LendingClub Auto Refinance Review 2023

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.

*As of January 2022

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

• Have poor-to-fair credit
• Have low loan amounts to refinance
• Want to compare rates without hard credit inquiry
• Want a 100% online application process

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 credit score: You need a credit score between 510-850 to qualify for LendingClub auto refinance rates.
• Pre-approval by soft credit inquiry: You can find out what offers you pre-qualify for by making a quick soft credit inquiry. You don’t need to give your Social Security Number to pre-qualify.
• Longer-than-average loan terms: LendingClub auto refinance offers loan terms varying from 24-84 months. Usually, the average term length is 60 months.
• APR Range: LendingClub refinance rates start from a minimum of 3.9% to 24.9%.
• No origination fees: LendingClub does not charge a fee for processing your application.
• No prepayment penalties: Prepayment penalties are fees you pay if you pay back the loan before the due date. LendingClub gives you the flexibility to do that without additional charges.
• Loan amounts: LendingClub will refinance loans ranging from $5000 to $55,000. This could be a drawback for borrowers with more than the maximum permissible loan amount.
• Co-signers and co-borrowers allowed: LendingClub allows refinancing by adding co-signers and co-borrowers to your loan.
• Bi-weekly payments and Hardship Plans allowed: Borrowers who have unstable incomes or cannot make monthly payments can choose these options.

LendingClub Auto refinance requirements

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

*As of January 2022

• If you are a serving member of the armed forces, the Military Lending Act will cover the LendingClub Auto refinance rates offered to you.
• LendingClub auto refinance does not offer cash-out refinancing.

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.