If you’re looking to refinance an auto loan, you may be considering online lenders RateGenius and LendingClub.

RateGenius serves as a loan aggregator, connecting borrowers to different lenders and helping applicants compare loan offers. It has low rates for well-qualified borrowers. LendingClub, however, provides auto loans through LendingClub Bank. Applicants can get loans with longer repayment terms, but that means paying more in interest over time.

Choosing between these lenders can be tricky, so we’ll break down the differences to help you choose the right one for you.

RateGenius vs. LendingClub at a glance

Though RateGenius and LendingClub both promise the potential to lower your rates with a refinance, they work differently and are best suited for different borrowers.



Bankrate score 4.1 4.5
Better for •Borrowers looking for the lowest possible rate
•Borrowers who live in a state that LendingClub does not serve
•Borrowers looking for small loans
•Long-term refinancing
Loans offered •Auto loan refinancing
•Lease buyout
•Auto loan refinancing
Loan amounts $10,250-$55,000 $4,000-$55,000
APRs From 4.67% 4.99%-24.99%
Loan term lengths 24-48 months 36-60 months
Fees Not specified Possible late payment fees
Minimum credit score Not specified 600
State footprint All 50 states 41 states
Time to funding 1-2 days 2 days
Autopay discount? Not specified No
Refinancing restrictions •Have a loan balance of $10,250 or more
•Have at least 24 months remaining on your loan
•Have steady income
•Have a vehicle that is fewer than 10 years old with less than 120,000 miles
•Have a loan balance of $4,000 or more
•Have an auto loan that is at least 1 month old
•Have at least 24 months remaining on your loan
•Have a vehicle that is fewer than 10 years old with less than 120,000 miles
•The vehicle must be registered and titled in your state of residence
•Certain makes/models are ineligible, such as Nissan Leaf, Ferrari, Oldsmobile, and Suzuki.

RateGenius auto loans

RateGenius offers two auto loan options: refinancing and lease buyouts. Refinancing can help you adjust the terms of your current auto loan, lowering the interest rate or extending the repayment term to lower your monthly payment. Lease buyouts help you buy a vehicle you’re currently leasing.

The company operates in all 50 states and it has a streamlined application process which can make it easier to find a lender to work with. It’s also useful for comparing multiple loan offers. However, there are a few limitations to keep in mind.

For one, RateGenius will only let you refinance if your loan balance is $10,250 or higher. It’s a higher minimum than most rivals set. If you owe less than that on your loan, you’ll have to find another lender to refinance. Additionally, you can only get a maximum term of 48 months. If your goal is to lower your monthly payment, you might want to extend your loan further.


  • Interest rate transparency. The lender publishes its lowest interest rate on its website, letting you get an idea of the amount you could pay if you have strong credit. The minimum rate is also lower than some competitors, such as Gravity Lending.
  • Qualify with fair credit. You don’t need perfect credit to get a loan with RateGenius. When you submit the application, RateGenius will match you with lenders that work with people of your credit profile.
  • Co-applicants permitted. You can apply with a co-applicant. If your co-applicant has a better credit score than you, they could improve your chances of approval or a lower rate.


  • Hidden fees. RateGenius doesn’t have a fee schedule on its website, so you can only find out what fees will be charged, and the size of those fees, by applying. This is common among loan marketplaces, as fees vary among lenders.
  • Loan restrictions. RateGenius requires that you refinance at least $10,250 in auto debt to qualify, which makes it a poor choice if you have a small balance remaining. The typical minimum is more like $5,000.
  • Rates may be high for borrowers with poor credit. RateGenius doesn’t disclose its maximum rate, which may be quite high for borrowers with poor credit.

LendingClub auto loans

Though LendingClub may be well known for its personal loans, it also offers auto loan refinancing. Its refinance loans can be flexible, giving borrowers the chance to refinance as little as $4,000 and offering terms as long as 60 months.

Both of these facts mean that LendingClub could be a better choice than RateGenius for certain borrowers — namely, those with smaller loan balances or the desire to lower their monthly payment by extending the repayment term.

However, LendingClub isn’t available in every state. It also charges a slightly higher minimum APR than some other lenders, even for borrowers who have strong credit histories.


  • Price transparency. LendingClub discloses the minimum and maximum APR it may charge and also notes that it does not charge a loan origination fee.
  • Prequalify without a hard credit inquiry. You can prequalify with LendingClub to get a loan offer and see your interest rate without impacting your credit score. That makes shopping for a rate risk-free.
  • Quick turnaround. LendingClub offers approval decisions within minutes and can fund your loan in a few days.


  • High rates. LendingClub has a higher minimum rate than RateGenius and also a high maximum rate at 24.99 percent. But its minimum rate of 4.99 percent is still competitive compared to other bank lenders, and national average rates.
  • Vehicle restrictions. In addition to standard model year and mileage limits, LendingClub has a list of manufacturers and models that it will not refinance, including some popular vehicles.
  • Not available in all states. LendingClub does not offer auto loan refinancing in Alaska, Hawaii, Maine, Mississippi, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming.

How to choose between RateGenius and LendingClub

Both RateGenius and LendingClub offer online auto refinancing with the opportunity to get offers from multiple lenders.

However, RateGenius may be a better fit than LendingClub in some situations, such as when you live in a state LendingClub doesn’t serve,  own a car that LendingClub won’t refinance or want to compare multiple options with a single application. Those with great credit may also get a lower rate from RateGenius.

On the other hand, LendingClub is more flexible, offering a lower loan minimum and longer maximum term. It also has lower fees than some of RateGenius’ loan partners.

Choose RateGenius if you have great credit and a large balance

RateGenius is likely to be a stronger choice than LendingClub if you have a great credit score. Its minimum APR is slightly lower than LendingClub’s and competitive with some of the lowest refinance rates out there, which sit around 4.50 percent.

Despite the fact that it doesn’t disclose the fees charged, its partner lenders may not charge certain costs, like origination fees, for applicants with strong credit.

If you owe at least $10,250 and can qualify for the lowest rates, you can use RateGenius to refinance at a potentially lower cost than LendingClub.

Choose LendingClub if you want a long loan term or have a low balance

LendingClub’s big advantages over RateGenius are longer loan terms, lower minimum loan amount and risk-free prequalification. While a 60-month maximum term is shorter than some of the competition’s, like LightStream’s 84 months or Autopay’s 96 months, it still beats RateGenius’ relatively short 48 months.

LendingClub also lets you refinance with as little as $4,000 remaining on your loan, meaning many more borrowers will be eligible to refinance with LendingClub than RateGenius.

Compare more lenders before applying

RateGenius and LendingClub are just two of the many auto loan refinancers out there. Whether you’re looking for a bad credit auto refinancing loan or have great credit and want the lowest rates, these lenders may be able to help, but you should make sure to take the time to shop around and look at other lenders. Putting in the effort to comparison shop can help you save money by getting a great deal.