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LendingPoint

in Auto Loans

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LendingPoint

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in Auto Loans

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Overview

Where does LendingPoint do business?

LendingPoint is a direct lender based in Kennesaw, GA. It was founded in 2014 and offers auto loans in 40 states (and Washington, DC).

How much can you borrow via LendingPoint?

LendingPoint auto loan amounts start at $2,000 and go up to $25,000.

What APR does LendingPoint offer on its auto loans?

LendingPoint has a variable APR that ranges from 15.49% up to 34.99%.

What is the maximum loan term you can get with LendingPoint?

LendingPoint has auto loans with a maximum term of 48 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 auto loan, the more interest you will pay.

Does LendingPoint charge an origination fee?

Yes, LendingPoint may charge a loan origination fee of 0% to 6% of the loan amount. LendingPoint deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does LendingPoint charge a late fee?

Yes, LendingPoint charges borrowers with a late payment penatly fee

Does LendingPoint charge prepayment fees?

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

Applicants with a credit score of at least 590 can apply for a loan via LendingPoint. 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
  • An active and valid checking account
  • Proof of citizenship or residence permit
  • Recent pay stubs
  • Proof of income

What is the estimated funding time for an auto loan via LendingPoint?

LendingPoint will typically approve (or deny) an auto loan application within 24 hours and fund the loan within 7 business days of approval.

Does LendingPoint report loan payments to credit bureaus?

LendingPoint may report credit data to the following credit reporting agencies:

  • Experian
  • Transunion

 

LENDINGPOINT Disclosure: Loan approval is not guaranteed. Actual loans offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 5% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $3,500 to $20,000, at rates ranging from a low of 15.49% APR to a high of 34.99% APR, with terms from 24 to 48 months.
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...

Contact

Other Services by LendingPoint

Availability

Available in 40 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington

Feature Breakdown

No Prepayment Fee
Origination Fee
Up to 6%
Minimum Age
18
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Joint Loan Applications Accepted
  • Only Individual Applications
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Credit Score Range
590 - 720
850 300 590 720
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Annual Income
$20,000
Bank Account Required?
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Term (Months)
Up to
48
Loan Amount
$2K - $25K
$500 $100K+
APR
()
15.49% - 34.99%
0% 36%+

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