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Ilending
iLending the 2023 review of auto loan refinancing Published 2023-01-01 00:00:00
Written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor to Bankrate and a freelance writer who is passionate about writing to help people understand 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 dedicated to helping their readers to control their finances through providing precise, well-researched and well-researched content that breaks down otherwise complicated topics into bite-sized 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, publishing original and objective content. This allows users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come 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 appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home loan products. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that may be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees, presented in the review are accurate as of the date of the review. Check the data in the upper right hand corner of the page as well as the lender’s website for the most current information.
At a glance 3.9 Score: 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
The Customer Service Rating is 4.4 stars out of five
Transparency Rating: 4.5 stars out of five
Check auto loan rates
About the iLending loan amount, not made public
Min. credit score Not disclosed
APR starting at 2.14%
Funds are available as soon as one day
iLending offers personalized customer service and options for saving money sound appealing, but you should consider both the advantages and disadvantages of this refinancing service before signing up.
PROS Personal loan specialist
Low APR minimum
Easy and fast application process
CONS Only refinance vehicles loans
No in-person service
Vague qualification requirements
If you’re looking to refinance your vehicle loan ILending might be the right starting point. iLending provides refinancing options for all automobile loans with the aim of making it easier to save money. It has been around for more than 15 years and has been awarded an A+ grade by the Better Business Bureau.
For each client, iLending provides a loan specialist who will help you navigate the process. They also assist borrowers who have bad credit scores. Although iLending is not a lender it does collaborate with credit unions and banks across the country to identify the loan options that can help you save the most money.
Do you qualify? Anyone who is interested should ensure they meet the basic conditions. You will some equity in your vehicle as well as an acceptable credit-to-income (DTI) percentage to qualify to get approved. You can calculate your DTI using a . iLending does not provide an absolute credit score or income per yearwhich can vary between its lender partners. However, generally speaking, you’ll need an average credit score of at 670 or more to be eligible for the lenders’ highest rates. What we love and what we don’t like for refinancing, you’ll get personal assistance in understanding the lending process and may qualify for an impressively low interest rate. There isn’t person-to-person customer support that may not be ideal for you.
What we like Personal loan specialist: Every customer is assigned a personalized lending specialist to work with throughout their refinancing process. Minimum APRs that are low ILending’s advertised minimal APR of 2.14 percent is lower than that of many rivals, though the rates you’ll be offered will vary depending on your creditworthiness as well as other variables. Easy and fast application process: You can apply on the internet using a simple process that is expected to take just about a couple of minutes. We dislike that they only refinance vehicle loans: iLending doesn’t offer loans for . There is no in-person service available: iLending aims to save its customers money by operating with lower expenses for overhead — which means they don’t have physically-based establishments. Inconsistent requirements for qualification: iLending’s website doesn’t disclose many qualification conditions, such as a minimum credit score and limits on minimum or maximum loan amounts. How to contact iLending You can reach iLending customer support by calling at 866-683-5505, via the chat service via the iLending website, or via the contact form via email on its website. Customer service representatives are available from Monday to Friday from 6 a.m. to 8 p.m. (MT), Saturdays from 8 a.m. to 4 p.m. MT and Sunday from 10 a.m. until 3 p.m. MT. Live chat and phone assistance are available in both Spanish as well as English.
Auto loan types offered
Quick facts about loans not disclosed Terms: 12-84 months APR from 2.14 percent
There is only one way to get auto loan refinancing with iLending. It is a third-party service between existing borrowers and prospective new lenders. Current auto loan borrowers can use iLending services if they want low interest rates or . Being a partner with several lenders across the United States means rates and terms can differ. You can connect with one of the company’s loan experts to learn about the 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 through iLending’s site. The application will request the basic information, such as your Social Security number, your name address, phone number and email. An loan specialist will then contact you to complete any needed information. According to its website, the application process will take just about a couple of minutes.
Information required for application: Your name, birth date and Social Security number Your phone number, physical address and email address Employment and income information Year, make model, model and trim of the vehicle. Vehicle identification number (VIN) The current mileage of the vehicle
iLending FAQs
Does iLending charge fees if you apply for automobile loan refinancing? No, iLending does not assess the application fee.
Are they a trustworthy firm? Yes. The platform has been in existence since more than 15 years and currently holds an A+ rating from the Better Business Bureau.
How does Bankrate rate iLending?
Overall score
3.9
Accessibility
3.8
Since iLending has a broad network of lenders, it can help borrowers in any state. But it doesn’t provide its minimum or maximum loan amount.
Affordability
3.6
Rates start low at 2.14 per cent APR. There’s no limit on APR, however, and the fees aren’t listed.
Customer experience
4.4
Customer support is available seven all week long, and available in both English and Spanish.
Transparency
4.5
Prequalification is offered, however, just the minimal rate will be accessible before you enter your information.
Methodology For evaluating lenders that focus on auto refinance loans, Bankrate considers 16 various factors. The factors are based on to the loan amount, the APR disclosed as well as acceptance requirements. Each lender scores that is based on four different categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and the availability of each state. Affordability: The primary focus of this section covers expected APR as well as acceptance requirements, discounts on autopay and the number of charges. Customer experience: This section includes online access, support availability, funding timeline, option to pay by automatic method and app availability. Transparency: In this category, prequalification as well as disclosure of rates and charges are recorded.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are only those of the reviewer and are not reviewed or approved by any advertising company. The information such as rates and charges that are included in the review is correct at the time of the review. Check the data at the top of this page and the lender’s website for the most current details.
Written by
Emma Woodward
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and freelance writer who is passionate about writing to help people understand personal finance topics. She has written for businesses and publications like Finch, Toast, JBD Clothiers and The Financial Diet.
Editor: 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 control their finances through providing precise, well-researched and well-studied facts that break down complex topics into manageable bites.
Auto loans editor
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