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Lendingclub
LendingClub 2023 auto loan review, published 2023-01-01 at 00:00:00.
Authored by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor for Bankrate and freelance writer who enjoys writing to help people understand personal finance issues. She has written for businesses 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 the end of 2021. They are dedicated to helping their readers to take control of their finances with clear, well-researched information that break down complex subjects 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 financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct studies and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited 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 that compensate us. This compensation can affect the way and where products are displayed on the site, such as the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our loans, mortgages, and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed are only the opinions of the reviewer and have not been evaluated or accepted by any advertiser. The information such as rates and charges, presented in the review is correct at the time that the review was written. Check the data at the top of this page, and the lender’s site for the most recent details.
A look 3.8 rating: 3.8 stars out of five
Bankrate Score
Available Rating: 3.5 stars out of 5
Cost of Affordability: 3.6 stars out of 5
Customers Experience Score: 4.4 5 stars from five
Transparency Rating: 5 stars out five
Compare auto loan rates
About LendingClub’s Loan amount of $4,000-$55,000 $55,000
Min. credit score 600
APR ranging from 2.99% to 24.99 percent
Funds available in Typically within 2 days
Pros and cons of LendingClub auto loans There are a few exceptions to this rule. Not every auto loan is eligible for refinancing using LendingClub however, if your credit score isn’t great, it may not be the right choice for you.
PROS No origination fees
Apply online to receive an instant quote
CONS High Maximum APR
Not available for all cars.
Vehicle and state restrictions
You may know LendingClub for its peer-to-peer (P2P) lending service for personal loans, but it can assist you with auto loan refinancing. LendingClub offers a non-traditional approach to financing. Instead of private financing as a traditional bank, LendingClub features a streamlined online application procedure and connects individual lenders with borrower to meet various funding requirements.
Do you qualify? LendingClub has a few criteria for auto loan refinances. Applicants should be at least 18 years old and have a car that meets the following requirements: Vehicle must not exceed 10 years old Vehicle must have 120,000 miles or less Remaining auto loan balance must be in the range of $4,000 to $55,000. Existing automobile loan should be the least one month old Existing auto loan must be at least 24 months remaining. The vehicle must be legally registered and titled 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 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 may make you ineligible of auto refinancing. What we like No origination fees. Many lenders charge substantial loan origination fees — which covers the processing costs for the initial loan application — but LendingClub doesn’t charge these fees for an auto loan refinance. Apply online to receive an immediate offer. Applying for a LendingClub auto loan refinance is easy and you can receive an offer with rates that are available to you in just several minutes. What we don’t like High APRs that exceed the maximum. If your credit rating isn’t in most optimal condition, you could end up with a 24.99 per cent APR. It’s not available for all models. If you own a car older than 10 years old, you won’t qualify to receive an loan refinance with LendingClub. The car must also be less than 120,000 miles on it and be not among the prohibited models or models. Vehicle state registration restrictions. Refinancing is unavailable to 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 queries. You can check out its Help page to determine if they have an answer to your question. If not, you can get in touch via phone or email. Customer service is available between five a.m. until 5 p.m. (PT) Monday through Friday, and between 8:30 a.m. and 5 p.m. PT on Saturday.
Auto loan kinds offered LendingClub provides P2P lending options for a variety of loan types. When it comes to auto loans, it only offers loan refinancing with competitive rates. The average borrower will save $86 per month on their monthly payments as per the website. LendingClub doesn’t offer auto loans to aid in the purchase of a new vehicle at this time.
How do you apply for the loan using LendingClub Applying with LendingClub begins on their website. On the site, you’ll need to fill in some personal info, like your complete name, address and income. In addition, you’ll be required to give details about the current auto loan, including the VIN (vehicle identification number), years, make, model color, and the trim level. If you’re qualified for an auto loan then the next step is to upload your requested documentation to verify the information that you have included in your loan application and then receive the final loan approval.
Required application information Driver’s license Vehicle registration Proof of insurance Documents that prove income, like a pay stub
LendingClub FAQs
Can you get preapproved for an loan through LendingClub? You can check your rate in minutes without impacting the credit rating. If you decide to proceed by submitting a loan inquiry, you will be subject to a formal inquiry into your credit will be made.
Does LendingClub have an obligation to have a credit score? LendingClub does not provide a minimum credit score requirement to refinance auto loans. However, the lowest rates are usually offered to those with good or excellent credit.
How Bankrate rates LendingClub
Overall score
3.8
Availability
3.5
LendingClub has the following list of manufacturers and models that are ineligible to refinance, and also has limitations on mileage and age. They also don’t offer loans to borrowers who’s cars are registered in more than 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 the lack of discount for autopay put it to the middle of the pack.
Customer experience
4.4
LendingClub provides an application, online access and a fast funding timeframe and customer service available six every day of the week.
Transparency
5
Rates and fees are readily available on LendingClub’s website and allows to prequalify.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether charges and rates are offered and the range of APR all affect lender scores. These scores are split in four different categories. The availability of loans and repayment options, dealership requirements, and state availability all contribute to this category. Affordability: This section contains APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you’ll have to wait to buy for, the customer service hours, whether there’s an app and autopay payment options are all accounted by this category. Transparency: This category is responsible for the availability of fees and rates as well as whether prequalification is available.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information such as rates and charges provided in the review are accurate at the time of the review. Check the data on the right and the lender’s website for the most recent details.
Written by
Emma Woodward
Contributing writer
Emma Woodward is a former contributor to Bankrate and a freelance writer who loves writing to help people understand personal finance issues. Her writing has been published by 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 dedicated to helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.
Auto loans editor
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