LendingClub Auto Purchase Loan
in Auto Loans from LendingClub Inc
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| 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).
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.
Contact
- Headquarters
-
595 Market St
Suite 200
San Francisco, CA 94105
Other Services by LendingClub Inc
Availability
- 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 | 15 days |
| Late Fee Amount | $15 |
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