Open navigation Main Menu Mortgages
Refinancing your existing loan Finding the best lender Additional Resources
Looking for a financial advisor? Take our 3 minute quiz and then match up to an adviser today.
Main Menu Banking
Compare Accounts Use calculators Get help from bank reviews
Looking for a financial advisor? Try our three minute test and connect to an adviser today.
Main Menu Credit cards
Compare according to category Compare using credit Compare with issuers Get advice
Looking for the perfect credit card? You can narrow your search using CardMatch(tm)
Main Menu Loans
Personal Auto Loans, Student Loans, Loans Calculators for loans
Find an individual loan in just 2 minutes or less. Answer a few questions to receive offers with no impact on your score on credit.
Main Menu for Investing
Top of the Brokerages, and Rob-Advisors. Learn the basics Additional information
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 connect with an advisor today.
Main Menu Real estate
Selling a home Buying homes Finding the right agent Additional resources
Looking for a financial advisor? Do our 3-minute quiz and then match up with an advisor today.
Main Menu Insurance
Car Insurance Homeowners insurance Other Insurance Reviews of the Company
Looking for a financial advisor? Try our three minute test and connect to an adviser today.
Main Menu Retirement
Retirement plans & accounts Find out the basics about retirement calculators Additional Resources
Looking for a financial advisor? Do our 3-minute quiz and match the advisor you want today.
Search open Close search
Submit
Lendingclub
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 enjoys writing articles that help to simplify personal finance issues. Her writing has been published by businesses 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 from late 2021. They are dedicated to helping their readers feel confident to take control of their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites.
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 as well as publishing independent and objective content, by enabling users to conduct studies and compare data for free – so that you can 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 Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and where products appear on this site, including, for example, the order in which they may be displayed within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other products for home loans. But this compensation does not influence the content we publish or the reviews you see on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only those of the reviewer and are not reviewed or acknowledged by any advertiser. The information that is included, including rates and fees that are included in the review is accurate at the time of the review. Look over the information in the upper right hand corner of the page as well as the lender’s website for the most recent details.
A quick glance 3.8 Score: 3.8 stars out of 5
Bankrate Score
Availability Rating: 3.5 stars out of 5
Affordability Rating: 3.6 stars out of 5
Customer Experience Rating: 4.4 5 stars from 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 600
APR ranging from 2.99% up to 24.99 percent
Funds available in Typically within 2 days
Pros and pros and LendingClub auto loans Not every auto loan can be refinanced using LendingClub, and if your credit score isn’t great, it may not be the best option.
PROS No origination fees
Apply online for an instant offer
CONS High Maximum APR
Not available for all cars
State and vehicle restrictions for state and vehicle
You may have heard of LendingClub as a peer-to-peer (P2P) lending service for personal loans however, it can assist with auto loan refinancing. LendingClub offers a non-traditional approach to financing. Instead of private financing like traditional banks, LendingClub features a streamlined online application procedure and connects lenders to individual borrowers to help with various funding requirements.
Do you qualify? LendingClub has a few requirements for auto loan refinancing. Applicants should be at least 18 years old, and possess an automobile that meets these basic qualifications the vehicle should not exceed 10 years old. Vehicle must have 120,000 miles or less Remaining balance of the auto loan total must amount to between $4,000 and $55,000. Existing loan must be at least one month old. loan should be least one month old. Existing auto loan must be at least 24 months remaining Vehicle must be registered and titled in the state in which you currently reside. 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 select the loan that’s right for you However, there are limitations which could render you unqualified of auto refinancing. We like the fact that there are no origination charges. Many lenders charge hefty loan origination charges — a fee that is used to cover the processing costs of an initial loan application — but LendingClub does not charge such fees for an auto loan refinance. Apply online to receive an immediate offer. Applying for an LendingClub auto loan refinance is easy and you’ll receive an offer with rates available to you within a few minutes. We don’t like high maximum APR. If your credit rating isn’t in best shape, you may be charged a 24.99 percent APR. Not available for all cars. If you own a car that is older than 10 years old it isn’t eligible to receive the loan refinance through LendingClub. Your car also has to be less than 120,000 miles and not be one of the prohibited makes or models. Vehicle state registration restrictions. Refinancing is not available to customers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How do I contact LendingClub LendingClub offers a few solutions to the auto loan refinance inquiries. You can visit its Help page to determine whether they have an answer to your query. If not, reach out by phone or via email. The customer service line is open between five a.m. and 5 p.m. PT Monday through Friday and 8:30 a.m. and 5 p.m. on Saturdays.
