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iLending: 2023 Auto Loan Refinancing Review, Published 2023-01-01 00:00:00
The story was written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor for Bankrate and freelance writer who enjoys writing articles that help to simplify personal finance topics. Emma has contributed to companies and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers feel confident to take control of their finances through providing concise, well-researched, and clear information that reduces complex subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and when products are listed on this site, including for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the information we provide, or the reviews that appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or accepted by any advertiser. The information, including rates and fees, presented in the review is accurate at the time when the review first appeared. Check the data in the upper right hand corner of the page and the lender’s site for the most up-to-date details.
At a look 3.9 rating: 3.9 stars out of five
Availability Rating: 3.8 stars out of 5
The Affordability Score: 3.6 stars out of 5
Customers Experience Score: 4.4 stars out of five
Transparency Rating: 4.5 stars out of five
Compare auto loan rates
About iLending Loan amount Not disclosed
Min. credit score Not disclosed
APR starting at 2.14%
Funds are available as soon as one day
iLending features Personalized customer service and options for saving money sound great but consider both the advantages and disadvantages of refinancing before signing up.
PROS Personal loan specialist
Low APR for a minimum
Quick and simple application process
CONS Only refinance vehicles loans
No in-person service
Vague qualification requirements
If you’re looking to refinance your car loan, iLending may be the perfect location to begin. iLending offers refinancing for all vehicles loans with the aim of making it easier to save money. The company has been around for more than 15 years and has received an A+ score from the Better Business Bureau.
With every customer, iLending provides a loan specialist who will help you navigate the case. They even work with customers with bad credit scores. Although iLending does not function as a lender but they do collaborate with credit unions and banks across the country to help you find the loan options that can save you the most money.
Do you qualify? Interested applicants should make sure they meet a few fundamental requirements. There is equity in the vehicle and a good debt-to-income (DTI) ratio to be accepted. You can determine your DTI using the . iLending does not provide the minimum credit score or annual incomethat could differ among its lender partners. However, generally speaking, you’ll need an average credit score of at minimum 670 to be eligible for the best rates offered by lenders. What we like and what we don’t like If you’re approved to refinance, you’ll receive personalized assistance to help navigate the lending process and may be eligible for a surprisingly low interest rate. However, there’s no personal customer service available, which may not be suitable for you.
What we like Personal lending specialist: Each customer is assigned a personalized lending specialist to work with during the refinancing process. Low minimum APR: iLending’s Minimum APR at 2.14 percent is lower than the average of its competitors but the rate you’re provided will be based on your creditworthiness, as well as other variables. Easy and fast application process Apply on the internet using a simple process that should only take about a couple of minutes. What we don’t like Only refinance car loans: iLending doesn’t offer loans for . In-person services are not available: iLending aims to save its customers money by operating with lower cost of overhead, which means they don’t have physically-based places. The iLending website doesn’t provide many of the qualification requirements, including minimum credit score and minimum and maximum loan amounts. Contact iLending Contact iLending customer service via phone at 866-683-5505, through the chat service via the iLending website, or by using the contact form for email on its website. Customer service representatives are available from Monday to Friday, from 6 a.m. to 8 p.m. MT, Saturdays from 8 a.m. until 4 p.m. Monday through Sunday between 10 a.m. to 3 p.m. The time is MT. Live chat and phone support are available in both Spanish and English.
Auto loan kinds available
Quick facts about loans Not disclosed Terms APR for 12-84 months from 2.14 percent
It is the only place you can find auto loan refinancing with iLending. It’s an unofficial service that connects current borrowers and potential new lenders. Current auto loan customers can make use of the services of iLending if they wish to get lower rates of interest or . The fact that they work with a variety of lenders across the United States means rates and terms vary. Contact any of their loan specialists to discuss the specific loan terms that could be offered to you. How to apply for a loan through iLending You are able to apply for a refinance of your auto loan through iLending’s site. The application will request the basic information, such as a Social Security number, your name as well as your address and contact information. An loan specialist will then call you to complete any needed details. According to the website, the application process should only take a few minutes.
The required application requirements include your name, birth date along with Social Security number. Your telephone number, physical address, and email address Employment and income information Year, Make, model and trim of the vehicle. Vehicle Identification number (VIN) the current mileage for the vehicle
Does iLending charge fees when you apply for automobile loan refinancing? It’s not true, iLending does not assess an application fee.
Is iLending a reliable firm? Yes. The platform online has been around since more than 15 years. It currently has an A+ rating with the Better Business Bureau.
How Bankrate rates iLending
Since iLending has a broad lender network and lenders, it is able to assist those in need across the country. But it doesn’t provide its the minimum and maximum loan amounts.
Rates start at 2.14 percent annual percentage rate. There’s no limit on APR, however, and the fees aren’t listed.
Customer service is available seven all week long, and accessible in both English as well as Spanish.
Prequalification is possible, however it is only available at the minimum rates available prior to submitting your information.
Methodology For evaluating lenders that focus on auto refinance loans, Bankrate considers 16 various factors. The factors are based on from the loan amount, the APR disclosed and the acceptance standards. Each lender has a score that is that is based on four different categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and their availability in every state. Affordability: Primarily, this section covers the expected APR as well as acceptance conditions, discounts for autopay and the number of charges. Experience with customers: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payment and app availability. Transparency: In this category, prequalification as well as the disclosure of fees and rates are recorded.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed are only those of the reviewer and have not been reviewed or accepted by any advertiser. The information such as rates and charges that are included in the review is accurate as of the date of the review. Check the data at the top of this page as well as the lender’s website for the most up-to-date information.
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and a freelance writer who is passionate about writing to demystify personal finance issues. Emma has contributed to various companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances by providing concise, well-studied, and well-documented data that chunks otherwise complex subjects into digestible pieces.
Auto loans editor
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