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Lendingclub
LendingClub 2023 Auto loan review Published 2023-01-01 00:00:00
Authored by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor to Bankrate and a freelance writer who loves writing articles that help to simplify 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 committed to helping readers to manage their finances through providing concise, well-researched and well-researched content that break down complex subjects into bite-sized pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content. This allows you to conduct research and compare data for free and 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 Make money The products that are advertised on this site come from companies that compensate us. This compensation could affect how and where products are displayed on the site, such as the order in which they be displayed within the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews you see on this site. We do not include the universe of companies or financial offerings that could be accessible to you.




About our reviews . Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and are not checked or acknowledged by any advertiser. The information such as rates and charges that are included in the review is accurate up to the date of the review. Review the data in the upper right hand corner of the page as well as the lender's website for the most recent information.








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

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


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 cons of LendingClub auto loans The fact is that not every auto loan is eligible for refinancing through LendingClub If your credit isn't good then it might not be the best option.
PROS No origination fees
Apply online for an instant offer

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





You may have heard of LendingClub to be a peer-to peer (P2P) lending source for personal loans However, it could assist with auto loan refinances. LendingClub provides a different approach to financing. Instead of private funding as a traditional bank, LendingClub features a streamlined online application process and connects individual lenders with individual borrower to meet various funding requirements.

Do you qualify? LendingClub has a few requirements for auto loan refinances. The applicant must be 18 years old with a vehicle that meets the following basic requirements The vehicle must not be more than 10 years old. The vehicle must have 120,000 miles or less Remaining 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 must be at least one month old. The existing auto loan must have at least 24 months remaining. Vehicle must be licensed and registered in the state in which you currently reside. 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 love and what we do not like about LendingClub allows you to determine your chances of approval and select a loan that is suitable for your needs However, there are limitations that may make you ineligible for auto refinancing. We like the fact that there are no origination charges. A lot of lenders charge high loan origination charges -- a fee that will cover the costs of processing the initial loan application -- but LendingClub doesn't charge these charges for auto loan refinance. Apply online to receive an instant offer. Applying for a LendingClub car loan refinance is easy and you'll get an offer with rates that are available to you in just several minutes. What we do not like is the high maximum APR. If your credit score isn't in top shape, you could be stuck with an 24.99 per cent APR. Not available for all cars. If you have a car older than 10 years old, you won't qualify for the loan refinance through LendingClub. Your car also has to be less than 120,000 miles on it and be not among the prohibited models or models. State registration restrictions for vehicles. Refinancing is unavailable to consumers 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 queries. Check out their help page to see the answer to your query. If not, you may contact them by phone or via email. Customer service is available between 5 a.m. between 5 p.m. (PT) Monday through Friday, and between 8 a.m. and 5 p.m. the following Saturday.
Auto loan types offered LendingClub offers lending via P2P for a variety of loan kinds. For auto loans, it only offers loan refinancing that comes with competitive rates. The average borrower saves the equivalent of $86 in monthly payments according to the site. LendingClub doesn't offer auto loans to help with the initial purchase of a automobile at this moment.
How do you apply for a loan through LendingClub Applying using LendingClub starts on its website. There, you will need to provide some personal info, like your full name, address , and income. In addition, you'll have to submit information regarding your current auto loan which includes your VIN (vehicle identification number) as well as the years, make, model, color and trim level. If you're eligible for an auto loan, you'll need to submit the required documents to verify the details included on your loan application and receive the final loan approval.

The required information for application is Driver's license Vehicle registration Proof of insurance Documents that confirm income, like a pay stub


LendingClub FAQs
Are you able to get preapproved for a loan through LendingClub? You can check the rate in a matter of minutes without affecting your score on credit. If you decide to go ahead with a loan request, then a hard credit inquiry will be initiated.



Does LendingClub have a credit score requirement? LendingClub does not provide the minimum credit score requirements to refinance auto loans. However, the lowest rates are typically offered to those with good or excellent credit.



How does Bankrate rate LendingClub
Overall score
3.8
Availability
3.5
LendingClub has the following list of manufacturers and a few models that are ineligible to refinance, and also has restrictions on age and mileage. It also doesn't provide loans to those whose cars are registered in fifteen states.
Affordability
3.6
There is no origination charge, which is an enormous advantage for LendingClub, however its high APR maximum strict eligibility criteria, and the absence of a discount on autopay push it to the middle of the pack.
Customer experience
4.4
LendingClub has an app, online access, a tight funding timeline and customer service available six days a 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 deciding on the top auto loans. Acceptance criteria, the rates or fees available and the APR range are all factors that affect lender scores. These scores are broken up in four different categories. The availability of loans and repayment options, dealership requirements, and availability in the state all play a role in this category. Affordability: This section houses APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you'll have to wait to buy and the availability of customer service and whether or not there's an app and autopay payment options are all accounted for in this section. Transparency: This category is responsible for the availability of fees and rates and the availability of prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information such as rates and charges, 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 to find the most up-to-date information.




Written by
Emma Woodward
Contributing writer


Emma Woodward is a former contributor to Bankrate and freelance writer who is passionate about writing articles that help to simplify personal finance topics. Her writing has been published by 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 since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.






Auto loans editor










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