AUSTIN, Texas, Dec. 17, 2020 /PRNewswire/ -- RateGenius (https://www.rategenius.com/), a fintech company with a proprietary consumer-lending platform, announced today that it has funded approximately $8.5 billion in auto loans since 1999.
Even more significant for the company was that nearly $1 billion of those loans were dispersed in 2020, even though 85 percent of RateGenius' team worked remotely for much of the year. The company, which also facilitates vehicle titling for its customers, faced additional challenges as a result of the COVID-19 pandemic. As government offices across the country shut their doors, RateGenius worked with state and county organizations to test new methods of retitling that met requirements in every state and kept employees and customers safe.
"It's a credit to our employees and our intuitive technology that we were able to facilitate this kind of financial relief for Americans," said Chris Speltz, the CEO of RateGenius. "I'd also like to thank our curated list of over 150 financial institutions for being willing to work with our customers, while many lenders were pulling back during the pandemic."
"RateGenius has been great to work with to originate auto refinance loans," said EECU Chief Credit Officer Joe Rossa. "Since the beginning of the relationship, it's been truly a genuine experience and business friendship. The employees at RateGenius have always been easy to work with and the quality of their work is superior."
Consumers were the real beneficiary of the unique partnership between RateGenius and its lenders. In a recent survey, a majority of RateGenius customers, or 69 percent, sought out the company to lower their interest rate. Another 19 percent wanted a lower monthly payment.
The financial savings can be substantial. Earlier this month, RateGenius shared the availability of a report that looked at how different generations (Gen Z, Millennials, Gen X, and Baby Boomers) could reap financial benefits of refinancing their auto loans.
The report found that all four generations fare 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 had the lowest annual savings on average, $879.
The compounding results of auto loan refinancing are significant. The $80 to $90 per month saved on a car loan can equal thousands of dollars saved over the loan term. These savings allow borrowers to focus on paying down other debt, like credit cards or student loans, or work toward other financial goals such as saving for retirement and building up an emergency fund or financial reserve.
RateGenius is a technology company, which has created a proprietary, web-based platform that has assisted hundreds of thousands of consumers nationwide in refinancing auto loans to more favorable terms. By utilizing its network of more than 150 lenders, RateGenius has successfully facilitated more than 385,000 loans worth more than $8.5 billion. The company's proprietary LOS (loan origination system), educational content, and customer-experience-focused business approach have been instrumental in its success. RateGenius' online application is quick, simple, and available from the comfort of your home at apply.rategenius.com.