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Lendingclub

LendingClub 2023 Auto loan review Published 2023-01-01 00:00:00

Written by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor for Bankrate and freelance writer who loves writing to help people understand personal finance topics. Her writing has been published by companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to manage their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with financial calculators and tools that are interactive as well as publishing independent and objective content. We also allow users to conduct studies and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site are from companies who pay us. This compensation can affect the way and where products are displayed on this website, for example for instance, the order in which they may be displayed within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be available 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 evaluated or approved by any advertising company. The information, including rates and fees, presented in the review is accurate as of the date of the review. Look over the information in the upper right hand corner of the page and the lender’s site for the most up-to-date information.

At a glance 3.8 Rating: 3.8 stars out of 5

Bankrate Score

Rating of Availability: 3.5 stars out of 5

Cost of Affordability: 3.6 stars out of 5

Customer Experience Rating: 4.4 5 stars from five

Transparency Rating 5 stars out 5

Find out about rates for auto loan rates

About LendingClub’s Loan amount of $4,000-$55,000 $55,000

Min. credit score of 600

APR ranges from 2.99% up to 24.99%

You can get funds in about 2 days

Pros and pros and LendingClub auto loans There are a few exceptions to this rule. Not every auto loan qualifies for a refinance with LendingClub, and if your credit isn’t good then it might not be the best choice.

PROS No origination fees

Apply online for an instant quote

CONS Highest maximum APR

Not available for all cars

State and vehicle limitations for vehicles and state

You might recognize LendingClub as a peer-to-peer (P2P) lending service for personal loans however, it can assist with auto loan refinancing. LendingClub provides a different approach to financing. Instead of private funding like a traditional bank, LendingClub features a streamlined online application procedure and connects lenders to individual customers to assist with a variety of funding needs.

Do you qualify? LendingClub has a few criteria for auto loan refinancing. The applicant must be 18 years old with a vehicle that meets the following requirements the vehicle should not exceed 10 years old Vehicle must be 120,000 miles or less Remaining loan balance must be between $4,000 and $55,000 loan total must amount to in the range of $4,000 to $55,000. The existing automobile loan is required to be at the least one month old. The existing auto loan must have at least 24 months remaining. The vehicle must be legally registered and titled in the state in which you currently reside. 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 select the loan that is suitable for your needs however, some restrictions apply that could make you ineligible to refinance your auto. What we love: No origination fees. Many lenders charge hefty loan origination charges which is used to cover the processing costs of the initial loan application. But LendingClub does not charge such fees for an automobile loan refinance. Apply online to receive an instant offer. Applying for a LendingClub car loan refinance is simple and you can receive an offer with rates that are available to you within several minutes. We don’t like high maximum APR. If your credit rating isn’t in most optimal condition, you could be charged an 24.99 per cent APR. It’s not available for all models. If you own a vehicle older than 10 years, you won’t qualify to receive the loan refinance through LendingClub. Your vehicle also must not have more than 120,000 miles and not belong to one of the prohibited makes or models. State registration restrictions for 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 solutions to the auto loan refinance questions. Check out their help page to see the answer to your question. If not, you may contact them by phone or via email. Customer service is available between 5 a.m. between 5 p.m. on Monday through Friday, and between 8:30 a.m. and 5 p.m. the following Saturday.

Auto loan kinds offered LendingClub offers lending via P2P to a range of loan types. When it comes to auto loans, it only offers loan refinancing with competitive rates. The average borrower saves $86 per month on their monthly payments according to the site. LendingClub doesn’t provide auto loans to aid in the initial purchase of a car at the moment.

How to apply for an loan through LendingClub Applying using LendingClub is easy on its website. On the site, you’ll need to enter some personal info, like your complete name, address and income. You will also be required to give details about the current auto loan with details about the VIN (vehicle identification number) the year, years, make, model and trim level. If you’re qualified for an auto loan, your next task is uploading your requested documents to confirm the information that you have included within your loan application, and get your final loan approval.

The required information for application is Driver’s license Vehicle registration Proof of insurance Documents that confirm income, like a pay stub

LendingClub FAQs

Can you be preapproved for a loan using LendingClub? You can determine the rate in a matter of minutes without affecting the credit rating. However, if you decide to move forward through a loan inquiry, you will be subject to a hard inquiry into your credit will be made.

Does LendingClub have a credit score requirement? LendingClub doesn’t provide a minimum credit score requirement in auto refinancing. However, the best rates are usually only available to borrowers with excellent or excellent credit.

How Bankrate rates LendingClub

Overall score

3.8

Availability

3.5

LendingClub has a list of makes and a few models that are not eligible for refinancing, and has restrictions on age and mileage. They also don’t offer loans to those whose cars are registered in more than 15 states.

Affordability

3.6

The absence of an origination fee is an enormous advantage in LendingClub’s favor, but its high maximum APR strict eligibility criteria, and the absence of a discount for autopay knock it down to middle of the pack.

Customer experience

4.4

LendingClub provides an application, online access, a tight funding timeline and customer service available six days a week.

Transparency

5

Rates and charges are freely 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 the rates or fees offered and the range of APR all affect lender scores. These scores are split in four different categories. Availability : Loan amounts, repayment options, dealership requirements and state availability all contribute to this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you’ll need to shop, customer service availability as well as whether an app is available and autopay payment options are all accounted for in this section. Transparency: This section accounts for the availability of fees and rates along with the availability of prequalification.

Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is correct as of the date when the review first appeared. Review the information in the upper right hand corner of the page, and the lender’s website for the most current information.

Written by

Emma Woodward

Contributing to the writing

Emma Woodward is a former contributor for Bankrate and a freelance writer who is passionate about writing articles that help to simplify personal finance topics. Her writing has been published by 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 since late 2021. They are dedicated to helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into digestible chunks.

Auto loans editor

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or by you clicking on specific links on our site. This compensation could influence the manner, place and in what order products appear in listing categories and categories, unless it is prohibited by law for our credit, mortgage and other home lending products. Other factors, such as our own website rules and whether or not a product is offered in your region or within your self-selected credit score range could also affect how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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