Open navigation Main Menu Mortgages
Financing a home purchase Refinancing your existing loan Finding the perfect lender Additional Resources
Looking for a financial advisor? Try our three minute test and then match up with an advisor today.
Main Menu Banking
Calculators to compare accounts Use the calculators and get help from bank reviews
Looking for a financial advisor? Do our 3-minute quiz and match with an advisor today.
Main Menu Credit cards
Compare with other categories Compare using credit Compare by issuer Get advice
You’re looking for the ideal credit card? You can narrow your search using CardMatch(tm)
Main Menu Loans
Personal Auto Loans and Loans for Students Calculators for loans
Find an individual loan in 2 minutes or less. You can also answer a few questions to get offers–with no impact to the credit rating.
Main Menu for Investing
Top of the Brokerages, and Rob-Advisors. Learn the basics Additional resources
Looking for a financial advisor? Take our 3 minute quiz and connect the advisor you want today.
Main Menu Home equity
Find the most competitive rates Lender reviews Use calculators Knowledge base
Looking for a financial advisor? Try our three minute test and match to an adviser today.
Main Menu Real estate
Selling a house Buying homes Finding the right agent Additional resources
Looking for a financial advisor? Do our 3-minute quiz and match to an adviser today.
Main Menu Insurance
Car Insurance Homeowners insurance Other insurance Company reviews
Looking for a financial advisor? Take our 3 minute quiz and then match up with an advisor today.
Main Menu Retirement
Accounts and retirement plans. Learn the basics Retirement calculators Additional Resources
Looking for a financial advisor? Take our 3 minute quiz and then match up with an advisor today.
Search open Close search
LendingClub: 2023 Auto loan review published 2023-01-01 at 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 is passionate about writing to demystify personal finance topics. Her writing has been published by various 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 the end of 2021. They are dedicated to helping their readers to take control of their finances through providing clear, well-researched information 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 smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear 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 order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity, and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offerings that could be open to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed are only those of the reviewer , and have not been reviewed or acknowledged by any advertiser. The information, including rates and fees that are included in the review are accurate as of the date when the review first appeared. Look over the information in the upper right hand corner of the page as well as the lender’s site for the most up-to-date details.
A glance 3.8 rating: 3.8 stars out of 5
Availability Rating: 3.5 stars out of 5
Cost of Affordability: 3.6 stars out of five
The Customer Service Rating is 4.4 five stars of 5
Transparency Rating: 5 stars out 5
Check rates for auto loan rates
About LendingClub Loan amount $4,000 to $55,000
Min. credit score of 600
APR ranges from 2.99 percent to 24.99 percent
You can get funds in about 2 days
Pros and pros and LendingClub auto loans Not every auto loan qualifies for a refinance using LendingClub however, if your credit isn’t strong this might not be the right choice for you.
PROS No origination fees
Apply online and receive an immediate offer
CONS High maximum APR
Not available for all cars.
State and vehicle restrictions
You may know LendingClub as a peer-to-peer (P2P) loan provider for personal loans however, it can also help you with auto loan refinancing. LendingClub provides a different approach to financing. Instead of private funding like traditional banks, LendingClub features a streamlined online application procedure and connects individual lenders with individual customers to assist with various funding requirements.
