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Ilending
iLending the 2023 review of auto loan refinancing, Published 2023-01-01, 00:00:00
Written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor to Bankrate and freelance writer who loves writing to demystify personal finance topics. Emma has contributed to 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 editing and writing for Bankrate since late 2021. They are committed to helping readers to control their finances by providing precise, well-researched and well-researched content that reduces complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare information for free to help you make sound financial decisions. 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 deals that are displayed on this site are from companies that pay us. This compensation can affect the way and when products are listed on this site, including for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home loan products. This compensation, however, does have no impact on the content we publish or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be open to you.
About our reviews Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review is accurate up to the date that the review was written. Review the information in the upper right hand corner of the page, and the lender’s website for the most current information.
A quick look 3.9 Score: 3.9 stars out of five
Bankrate Score
Rating of Availability: 3.8 stars out of 5
Affordability Rating: 3.6 stars out of five
Customers Experience Score: 4.4 five stars of 5
The Transparency Score: 4.5 stars out of five
Compare rates for auto loan rates
The amount of the loan from iLending is not divulged
Min. credit score Not disclosed
APR that starts at 2.14%
Funds are available as soon as one day
iLending provides personalized customer support and options to save you money sound great but consider both the advantages and disadvantages of refinancing before signing up.
PROS Personal loan specialist
Low APR for a minimum
Quick and simple application process
CONS Refinance only vehicle loans
No in-person service
Vague qualification requirements
If you’re looking to refinance your car loan ILending could be the right starting point. iLending offers refinancing for the majority of vehicles loans with the goal of saving you money. This company has been in operation for more than 15 years and it has an A+ rating with the Better Business Bureau.
With each customer, iLending provides a loan specialist to assist you with the situation. They even assist borrowers who have bad credit scores. Although iLending does not function as a lender, they collaborate with banks and credit unions across the country to help you find the loan solutions that will help you save the most money.
Do you qualify? Interested applicants should make sure they meet a few basic prerequisites. There is equity in your vehicle as well as a good credit-to-income (DTI) ratio in order to get approved. You can calculate your DTI using a . iLending does not provide the minimum credit score or annual income- which may vary among its lender partners. However, generally, you need a credit score of at minimum 670 to be eligible for lenders’ best rates. What we love and what we don’t like If you’re approved for refinancing, you’ll receive individual assistance to guide you through the lending process and may get a very low rate. There isn’t person-to-person customer support, which may not be ideal for you.
What we like about personal loan specialist: Every client is assigned a personal lending specialist to assist during the refinancing process. The minimum rate is low: iLending’s advertised Minimum APR at 2.14% is less than the average of its competitors but the rate you’re provided will be based on your creditworthiness, as well as other aspects. Easy and fast application process Apply on the internet using a simple process that is expected to take just less than a minute. What we don’t like Only refinance of vehicle loans: iLending doesn’t offer loans for . There is no in-person service available: iLending aims to save its customers money by operating at lower overhead costs — meaning they don’t have in-person locations. Vague qualification requirements: iLending’s website does not provide many qualifications criteria, including a minimum credit scores, and minimal and maximal loan amounts. Contact iLending Reach iLending customer service via phone at 866-683-5505, via the chat service on the iLending website, or by using the contact form for email on its website. Customer service agents are accessible Monday through Friday, from 6 a.m. until 8 p.m. MST, on Saturdays from 8 a.m. to 4 p.m. MT and Sunday between 10 a.m. to 3 p.m. The time is MT. Live chat and phone assistance is available both in Spanish as well as English.
Auto loan kinds available
Quick facts about loans: Not disclosed Terms APR for 12-84 months: From 2.14 percent
It is the only place you can find auto loan refinancing with iLending. It is a third-party service between current borrowers and potential new lenders. Current auto loan customers can make use of the services of iLending if they wish to get lower interest rates or . Working with many different lenders across the nation means that rates and terms are different. It is possible to connect with an iLending loan specialists to find out the specific loan terms that might be offered to you. How do you apply for a loan with iLending You can apply to refinance your auto loan directly on iLending’s website. The application will request your basic info, like a Social Security number, your name, address and contact info. A loan specialist will then call you to fill in any required information. According to their website, the application process should only take less than a minute.
The required application requirements include your name, birth date as well as Social Security number Your phone number, physical address and email address. Employment and earnings information Year, make model, model and trim of the vehicle Vehicle Identification number (VIN) The current mileage of the vehicle
ILending FAQs
Does iLending charge fees when you apply for automobile loan refinancing? It’s not true, iLending does not assess any application fees.
Is iLending a reliable company? Yes. The online platform has existed since 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
Since iLending is a part of a large network of lenders and lenders, it is able to assist the borrowers from any state. But it doesn’t provide its the minimum and maximum loan amounts.
Affordability
3.6
Rates start low at 2.14 percent annual percentage rate. There’s no limit on APR though, and fees aren’t listed.
Customer experience
4.4
Customer support is available seven all week long, and it is available in English and Spanish.
Transparency
4.5
Prequalification is possible, however just the minimal rate will be available prior to submitting your information.
Methodology To rate lenders that are specialized in refinancing auto loans, Bankrate considers 16 different elements. These variables range from the loan amount, disclosed APR as well as acceptance requirements. Each lender holds a score which is determined by four categories. Availability: This accounts for loan amount, vehicle restrictions and availability in each state. Affordability: Primarily, this section covers expected APR and acceptance conditions, discounts for autopay as well as the total amount of fees. Customer experience: This section includes accessibility to online services, availability of support along with funding timelines, options for automatic payment and app accessibility. Transparency: In this category, prequalification as well as the disclosure of fees and rates are accounted for.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are only those of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review is accurate at the time that the review was written. Check the data in the upper right hand corner of the page as well as the lender’s website for the most current details.
Written by
Emma Woodward
Contributing writer
Emma Woodward is a former contributor for Bankrate and a freelance writer who is passionate about writing to demystify personal finance issues. She has written for various 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 committed to helping readers gain confidence to control their finances through providing precise, well-researched and well-studied data that chunks complicated topics into bite-sized pieces.
Auto loans editor
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