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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 for Bankrate and a freelance writer who is passionate about 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 take control of their finances by providing clear, well-researched information that break down complex topics into digestible chunks.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with financial calculators and tools that are interactive as well as publishing independent and objective content, by enabling users to conduct studies and to compare data for no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and where products appear on this site, including the sequence in which they be displayed within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be open to you.




About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only those of the reviewer , and have not been checked or approved by any advertising company. The information, including rates and fees provided in the review is correct as of the date of the review. Review the data at the top of this page as well as the lender's site for the most recent information.








A quick first glance 3.8 Score: 3.8 stars out of 5
Bankrate Score

Rating of Availability: 3.5 stars out of 5
Cost of Affordability: 3.6 stars out of 5
Customers Experience Score: 4.4 five stars of 5
Transparency Rating: 5 stars out of 5


Check rates for 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%
You can get funds in about 2 days



Pros and pros and LendingClub auto loans Not every auto loan qualifies for a refinance through LendingClub If your credit isn't strong this might not be the right choice for you.
PROS No origination fees
Apply online for an instant quote

CONS Highest maximum APR
Not available for all cars.
Vehicle and state limitations for vehicles and state





You may know LendingClub as a peer-to-peer (P2P) loan provider for personal loans however, it can assist with auto loan refinances. LendingClub offers a non-traditional approach to financing. Instead of private financing as a traditional bank, LendingClub features a streamlined online application procedure and connects individual lenders with individual customers to assist with the various needs for funding.

Do you qualify? LendingClub has a few criteria for auto loan refinances. The applicants must be 18 years old, and possess an automobile that meets these basic qualifications The vehicle must not be more than 10 years old Vehicle must have 120,000 miles or less Remaining balance of the auto loan amount must range in the range of $4,000 to $55,000. Existing auto loan must be at least one month old Existing auto loan must have at minimum 24 months remaining Vehicle must be licensed and registered 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 dislike about LendingClub allows you to check your approval odds and choose the loan that's right for you However, there are limitations that may make you ineligible of auto refinancing. We like the fact that there are no origination charges. Many lenders charge substantial loan origination fees which will cover the costs of processing a new loan application. However, LendingClub does not charge such charges for auto loan refinance. Apply online to receive an instant quote. Applying for an LendingClub car loan refinance is straightforward and you'll get an offer with rates available to you within a few minutes. What we don't like High APRs that exceed the maximum. If your credit rating isn't in top shape, you could end up with the 24.99 percentage APR. Not available for all cars. If you own a vehicle older than 10 years then you aren't eligible to receive a loan refinance through LendingClub. Your vehicle also must be less than 120,000 miles on it and be not one of the prohibited makes or models. State registration restrictions for vehicles. 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 your auto loan refinance inquiries. You can visit its help page to see if they have an answer to your question. If not, you can contact them via phone or email. Customer service is available between 5 a.m. until 5 p.m. on Monday through Friday, and between 7 a.m. until 5 p.m. PT on Saturday.
Auto loan kinds offered LendingClub provides P2P lending options for a variety of loan types. In the case of auto loans the company only provides loan refinancing with affordable rates. The average borrower saves $86 per month on their monthly payments, according to the website. LendingClub doesn't provide auto loans to help with the purchase of a new automobile at this moment.
How do you apply for the loan using LendingClub Making an application through LendingClub starts on its website. You will be required to enter your personal details, including your complete name, address and income. Additionally, you will need to provide information about the current auto loan which includes the VIN (vehicle identification number), year, make, model, color and trim level. If you're eligible for an auto loan, the next step is to upload the required documentation to verify the information included on your loan application and receive your final loan approval.

Required application information Driving license, registration of vehicle proof of insurance Documents that prove the income of the applicant, such as a pay stub


LendingClub FAQs
Can you be preapproved for an loan with LendingClub? You can check the rate in a matter of minutes without affecting your credit score. However, if you decide to proceed through the loan inquiry, you will be subject to a hard inquiry into your credit will be made.



Does LendingClub have an obligation to have a credit score? LendingClub does not provide the minimum credit score required for auto refinancing. However, the lowest rates are typically reserved for borrowers with good or excellent credit scores.



What is the rate at which Bankrate rates LendingClub
Overall score
3.8
The availability
3.5
LendingClub offers the following list of manufacturers and models that aren't eligible for refinancing, and has restrictions on mileage and age. The company also does not offer loans to those whose cars are registered in 15 states.
Affordability
3.6
There is no origination charge, which is a huge point in LendingClub's favor, but its high APR maximum strict eligibility criteria, and the absence of a discount for autopay knock it down to middle of the pack.
Customer experience
4.4
LendingClub has an application, an online portal with a quick funding time and customer service available six all week.
Transparency
5
Rates and charges are freely accessible on the website of LendingClub and allow for prequalification.


Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, the rates or fees offered and APR range all influence lender scores. These scores are broken up in four different categories. Accessibility : Loan amounts as well as repayment options, dealer requirements and state availability all play a role in this section. Affordability: This section houses APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you'll have to wait to buy and the availability of customer service as well as whether an app is available and autopay payment options are all accounted within this segment. Transparency: This category is responsible for the accessibility of rates and fees along with the availability of prequalification.
Disclaimer Reviewers are supervised 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 that is included, including rates and fees that are included in the review is accurate as of the date that the review was written. Check the data at the top of this page as well as the lender's website to find the most recent information.




Written by
Emma Woodward
Contributing writer


Emma Woodward is a former contributor for Bankrate and a freelance writer who is passionate about writing articles that help to simplify personal finance topics. Her writing has been published by companies 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 dedicated to helping readers gain confidence to take control of their finances with concise, well-studied and well-researched content that breaks down complicated subjects into bite-sized pieces.






Auto loans editor










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