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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 freelance writer who is passionate about writing articles that help to simplify personal finance topics. She has written for businesses and publications such as 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 since late 2021. They are committed to helping readers to take control of their finances with precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with financial calculators and tools that are interactive as well as publishing independent and objective content. This allows users to conduct studies and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted 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 who pay us. This compensation can affect the way and where products appear on this website, for example the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews that you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information such as rates and charges, presented in the review is correct at the time when the review first appeared. Look over the information on the right and the lender’s site for the most up-to-date information.
A quick glance 3.8 Score: 3.8 stars out of 5
Bankrate Score
Available Rating: 3.5 stars out of 5
The Affordability Score: 3.6 stars out of five
Customer Experience Rating: 4.4 stars out of five
Transparency Rating 5 stars out 5
Check rates for auto loan rates
About LendingClub’s Loan amount of $4,000-$55,000 $55,000
Min. credit score of 600
APR ranging from 2.99% to 24.99 percent
The funds are available within 2 days
Pros and pros and LendingClub auto loans There are a few exceptions to this rule. Not every auto loan is eligible for refinancing through LendingClub, and if your credit score isn’t great then it might not be the right choice for you.
PROS No origination fees
Apply online to receive an instant quote
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) lending service for personal loans however, it can also help you with auto loan refinancing. LendingClub offers a non-traditional approach to financing. Instead of private financing as a traditional bank, LendingClub features a streamlined online application process that connects individual lenders with customers to assist with various funding requirements.
Do you qualify? LendingClub has some requirements for auto loan refinancing. Applicants should be at least 18 years old, and possess an automobile that meets these basic qualifications the vehicle should not be more than 10 years old Vehicle must have at least 120,000 miles 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. The existing auto loan must have at least 24 months remaining Vehicle must be legally registered and titled in the 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 like and what dislike about LendingClub allows you to assess your credit score and pick a loan that is suitable for your needs However, there are limitations that could make you ineligible for auto refinancing. What we like No origination charges. Many lenders charge substantial loan origination fees — which will cover the costs of processing an initial loan application — but LendingClub doesn’t charge any fees for an automobile loan refinance. Apply online for an immediate offer. Applying for an LendingClub automobile loan refinance is easy and you’ll get an offer that includes rates available to you in just several minutes. We don’t like high maximum APR. If your credit rating isn’t in best shape, you may be stuck with a 24.99 per cent APR. It’s not available for all models. If you have a car that is more than 10 years old, you won’t qualify to receive the loan refinance through LendingClub. Your vehicle also must have less than 120,000 miles and be not among the prohibited models or models. State registration restrictions for vehicles. Refinancing is not available to customers who reside in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. Contact LendingClub LendingClub offers a few choices to assist you with your auto loan refinance queries. Check out their help page to see the answer to your question. If not, contact them by phone or via email. Customer service is available from five a.m. between 5 p.m. (PT) Monday through Friday, and between 8:30 a.m. as well as 5 p.m. on Saturdays.
Auto loan types available LendingClub provides P2P lending options for a wide range of loan kinds. When it comes to auto loans the company only provides loan refinancing at low rates. The average borrower will save the equivalent of $86 in monthly payments as per the website. LendingClub doesn’t offer auto loans to help with the initial purchase of a vehicle at this time.
How to apply for an loan through LendingClub Applying with LendingClub is easy on its website. On the site, you’ll need to fill in some personal info, like your complete name, address and income. You will also need to provide information about your current auto loan, including details about the VIN (vehicle identification number) the year, year, make, model color, and trim level. If you’re eligible for an auto loan your next task is uploading your requested documentation to verify the information that you have included in your loan application, and get your final loan approval.
Documentation required for the application Driving license, registration of vehicle proof of insurance Documents to prove income, like an income stub
LendingClub FAQs
Can you be preapproved for an loan using LendingClub? You can determine the rate in a matter of minutes without affecting your score on credit. But if you decide to proceed by submitting a loan inquiry, you will be subject to a formal inquiry into your credit will be made.
Does LendingClub have a credit score requirement? LendingClub does not provide a minimum credit score requirement in auto refinancing. However, the best rates are generally reserved for borrowers with good or excellent credit.
What is the rate at which Bankrate rates LendingClub
Overall score
3.8
The availability
3.5
LendingClub has a list of makes and a few models that are ineligible to refinance, and also has limitations on mileage and age. It also doesn’t provide loans for borrowers whose vehicles are registered in more than 15 states.
Affordability
3.6
The absence of an origination fee is a huge point to LendingClub’s advantage, however its high APR maximum strict eligibility criteria, and lack of discount on autopay push it closer to the middle of the pack.
Customer experience
4.4
LendingClub offers an application, online access with a quick funding time and customer service that is available 24 hours a day, seven days a week.
Transparency
5
Rates and fees are readily available on LendingClub’s website, and it allows the prequalification of applicants.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, whether rates and fees are readily available and APR range all influence lender scores. The scores are divided into four categories. The availability of loans and repayment options, dealership requirements and state availability all contribute to this category. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you’ll have to wait to buy, customer service availability and whether or not there’s an app and autopay availability are accounted within this segment. Transparency: This category accounts for the availability of fees and rates as well as the availability of prequalification.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and are not reviewed or accepted by any advertising company. The information, including rates and fees that are included in the review is correct at the time when the review first appeared. Review the information at the top of this page as well as 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 help people understand personal finance topics. She has written for 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.
Auto loans editor
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