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Lendingclub
LendingClub 2023 auto loan review, 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 is passionate about writing to demystify personal finance topics. She has written for 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 committed to helping readers to manage their finances by providing clear, well-researched information that breaks down complicated topics into digestible chunks.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators as well as publishing independent and objective content. This allows users to conduct research and to compare data for no cost to help you make sound financial decisions. 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 deals that are displayed on this website are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other home lending products. However, this compensation will have no impact on the content we publish or the reviews you see on this site. We do not include the universe of companies or financial deals that may be accessible to you.




About our reviews Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the opinions of the reviewer and have not been checked or approved by any advertiser. The information that is included, including rates and fees provided in the review is correct at the time of the review. Review the data on the right and the lender's website to find the most current information.








At a first glance 3.8 Score: 3.8 stars out of five
Bankrate Score

Rating of Availability: 3.5 stars out of 5
The Affordability Score: 3.6 stars out of 5
The Customer Service Rating is 4.4 five stars of 5
Transparency Rating 5 stars out of 5


Find out about auto loan rates


About LendingClub's loan amount of $4,000 to $55,000
Min. credit score of 600
APR from 2.99 percent to 24.99%
Funds available in Typically within 2 days



Pros and pros and LendingClub auto loans There are a few exceptions to this rule. Not every auto loan can be refinanced through LendingClub however, if your credit score isn't great then it might not be the best choice.
PROS No origination fees
Apply online for an immediate offer

CONS High Maximum APR
Not available for all cars
Vehicle and state restrictions for state and vehicle





You may have heard of LendingClub to be a peer-to peer (P2P) lending source for personal loans However, it could assist you with auto loan refinancing. LendingClub provides a different approach to financing. Instead of private funding like a traditional bank, 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 some requirements for auto loan refinancing. The applicants must be 18 years old and have an automobile that meets the following requirements The vehicle must not be more than 10 years old Vehicle must be 120,000 miles or less auto loan amount must range in the range of $4,000 to $55,000. The existing loan must be at least one month old. loan is required to be at least one month old. The existing auto loan must have at least 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 love and what we dislike about LendingClub makes it easy to assess your credit score and select a loan that works for you, but limitations apply which could render you unqualified of auto refinancing. What we love: No origination charges. A lot of lenders charge high loan origination charges -- a fee that will cover the costs of processing an initial loan application -- but LendingClub does not charge such charges for automobile loan refinance. Apply online to receive an instant offer. Applying for a LendingClub auto loan refinance is straightforward and you'll get an offer that includes rates available to you in just a few minutes. What we do not like is the high maximum APR. If your credit isn't in the most optimal condition, you could end up with an 24.99 percent APR. It's not available for all models. If you own a car that is more than 10 years old it isn't eligible to receive a loan refinance through LendingClub. Your car also has to be less than 120,000 miles and be not one of the restricted makes or models. Vehicle state registration restrictions. Refinancing is not available to customers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few choices to assist you with your auto loan refinance queries. Check out their Help page to determine the answer to your query. If not, get in touch via phone or email. Customer service is available from five a.m. until 5 p.m. on Monday through Friday, and between 8 a.m. as well as 5 p.m. on Saturdays.
Auto loan types offered LendingClub provides P2P lending options for a variety of loan kinds. When it comes to auto loans, it only offers loan refinancing with low rates. The average borrower saves the equivalent of $86 in monthly payments as per the website. LendingClub does not offer auto loans to aid in the initial purchase of a vehicle at this time.
How to apply for the loan with LendingClub Making an application through LendingClub starts on its website. You will be required to fill in your personal details, including your complete name, address and income. Additionally, you will be required to give details about your current auto loan which includes details about the VIN (vehicle identification number) the year, year, make, model and trim level. If you're qualified to receive an auto loan then the next step is to upload your requested documentation to verify the information provided within your loan application and receive your final loan approval.

Required application information Driver's license Vehicle registration Proof of insurance Documents that prove the income of the applicant, such as the pay stub


LendingClub FAQs
Are you able to get preapproved for an loan using LendingClub? You can determine your rate in minutes without impacting your score on credit. But if you decide to go ahead through a loan application, a formal credit inquiry will be generated.



Does LendingClub have a credit score requirement? LendingClub doesn't provide a minimum credit score requirement to refinance auto loans. However, the lowest rates are usually only available to borrowers with excellent or excellent credit.



What is the rate at which Bankrate rates LendingClub
Overall score
3.8
Accessibility
3.5
LendingClub offers an inventory of brands and models that are not eligible for refinancing, and 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 huge point in LendingClub's favor, but its high maximum APR as well as the stringent eligibility requirements and lack of discount for autopay knock it to the middle of the pack.
Customer experience
4.4
LendingClub provides an app, online access with a quick funding time and customer support available seven every day of the week.
Transparency
5
Rates and fees are readily accessible on the LendingClub website, and it allows the prequalification of applicants.


Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, whether the rates or fees available and the APR range are all factors that affect lender scores. These scores are split into 4 categories. The availability of loans, repayment options, dealership requirements, and state availability all contribute to this category. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you'll need to shop for, the customer service hours, whether there's an app and autopay availability are accounted within this segment. Transparency: This category accounts for the accessibility of rates and fees as well as the availability of prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the views of the reviewer. They are not reviewed or accepted by any advertiser. The information, including rates and fees provided in the review is accurate at the time that the review was written. Review the information on the right as well as the lender's website to find the most current details.




Written by
Emma Woodward
Contributing to the writing


Emma Woodward is a former contributor for Bankrate and freelance writer who enjoys writing to help people understand personal finance topics. She has written for various companies and publications such as 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 late 2021. They are dedicated to helping readers gain confidence to control their finances by providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.






Auto loans editor










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