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LendingClub: 2023 Auto loan review, published 2023-01-01 at 00:00:00.
Authored by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor to Bankrate and freelance writer who is passionate about writing to help people understand personal finance topics. Her writing has been published by companies and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to take control of their finances through providing concise, well-researched and well-researched content that breaks down complicated subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with financial calculators and tools that are interactive as well as publishing independent and objective content. We also allow you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and where products are displayed on this website, for example for instance, the sequence in which they be displayed within the listing categories in the event that they are not permitted by law for our loans, mortgages, and other products for home loans. This compensation, however, does affect the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial offerings that could be open to you.
About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only the opinions of the reviewer and are not reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate up to the date when the review first appeared. Look over the information on the right, and the lender’s website for the most current details.
A quick glance 3.8 Rating: 3.8 stars out of 5
Available Rating: 3.5 stars out of 5
Cost of Affordability: 3.6 stars out of five
The Customer Service Rating is 4.4 5 stars from five
Transparency Rating 5 stars out 5
Check auto loan rates
About LendingClub’s Loan amount of $4,000-$55,000 $55,000
Min. credit score of 600
APR from 2.99% to 24.99 percent
The funds are available within 2 days
Pros and pros and LendingClub auto loans There are a few exceptions to this rule. Not every auto loan can be refinanced with LendingClub however, if your credit isn’t good this might not be the right choice for you.
PROS No origination fees
Apply online to receive an instant quote
CONS High maximum APR
Not available for all cars.
State and vehicle limitations for vehicles and state
You may know LendingClub for its peer-to-peer (P2P) lending source for personal loans however, it can assist with auto loan refinancing. LendingClub offers a non-traditional approach to financing. Instead of private financing like a traditional bank, LendingClub features a streamlined online application process and connects lenders to individual borrowers to help with the various needs for funding.
Do you qualify? LendingClub has some requirements for auto loan refinancing. The applicant must be 18 years old with a car that meets the following basic requirements: Vehicle must not be more than 10 years old. The vehicle must have at least 120,000 miles loan balance must be between $4,000 and $55,000 loan total must amount to between $4,000 and $55,000. The existing auto loan must be at the least one month old Existing auto loan must have at least 24 months remaining. Vehicle must be legally registered and titled in the current state of your residence
Ineligible vehicles Aston Martin Chevrolet Express G-Series Van Cross Lander Daewoo Ferrari Hummer Isuzu Lamborghini Maserati Mercury Nissan Leaf Oldsmobile Pontiac Saab Saturn Suzuki Volkswagen Diesel
What we like and what don’t like LendingClub makes it easy to assess your credit score and choose the loan that works for you, but limitations apply that could make you ineligible of auto refinancing. We like the fact that there are no origination fees. Many lenders charge hefty loan origination fees — a fee that is used to cover the processing costs of a new loan application — but LendingClub doesn’t charge any charges for automobile loan refinance. Apply online to receive an instant quote. Applying for an LendingClub car loan refinance is simple and you’ll receive an offer that includes rates available to you in just several minutes. What we don’t like High maximum APR. If your credit score isn’t in most optimal condition, you could end up with an 24.99 percent APR. It’s not available for all models. If you own a car that is older than 10 years old, you won’t qualify for an loan refinance through LendingClub. The car must also be less than 120,000 miles and not belong to among the prohibited models or models. State registration restrictions for vehicles. Refinancing is not available to customers who reside in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few options to help with your auto loan refinance inquiries. You can visit its help page to see whether they have an answer to your query. If not, you may get in touch by phone or via email. The customer service line is open between five a.m. and 5 p.m. PT Monday through Friday, and between 8:30 a.m. and 5 p.m. on Saturdays.
Auto loan kinds offered LendingClub provides P2P lending options for a wide range of loan kinds. When it comes to auto loans it offers loan refinancing with low rates. The average borrower will save the equivalent of $86 in monthly payments, according to the website. LendingClub doesn’t offer auto loans to aid in the initial purchase of a automobile at this moment.
How to apply for an loan through LendingClub Applying with LendingClub begins on their website. You will be required to fill in your personal details, including your full name, address , and income. Additionally, you will need to provide information about your current auto loan, including the VIN (vehicle identification number), year, make, model and trim level. If you’re eligible to receive an auto loan, the next step is to upload the required documents to verify the details included on your loan application and receive an official loan approval.
The required information for application is License for driver and vehicle registration proof of insurance Documents that prove the income of the applicant, such as an income stub
Can you get preapproved for an loan with LendingClub? You can check the rate in a matter of minutes without affecting your credit score. However, if you decide to move forward with an application for a loan inquiry, you will be subject to a hard credit inquiry will be generated.
Does LendingClub have a credit score requirement? LendingClub does not provide the minimum credit score required for auto refinancing. However, the lowest rates are typically only available to borrowers with excellent or excellent credit scores.
How Bankrate rates LendingClub
LendingClub offers an inventory of brands and models that aren’t eligible for refinancing, and has restrictions on mileage and age. The company also does not offer loans to borrowers who’s cars are registered in fifteen states.
There is no origination charge, which is a major advantage to LendingClub’s advantage, however its high maximum APR, stringent eligibility criteria and the lack of discount on autopay push it to the middle of the pack.
LendingClub offers an application, an online portal and a fast funding timeframe and customer support available seven every day of the week.
Rates and fees are openly available on LendingClub’s website and allow to prequalify.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether charges and rates are available and the APR range are all factors that affect lender scores. These scores are broken up into four categories. The availability of loans, repayment options, dealership requirements, and availability in the state all play a role in this section. Affordability: This section contains APR ranges and acceptance criteria, along with discounts and fees. Customer experience: The length of time you’ll need to shop and the availability of customer service and whether or not there’s an app and autopay payment options are all accounted by this category. Transparency: This category accounts for the accessibility of rates and fees along with whether or not prequalification is offered.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and are not reviewed or acknowledged by any advertiser. The information such as rates and charges that are included in the review is accurate at the time when the review first appeared. Look over the information on the right as well as the lender’s site for the most recent information.
Emma Woodward is a former contributor to Bankrate and a freelance writer who is passionate about writing to demystify personal finance topics. She has written for 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 writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-studied information that break down complex topics into digestible chunks.
Auto loans editor
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