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Lendingclub
LendingClub 2023 auto loan review published 2023-01-01 at 00:00:00
Authored by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor for Bankrate and freelance writer who enjoys writing to demystify personal finance topics. She has written for businesses 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 their readers gain the confidence to take control of their finances through 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 interactive tools, publishing original and objective content. We also allow users to conduct studies and compare data for free - so that you can make informed financial decisions. Bankrate has agreements with issuers including, 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 site come from companies that pay us. This compensation can affect the way and where products appear on this website, for example the order in which they may appear within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will affect the content we publish or the reviews you see on this site. We do not include the universe of companies or financial offers that may be open to you.




Reviewer's disclosures Reviewers are supervised by staff. The opinions expressed in them are only the opinions of the reviewer and have not been checked or approved by any advertiser. The information, including rates and fees, presented in the review are accurate as of the date that the review was written. Look over the information in the upper right hand corner of the page, and the lender's website for the most current details.








A glance 3.8 Rating: 3.8 stars out of five
Bankrate Score

Available Rating: 3.5 stars out of 5
Affordability Rating: 3.6 stars out of 5
Customers Experience Score: 4.4 stars out of 5
Transparency Rating 5 stars out of 5


Check auto loan rates


About LendingClub's loan amount of $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 cons of LendingClub auto loans The fact is that not every auto loan is eligible for refinancing with LendingClub, and if your credit isn't strong then it might not be the right choice for you.
PROS No origination fees
Apply online to receive an instant quote

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





You might recognize LendingClub for its peer-to-peer (P2P) loan provider for personal loans however, it can assist you with auto loan refinances. LendingClub offers a non-traditional method to financing. Instead of private funds as a traditional bank, LendingClub features a streamlined online application procedure and connects lenders to individual customers to assist with various funding requirements.

Do you qualify? LendingClub has some requirements for auto loan refinancing. The applicant must be 18 years old with an automobile that meets these basic qualifications The vehicle must not exceed 10 years old Vehicle must be at least 120,000 miles loan balance must be between $4,000 and $55,000 loan total must amount to in the range of $4,000 to $55,000. The existing auto loan should be least one month old. The existing auto loan must have at minimum 24 months remaining Vehicle must be licensed and registered in the current state of your 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 do not like about LendingClub allows you to check your approval odds and choose a loan that is suitable for your needs however, some restrictions apply that may make you ineligible for auto refinancing. We like the fact that there are no origination charges. Many lenders charge hefty loan origination charges -- a fee that is used to cover the processing costs of an initial loan application. However, LendingClub doesn't charge any fees for automobile loan refinance. Apply online to receive an instant quote. Applying for an LendingClub automobile loan refinance is straightforward and you'll get an offer with rates that are available to you in just a few minutes. We don't like high APRs that exceed the maximum. If your credit rating isn't in most optimal condition, you could be stuck with the 24.99 percentage APR. Not available for all cars. If you own a vehicle that is older than 10 years old, you won't qualify to receive a loan refinance through LendingClub. The car must also be less than 120,000 miles and not belong to one of the restricted makes or models. There are restrictions on registrations for state vehicles. Refinancing is unavailable to consumers who reside in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. How to contact LendingClub LendingClub offers a few solutions to your auto loan refinance inquiries. You can visit its Help page to determine the answer to your query. If not, you can contact them via phone or email. The customer service line is open between 5 a.m. between 5 p.m. on Monday through Friday and 8 a.m. and 5 p.m. the following Saturday.
Auto loan types offered LendingClub provides P2P lending options to a range of loan types. In the case of auto loans the company only provides loan refinancing at competitive rates. The average borrower saves $86 on their monthly payment, according to the website. LendingClub doesn't offer auto loans to help with the initial purchase of a vehicle at this time.
How to apply for the loan through LendingClub Making an application through LendingClub begins on their website. There, you will need to fill in 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), years, make, model and the trim level. If you're eligible to receive an auto loan then you'll need to submit the requested documentation to verify the information that you have included within your loan application and receive your final loan approval.

Documentation required for the application License for driver and vehicle registration proof of insurance Documents that confirm income, like a pay stub


LendingClub FAQs
Are you able to get preapproved for a loan with LendingClub? You can determine your rate within minutes, without affecting your credit score. However, if you decide to move forward through an application for a loan request, then a formal 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 requirements for auto refinancing. However, the best rates are generally 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 a few models that aren't eligible for refinancingand restrictions on age and mileage. It also doesn't provide loans to borrowers who's cars are registered in fifteen states.
Affordability
3.6
No origination fee is a huge point in LendingClub's favor, but its high maximum APR strict eligibility criteria, and the absence of a discount for autopay put it closer to the middle of the pack.
Customer experience
4.4
LendingClub offers an application, an online portal and a fast funding timeframe and customer service available six days a week.
Transparency
5
Rates and charges are freely accessible on the website of LendingClub, and it allows to prequalify.


Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, rates and fees are offered and APR range all influence lender scores. The scores are divided into 4 categories. The availability of loans and repayment options, dealership requirements, and availability in the state all play a role in this section. Affordability: This section contains APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you'll have to wait to buy, customer service availability and whether or not there's an app and availability of autopay are all taken care by this category. Transparency: This section accounts for the accessibility of rates and fees as well as the availability of prequalification.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been evaluated or approved by any advertising company. The information, including rates and fees, presented in the review are accurate up to the date when the review first appeared. Check the data on the right, and the lender's website to find the most up-to-date details.




Written by
Emma Woodward
Contributing writer


Emma Woodward is a former contributor to Bankrate and freelance writer who is passionate about writing to help people understand personal finance topics. Emma has contributed to companies 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.






Auto loans editor










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