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 available in 40 states (and Washington, DC).

How much can you borrow via Lending point?

Lending point loan amounts start at $2,000 and go up to $25,000.

What APR does Lending point offer on its car loans?

Lending point offers a fixed apr car loan product that ranges from 9.99% APR up to 35.99% 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 point?

Lending point has car loans with terms ranging from 24 to 48 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 point charge an origination fee?

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

Does Lending point charge a late fee?

Yes, Lending point charges borrowers with a late payment penatly fee

Does Lending point charge prepayment fees?

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

Yes, you can. Lending point does not charge a prepayment fee, so you can save money by paying your car loan early.

What do you need to qualify for LendingPoint Auto Loans?

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.

U.S. citizens are, of course, eligible for the services offered by LendingPoint Auto Loans. Permanent resident / green card holders are also eligible to apply.

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

• Applicants must have an active and valid personal checking account
• 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 point?

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

Yes, 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 may help improve your credit.