iLendingDIRECT Auto Refinancing Review

iLendingDIRECT Auto Refinancing is an auto loan refinance offering by iLendingDIRECT Inc., based in Englewood, CO. Founded in 2006, iLendingDIRECT Inc. offers auto refinance loans in 50 states (and Washington, DC).

• APRs starting at 1.99%. The starting rates for iLendingDIRECT Auto Refinancing are on the lower end of the spectrum.
• Vehicle types. iLendingDIRECT Inc. refinances motorcycles, boats, RVs, ATVs, cars, and trucks.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 560 are considered for iLendingDIRECT Auto Refinancing.
• Vehicle requirements. Vehicles must have less than 150,000 miles and a maximum age of 10 years.
• Refinancing for large loan amounts. You can refinance auto loans of up to $80,000 with iLendingDIRECT Auto Refinancing.
• No origination fee. iLendingDIRECT Auto Refinancing does not charge an origination fee for processing your loan application.
• Long loan terms. iLendingDIRECT Auto Refinancing offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.

Pros	Cons
Applying will not hurt your credit score. Low APRs available to qualified borrowers. Available in all 50 states. $0 prepayment fee. $0 origination fee. Considers applicants with fair credit. Considers older vehicles (max. 10 years)	Charges a late fee.

How much can you borrow via iLendingDIRECT Auto Refinancing?

Auto refinance loan amounts start at $7,500 and go up to $80,000.

What are the auto loan refinancing rates offered through iLendingDIRECT Auto Refinancing?

iLendingDIRECT Auto Refinancing offers a fixed APR auto loan refinancing product that ranges from 1.99% APR up to 17.99% APR.

What is the maximum loan term you can get with iLendingDIRECT Auto Refinancing?

iLendingDIRECT Auto Refinancing offers auto refinancing with terms ranging from 12 to 84 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 refinancing loan, the more interest you will pay.

Does iLendingDIRECT Auto Refinancing charge an origination fee on auto refinance loans?

No, iLendingDIRECT Auto Refinancing does not charge a loan origination fee for refinancing an auto loan.

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.

Does iLendingDIRECT Auto Refinancing charge a late fee?

Yes, auto refinance loans via iLendingDIRECT Auto Refinancing are subject to late payment penalty fees.

Does iLendingDIRECT Auto Refinancing charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for iLendingDIRECT Auto Refinancing?

Applicants with a credit score of at least 560 and up to 850 may be eligible for iLendingDIRECT Auto Refinancing. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

iLendingDIRECT Auto Refinancing does not have or does not disclose a minimum annual income eligibility requirement. iLendingDIRECT Auto Refinancing only considers borrowers who are employed. Note that borrowers can add a co-borrower 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 iLendingDIRECT Auto Refinancing. Their rates fall within the limits of The Military Lending Act.

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

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

• Recent pay stubs
• Driver's license
• Proof of citizenship or residence permit

What is the maximum mileage to refinance with iLendingDIRECT Inc.?

iLendingDIRECT Inc. is an option for high-mileage vehicles. They will consider auto loan applications for vehicles with up to 150000 miles on the odometer.

What is the maximum car age to refinance with iLendingDIRECT Inc.?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

What is the estimated funding time for an auto loan refinance with iLendingDIRECT Auto Refinancing?

Auto refinance loan applications are typically approved (or denied) within 24 hours and funded within 7 to 14 days of approval.

Does iLendingDIRECT Auto Refinancing report your account activity to credit bureaus?

Yes, iLendingDIRECT Auto Refinancing 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.