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Ilending

iLending the 2023 review of auto loan refinancing – Published 2023-01-01, 00:00:00

The story was written by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor for Bankrate and a freelance writer who loves 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.

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 feel confident to control their finances with clear, well-researched information that break down complicated topics into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing original and objective content. This allows you to conduct your own research and compare information at no cost to help you make informed 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 Earn Money The offers that appear on this site come from companies who pay us. This compensation may impact how and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews you read on this site. We do not include the entire universe of businesses or financial deals that may be open to you.

Reviewer’s disclosures: All reviews are prepared by staff. The opinions expressed are solely the views of the reviewer. They have not been evaluated or approved by any advertiser. The information such as rates and charges provided in the review are accurate at the time when the review first appeared. Look over the information in the upper right hand corner of the page, and the lender’s site for the most up-to-date details.

At a glance 3.9 Rating: 3.9 stars out of five

Bankrate Score

Rating of Availability: 3.8 stars out of 5

Cost of Affordability: 3.6 stars out of 5

The Customer Service Rating is 4.4 5 stars from 5

A rating of transparency: 4.5 stars out of 5

Check rates for auto loan rates

About iLending Loan amount Not made public

Min. credit score Not revealed

APR that starts at 2.14%

Funds are available as soon as one day

iLending provides personalized customer support and options for saving money sound great but consider both the pros and cons of this refinancing option prior to signing up.

PROS Personal lending specialist

Low APR minimum

Quick and simple application process

CONS Only refinance vehicles loans

No in-person service

Vague qualification requirements

If you want to refinance your vehicle loan ILending might be the best location to begin. iLending provides refinancing options for all vehicles loans with the intention of saving you money. This company has been around for over 15 years, and has an A+ rating with the Better Business Bureau.

With each customer, iLending provides a loan specialist who will help you navigate the situation. They also assist those with bad credit scores. Although iLending is not a lender it does partner with credit unions and banks across the country to help you find the loan solutions that will help you save the most money.

Do you qualify? Anyone who is interested should ensure they meet the basic requirements. There will be equity in the vehicle and an acceptable credit-to-income (DTI) percentage to qualify to get accepted. You can determine your DTI using an . iLending does not provide an absolute credit score or annual incomethat could differ among its lender partners — but generally, you must have a credit score of at 670 or more to be eligible for the lenders’ highest rates. What we like and what we do not like When you’re approved to refinance, you’ll receive personal assistance in understanding the lending process and may be eligible for a surprisingly low rate. There isn’t person-to-person customer support which might not be ideal for you.

We like the personal lender: Every customer is assigned a personalized lending specialist to work with during the refinancing process. The minimum rate is low: ILending’s advertised minimum APR of 2.14 percent is lower than that of many rivals but the rate you’re given will differ based on your creditworthiness and other variables. Simple and quick application process Apply on the internet using a simple process that should only take about a couple of minutes. What we don’t like Only refinance car loans: iLending doesn’t offer loans for . In-person services are not available: iLending aims to save its customers money by operating with less cost of overhead, which means that they don’t offer any in-person locations. Inconsistent requirements for qualification: iLending’s website doesn’t disclose many qualification criteria, including a minimum credit score and minimal and maximal loan amounts. How to contact iLending Contact iLending customer support by calling at 866-683-5505, via the chat feature via the iLending website, or by using the contact form via email available on the website. Customer service agents are available from Monday to Friday, from 6 a.m. to 8 p.m. MT, Saturday between 8 a.m. until 4 p.m. MT and Sunday from 10 a.m. to 3 p.m. MST. Live chat and phone support are available in both Spanish and English.

Auto loan types offered

Quick facts about loans: Not disclosed Terms 12 -84 months APR: From 2.14%

It is the only place you can find auto loan refinancing via iLending. It works as an unofficial service that connects existing borrowers and prospective new lenders. Current auto loan borrowers can use the services of iLending if they wish to get low interest rates or . The fact that they work with a variety of lenders across the nation means that rates and terms are different. Contact one of the company’s loan experts to learn about 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 through iLending’s site. The application will ask for the basic information, such as the Social Security number, your name as well as your address and contact information. A loan specialist will contact you to fill in any required information. According to its website, the application process will take just less than a minute.

Required application information Your name, date of birth along with Social Security number. Also, your phone number, physical address, and email address. Employment and earnings information Year, make, model and trim of the vehicle. Vehicle identification number (VIN) Current mileage for the vehicle

iLending FAQs

Does iLending charge fees if applying for automobile loan refinancing? No, iLending does not assess an application fee.

Is iLending a reputable firm? Yes. The platform online has been around for more than 15 years. It currently has an A+ rating from the Better Business Bureau.

How does Bankrate rate iLending?

Overall score

3.9

The availability

3.8

Because iLending has a broad lender network, it can help borrowers in any state. However, it does not provide the minimum and maximum loan amount.

Affordability

3.6

Rates start low at 2.14 per cent APR. There’s no limit on APR however, and charges aren’t specified.

Customer experience

4.4

Customer service is available seven all week long, and accessible in both English as well as Spanish.

Transparency

4.5

Prequalification is available, but it is only available at the minimum rates available before you enter your information.

Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different elements. The factors are based on in relation to loan amount, the APR disclosed and acceptance criteria. Each lender scores which is determined by four categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and their availability in every state. Accessibility: This section covers expected APRs as well as acceptance requirements, discounts on autopay as well as the total amount of fees. Customer experience: This section includes accessibility to online services, availability of support, funding timeline, option for automatic payments and app availability. Transparency: Here , prequalification and disclosure of rates and charges are accounted for.

Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or accepted by any advertiser. The information such as rates and charges, presented in the review are accurate at the time 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 current details.

Written by

Emma Woodward

Contributing writer

Emma Woodward is a former contributor for Bankrate and a freelance writer who enjoys writing to demystify personal finance topics. Her writing has been published by 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 committed to helping readers gain confidence to control their finances with concise, well-studied, and well-documented information that breaks down complex subjects into digestible pieces.

Auto loans editor

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