LendingPoint Auto Loans Review

LendingPoint Auto Loans is offered by LendingPoint LLC, a direct lender founded in 2014 and based in Kennesaw, GA. LendingPoint Auto Loans is offered in 40 states (and Washington, DC).

How much can you borrow via LendingPoint Auto Loans?

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

What APR does LendingPoint Auto Loans offer on its auto loans?

LendingPoint Auto Loans offers a fixed APR auto loan product that ranges from 15.49% APR up to 34.99% 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 LendingPoint Auto Loans?

LendingPoint Auto Loans has auto loans with terms ranging from 24 to 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 loan, the more interest you will pay.

Does LendingPoint Auto Loans charge an origination fee?

Yes, LendingPoint Auto Loans may charge a loan origination fee of 0% to 6% of the loan amount. LendingPoint Auto Loans 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 Auto Loans charge a late fee?

Yes, LendingPoint Auto Loans charges borrowers with a late payment penatly fee

Does LendingPoint Auto Loans charge prepayment fees?

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

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

What do you need to qualify for LendingPoint Auto Loans?

Applicants with a credit score of at least 590 and up to 720 are eligible for LendingPoint Auto Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loans with LendingPoint Auto Loans, applicants need a minimum annual income of $20,000 or higher. LendingPoint Auto Loans 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 LendingPoint Auto Loans. Their rates fall within the limits of The Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

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

• Applicants must have an active and valid checking account
• 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 LendingPoint Auto Loans?

Does LendingPoint Auto Loans report your account activity to credit bureaus?

LendingPoint Auto Loans reports your account activity to the following credit reporting agencies:

• 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.