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Ilending
iLending The 2023 Review of Auto Loan Refinancing Published 2023-01-01 at 00:00:00
Authored 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 businesses 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 since the end of 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing concise, well-researched, and clear 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 financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home loan products. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not contain the universe of companies or financial deals that may be available to you.
Reviewer's disclosures Reviewers are supervised by staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review are accurate up to the date that the review was written. Review the information at the top of this page and the lender's website for the most up-to-date details.
A look 3.9 rating: 3.9 stars out of 5
Bankrate Score
Availability Rating: 3.8 stars out of 5
The Affordability Score: 3.6 stars out of five
Customer Experience Rating: 4.4 5 stars from five
Transparency Rating: 4.5 stars out of 5
Find out about auto loan rates
About iLending Loan amount 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 appealing, but you should consider both the benefits and drawbacks of this refinancing service prior to signing up.
PROS Personal loan specialist
Low minimum APR
Simple and quick application procedure
CONS Only refinance vehicles loans
No in-person service
Vague qualification requirements
If you're looking to refinance your vehicle loan ILending might be the right place to start. iLending offers refinancing for all automobile loans with the goal of making it easier to save money. This company has been in operation for over 15 years, and it has been awarded an A+ grade by the Better Business Bureau.
With every customer, iLending provides a loan specialist to help you through the case. They even assist borrowers who have bad credit scores. While iLending doesn't function as a lender, they partner with credit unions and banks around the nation to find the loan options that can save you the most money.
Do you qualify? Anyone who is interested should ensure they meet the basic conditions. You will some equity in the car and a good ratio of debt to income (DTI) ratio to be accepted. You can determine your DTI using a . iLending does not disclose a minimum credit score or annual incomethat could differ among its lender partners. However, generally speaking, you'll need an average credit score of at minimum 670 to be eligible for the best rates offered by lenders. What we like and what we don't like for refinancing, you'll receive personal assistance in understanding the loan process. You could also get a very low interest. Still, there is no in-person customer service that may not be the best option for you.
What we like about personal lending specialist: Each customer is assigned a personalized loan specialist who will assist them throughout the refinancing process. The minimum rate is low: ILending's advertised Minimum APR at 2.14% is less than many competitors' but the rates you'll be offered will vary depending on your creditworthiness, as well as other factors. It's a simple and fast process to apply Apply on the internet using a simple process that is expected to take just about a couple of minutes. We dislike that they only refinance car loans: iLending doesn't offer loans for . There is no in-person service available: iLending aims to save its customers money by operating with lower expenses for overhead -- which means they don't have physical locations. Vague qualification requirements: iLending's website doesn't provide many of the qualification conditions, such as a the minimum credit score, as well as the limits on minimum or maximum loan amounts. How to contact iLending You can reach iLending customer service by phone at 866-683-5505, via chat available on iLending website, or by using the contact form via email available on the website. Customer service representatives are available Monday through Friday, from 6 a.m. to 8 p.m. MST, on Saturdays from 8 a.m. to 4 p.m. MT and Sunday between 10 a.m. until 3 p.m. The time is MT. Live chat and phone support are available in both Spanish as well as English.
Auto loan kinds available
Loan quick facts Amounts: Not disclosed Terms 12 -84 months APR from 2.14%
It is the only place you can find auto loan refinancing through iLending. It is an unofficial service that connects the current borrower and potential new lenders. Current auto loan customers can avail the iLending service if they desire lower interest rates or . Working with many different lenders across the nation means that rates and terms vary. It is possible to connect with any of their loan specialists to discuss specific loan terms that might be for you. How do you apply for an loan with iLending You are able to apply for a refinance of your auto loan directly through the iLending website. The application will require the basic information, such as the Social Security number, your name, address and contact info. The loan specialist will then contact you to verify any necessary information. According to its website, the process should only take less than a minute.
Required application information Your name, date of birth as well as Social Security number. Your telephone #, address, and email address Employment and income information Year, make model, trim and year of the vehicle. The vehicle's identification number (VIN) the current mileage for the vehicle
iLending FAQs
Does iLending charge fees when applicants apply for an the auto loan refinancing? Absolutely not, iLending does not assess the application fee.
Is iLending a reputable business? Yes. The platform online has been around for over 15 years, and is currently holding an A+ rating from the Better Business Bureau.
How Bankrate rates iLending
Overall score
3.9
Availability
3.8
Because iLending has a broad network of lenders and lenders, it is able to assist borrowers in any state. But it doesn't offer its most or minimum 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 stated.
Customer experience
4.4
Customer support is available seven all week long, and available in both English or Spanish.
Transparency
4.5
Prequalification is possible, however just the minimal rate will be accessible prior to you filling in your details.
Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration to the loan amount, disclosed APR and acceptance criteria. Each lender has a score that is based on four categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Affordability: Primarily, this section covers expected APR and acceptance conditions, discounts for autopay, and the amount of charges. Customer experience: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payment and app accessibility. Transparency: Here , prequalification and disclosure of rates and fees are taken into account.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are only those of the reviewer , and have not been reviewed or acknowledged by any advertising company. The information, including rates and fees provided in the review is accurate up to the date of the review. Check the data in the upper right hand corner of the page, and the lender's website for the most up-to-date information.
Written by
Emma Woodward
Contributing to writer
Emma Woodward is a former contributor for Bankrate and freelance writer who loves writing to demystify personal finance issues. She has written for various 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 the confidence to take control of their finances through providing concise, well-studied, and well-documented data that chunks complex topics into manageable bites.
Auto loans editor
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