LendingClub is America's largest lending marketplace for personal loans. What started as a Facebook app is now a major lender that has funded over $28 billion in loans and helped more than 1.5 million customers achieve their goals. Refinancing your auto loan with a LendingClub loan can save you hundreds of dollars.
How Does LendingClub Work?
As with other marketplace lending platforms, LendingClub provides borrowers with instant loan offers and facilitates the funding of a chosen loan offer through the investors that participate in the marketplace. The loans are initially made by WebBank, Member FDIC, but LendingClub uses the capital of marketplace investors to fund the loans. Investors then receive the payments of borrowers plus interest. LendingClub makes money by charging an origination fee to borrowers and a servicing fee to investors.
To qualify for a LendingClub auto refinance loan your vehicle must be less than 10 years old, have less than 120,000 miles and be a personal use automobile. Motorcycles, commercial vehicles, and leases do not qualify for a refinance loan.
Your current auto loan must have a balance of $5,000 to $55,000. You must have opened the loan account at least 3 months ago, and there needs to be at least 24 months of remaining payments on the loan.
What Are LendingClub's Rates?
LendingClub assigns borrowers a score based on a 25-grade system, which will determine what rate they qualify for. As of September 2017, rates range from 2.24% APR to 24.99% APR.
What are LendingClub's Fees?
LendingClub does not charge an application fee or an origination fee on its auto loan refinancing. There are also no prepayment penalties.
How Much Money Can I Borrow from LendingClub?
Borrowers can apply to refinance auto loans ranging from $5,000 to $55,000.
What Is LendingClub's Application Process Like?
LendingClub's loan application is processed online. Your first step is to check what rate you qualify by filling a short questionnaire. This will not affect your credit score. If you are eligible, you will receive several loan offers. Choose the loan you like the most and complete an online application form and data verification process. You will get a response within minutes, and the money should be deposited in your bank account in as few as five days.
How Is LendingClub Better Than Other Lenders?
LendingClub provides competitive auto refinance rates and an easy to use application process. You also have the peace of mind of dealing with the largest lending marketplace in America.
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