refinancing. However, Gen X had the highest average savings, $1,001 per year, while baby boomers on average had the lowest annual savings, $879.
The compound results of car loan refinancing are significant. the $80 for $90 per month saved on a car loan can add up to thousands of dollars saved over the life of the loan. These savings allow borrowers to focus on paying off other debt, like credit cards or student loans, or work toward other financial goals like saving for retirement and building up an emergency fund or reserve. financial.
RateGenius is a technology company that created a proprietary web-based platform that has helped hundreds of thousands of consumers nationwide refinance auto loans on more favorable terms. Using its network of over 150 lenders, RateGenius has successfully facilitated over 385,000 loans worth over $8.5 billion. The company’s LOS (lending system), educational content and customer experience-focused business approach have been instrumental in its success. The RateGenius online application is fast, simple and available from the comfort of your home at apply.rategenius.com.