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Ilending
iLending The 2023 Review of Auto Loan Refinancing Published 2023-01-01 at 00:00:00
The story was written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor for Bankrate and a freelance writer who enjoys writing to help people understand 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 from late 2021. They are committed to helping readers feel confident to take control of their finances through providing concise, well-researched, and clear information that reduces complex subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with financial calculators and interactive tools as well as publishing original and objective content. We also allow you to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies who pay us. This compensation can affect the way and when products are listed on the site, such as such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will affect the information we publish, or the reviews that you read on this site. We do not contain the universe of companies or financial offers that may be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely those of the reviewer and have not been evaluated or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is accurate as of the date that the review was written. Review the information on the right, and the lender’s website for the most up-to-date information.
A quick look 3.9 rating: 3.9 stars out of five
Bankrate Score
Availability Rating: 3.8 stars out of 5
Affordability Rating: 3.6 stars out of 5
The Customer Service Rating is 4.4 stars out of five
Transparency Rating: 4.5 stars out of five
Compare rates for auto loan rates
The amount of the loan from iLending is not disclosed
Min. credit score not disclosed
APR starting at 2.14%
Funds available in As soon as one day
iLending offers personalized customer service and options for saving money sound great but consider both the pros and cons of refinancing prior to signing up.
PROS Personal lending specialist
Low APR for a minimum
Easy and fast application process
CONS Only refinance vehicles loans
No in-person service
Vague qualification requirements
If you want to refinance your car loan ILending might be the best location to begin. iLending offers refinancing options for the majority of vehicles loans with the intention of saving you money. This company has been around for over 15 years, and has received an A+ score from the Better Business Bureau.
With each customer, iLending provides a loan specialist to help you through the process. They even work with borrowers who have bad credit scores. While iLending doesn’t function as a lender it does partner with banks and credit unions around the nation to find the loan options that can help you save the most money.
Do you qualify? Potential applicants must ensure they meet a few fundamental prerequisites. There is equity in the car and a satisfactory ratio of debt to income (DTI) ratio to be accepted. You can calculate your DTI using the . iLending doesn’t disclose the minimum credit score or annual income — which may vary among its lender partners, but generally speaking, you’ll need a credit score of at least 670 to qualify for the lenders’ highest rates. What we like and what we don’t like If you’re approved for refinancing, you’ll get individual assistance to guide you through the loan process. You could also get a very low rate. Still, there is no person-to-person customer support that may not be suitable for you.
What we like about personal lender: Every customer is assigned a personalized lending specialist to work with during the refinancing process. The minimum rate is low: iLending’s advertised minimal APR of 2.14% is less than many competitors’, though the rates you’ll be given will differ based on your creditworthiness, as well as other factors. Easy and fast application process It’s possible to apply online using a straightforward process that is expected to take just a few minutes. We dislike that they only refinance of vehicle loans: iLending doesn’t offer loans for . No in-person service: iLending aims to save customers money by operating with lower overhead costs — meaning that they don’t offer any in-person places. Inconsistent requirements for qualification: iLending’s website does not provide many qualifications criteria, including a the minimum credit score, as well as the minimal and maximal loan amounts. How to contact iLending You can reach iLending customer service via phone at 866-683-5505, or via the chat service on the iLending website, or via the email contact form found on their website. Customer service representatives are available Monday through Friday from 6 a.m. until 8 p.m. MT, Saturday from 8 a.m. to 4 p.m. on Sundays from 10 a.m. until 3 p.m. MT. Live chat and phone assistance can be accessed in Spanish in addition to English.
Auto loan kinds available
The loan quick facts are: Not disclosed Terms 12 -84 months APR: From 2.14%
There is only one way to get auto loan refinancing through iLending. It is a third-party service between the current borrower and potential new lenders. Current auto loan borrowers can use the iLending service if they desire low interest rates or . Being a partner with several lenders across the nation means that rates and terms are different. Contact any of their loan specialists to find out the specific loan term options that may be offered to you. How to apply for a loan with iLending You are able to apply for a refinance of your auto loan directly on iLending’s website. The application will require your basic info, like your Social Security number, your name, address and contact info. A loan specialist will then contact you to fill in any required information. According to their website, the process will take just about a couple of minutes.
Information required for application: Your name, birth date and Social Security number Your phone #, address and email address. Employment and earnings information Year, make model, trim and year of the vehicle. Vehicle Identification number (VIN) The current mileage of the vehicle
iLending FAQs
Does iLending charge you fees when applying for the auto loan refinancing? No, iLending does not assess any application fees.
Are they a trustworthy firm? Yes. The online platform has existed for more than 15 years. It currently has an A+ rating with the Better Business Bureau.
How does Bankrate rate iLending?
Overall score
3.9
Accessibility
3.8
Since iLending works with a wide network of lenders, it can help borrowers in any state. But it doesn’t provide its the minimum and maximum loan amounts.
Affordability
3.6
Rates start as low as 2.14 percent annual percentage rate. You won’t find a maximum APR, however, and the fees aren’t specified.
Customer experience
4.4
Customer service is available seven days a week, and it is available in English as well as Spanish.
Transparency
4.5
Prequalification is possible, however it is only available at the minimum rates available prior to submitting your information.
Methodology For evaluating lenders that specialize in auto refinance loans, Bankrate considers 16 various factors. These variables range to the loan amount, APR that is disclosed and acceptance criteria. Each lender has a score that is based on four categories. The availability category includes loan amounts, restrictions on vehicles and their availability in every state. Accessibility: This section covers expected APRs as well as acceptance requirements, discounts on autopay as well as the total amount of charges. Experience with customers: This category includes accessibility to online services, availability of support, funding timeline, option for automatic payments and app accessibility. Transparency: Here , prequalification and disclosure of rates and fees are recorded.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are only those of the reviewer , and have not been evaluated or approved by any advertising company. The information, including rates and fees, presented in the review is correct up to the date when the review first appeared. Look over the information at the top of this page, and the lender’s website to find the most up-to-date 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. Emma has contributed to businesses 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances through providing clear, well-researched facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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