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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 enjoys writing to help people understand personal finance topics. Emma has contributed to businesses and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with financial calculators and interactive tools that provide objective and original content. This allows users to conduct studies and compare information for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our loans, mortgages, and other home lending products. But this compensation does affect the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are only those of the reviewer , and are not reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is correct as of the date of the review. Check the data at the top of this page, and the lender’s website to find the most current details.
A glance 3.8 Score: 3.8 stars out of 5
Rating of Availability: 3.5 stars out of 5
The Affordability Score: 3.6 stars out of five
Customers Experience Score: 4.4 stars out of five
Transparency Rating 5 stars out five
Find out about rates for auto loan rates
About LendingClub’s loan amount of $4,000 to $55,000
Min. credit score of 600
APR ranges from 2.99 percent to 24.99 percent
Funds available in Typically within 2 days
Pros and cons of LendingClub auto loans Not every auto loan qualifies for a refinance with LendingClub however, if your credit score isn’t great this might not be the best option.
PROS No origination fees
Apply online to receive an instant quote
CONS High maximum APR
Not all vehicles are available.
Vehicle and state restrictions for state and vehicle
You may have heard of LendingClub as a peer-to-peer (P2P) lending source for personal loans, but it can also help you with auto loan refinances. LendingClub offers a non-traditional approach to financing. Instead of private funds like traditional banks, LendingClub features a streamlined online application process that connects lenders to individual borrower to meet a variety of funding needs.
Do you qualify? LendingClub has a few requirements for auto loan refinancing. The applicant must be 18 years old, and possess a car that meets these basic qualifications: Vehicle must not exceed 10 years old. The vehicle must have 120,000 miles or less Remaining auto loan total must amount to between $4,000 and $55,000. Existing loan must be at least one month old. loan must be at the least one month old. The existing auto loan must have at minimum 24 months remaining Vehicle must be licensed and registered in your 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 allows you to determine your chances of approval and select the loan that is suitable for your needs However, there are limitations that could make you ineligible of auto refinancing. We like the fact that there are no origination charges. Many lenders charge hefty loan origination fees which covers the processing costs for a new loan application. However, LendingClub does not charge such charges for automobile loan refinance. Apply online to receive an immediate offer. Applying for a LendingClub automobile loan refinance is easy and you’ll receive an offer with rates that are available to you within some minutes. What we do not like is the high maximum APR. If your credit score isn’t in best shape, you may be stuck with the 24.99 percent APR. It’s not available for all models. If you have a car that is more than 10 years, you won’t qualify to receive an loan refinance through LendingClub. Your car also has to have less than 120,000 miles and be not one of the restricted makes or models. State registration restrictions for vehicles. Refinancing is not available to customers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few solutions to your auto loan refinance inquiries. Check out their Help page to determine the answer to your query. If not, you may contact them via email or phone. Customer service is available between 5 a.m. until 5 p.m. PT Monday through Friday, and between 8:30 a.m. as well as 5 p.m. on Saturdays.
Auto loan types offered LendingClub offers P2P lending options for a wide range of loan kinds. For auto loans it offers loan refinancing at low rates. The average borrower saves $86 on their monthly payment, according to the website. LendingClub doesn’t provide auto loans to assist with the initial purchase of a car at the moment.
How do you apply for an loan using LendingClub Applying with LendingClub starts on its website. You will be required to provide some personal info, like your full name, address and income. You will also have to submit information regarding your current auto loan, including the VIN (vehicle identification number), years, make, model and trim level. If you’re qualified to receive an auto loan the next step is to upload the requested documents to verify the details included within your loan application, and get your final loan approval.
Documentation required for the application Driver’s license Vehicle registration Proof of insurance Documents that confirm income, like the pay stub
Can you get preapproved for a loan with LendingClub? You can find out your rate within minutes, without impacting your credit score. But if you decide to proceed through a loan request, then a hard credit inquiry will be initiated.
Does LendingClub have a credit score requirement? LendingClub doesn’t provide the minimum credit score required in auto refinancing. However, the lowest rates are usually reserved for borrowers with good or excellent credit scores.
What is the rate at which Bankrate rates LendingClub
LendingClub has a list of makes and models that are ineligible to refinance, and also has limitations on mileage and age. The company also does not offer loans for borrowers whose vehicles are registered in fifteen states.
The absence of an origination fee is a major advantage for LendingClub, however its high APR maximum as well as the stringent eligibility requirements and lack of discount for autopay knock it to the middle of the pack.
LendingClub offers an application, online access and a fast funding timeframe and customer service that is available 24 hours a day, seven all week.
Rates and fees are readily available on LendingClub’s website, and it allows for prequalification.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, whether charges and rates are readily available and the APR range are all factors that affect lender scores. These scores are split into 4 categories. Accessibility : Loan amounts and repayment options, dealership requirements, and availability in the state all contribute to this section. Accessibility: This section includes APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you’ll have to wait to buy for, the customer service hours as well as whether an app is available and autopay availability are accounted by this category. Transparency: This category is responsible for the accessibility of rates and fees as well as the availability of prequalification.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated or acknowledged by any advertiser. The information, including rates and fees, presented in the review are accurate up to the date of the review. Check the data at the top of this page, and the lender’s website for the most recent details.
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and freelance writer who enjoys writing to help people understand personal finance topics. Her writing has been published by various 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 readers gain the confidence to control their finances by providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
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