LendingClub Auto Loan Refinance

LendingClub Auto Loan Refinance Review

Lendingclub auto refinance is an auto loan refinance offering by LendingClub Inc, based in San Francisco, CA. Founded in 2007, LendingClub Inc offers auto refinance loans in 30 states across the USA.

Key Takeaways

• APRs starting at 3.99%. There are average starting rates for an auto refinancing loan. If you have good credit you may qualify for a loan with better rates.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 510 are considered for LendingClub Auto Loan Refinance.
• Vehicle requirements. Vehicles must have less than 120,000 miles and a maximum age of 10 years.
• Refinancing for large loan amounts. You can refinance auto loans of up to $55,000 with LendingClub Auto Loan Refinance.
• Fast process. In some cases you can refinance your auto loan within 1 business day.
• No origination fee. LendingClub Auto Loan Refinance does not charge an origination fee for processing your loan application.
• Long loan terms. LendingClub Auto Loan Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.

Lendingclub auto refinance Pros & Cons

Pros	Cons
Low APRs available to qualified borrowers. $0 prepayment fee. Loan options with $0 origination fee. Considers applicants with fair credit. Funding available within 1 business day. Considers older vehicles (max. 10 years)	APRs as high as 24.99%. Charges a late fee of $15

Lendingclub auto refinance FAQ

How much can you borrow via Lendingclub auto refinance?

Auto refinance loan amounts start at $5,000 and go up to $55,000.

What are the auto loan refinancing rates offered through Lendingclub auto refinance?

Lendingclub auto refinance offers a fixed APR car loan refinancing product that ranges from 3.99% APR up to 24.99% APR.

What is the maximum loan term you can get with Lendingclub auto refinance?

Lendingclub auto refinance offers auto refinancing with terms ranging from 24 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 Lendingclub auto refinance charge an origination fee on auto refinance loans?

No, Lendingclub auto refinance does not charge a loan origination fee for refinancing a car 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 Lendingclub auto refinance charge a late fee?

Yes, auto refinance loans via Lendingclub auto refinance are subject to late payment penalty fees of up to $15.

Does Lendingclub auto refinance charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for LendingClub Auto Loan Refinance?

Applicants with a credit score of at least 510 and up to 850 may be eligible for LendingClub Auto Loan Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

LendingClub Auto Loan Refinance does not have or does not disclose a minimum annual income eligibility requirement. LendingClub Auto Loan Refinance will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. 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 LendingClub Auto Loan Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by LendingClub Auto Loan Refinance. 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:

• Applicants must have an active and valid personal checking account
• Proof of insurance
• Driver's license
• Proof of citizenship or residence permit
• Proof of residence
• References

What is the maximum mileage to refinance with LendingClub Inc?

LendingClub Inc is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 120000 miles on the odometer.

What is the maximum car age to refinance with LendingClub Inc?

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

What is the estimated funding time for a car loan refinance with Lendingclub auto refinance?

Auto refinance loan applications are typically funded within 1 to 14 days of approval.

Does LendingClub Auto Loan Refinance report your account activity to credit bureaus?

Yes, LendingClub Auto Loan Refinance 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.