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Ilending
iLending The 2023 Review of Auto Loan Refinancing Published 2023-01-01, 00:00:00
The story was written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor to Bankrate and a freelance writer who enjoys 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 the end of 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-researched, and clear information that reduces 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 as well as publishing original and objective content. This allows you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted 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 that compensate us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other home loan products. This compensation, however, does affect the content we publish or the reviews appear on this website. We do not contain the vast array of companies or financial offerings that could be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees that are included in the review is correct as of the date of the review. Check the data on the right as well as the lender’s site for the most recent details.
At a glance 3.9 rating: 3.9 stars out of 5
Bankrate Score
Available Rating: 3.8 stars out of 5
The Affordability Score: 3.6 stars out of 5
Customer Experience Rating: 4.4 stars out of 5
A rating of transparency: 4.5 stars out of 5
Check rates for auto loan rates
The amount of the loan from iLending is not made public
Min. credit score Not disclosed
APR that starts at 2.14%
Funds available as early as one day
iLending provides personalized customer support and options for saving money sound appealing, but you should consider both the benefits and drawbacks of this refinancing option prior to signing up.
PROS Personal lending specialist
Low minimum APR
Quick and simple application procedure
CONS Only refinance vehicles loans
No in-person service
Vague qualification requirements
If you’re looking to refinance your car loan ILending might be the perfect place to start. iLending offers refinancing for most vehicles loans with the intention of making it easier to save money. This company has been operating for over 15 years, and has received an A+ score from the Better Business Bureau.
With every customer, iLending provides a loan specialist to assist you with the process. They also assist those with bad credit scores. While iLending is not a lender it does work with banks and credit unions across the country to identify the loan options that can save you the most money.
Do you qualify? Anyone who is interested should ensure they meet a few basic prerequisites. There is equity in the car and a good ratio of debt to income (DTI) percentage to qualify to get accepted. You can calculate your DTI using a . iLending doesn’t disclose a minimum credit score or annual income -that could differ among its lender partners. However, generally speaking, you’ll need a credit score of minimum 670 to be eligible for the lenders’ highest rates. What we like and what we don’t like to refinance, you’ll receive personalized assistance to help navigate the process of applying for loans and could get a very low interest. Still, there is no personal customer service available which might not be ideal for you.
What we like about personal lender: Every customer is assigned a personalized loan specialist who will assist them throughout the refinancing process. Minimum APRs that are low ILending’s advertised Minimum APR at 2.14% is less than many competitors’ however the rates you’ll be offered will vary depending on your creditworthiness and other aspects. Easy and fast application process Apply on the internet using a simple process that should only take about a couple of minutes. What we don’t like Only refinance vehicle loans: iLending doesn’t offer loans for . No in-person service: iLending aims to save customers money by operating at lower overhead costs — meaning they don’t have any in-person establishments. The iLending website does not provide many qualifications requirements, including minimum credit score and minimal and maximal loan amounts. How to contact iLending Reach iLending customer service by phone at 866-683-5505, or via the chat service on the iLending website or the contact form via email on its website. Customer service representatives are available Monday through Friday from 6 a.m. to 8 p.m. MT, Saturdays from 8 a.m. to 4 p.m. Monday through Sunday from 10 a.m. to 3 p.m. The time is MT. Live chat and phone assistance is available both in Spanish in addition to English.
Auto loan types offered
The loan quick facts are: Not disclosed Terms APR for 12-84 months Starting at 2.14%
You’ll only find auto loan refinancing through iLending. It’s a third-party service between current borrowers and potential new lenders. Current auto loan customers can make use of the iLending service if they desire low interest rates or . Being a partner with several lenders across the United States means rates and terms are different. It is possible to connect with one of the company’s loan specialists to discuss specific loan terms that could be available to you. How to apply for an loan with iLending You are able to apply for a refinance of your auto loan directly on iLending’s website. The application will ask for your basic information, including your Social Security number, your name as well as your address and contact information. A loan specialist will then contact you to complete any needed information. According to their website, the procedure should take only a few minutes.
The required application requirements include your name, date of birth and Social Security number. Also, your phone #, address, and email address Employment and income information Year, Make, model and trim of the vehicle Vehicle identification number (VIN) The current mileage of the vehicle
ILending FAQs
Does iLending charge fees when applicants apply for an the auto loan refinancing? Absolutely not, iLending does not assess an application fee.
Are they a trustworthy business? Yes. The platform online has been around for 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 has a broad lender network, it can help borrowers in any state. But it doesn’t provide its most or minimum loan amounts.
Affordability
3.6
Rates start at 2.14 percent annual percentage rate. There’s no maximum APR however, and charges aren’t stated.
Customer experience
4.4
Customer service is available 7 every day of the week. It is it is available in English and Spanish.
Transparency
4.5
Prequalification is offered, however, just the minimal rate will be offered prior to submitting your information.
Methodology For evaluating lenders that are specialized in refinancing auto loans, Bankrate considers 16 various factors. These variables range in relation to loan amount, APR that is disclosed as well as acceptance requirements. Each lender holds a score based on four categories. Accessibility: This is a factor that accounts for loan amounts, vehicle restrictions and their availability in every state. Affordability: The primary focus of this section covers expected APRs, acceptance conditions, discounts for autopay and the number of charges. Customer experience: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payments and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are recorded.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information, including rates and fees provided in the review are accurate as of the date that the review was written. Look over the information on the right, and the lender’s website for the most current details.
Written by
Emma Woodward
Contributing to writer
Emma Woodward is a former contributor for Bankrate and freelance writer who loves writing articles that help to simplify 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 since the end of 2021. They are committed to helping readers gain confidence to take control of their finances through providing precise, well-researched and well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
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