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LendingClub Auto Refinance Review – Introduction

Finding the perfect auto refinancing plan for your car should not be an open-and-shut job. You can only find the best rates if you shop around for great plans and compare offers - and LendingClub is a great place to do that!

LendingClub auto refinance is headquartered in San Francisco and primarily offers peer-to-peer lending. However, it also has refinancing options for both new and used cars. It’s a great option for those who want quick approval and funding without too much delay.

In this LendingClub auto refinance review, the Refinance Team at Way.com takes a look at several features that make it an appealing choice. We also explore the drawbacks that customers have pointed out - ultimately, you get to make an informed decision!

Pros and Cons of LendingClub Auto Refinance: A Snapshot

The biggest advantage of LendingClub is that it allows borrowers to go through a soft credit check and compare different refinancing offers. That means you get more choice in how to refinance the existing car loan – something you don’t get through dealership financing. Moreover, LendingClub auto refinance offers a fast and easy way to take out a new loan on better terms.

The table below will give you a brief idea about the main pros and cons of LendingClub auto refinance.

Benefits Drawbacks
Allows pre-approval through a soft credit pull Not recommended for those with poor credit scores; need a minimum of 600 to apply
No origination fees or prepayment penalties Not available in Alaska, Hawaii, North Dakota, and West Virginia
No minimum annual income requirement The maximum refinance limit is $55,000, which is low compared to other providers
Social Security Number not needed for pre-qualification Has vehicle restrictions like make, model, and age (see eligibility requirements below)
100% online application Does not have autopay option for hardship plans or bi-weekly payments
Co-signers and borrowers accepted  
Allows bi-weekly plans and unconventional payment terms  

*As of January 2022

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LendingClub Auto refinance rates are a good bet for customers who:

Unique features of LendingClub Auto Refinance

Here’s a detailed look at some of the core features of the LendingClub Auto refinance process.

LendingClub Auto refinance requirements

Before applying for LendingClub auto refinance, check the table below to see if you meet all the requirements.

Criteria Description
Minimum Age 18 and above
LendingClub auto refinance credit Score Range 510-850
Minimum Annual Income Not applicable
Current loan term length Should be at least 1 month old, and should have at least 24 months remaining
Loan Payoff amount $5000 - $55,000
State restrictions Lending Club is unavailable in Alaska, Hawaii, North Dakota, and West Virginia
Vehicle restrictions Vehicles should be less than 10 years old and have a mileage less than 120,000
Make and model restrictions LendingClub will not refinance Hummer, Pontiac, Saturn Daewoo, Saab, Nissan, Leaf, Volkswagen all diesel, and commercial vehicles
Bankruptcy restrictions Most recent bankruptcy must be more than 12 months ago
Immigration Status

 
U.S. Citizen

U.S. Permanent Resident
Documents Required for verification

 

 

 
Recent pay stubs

Income proof

Driver's license

Proof of citizenship or residence permit

*As of January 2022

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How to apply for LendingClub auto refinance: Steps to follow

Step1: Complete the pre-approval process

To apply for LendingClub auto refinance, head to their website and click the ‘Check Rates’ button. Once you enter some basic details and personal information like VIN, required monthly rates and payments, you’ll be shown the offers you pre-qualify for.

Usually, you’ll be shown two options – one with the loan term matching the number of months remaining on your current loan, and the other with a longer term.

Step 2: Choose an offer and complete the application

Once you choose an offer, a hard credit inquiry will be initiated. As long as there aren’t glaring discrepancies in the information you’ve provided, you’ll get a fair offer. The application is generally processed within 24 hours.

Step 3: Finalize the refinance loan

All you need to do next is send in the supporting documents and choose a date to receive funding in your account.

LendingClub Auto Refinance Review: Conclusion

LendingClub is a good place to start if you haven’t decided on particular auto refinance rates and are just shopping around for the best offers. There’s no harm in comparing rates and choosing the best one! The 100% online application is a bonus.

It also offers plans for poor credit borrowers, which helps down-and-out drivers to build their credit in the long run. LendingClub has a ‘C’ rating from the Better Business Bureau (BBB), indicating mixed reviews.

However, you can always get any queries you have addressed by the customer support team before signing on for refinance.

Auto Refinance Data Methodology

The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes

The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.

However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!

LendingClub Auto Refinance: Frequently Asked Questions

What is the address of LendingClub?

The official mailing address of LendingClub is 595 Market Street, Suite 200, San Francisco, CA 94105.

How to contact: LendingClub Auto Refinance phone number

You can reach out to the LendingClub auto refinance customer support team at 888-845-0010 anytime between 6 a.m. - 5 p.m., Monday to Friday.

Does LendingClub Auto refinance offer cash-out refinancing?

No, LendingClub Auto refinancedoes not cover cash-out refinancing.

Does LendingClub auto refinance have a fixed or variable APR?

LendingClub offers a fixed APR for car refinancing starting from 3.99%.

Does LendingClub charge an origination fee?

No, LendingClub does not charge origination fees for processing your refinance application.

Does LendingClub charge late fees?

Yes, LendingClub charges late fees of up to $15 if there is a delay in the monthly payments.

Does LendingClub auto refinance report to any credit bureaus?

Yes, LendingClub reports account activity to Equifax, TransUnion, and Experian.



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