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Monevo Auto Refinance Review


ConsumersAdvocate.org Rating: 3.5 / 5 (Very good)
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Monevo is a loan marketplace that partners with over 30 lenders to offer personal loans, auto loans and refinancing, and student loans. The company is headquartered in San Diego, California, and has been in business since 2017.
 
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How is Monevo rated?

Breakdown

3.5/5
Loan Details
3.5/5
Customer Experience

Overall Rating: 3.5 / 5 (Very good)

Monevo is a loan marketplace that can help connect you to several top auto refinancing lenders. After answering some basic questions about yourself and your loan, the company pairs you with lenders who are willing to work with you and provides basic information about their rates and service so you can make an informed decision. It only takes a few minutes and the service is free to use. Monevo only works with established, reputable companies, but it's still a good idea to research your loan underwriter before you sign on the dotted line so you understand what you're signing up for.

Auto Loans & Refinancing

Loan Details - 3.5 / 5

Monevo's partner lenders offer new auto loans, auto refinancing, and lease buyout loans. The minimum and maximum loan amounts vary by which lender you're working with, but you can find loans for as little as $500 or as much as $100,000 through Monevo, so you shouldn't have a problem finding one that suits your needs.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Loan Amount
$500
Max Loan Amount
$100,000

Loan Refinancing

Min. Loan Amount
$500
Max Loan Amount
$100,000

Loan Qualifications

Qualification - 3.5 / 5

Qualification requirements will vary slightly depending on which lender you work with. All require you to be at least 18 years of age or older and a better credit score may increase your odds of approval. If you want to figure out which lenders are willing to work with you, you can fill out some basic personal information on Monevo's website and the company will help you figure out which auto loan providers may accept you.

Borrower Qualifications

Minimum Age
Must be 18 or older
Minimum Income
Varies by lender
Minimum Credit Score
Varies by lender
US Citizenship Requirement
Yes
Verification / Documents Required
Social Security Number

Vehicle Qualifications

Mileage Limit
No limit
Car Age
No limit
Car Makes
Any vehicle make

Application & Service

Customer Experience - 3.5 / 5

Your approval and funding time and your auto loan fees will vary depending upon which lender you ultimately end up work with. You won't be able to find that out until you explore your options with Monevo and choose a lender that matches your criteria. Once you do, you should do some research into that lender and reach out to them if you have any questions about approval, funding time or fees.
Approval Time
See your personalized loan offers in 60 seconds.
Funding Time
This varies by lender but many of the lending partners on the Monevo panel can send funds as soon as the next business day.
Fees
The Monevo service is free.
Benefits/ Features
Online Rates / Application

Monevo Reputation & Reviews

Reputation - 3.5 / 5

Monevo is a pretty young marketplace, so there aren't many reviews of its service yet. But that shouldn't discourage you from getting a quote from the company because it partners with over 30 established and reputable lenders. You can view a complete list of its partner lenders on Monevo's website if you'd like to see for yourself.
BBB Rating
A+
Number of BBB Positive Reviews
1
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
1
Date Collected
2020-07-29

Contact & Additional Information

Lender Type
Marketplace
Homepage URL
https://www.monevo.us/
Headquarters Address
8910 University Center Ln., Ste. 400, San Diego, CA, 92122
Year Founded
2017

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