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Ilending

iLending: 2023 Auto Loan Refinancing 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 to Bankrate and freelance writer who loves writing to help people understand personal finance issues. She has written for 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 writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to manage their finances through providing concise, well-researched, and clear information that reduces complicated topics 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 providing you with financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct research and compare data for free to 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 Make money The products that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not cover the universe of companies or financial deals that may be open to you.

Reviewer’s disclosures: All reviews are prepared by our staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated or approved by any advertising company. The information, including rates and fees that are included in the review is accurate as of the date that the review was written. Check the data at the top of this page and the lender’s website to find the most up-to-date details.

A quick glance 3.9 Rating: 3.9 stars out of five

Bankrate Score

Availability Rating: 3.8 stars out of 5

The Affordability Score: 3.6 stars out of five

Customer Experience Rating: 4.4 five stars of five

Transparency Rating: 4.5 stars out of 5

Check rates for auto loan rates

About the iLending loan amount, not disclosed

Min. credit score not disclosed

APR that starts at 2.14%

Funds available as early as one day

iLending offers personalized customer service and options to help you save money are great, but think about both the pros and cons of this refinancing service prior to signing up.

PROS Personal loan specialist

Low APR minimum

Quick and simple application procedure

CONS Refinance only vehicle loans

No in-person service

Vague qualification requirements

If you’re looking to refinance your car loan, iLending may be the best location to begin. iLending offers refinancing options for all vehicle loans with the aim of making it easier to save money. The company has been around for more than 15 years and it has received an A+ score from the Better Business Bureau.

With each customer, iLending provides a loan specialist to assist you with the situation. They even assist those with bad credit scores. Although iLending doesn’t function as a lender it does work with banks and credit unions around the nation to find the loan options that will save you the most money.

Do you qualify? Potential applicants must ensure they meet a few fundamental conditions. There will be equity in the car and a satisfactory debt-to-income (DTI) ratio in order to get accepted. You can determine your DTI using an . iLending does not disclose the minimum credit score or annual income — which may vary among its lender partners. However, generally, you need an average credit score of at least 670 to qualify for lenders’ best rates. What we like and what we do not like When you’re approved for refinancing, you’ll get personalized assistance to help navigate the loan process. You could also be eligible for a surprisingly low interest rate. Still, there is no person-to-person customer support which might not be ideal for you.

What we like about personal lender: Every customer is assigned a personalized lending specialist to assist during the refinancing process. The minimum rate is low: ILending’s advertised minimum APR of 2.14% is lower than that of many rivals however the rates you’ll be given will differ based on your creditworthiness as well as other variables. Easy and fast application process: You can apply on the internet using a simple procedure that will take only less than a minute. We dislike that they only refinance car loans: iLending doesn’t offer loans for . No in-person service: iLending aims to save clients money by operating at lower cost of overhead, which means that they don’t offer any in-person establishments. Inconsistent requirements for qualification: iLending’s website doesn’t disclose many qualification requirements, including minimum credit score and minimum and maximum loan amounts. How to contact iLending You can reach iLending customer service by phone at 866-683-5505, via chat via the iLending website or the contact form for email available on the website. Customer service representatives are accessible Monday through Friday between 6 a.m. until 8 p.m. (MT), Saturday between 8 a.m. until 4 p.m. MT and Sunday between 10 a.m. until 3 p.m. MT. Live chat and phone assistance can be accessed in Spanish as well as English.

Auto loan types available

Loan quick facts Amounts: Not disclosed Terms 12 -84 months APR from 2.14%

There is only one way to get auto loan refinancing via iLending. It works as an unofficial service that connects the current borrower and potential new lenders. Current auto loan borrowers can use iLending services if they want lower rates of interest or . Working with many different lenders across the nation means that rates and terms vary. Contact one of the company’s loan specialists to discuss the specific loan term options that may be for you. How do you apply for a loan through iLending You can apply to refinance your auto loan directly on iLending’s website. The application will require your basic info, like a Social Security number, your name, address and contact info. The loan specialist will then call you to verify any necessary details. According to its website, the application process will take just about a couple of minutes.

Information required for application: Your name, birth date along with Social Security number. Your telephone numberand physical address and email address. Employment and income information Year, make model, trim and year of the vehicle. Vehicle Identification number (VIN) Current mileage for the vehicle

iLending FAQs

Does iLending charge you fees when applying for the auto loan refinancing? Absolutely not, iLending does not assess an application fee.

Is iLending a reputable company? Yes. The platform has been in existence since more than 15 years and currently holds an A+ rating with the Better Business Bureau.

How does Bankrate rate iLending?

Overall score

3.9

The availability

3.8

Because iLending is a part of a large range of lenders It can assist borrowers in any state. But it doesn’t offer its minimum or maximum loan amounts.

Affordability

3.6

Rates start low at 2.14 percent APR. You won’t find a maximum APR though, and fees aren’t specified.

Customer experience

4.4

Customer support is available seven all week long, and it is available in English or Spanish.

Transparency

4.5

Prequalification is possible, however only the minimum rate is offered before you enter your information.

Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 different elements. These variables range from the loan amount, the APR disclosed and the acceptance standards. Each lender scores that is based on four different categories. The availability category includes loan amount, vehicle restrictions and the availability of each state. Accessibility: This section covers the expected APR and acceptance conditions, discounts for autopay, and the amount of charges. Customer experience: This category includes access to support online, online accessibility and funding timeframe, as well as the option for automatic payment and app accessibility. Transparency: In this category, prequalification as well as disclosure of rates and charges are accounted for.

Disclosure of author The reviews are written 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 that are included in the review is accurate 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 to find the most recent information.

Written by

Emma Woodward

Contributing writer

Emma Woodward is a former contributor to Bankrate and a freelance writer who loves writing articles that help to simplify personal finance issues. She has written for various companies and publications such as 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 the end of 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-studied, and well-documented facts that break down complex subjects into digestible pieces.

Auto loans editor

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