RateGenius, a U.S.-based fintech company with a proprietary consumer-lending platform, announced on Friday it has funded approximately $8.5 billion in auto loans. RateGenius reported that nearly $1 billion of those loans were dispersed in 2020, even though 85% of the company’s team worked remotely for much of the year.
“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.”
RateGenius further revealed that 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. Speaking about the milestone, EECU Chief Credit Officer, Joe Rossa, stated:
“RateGenius has been great to work with to originate auto refinance loans. 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.”
Founded in 1999, RateGenius describes itself as a technology company that 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.”