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Lendingclub
LendingClub: 2023 Auto loan review, published 2023-01-01 at 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 issues. 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 from late 2021. They are committed to helping readers feel confident to control their finances through providing concise, well-researched and well-researched content that break down complex topics into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering financial calculators and interactive tools as well as publishing independent and objective content, by enabling users to conduct research 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 products that are advertised on this website are provided by companies who pay us. This compensation can affect the way and when products are featured on this website, for example the order in which they may be displayed within the listing categories and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does not influence the content we publish or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could be open to you.
Reviewer’s disclosures Reviewers are supervised by staff. The opinions expressed are only those of the reviewer , and are not evaluated or acknowledged by any advertiser. The information that is included, including rates and fees that are included in the review is correct at the time when the review first appeared. Check the data in the upper right hand corner of the page as well as the lender’s website to find the most current information.
At a glance 3.8 Score: 3.8 stars out of five
Bankrate Score
Availability Rating: 3.5 stars out of 5
Cost of Affordability: 3.6 stars out of 5
The Customer Service Rating is 4.4 five stars of 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 of 600
APR ranging from 2.99 percent to 24.99%
Funds available in Typically within 2 days
Pros and pros and LendingClub auto loans Not every auto loan is eligible for refinancing through LendingClub, and if your credit isn’t good then it might not be the best choice.
PROS No origination fees
Apply online and receive an immediate offer
CONS High maximum APR
Not available for all cars.
State and vehicle restrictions for state and vehicle
You may know LendingClub for its peer-to-peer (P2P) loan provider for personal loans, but it can assist with auto loan refinancing. LendingClub provides a different approach to financing. Instead of private funds as a traditional bank, LendingClub features a streamlined online application process and connects individual lenders with individual customers to assist with various funding requirements.
Do you qualify? LendingClub has some requirements for auto loan refinances. The applicants must be 18 years old, and possess a vehicle that meets the following requirements the vehicle should not exceed 10 years old. Vehicle must have 120,000 miles or less 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 have at least 24 months remaining. Vehicle must be legally registered and titled in your current state of 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 love and what we dislike about LendingClub lets you assess your credit score and pick the loan that works for you, but limitations apply that could make you ineligible for auto refinancing. What we like No origination fees. Many lenders charge substantial loan origination fees which is used to cover the processing costs of an initial loan application. But LendingClub does not charge such fees for automobile loan refinance. Apply online and receive an immediate offer. Applying for an LendingClub car loan refinance is simple and you can receive an offer with rates that are available to you in just some minutes. What we don’t like High APRs that exceed the maximum. If your credit rating isn’t in best shape, you may be stuck with a 24.99 per cent APR. Not available for all cars. If you have a car older than 10 years old then you aren’t eligible for the loan refinance with LendingClub. Your car also has to have less than 120,000 miles on it and not be one of the restricted makes or models. There are restrictions on registrations for state vehicles. Refinancing is not available to customers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few options to help with any auto loan refinance questions. Check out their help page to see the answer to your question. If not, you can contact them by phone or via email. The customer service line is open between 5 a.m. until 5 p.m. PT Monday through Friday and 8:30 a.m. and 5 p.m. the following Saturday.
Auto loan kinds offered LendingClub provides P2P lending options for a wide range of loan kinds. When it comes to auto loans, it only offers loan refinancing with competitive rates. A typical borrower can save the equivalent of $86 in monthly payments, according to the website. LendingClub doesn’t provide auto loans to assist with the purchase of a new automobile at this moment.
How to apply for a loan with LendingClub Making an application using LendingClub starts on its website. On the site, you’ll need to fill in certain personal information, such as your full name, address , and income. Additionally, you will have to submit information regarding the current auto loan, including details about the VIN (vehicle identification number) the year, years, make, model color, and the trim level. If you’re eligible to receive an auto loan then the next step is to upload your requested documents to verify the details provided in your loan application and then receive your final loan approval.
Required application information Driver’s license Vehicle registration Proof of insurance Documents that confirm income, like the pay stub
LendingClub FAQs
Can you be preapproved for a loan using LendingClub? You can find out your rate within minutes, without impacting the credit rating. If you decide to go ahead with the loan inquiry, you will be subject to a formal inquiry into your credit will be made.
Does LendingClub have any credit score requirements? LendingClub does not provide a minimum credit score requirement for auto refinancing. However, the best rates are typically reserved for borrowers with good or excellent credit.
How does Bankrate rate LendingClub
Overall score
3.8
Accessibility
3.5
LendingClub offers a list of makes and a few models that aren’t eligible for refinancing, and has limitations on mileage and age. They also don’t offer loans to borrowers who’s cars are registered in fifteen states.
Affordability
3.6
There is no origination charge, which is a major advantage to LendingClub’s advantage, however its high APR maximum strict eligibility criteria, and the absence of a discount on autopay push it to the middle of the pack.
Customer experience
4.4
LendingClub has an application, an online portal with a quick funding time and customer service that is available 24 hours a day, seven all week.
Transparency
5
Rates and fees are readily available on LendingClub’s website and allows to prequalify.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, whether the rates or fees readily available and the APR range are all factors that affect lender scores. The scores are divided into 4 categories. Accessibility : Loan amounts and repayment options, dealership requirements, and state availability all play a role in this section. Affordability: This section contains APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you’ll have to wait to buy and the availability of customer service and whether or not there’s an app and autopay payment options are all accounted for in this section. Transparency: This section accounts for the availability of fees and rates along with whether prequalification is available.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been evaluated or acknowledged by any advertiser. The information, including rates and fees, presented in the review is correct 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 recent information.
Written by
Emma Woodward
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and freelance writer who enjoys writing to demystify personal finance issues. Emma has contributed to companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched information that breaks down complicated topics into manageable bites.
Auto loans editor
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