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Ballston Startup Aims to Make Car Refinancing Easy

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(Updated 1:45 p.m.) Most people don’t spend a lot of time thinking about refinancing their car, which is why Ballston-based startup MotoRefi aims to make it as simple and painless as possible.

The company claims to save customers an average of $100 per month on car refinancing. MotoRefi works with credit agencies to take improvements in people’s credit score and other factors into account when it comes to car payments.

“A car is the most expensive purchase many people make, outside of their home,” said Kevin Bennett, CEO of MotoRefi. “Unfortunately, most people are driving around in cars with payments that are too high and are at risk of unexpected car expenses that could derail their finances.”

Bennett said reducing the amount people spend every month on car payments helps MotoRefi customers build better financial protection and save up to pay off student loans or other debts.

“We also reduce the risk that people will face a large unexpected out-of-pocket car expense, which is important because people have enough economic anxiety and risk in their lives,” Bennett said. “We help ensure that your car is an asset to your life, not a liability.”

According to Bennett, traditional refinancing can be confusing and lacks transparency. The process starts obligation free, with offers from lenders visible with no social security number required and no impact on a credit score.

If the customer chooses to go through with the refinancing, MotoRefi charges a $399 fee to cover the costs of processing documents and retitling vehicles, which is included in the refinanced loan amount.

Moving forward, the company is looking into platform expansions on the technology and analytics sides, as well as expanding into new markets and growing the local team. Bennett made sure to note that the company is currently hiring.

The company started in 2017 out of an office in Alexandria but moved to Ballston in 2018.

“We moved [to Ballston] because of its central location, the region’s impressive workforce and technical talent, proximity to the metro and the great restaurants and coffee shops the Ballston’s redevelopment has brought to the neighborhood,” Bennett said. “We’ve got a Philz Coffee, Sweet Green, Cava and a ton of other destinations our team loves. And we’re working on a sweet new HQ in the neighborhood, so stay tuned for more to come on that.”

Photo courtesy MotoRefi

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