LendingClub Auto Purchase Loan Review

LendingClub Auto Purchase Loan is an auto purchase finance offering by LendingClub Inc, a marketplace lender based in San Francisco, CA. Founded in 2007, LendingClub Inc offers auto loans in 50 states (and Washington, DC).

How much can you borrow via LendingClub Auto Purchase Loan?

LendingClub Auto Purchase Loan auto loan amounts start at $5,000 and go up to $55,000.

What APR does LendingClub Auto Purchase Loan offer on its auto loans?

LendingClub Auto Purchase Loan offers a fixed APR auto loan product that ranges from 2.24% APR up to 24.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum loan term you can get with LendingClub Auto Purchase Loan?

LendingClub Auto Purchase Loan has auto loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Does LendingClub Auto Purchase Loan charge an origination fee?

No, LendingClub Auto Purchase Loan does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does LendingClub Auto Purchase Loan charge a late fee?

Yes, LendingClub Auto Purchase Loan charges borrowers with a late payment penatly fee of up to $15, which is triggered if you're 15 days late

Does LendingClub Auto Purchase Loan charge prepayment fees?

No, LendingClub Auto Purchase Loan will not charge you a fee for paying your loan early. Whenever possible choose lenders like LendingClub Auto Purchase Loan that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for a loan with LendingClub Auto Purchase Loan?

Applicants with a credit score of at least 600 can apply for a loan via LendingClub Auto Purchase Loan. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

To qualify, applicants may need to provide the following documentation:

• Driver's license
• Proof of citizenship or residence permit
• Recent pay stubs
• Proof of income

What is the estimated funding time for an auto loan via LendingClub Auto Purchase Loan?

LendingClub Auto Purchase Loan will typically approve (or deny) an auto loan application within 1 hour and fund the loan within 7 business days of approval.

Does LendingClub Auto Purchase Loan report loan payments to credit bureaus?

LendingClub Auto Purchase Loan may report credit data to the following credit reporting agencies:

• Equifax
• Experian
• Transunion