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iLending auto loan refinancing: 2024 review

2024-01-01 13:59:00

At a glance

Rating: 4.4 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.5 stars out of 5
  • Affordability
    Rating: 4 stars out of 5
  • Customer Experience
    Rating: 4.4 stars out of 5
  • Transparency
    Rating: 4.5 stars out of 5
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About iLending

  • Moneybag

    Loan amount


  • Credit Good

    Min. credit score


  • Rates

    APR from


  • Funds available in

    As soon as one day

iLending auto loans are best for refinancing

iLending only offers auto loan refinancing rather than loans for new purchases. It serves borrowers with fair to excellent credit, so those with strong credit scores may secure lower rates. If your original APR was higher, that could result in big savings.

iLending is all about finding the right solution for your budget. It asks upfront whether you’re looking to lower your payment or interest rate and helps design a loan that meets your needs.

iLending features

Personalized customer service and options to save you money sound great, but consider both the pros and cons of this refinancing service before you sign up.


  • Checkmark

    Personal lending specialist

  • Checkmark

    Low minimum credit score

  • Checkmark

    Simple and quick application process


  • Close X

    No in-person service

  • Close X

    Unclear fees

  • Close X

    Only refinances loans

If you want to refinance your auto loan, iLending may be the right place to start. iLending provides refinancing options for most vehicle loans with the goal of saving you money. The company has been around for over 15 years, and it has an A+ rating with the Better Business Bureau. 

iLending provides each customer with a loan specialist to help you through the process. It even works with borrowers who have bad credit scores. While iLending is not a lender, it partners with banks and credit unions nationwide to find options to save you the most money.

Do you qualify?

Interested applicants should make sure they meet iLending's basic requirements.

Financial requirements:

  • Debt-to-income (DTI) ratio better than 55 percent. You can determine your DTI using a debt-to-income ratio calculator
  • Income of at least $24,000 per year.
  • Minimum credit score of 560 in most states (as low as 510 in some).
  • No repossessions in the last five years or foreclosers in the last two
  • No bankruptcies filed in the last year or discharged/dismissed in the last 36 months.

Vehicle and loan requirements:

  • Remaining loan balance of at least 12.
  • Vehicle model of 2013 or newer. 
  • Less than 150,000 miles on vehicle. 


iLending versus Gravity

Gravity is another auto lender that may appeal to people looking to refinance their car loans. Gravity excels by having a lower minimum credit score and not charging any fees. And, unlike iLending, it lists a starting APR (annual percentage rate). However, it can take up to ten days from the time you’re approved to receive funding.

See our Gravity vs. iLending guide

iLending versus RefiJet

If you are looking to refinance your auto loan, you may want to consider RefiJet. Like iLending, this company isn’t a direct lender. It matches you with an expert who will assist you with applying for an auto loan and comparing your options. One unique feature is that RefiJet can help you cash out some of your car’s equity. However, iLending may offer better interest rates for well-qualified borrowers.

Read our iLending vs. RefiJet guide

What we like and what we don’t like

If you’re approved for refinancing, you’ll get personalized assistance to help navigate the lending process and may qualify for an impressively low rate. However, there is no in-person customer service, which may not be ideal for you. 

What we like

  • Personal lending specialist: Each customer is assigned a personal lending specialist to work with throughout their refinancing process.  
  • Low minimum credit score: The listed score, 560, is in the poor credit range. While borrowers with this score may not find lower rates with iLending, prequalification doesn't impact your credit score, so it doesn't hurt to check.
  • Simple and quick application process: You can apply online through a streamlined process that should only take a few minutes. Plus, iLending clearly lays out its qualification guidelines, making it easier to tell whether applying is worth it.

What we don’t like

  • No in-person service: iLending aims to save customers money by operating with lower overhead costs — meaning it doesn’t have any in-person locations. However, you can call its customer service reps for help.  
  • Unclear fees: iLending states it charges administration and documentation fees but does not state the amount. Plus, the lender you're connected with may charge fees of its own.
  • Only refinances loans: You cannot get a loan to purchase your new, used or leased vehicle through iLending.

How to contact iLending

Reach iLending customer service by phone at 855-358-4415 or through the chat service or email contact form on the iLending website. Customer service agents are available Monday through Friday from 6 a.m. to 8 p.m. MT, Saturday from 8 a.m. to 4 p.m. MT and Sunday from 10 a.m. to 3 p.m. MT.

Live chat and phone assistance are available in both Spanish and English. Multilingual support is an uncommon perk.

Auto loan types offered

You’ll only find auto loan refinancing with iLending. It works as a third-party service between current borrowers and potential new lenders. 

Auto loan refinancing

  • Amounts: $5,000-$150,000
  • Terms: 12-96 months
  • APR: 5.49%-18.79%

Current auto loan borrowers can use iLending services to search for lower interest rates or monthly payments. The lender states that its rates change frequently, so the rates listed above may no longer be available.

Working with many different lenders across the country means rates and terms vary. You can connect with one of the company’s loan specialists to find out specific loan term options that may be available to you.

How to apply for a loan with iLending

You can apply to refinance your auto loan directly on iLending’s website. The application will ask for your basic info, like a Social Security number, your name, address and contact info. A loan specialist will then contact you to complete any needed information. According to its website, the application process should only take a few minutes.

Features and additional perks

iLending offers a few additional features for borrowers who want to refinance their auto loan.

When you refinance with iLending, you can buy gap insurance, which is additional insurance coverage used if your car is totaled and your auto insurance won’t cover your loan’s full balance. You can also purchase a vehicle service contract, paint and fabric protection or a complete care package that purports to save you money on minor repairs. Just remember that if you add these costs to your loan, you’ll pay interest on them. You may be able to find cheaper prices on these products elsewhere.

iLending also offers optional Vehicle Repayment Protection. This plan covers monthly payments for up to 90 days in the event of job loss or other financial distress.

Fees and penalties

The lender's FAQs state that it charges documentation and administration fees, but doesn't list specific amounts. It doesn't discuss what fees its partner lenders charge. This is common among loan marketplaces, as these details can vary among partner lenders.

iLending FAQs

How Bankrate rates iLending

Overall score 3.9
Availability 3.8 Since iLending works with a wide network of lenders, it can help borrowers in any state. But it doesn’t provide its minimum or maximum loan amounts.
Affordability 3.1 Rates, fees and other key cost information aren't available until you prequalify.
Customer experience 4.4 Customer service is available seven days a week, and available in both English and Spanish.
Transparency 4.5 Prequalification is available, but it's also the only way to preview your potential costs.


The Bankrate team assessed more than 35 auto lenders to find the best. To rate lenders specializing in auto refinance loans, Bankrate considers 16 different criteria, including the loan amount, disclosed APR and acceptance criteria. Each lender receives a Bankrate score based on four categories

  • Availability: This accounts for loan amounts, vehicle restrictions and availability in each state. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include online access, support availability, funding timeline, option for automatic payment and app availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.