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Ilending
iLending: the 2023 review of auto loan refinancing, Published 2023-01-01 at 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 articles that help to simplify personal finance issues. Emma has contributed to various 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 since the end of 2021. They are passionate about helping readers feel confident to manage their finances through 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 aim is to assist you make better financial choices by offering interactive tools and financial calculators as well as publishing original and objective content. We also allow you to conduct your own research and compare data for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation may impact how and where products appear on the site, such as such things as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the vast array of companies or financial offers that may be open to you.
Reviewer's disclosures Reviewers are supervised by staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or approved by any advertising company. The information such as rates and charges provided in the review is accurate up to the date that the review was written. Check the data on the right, and the lender's website for the most current details.
At a glance 3.9 rating: 3.9 stars out of 5
Bankrate Score
Available Rating: 3.8 stars out of 5
Cost of Affordability: 3.6 stars out of 5
Customers Experience Score: 4.4 5 stars from five
A rating of transparency: 4.5 stars out of 5
Find out about rates for auto loan rates
About the iLending loan amount, not divulged
Min. credit score Not disclosed
APR from Starting at 2.14%
Funds are available as soon as one day
iLending offers personalized customer service and options to save you money sound appealing, but you should consider both the advantages and disadvantages of this refinancing service prior to signing up.
PROS Personal lending specialist
Low APR minimum
Easy and fast application procedure
CONS Refinance only vehicle loans
No in-person service
Vague qualification requirements
If you're looking to refinance your vehicle loan, iLending may be the right starting point. iLending offers refinancing options for most vehicle loans with the intention of saving you money. This company has been operating for over 15 years, and has received an A+ score from the Better Business Bureau.
With each customer, iLending provides a loan specialist to help you through the situation. They also assist those with bad credit scores. Although iLending does not function as a lender but they do collaborate with credit unions and banks around the nation to find the loan options that will make the most savings.
Do you qualify? Interested applicants should make sure they meet a few basic requirements. There will be equity in your vehicle as well as a satisfactory ratio of debt to income (DTI) percentage to qualify to get approved. You can figure out your DTI by using an . iLending does not disclose an absolute credit score or annual income -which can vary between its lender partners, but generally, you need an average credit score of at 670 or more to be eligible for lenders' best rates. What we like and what don't like If you're approved for refinancing, you'll receive individual assistance to guide you through the lending process and may qualify for an impressively low rate. Still, there is no person-to-person customer support, which may not be suitable for you.
What we like Personal lending specialist: Each customer is assigned a personalized lending specialist to assist throughout the refinancing process. The minimum rate is low: iLending's Minimum APR at 2.14% is lower than the average of its competitors, though the rate you're offered will vary depending on your creditworthiness as well as other aspects. Easy and fast application process: You can apply online using a straightforward process that is expected to take just a few minutes. We don't like that they only refinance car loans: iLending doesn't offer loans for . No in-person service: iLending aims to save its customers money by operating with less expenses for overhead -- which means they don't have any in-person establishments. The iLending website doesn't provide many of the qualification criteria, including a minimum credit scores, and limits on minimum or maximum loan amounts. How to contact iLending Reach iLending customer support by calling at 866-683-5505, or via the chat feature available on iLending website, or by using the email contact form available on the website. Customer service representatives are available Monday through Friday from 6 a.m. to 8 p.m. (MT), Saturdays between 8 a.m. to 4 p.m. on Sundays from 10 a.m. until 3 p.m. MST. Live chat and telephone assistance can be accessed in Spanish and English.
Auto loan types available
Quick facts about loans not disclosed Terms: 12-84 months APR Starting at 2.14 percent
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 lower interest rates or . The fact that they work with a variety of lenders across the United States means rates and terms are different. You can connect with any of their loan experts to learn about the specific loan terms that might be for you. How to apply for an loan with iLending You can apply to refinance your auto loan through iLending's site. The application will require your basic information, including your Social Security number, your name address, phone number and email. An loan specialist will then contact you to fill in any required information. According to the website, the application process will take just less than a minute.
The required application requirements include your name, birth date along with Social Security number Your phone number, physical address, and email address Employment and income information Year, Make model, trim and year of the vehicle. Vehicle Identification number (VIN) the current mileage for the vehicle
ILending FAQs
Does iLending charge you fees when you apply for the auto loan refinancing? Absolutely not, iLending does not assess the application fee.
Is iLending a reputable business? Yes. The platform has been in existence since more than 15 years and currently holds an A+ grade with the Better Business Bureau.
How Bankrate rates iLending
Overall score
3.9
Accessibility
3.8
Because iLending is a part of a large network of lenders and lenders, it is able to assist those in need across the country. However, it does not provide the minimum and maximum loan amounts.
Affordability
3.6
Rates start at 2.14 per cent APR. You won't find a maximum 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 or Spanish.
Transparency
4.5
Prequalification is possible, however it is only available at the minimum rates available before you enter your information.
Methodology For evaluating lenders that focus on auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration in relation to loan amount, the APR disclosed as well as acceptance requirements. Each lender holds a score which is determined by four categories. Availability: This accounts for loan amounts, vehicle restrictions and the availability of each state. Affordability: Primarily, this section covers expected APRs as well as acceptance conditions, discounts for autopay as well as the total amount of charges. Customer experience: This section includes access to support online, online accessibility, funding timeline, option for automatic payments and app availability. Transparency: In this category, prequalification as well as disclosure of rates and fees are accounted for.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are only those of the reviewer and are not reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review are accurate up to the date that the review was written. Check the data at the top of this page and the lender's site for the most current information.
Written by
Emma Woodward
Contributing to writer
Emma Woodward is a former contributor to Bankrate and a freelance writer who loves writing to demystify personal finance issues. Emma has contributed to companies 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-studied, and well-documented data that chunks complicated topics into bite-sized pieces.
Auto loans editor
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