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!
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.
|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
LendingClub Auto refinance rates are a good bet for customers who:
Here’s a detailed look at some of the core features of the LendingClub Auto refinance process.
Before applying for LendingClub auto refinance, check the table below to see if you meet all the requirements.
|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|
U.S. Permanent Resident
|Documents Required for verification
||Recent pay stubs
Proof of citizenship or residence permit
*As of January 2022
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.
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.
All you need to do next is send in the supporting documents and choose a date to receive funding in your account.
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.
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!
The official mailing address of LendingClub is 595 Market Street, Suite 200, San Francisco, CA 94105.
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.
No, LendingClub Auto refinancedoes not cover cash-out refinancing.
LendingClub offers a fixed APR for car refinancing starting from 3.99%.
No, LendingClub does not charge origination fees for processing your refinance application.
Yes, LendingClub charges late fees of up to $15 if there is a delay in the monthly payments.
Yes, LendingClub reports account activity to Equifax, TransUnion, and Experian.