SuperMoney 
  LendingClub Auto Purchase Loan

LendingClub Auto Purchase Loan

in Auto Loans from LendingClub Inc

Claimed

LendingClub Auto Purchase Loan

Claimed

in Auto Loans from LendingClub Inc

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote
Cast your vote

Would you recommend LendingClub Auto Purchase Loan to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Highlights
Highlights
Loan Amount $5,000 - $55,000
APR  (Fixed APR) 2.24% - 24.99%
Credit Score Range 600 - 850
Loan Term 12 - 60 months

LendingClub Auto Purchase Loan Review

LendingClub Auto Purchase Loan is offered by LendingClub Inc, a marketplace lender founded in 2007 and based in San Francisco, CA. LendingClub Auto Purchase Loan is available 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.

Can I pay off early my LendingClub Auto Purchase Loan loan?

Yes, you can. LendingClub Auto Purchase Loan does not charge a prepayment fee, so you can save money by paying your auto loan early.

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

Applicants with a credit score of at least 600 and up to 850 are eligible for LendingClub Auto Purchase Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

LendingClub Auto Purchase Loan does not have or does not disclose a minimum annual income eligibility requirement. LendingClub Auto Purchase Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LendingClub Auto Purchase Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LendingClub Auto Purchase Loan. Permanent resident / green card holders are also eligible to apply. Not all companies will work with visa holders. LendingClub Inc does offer its services to temporary resident visa holders such as F1 or H1B holders.

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

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

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 your account activity to credit bureaus?

LendingClub Auto Purchase Loan reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

LENDINGCLUB AUTO PURCHASE LOAN Disclosure: The APR ranges from 5.99% to 35.89%. For example, with a credit grade of A1 you could receive a loan of $10,000 with an interest rate of 5.32% and a 1.00% origination fee of $100 for an APR of 5.99%. In this example, you will receive $9,900 and will make 36 monthly payments of $301.15. The total amount repayable will be $10,841.40. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.47% as of Q3 2016. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans made by WebBank, Member FDIC. All loans via Lending Club have a minimum repayment term of 36 months or longer.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Late Fee After (number of days) 15
Late Fee Amount $15
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • U.S. Temporary Resident Visa Holders
Joint Loan Applications Accepted
  • Cosigner
Maximum Mileage 120,000
Maximum Vehicle Age 10
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days) 1 - 7
Approval Speed (Hours) 1
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Joint Loans Available  
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
Pre-Approved Soft Credit Inquiry  
Loan Amount $5K - $55K
APR (Fixed APR) 2.24% - 24.99%
Loan Term 12 - 60 months

Be the first to rate

 

Would you recommend LendingClub Auto Purchase Loan to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

Other Auto Loans

Auto Credit Express Auto Loan
Rating not yet determined In our efforts to provide the community with the most accurate information, recommendation rating is not determined until a sufficient number of SuperMoney users cast their vote

3 Reviews

Auto Approve Auto Loan
Rating not yet determined In our efforts to provide the community with the most accurate information, recommendation rating is not determined until a sufficient number of SuperMoney users cast their vote

2 Reviews