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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 a freelance writer who enjoys writing to help people understand personal finance topics. Emma has contributed to 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 writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data for free - so that you can make informed 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 site come from companies that pay us. This compensation can affect the way and where products are displayed on the site, such as for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that may be available to you.
Reviewer's disclosures The reviews are written by staff. The opinions expressed are only those of the reviewer , and are not checked or approved by any advertiser. The information, including rates and fees provided 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, and the lender's website to find the most recent information.
At a look 3.8 Rating: 3.8 stars out of 5
Bankrate Score
Rating of Availability: 3.5 stars out of 5
Affordability Rating: 3.6 stars out of five
Customers Experience Score: 4.4 stars out of five
Transparency Rating 5 stars out of 5
Find out about rates for auto loan rates
About LendingClub's Loan amount of $4,000-$55,000 $55,000
Min. credit score of 600
APR from 2.99 percent to 24.99%
Funds available in Typically within 2 days
Pros and cons of LendingClub auto loans The fact is that not every auto loan qualifies for a refinance using LendingClub If your credit isn't strong then it might not be the best choice.
PROS No origination fees
Apply online and receive an instant offer
CONS High maximum APR
Not all vehicles are available.
Vehicle and state restrictions
You may have heard of LendingClub to be a peer-to peer (P2P) lending source for personal loans However, it could assist you with auto loan refinancing. LendingClub offers a non-traditional method to financing. Instead of private financing as a traditional bank, LendingClub features a streamlined online application process that connects lenders to individual customers to assist with various funding requirements.
Do you qualify? LendingClub has a few requirements for auto loan refinances. The applicant must be 18 years old with a vehicle that meets the following basic requirements: Vehicle must not be more than 10 years old. Vehicle must have 120,000 miles or less Remaining auto loan total must amount to between $4,000 and $55,000. The existing automobile loan must be at the least one month old. Existing auto loan must be at least 24 months remaining. The 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 we do not like about LendingClub makes it easy to assess your credit score and choose a loan that is suitable for your needs however, some restrictions apply that may make you ineligible to refinance your auto. We like the fact that there are no origination charges. A lot of lenders charge high loan origination charges -- which will cover the costs of processing an initial loan application -- but LendingClub doesn't charge any charges for automobile loan refinance. Apply online and receive an instant quote. Applying for an LendingClub car loan refinance is straightforward and you'll get an offer with rates that are available to you in just some minutes. What we do not like is the high maximum APR. If your credit score isn't in top shape, you could be stuck with an 24.99 percent APR. Not available for all cars. If you have a car that is older than 10 years, you won't qualify for an loan refinance through LendingClub. The car must also not have more than 120,000 miles and be not among the prohibited models or models. Vehicle state registration restrictions. Refinancing is not available for consumers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. Contact LendingClub LendingClub offers a few options to help with your auto loan refinance queries. You can visit its Help page to determine the answer to your question. If not, you may get in touch by phone or via email. The customer service line is open between 5 a.m. between 5 p.m. on Monday through Friday and 7 a.m. until 5 p.m. PT on Saturday.
Auto loan types available LendingClub offers lending via P2P for a wide range of loan kinds. In the case of auto loans the company only provides loan refinancing at low rates. The average borrower saves $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 automobile at this moment.
How to apply for a loan with LendingClub Applying through LendingClub starts on its website. On the site, you'll need to enter some personal info, like your complete name, address and income. In addition, you'll need to provide information about the current auto loan which includes details about the VIN (vehicle identification number) the year, year, make, model, color and the trim level. If you're qualified for an auto loan, you'll need to submit the required documents to confirm the information that you have included in your loan application and receive an official loan approval.
Required application information Driving license, registration of vehicle proof of insurance Documents that confirm the income of the applicant, such as the pay stub
LendingClub FAQs
Are you able to get preapproved for an loan using LendingClub? You can find out your rate within minutes, without impacting your score on credit. However, if you decide to go ahead through the loan inquiry, you will be subject to a hard inquiry into your credit will be made.
Does LendingClub have any credit score requirements? LendingClub doesn't provide the minimum credit score requirements in auto refinancing. However, the lowest rates are usually offered to those with good or excellent credit scores.
How Bankrate rates LendingClub
Overall score
3.8
Availability
3.5
LendingClub has the following list of manufacturers and a few models that aren't eligible for refinancing, and has restrictions on mileage and age. It also doesn't provide loans for borrowers whose vehicles are registered in 15 states.
Affordability
3.6
The absence of an origination fee is a major advantage for LendingClub, however its high APR maximum as well as the stringent eligibility requirements and lack of discount for autopay put it down to middle of the pack.
Customer experience
4.4
LendingClub has an app, online access with a quick funding time and customer service that is available 24 hours a day, seven every day of the week.
Transparency
5
Rates and charges are freely available on LendingClub's website and allows the prequalification of applicants.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, whether the rates or fees offered and APR range all influence lender scores. These scores are split in four different categories. Availability : Loan amounts as well as repayment options, dealer requirements, and availability in the state all play a role in this category. Affordability: This section houses APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you have to shop for, the customer service hours, whether there's an app and autopay availability are accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees and whether or not prequalification is offered.
Editorial disclosure 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 accepted by any advertising company. The information such as rates and charges provided in the review is accurate as of the date of the review. Check the data at the top of this page and the lender's website for the most current information.
Written by
Emma Woodward
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and a freelance writer who enjoys writing articles that help to simplify personal finance topics. Emma has contributed to businesses 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 from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied information that break down complex subjects into bite-sized pieces.
Auto loans editor
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