Auto loan kinds offered LendingClub offers P2P lending options to a range of loan kinds. In the case of auto loans the company only provides loan refinancing with competitive rates. The average borrower will save $86 on their monthly payment as per the website. LendingClub does not offer auto loans to help with the initial purchase of a car at the moment.
How do you apply for the loan through LendingClub Making an application through LendingClub starts on its website. There, you will need to enter some personal info, like your full name, address and income. In addition, you’ll have to submit information regarding your current auto loan which includes your VIN (vehicle identification number) the year, date, year, model, year, color and trim level. If you’re eligible to receive an auto loan, you’ll need to submit your requested documents to confirm the information that you have included within your loan application and then receive the final loan approval.
Documentation required for the application License for driver and vehicle registration proof of insurance Documents that prove earnings, such as a pay stub
LendingClub FAQs
Can you be preapproved for an loan with LendingClub? You can check your rate within minutes, without affecting your score on credit. However, if you decide to move forward by submitting the loan request, then a hard credit inquiry will be initiated.
Does LendingClub have any credit score requirements? LendingClub doesn’t provide the minimum credit score requirements in auto refinancing. However, the lowest rates are typically offered to those with good or excellent credit scores.
What is the rate at which Bankrate rates LendingClub
Overall score
3.8
Availability
3.5
LendingClub offers the following list of manufacturers and a few models that aren’t eligible for refinancingand limitations on mileage and age. The company also does not offer loans to those whose cars are registered in 15 states.
Affordability
3.6
The absence of an origination fee is a major advantage to LendingClub’s advantage, however its high maximum APR as well as the stringent eligibility requirements and lack of discount for autopay put it closer to the middle of the pack.
Customer experience
4.4
LendingClub offers an application, online access with a quick funding time and customer service that is available 24 hours a day, seven days a week.
Transparency
5
Rates and fees are openly accessible on the LendingClub website and allows the prequalification of applicants.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, rates and fees are offered and APR range all influence lender scores. These scores are split into four categories. Availability : Loan amounts as well as repayment options, dealer requirements and state availability all play a role in this category. Affordability: This section contains APR ranges and acceptance criteria, along with fees and discounts. Customer experience: How long you have to shop for, the customer service hours as well as whether an app is available and autopay payment options are all accounted by this category. Transparency: This section accounts for the accessibility of rates and fees and whether prequalification is available.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate up to the date when the review first appeared. Review the information at the top of this page, and the lender’s website for the most current details.
Written by
Emma Woodward
Contributing writer
Emma Woodward is a former contributor to Bankrate and a freelance writer who loves writing to demystify personal finance issues. She has written for 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 the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites.
Auto loans editor
About
Help
Legal Cookie settings Do not share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods andservices or when you click on certain hyperlinks on our website. So, this compensation can influence the manner, place and in what order products appear in listing categories, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity, and other home lending products. Other factors, such as our own proprietary website rules and whether or not a product is available in the area you reside in or is within your personal credit score may also influence the manner in which products are featured on this site. Although we try to provide the most diverse selection of products, Bankrate does not include information about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. The Red Ventures company. All Rights reserved.
If you loved this article and you would like to receive much more details about $255 payday loans online same day california direct lender kindly visit our own internet site.