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LendingClub Auto Purchase Loan

in Auto Loans from LendingClub Inc

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LendingClub Auto Purchase Loan

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in Auto Loans from LendingClub Inc

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

LendingClub Auto Purchase Loan Review

LendingClub Auto Purchase Loan is offered by LendingClub Inc, a marketplace lending platform founded in 2007 and based in San Francisco, CA. LendingClub Auto Purchase Loan is available in 50 states (and Washington, DC).

Lending Club Auto refinance FAQ

How much can you borrow via Lending Club Auto refinance?

Lending Club Auto refinance loan amounts start at $5,000 and go up to $55,000.

What APR does Lending Club Auto refinance offer on its car loans?

Lending Club Auto refinance offers a fixed apr car 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 auto loan term you can get with Lending Club Auto refinance?

Lending Club Auto refinance has car loans with terms ranging from 12 to 60 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.

Does Lending Club Auto refinance charge an origination fee?

No, Lending Club Auto refinance does not charge a loan origination fee.

An auto loan origination fee is what some lenders charge for processing an auto loan application and funding an auto 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 Lending Club Auto refinance charge a late fee?

Yes, Lending Club Auto refinance charges borrowers with a late payment penatly fee of up to $15, which is triggered if you're 15 days late.

Does Lending Club Auto refinance charge prepayment fees?

No, Lending Club Auto refinance will not charge you a fee for paying your loan early. Whenever possible choose lenders like Lending Club Auto refinance 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 Lending Club Auto refinance loan?

Yes, you can. Lending Club Auto refinance does not charge a prepayment fee, so you can save money by paying your car 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 may be 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. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

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 a car loan via Lending Club Auto refinance?

Lending Club Auto refinance will typically approve (or deny) a car loan application within 1 hour and fund the car loan within 7 business days of approval.

Does LendingClub Auto Purchase Loan report your account activity to credit bureaus?

Yes, 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 may help improve your credit.

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...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  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 Amount $15
Late Fee Grace Period 15 days
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)
Credit Score Range 600 - 850
Approval Speed 1 hour
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Funding Time Range 1 - 7 days
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
Pre-Approved Soft Credit Inquiry
Loan Amount $5,000 - $55,000
APR (Fixed APR) 2.24% - 24.99%
Loan Term 12 - 60 months

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