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Lendingclub
LendingClub: 2023 Auto loan review Published 2023-01-01 00:00:00
Written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor to Bankrate and 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 writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to take control of their finances by providing clear, well-researched information that breaks down otherwise 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 choices by providing you with financial calculators and tools that are interactive that provide objective and original content. This allows users to conduct studies and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted 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 who pay us. This compensation may impact how and where products are displayed on this website, for example, for example, the sequence in which they appear within the listing categories, except where prohibited by law. Our loans, mortgages,, and other home lending products. This compensation, however, does have no impact on the content we publish or the reviews that appear on this website. We do not include the universe of companies or financial offers that may be available to you.
About our reviews Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely the opinions of the reviewer and are not evaluated or accepted by any advertising company. The information, including rates and fees that are included in the review is correct as of the date when the review first appeared. Look over the information at the top of this page as well as the lender’s site for the most up-to-date information.
A quick first glance 3.8 Score: 3.8 stars out of five
Bankrate Score
Available Rating: 3.5 stars out of 5
Affordability Rating: 3.6 stars out of 5
Customer Experience Rating: 4.4 stars out of five
Transparency Rating: 5 stars out five
Compare auto loan rates
About LendingClub Loan amount $4,000 to $55,000
Min. credit score of 600
APR ranging from 2.99% to 24.99 percent
Funds available in Typically within 2 days
Pros and pros and LendingClub auto loans The fact is that not every auto loan is eligible for refinancing using LendingClub If your credit score isn’t great, it may not be the best choice.
PROS No origination fees
Apply online to receive an instant offer
CONS High Maximum APR
Not available for all cars
State and vehicle restrictions for state and vehicle
You may have heard of LendingClub for its peer-to-peer (P2P) lending source for personal loans however, it can assist you with auto loan refinancing. LendingClub offers a non-traditional method to financing. Instead of private funds like traditional banks, LendingClub features a streamlined online application procedure and connects individual lenders with borrowers to help with various funding requirements.
Do you qualify? LendingClub has some requirements for auto loan refinancing. The applicants must be 18 years old, and possess an automobile that meets the following requirements: Vehicle must not be more than 10 years old. Vehicle must be 120,000 miles or less Remaining balance of the auto loan amount must range between $4,000 and $55,000 Existing loan must be at least one month old. loan is required to be at the 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 love and what we don’t like LendingClub makes it easy to assess your credit score and select a loan that is suitable for your needs however, some restrictions apply that may make you ineligible to refinance your auto. What we like No origination charges. Many lenders charge substantial loan origination charges which is used to cover the processing costs of an initial loan application — but LendingClub does not charge such charges for automobile loan refinance. Apply online for an immediate offer. Applying for a LendingClub automobile loan refinance is simple and you’ll receive an offer with rates available to you in just some minutes. We don’t like high maximum APR. If your credit rating isn’t in best shape, you may be stuck with the 24.99 percentage APR. This offer is not available to all vehicles. If you own a car older than 10 years then you aren’t eligible to receive the loan refinance through LendingClub. Your vehicle also must not have more than 120,000 miles on it and not be one of the prohibited makes or models. Vehicle state registration restrictions. Refinancing is not available for consumers who reside in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. Contact LendingClub LendingClub offers a few options to help with the auto loan refinance inquiries. You can check out its Help page to determine if they have an answer to your query. If not, reach out by phone or via email. The customer service line is open between five a.m. between 5 p.m. PT Monday through Friday and 8:30 a.m. as well as 5 p.m. the following Saturday.
Auto loan types available LendingClub offers lending via P2P to a range of loan types. In the case of auto loans, it only offers loan refinancing with competitive rates. The average borrower saves $86 per month on their monthly payments, according to the website. LendingClub doesn’t offer auto loans to help with the purchase of a new automobile at this moment.
How do you apply for a loan through LendingClub Applying through LendingClub starts on its website. There, you will need to provide your personal details, including your full name, address , and income. You will also be required to give details about your current auto loan which includes the VIN (vehicle identification number) the year, years, make, model color, and trim level. If you’re eligible for an auto loan then the next step is to upload the requested documentation to verify the information included in your loan application and then receive the final loan approval.
Required application information Driving license, registration of vehicle proof of insurance Documents that prove the income of the applicant, such as an income stub
LendingClub FAQs
Can you get preapproved for an loan through LendingClub? You can check your rate within minutes, without impacting your score on credit. But if you decide to go ahead by submitting an application for a loan application, a hard inquiry into your credit will be made.
Does LendingClub have any credit score requirements? LendingClub does not disclose the minimum credit score requirements for auto refinancing. However, the best rates are generally reserved for borrowers with good or excellent credit scores.
How Bankrate rates LendingClub
Overall score
3.8
The availability
3.5
LendingClub offers the following list of manufacturers and a few models that aren’t eligible to refinance, and also has restrictions on mileage and age. They also don’t offer loans to those whose cars are registered in fifteen states.
Affordability
3.6
There is no origination charge, which is a major advantage in LendingClub’s favor, but its high APR maximum as well as the stringent eligibility requirements and the lack of discount for autopay put it down to middle of the pack.
Customer experience
4.4
LendingClub offers an application, an online portal, a tight funding timeline and customer support available seven every day of the week.
Transparency
5
Rates and fees are openly accessible on the website of LendingClub, and it allows for prequalification.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether the rates or fees readily available and the range of APR all affect lender scores. These scores are split into 4 categories. Availability : Loan amounts and repayment options, dealership requirements, and availability in the state all play a role in this category. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay payment options are all accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees as well as whether or not prequalification is offered.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been evaluated or acknowledged by any advertiser. The information, including rates and fees, presented in the review is accurate at the time of the review. Review the information at the top of this page, and the lender’s site for the most current details.
Written by
Emma Woodward
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and a freelance writer who enjoys writing articles that help to simplify personal finance topics. Her writing has been published by 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 editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-studied information that break down complex topics into manageable bites.
Auto loans editor
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