LendingClub Auto Loan Refinance Review 2019 - Make Lemonade

LendingClub Auto Loan Refinance Review

Company Overview: LendingClub

Founded in 2007, Lending Club is one of the first marketplace lending platforms for loans, with over 1.5 million customers. Unlike its personal loans, which you can borrow from other individuals, Lending Club offers auto loan refinance from its partner lenders. Lending Club only refinances automobiles for personal use. As such, Lending Club does not refinance RVs, motorcycles, commercial vehicles, or salvaged vehicles.

LendingClub Auto Loan Overview

LendingClub offers attractive rates and terms compared with other top auto refinance lenders:

Loan Amount: $5,000 – $55,000

Loan Term: 24 – 72 months

Application Fee: None

Soft Credit Check: Yes

Minimum Vehicle Requirements: 120,000 maximum mileage

Vehicle Age: 10 years

How LendingClub Compares: Key Benefits Of A LendingClub Auto Loan

Here are some of the reasons that LendingClub borrowers love to refinance auto loans with LendingClub:

  • Established Lender: Lending Club is one of the original marketplace lenders, and has over 1.5 million customers.
  • Easy Online Application:You can apply for a Lending Club Auto Loan completely online.
  • Lender Network:LendingClub searches the best rates among its large partner network.
  • Customer Service: Lending Club offers live customer support 6 days a week
    Eligibility Criteria

To apply to refinance auto loans with LendingClub, you need to meet the following eligibility criteria:

Requirements To Apply For LendingClub Auto Loan

Minimum Age: At least 18 years old

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

States: Available in 25 states(Alabama, Arkansas, Arizona, California, Georgia, Idaho, Indiana, Kansas, Maryland, Michigan, Missouri, Montana, Nebraska, New Mexico, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah and Washington)

Employment: You are currently employed

Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.Also, your existing auto loan must have been initiated at least 3 months ago and have at least 24 months of payments remaining.

Bottom Line: Is LendingClub right for you?

LendingClub is a marketplace that can show you rates through its partner network.

To apply to refinance auto loans with LendingClub, you generally need a minimum credit score of 510. However, many people who get approved to refinance auto loans through LendingClub have a credit score greater than 700. You will also need minimum income of $2,000 per month or $24,000 per year. If you do not meet this requirement, you can apply with a cosigner who meets this minimum threshold.

LendingClub also makes the online application easy because you apply for your auto loan completely online.

Next Steps: How To Apply To LendingClub

You can apply for a Lending Club auto refinance loan in 3 easy steps.

Step 1: Check your personalized auto loan refinance rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new auto loan refinance rate online with Lending Club before you complete the full application. This way, you’ll know whether you can be approved for Lending Club personal loan. Therefore, Lending Club will provide you with an estimated auto loan refinance rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

You can complete the online application (which takes only a few minutes). You can expect to provide at least the following documents:

  • Your most recent pay stubs
  • Driver’s license or passport (or other form of government-issued identification)
  • Your payoff letter from current auto lender
  • Your vehicle information, including make, model, style and current mileage
  • Proof of residency such as a utility bill
  • Your employer’s name and contact information

Applying is super easy – get your personalized rate


Best Auto Loan Refinance Rates For 2019

Lender
Rates (APR)
Minimum Credit Score

Overview

Minimum Loan Amount:$8,000
Maximum Loan Amount:$100,000
Minimum Loan Term:24 months
Maximum Loan Term:72 months
Maximum Vehicle Age:N/A
Maximum Mileage:125,000
Minimum Income:$1,800

Details

  • No application fees
  • Compares rates from multiple lenders to find best match for you
  • Available in 48 states (except Hawaii and Alaska)
  • Requires hard credit pull for pre-approval
  • Co-signers permitted

Overview

Minimum Loan Amount:$10,000
Maximum Loan Amount:$90,000
Minimum Loan Term:24 months
Maximum Loan Term:87 months
Maximum Vehicle Age:N/A
Maximum Mileage:100,000
Minimum Income:$2,000

Details

  • No application fees
  • Available in all 50 states
  • Requires hard credit pull for pre-approval
  • Co-signers permitted

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$75,000
Minimum Loan Term:24 months
Maximum Loan Term:84 months
Maximum Vehicle Age:N/A
Maximum Mileage:125,000
Minimum Income:N/A

Details

  • No application fees
  • Compares 150 lenders to find best match for you
  • Available in 48 states (except Nevada and Maine)
  • Requires only soft credit pull for pre-approval
  • Co-signers permitted

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$100,000
Minimum Loan Term:24 months
Maximum Loan Term:84 months
Maximum Vehicle Age:12 years
Maximum Mileage:125,000
Minimum Income:$2,000

Details

  • No application fees
  • Compares rates from multiple lenders to find best match for you
  • Available in all 50 states
  • Requires only soft credit pull for pre-approval
  • Co-signers permitted

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$55,000
Minimum Loan Term:24 months
Maximum Loan Term:72 months
Maximum Vehicle Age:10 years
Maximum Mileage:120,000
Minimum Income:$2,000

Details

  • No application fees
  • Available in all 25 states: Alabama, Arkansas, Arizona, California, Georgia, Idaho, Indiana, Kansas, Maryland, Michigan, Missouri, Montana, Nebraska, New Mexico, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah and Washington
  • Requires only soft credit pull for pre-approval
  • Co-signers permitted

Advertiser Disclosure