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Lendingclub
LendingClub: 2023 Auto loan review 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 loves writing to demystify personal finance topics. Her writing has been published by 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 from late 2021. They are committed to helping readers to control their finances through providing precise, well-studied information that break down complex subjects 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 decisions by providing you with financial calculators and interactive tools, publishing original and objective content. This allows users to conduct research and to compare data for no cost and help you make sound 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 Make money The products that are advertised 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 example, the order in which they may appear within the listing categories, except where prohibited by law. Our loans, mortgages, and other products for home loans. But this compensation does affect the information we provide, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial deals that may be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are only those of the reviewer and have not been reviewed or approved by any advertiser. The information such as rates and charges provided in the review are accurate at the time when the review first appeared. Review the data on the right as well as the lender’s site for the most up-to-date details.
A glance 3.8 Rating: 3.8 stars out of five
Bankrate Score
Availability Rating: 3.5 stars out of 5
The Affordability Score: 3.6 stars out of five
Customers Experience Score: 4.4 stars out of 5
Transparency Rating: 5 stars out 5
Check auto loan rates
About LendingClub Loan amount $4,000 to $55,000
Min. credit score 600
APR ranges from 2.99% up to 24.99 percent
The funds are available within 2 days
Pros and pros and LendingClub auto loans The fact is that not every auto loan qualifies for a refinance through LendingClub If your credit score isn’t great, it may not be the best option.
PROS No origination fees
Apply online and receive an instant offer
CONS Highest maximum APR
Not available for all cars
State and vehicle limitations for vehicles and state
You may have heard of LendingClub to be a peer-to peer (P2P) loan provider for personal loans, but it can assist with auto loan refinances. LendingClub offers a non-traditional method to financing. Instead of private financing like traditional banks, LendingClub features a streamlined online application procedure and connects individual lenders with borrower to meet the various needs for funding.
Do you qualify? LendingClub has a few criteria for auto loan refinancing. Applicants should be at least 18 years old with a vehicle that meets the following basic requirements: Vehicle must not exceed 10 years old. The vehicle must have 120,000 miles or less balance of the auto loan balance must be between $4,000 and $55,000. The existing automobile loan is required to be at least one month old Existing auto loan must have at minimum 24 months remaining 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 don’t like LendingClub makes it easy to check your approval odds and select a loan that works for you, but limitations apply that may make you ineligible of auto refinancing. What we love: No origination fees. Many lenders charge hefty loan origination fees — a fee that will cover the costs of processing a new loan application. However, LendingClub doesn’t charge these charges for auto loan refinance. Apply online for an immediate offer. Applying for an LendingClub car loan refinance is easy and you’ll get an offer with rates available to you in just a few minutes. What we do not like is the high maximum APR. If your credit rating isn’t in best shape, you may end up with an 24.99 per cent APR. This offer is not available to all vehicles. If you have a car older than 10 years, you won’t qualify to receive an loan refinance with LendingClub. The car must also be less than 120,000 miles on it and not be among the prohibited models or models. State registration restrictions for vehicles. Refinancing is unavailable to consumers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few solutions to your auto loan refinance queries. You can visit its help page to see the answer to your query. If not, contact them via email or phone. Customer service is available between 5 a.m. until 5 p.m. (PT) Monday through Friday, and between 8 a.m. and 5 p.m. PT on Saturday.
Auto loan kinds offered LendingClub offers lending via P2P to a range of loan types. In the case of auto loans it offers loan refinancing with competitive rates. A typical borrower can save $86 on their monthly payment, according to the website. LendingClub does not offer auto loans to aid in the initial purchase of a car at the moment.
How to apply for an loan through LendingClub Making an application with LendingClub is easy on its website. There, you will need to enter some personal info, like your complete name, address and income. In addition, you’ll be required to give details about the current auto loan with the VIN (vehicle identification number) the year, date, year, model, year, color and trim level. If you’re eligible for an auto loan, your next task is uploading the requested documents to verify the details that you have included in your loan application and then receive the final loan approval.
Documentation required for the application Driver’s license Vehicle registration Proof of insurance Documents that prove income, like the pay stub
LendingClub FAQs
Can you get preapproved for an loan using LendingClub? You can find out your rate within minutes, without impacting your credit score. But if you decide to proceed through a loan request, then a formal credit inquiry will be initiated.
Does LendingClub have a credit score requirement? LendingClub doesn’t provide the minimum credit score requirements to refinance auto loans. However, the lowest rates are generally only available to borrowers with excellent or excellent credit.
How does Bankrate rate LendingClub
Overall score
3.8
The availability
3.5
LendingClub offers the following list of manufacturers and models that are not eligible for refinancing, and has restrictions on age and mileage. The company also does not offer loans for borrowers whose vehicles are registered in more than 15 states.
Affordability
3.6
No origination fee is a huge point to LendingClub’s advantage, however its high maximum APR, stringent eligibility criteria and the absence of a discount for autopay put it closer to the middle of the pack.
Customer experience
4.4
LendingClub provides an application, online access, a tight funding timeline and customer support available seven all week.
Transparency
5
Rates and charges are freely accessible on the website of LendingClub and allow to prequalify.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, whether charges and rates are offered and the APR range are all factors that affect lender scores. These scores are broken up into four categories. The availability of loans, repayment options, dealership requirements and state availability all contribute to this section. Affordability: This section houses APR ranges and acceptance criteria, along with discounts and fees. Customer experience: How long you’ll need to shop and the availability of customer service, whether there’s an app and availability of autopay are all taken care for in this section. Transparency: This category is responsible for the availability of fees and rates and whether or not prequalification is offered.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information, including rates and fees that are included in the review are accurate up to the date that the review was written. Look over the information on the right, and the lender’s site for the most recent details.
Written by
Emma Woodward
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and freelance writer who enjoys writing articles that help to simplify personal finance issues. Her writing has been published by businesses and publications like Finch, Toast, JBD Clothiers and The Financial Diet.
Editor: 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 confidence to control their finances by providing precise, well-studied information that breaks down complicated subjects into bite-sized pieces.
Auto loans editor
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