Do you qualify? LendingClub has some requirements for auto loan refinances. Applicants should be at least 18 years old, and possess an automobile that meets these basic qualifications: Vehicle must not be more than 10 years old. The vehicle must be at least 120,000 miles balance of the auto loan balance must be between $4,000 and $55,000. Existing automobile loan must be at least one month old Existing auto loan must be at least 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 we do not like about LendingClub allows you to assess your credit score and choose the loan that’s right for you, but limitations apply that could make you ineligible for auto refinancing. What we love: No origination fees. Many lenders charge substantial loan origination fees — a fee that covers the processing costs for the initial loan application — but LendingClub doesn’t charge these fees for automobile loan refinance. Apply online to receive an instant offer. Applying for an LendingClub automobile loan refinance is simple and you’ll receive an offer that includes rates available to you within some minutes. We don’t like high maximum APR. If your credit score isn’t in best shape, you may be stuck with an 24.99 percentage APR. Not available for all cars. If you own a car that is more than 10 years old it isn’t eligible for a loan refinance with LendingClub. Your car also has to be less than 120,000 miles and be not one of the prohibited makes or models. There are restrictions on registrations for state vehicles. Refinancing is not available for consumers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few choices to assist you with the auto loan refinance questions. You can check out its help page to see whether they have an answer to your query. If not, you can get in touch via phone or email. The customer service line is open between 5 a.m. until 5 p.m. (PT) Monday through Friday, and between 8:30 a.m. until 5 p.m. the following Saturday.
Auto loan kinds offered LendingClub offers P2P lending options to a range of loan types. In the case of auto loans, it only offers loan refinancing that comes with competitive rates. A typical borrower can save $86 per month on their monthly payments as per the website. LendingClub doesn’t provide auto loans to aid in the purchase of a new car at the moment.
How to apply for a loan with LendingClub The process to apply using LendingClub begins on their website. On the site, you’ll need to fill in your personal details, including your full name, address , and income. You will also need to provide information about your current auto loan which includes your VIN (vehicle identification number) as well as the date, year, model, year and trim level. If you’re eligible to receive an auto loan you’ll need to submit the required documentation to verify the information included on your loan application, and get your final loan approval.
Required application information License for driver and vehicle registration proof of insurance Documents to prove the income of the applicant, such as an income stub
Can you be preapproved for an loan through LendingClub? You can find out your rate within minutes, without impacting the credit rating. But if you decide to proceed by submitting a loan request, then a formal credit inquiry will be generated.
Does LendingClub have any credit score requirements? LendingClub doesn’t provide the minimum credit score requirements in auto refinancing. However, the best rates are typically offered to those with good or excellent credit.
What is the rate at which Bankrate rates LendingClub
LendingClub offers a list of makes and models that aren’t eligible for refinancing, and has restrictions on age and mileage. The company also does not offer loans to borrowers who’s cars are registered in more than 15 states.
The absence of an origination fee is an enormous advantage in LendingClub’s favor, but its high maximum APR as well as the stringent eligibility requirements and the lack of discount for autopay knock it down to middle of the pack.
LendingClub has an application, online access and a fast funding timeframe and customer service available six all week.
Rates and fees are readily accessible on the website of LendingClub and allows for prequalification.
Methodology Bankrate considers 18 data points when selecting top auto loans. Criteria for acceptance, whether rates and fees are available and the range of APR all affect lender scores. These scores are broken up into 4 categories. Accessibility : Loan amounts as well as repayment options, dealer requirements and state availability all contribute to this section. Affordability: This section contains APR ranges and acceptance criteria, along with discounts and fees. Customer experience: How long you have to shop for, the customer service hours and whether or not there’s an app and availability of autopay are all taken care within this segment. Transparency: This category is responsible for the availability of fees and rates as well as whether prequalification is available.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the views of the reviewer. They have not been evaluated or accepted by any advertising company. The information that is included, including rates and fees that are included in the review is correct up to the date of the review. Look over the information on the right, and the lender’s website to find the most up-to-date information.
Emma Woodward is a former contributor to Bankrate and freelance writer who loves writing articles that help to simplify personal finance issues. Emma has contributed to various companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances with clear, well-researched information that break down complex subjects into bite-sized pieces.
Auto loans editor
Legal Cookie settings Don’t share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or when you click on specific links on our website. So, this compensation can influence the manner, place and in what order items appear within listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home loan products. Other factors, like our own website rules and whether a product is available within the area you reside in or is within your self-selected credit score range may also influence the manner in which products are featured on this site. We strive to offer a wide range offers, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights reserved.
If you are you looking for more information on payday loan online michigan same day – https://credit4uinusa.site, visit our webpage.