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iLending: 2023 auto loan refinancing review

2023-06-19 00:00:00

At a glance

Rating: 4 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.8 stars out of 5
  • Affordability
    Rating: 3.3 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

    Not disclosed

  • 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 has good deals for borrowers with both fair and excellent credit, letting borrowers with strong scores secure loans with APRs as low as 5.20%. If your original APR was higher, that could result in a big savings.

It also makes it easy to find the loan that’s right for you. iLending asks upfront whether you’re looking to lower your payment or interest rate and helps design a loan that meets that need.

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 APR

  • Checkmark

    Simple and quick application process


  • Close X

    Only refinance vehicle loans

  • Close X

    No in-person service

  • Close X

    Vague qualification requirements

If you want to refinance your vehicle 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. 

With each customer, iLending provides a loan specialist to help you through the case. They even work with borrowers who have bad credit scores. While iLending is not a lender, they partner with banks and credit unions around the nation to find the loan options that will save you the most money.

Do you qualify?

Interested applicants should make sure they meet a few basic requirements. You will need some equity in the vehicle and a good debt-to-income (DTI) ratio to be approved. You can determine your DTI using a debt-to-income ratio calculator

iLending does not disclose a minimum annual income — which may vary among its lender partners. Their minimum credit score is 560, and generally, you need a credit score of at least 670 to qualify for lenders’ best rates.

iLending versus Gravity

Gravity is another auto lender that may appeal to people looking to refinance their car loans. Gravity excels in a few ways, for example by having a lower minimum credit score and not charging any fees. However, it can take much longer to fund loans — as long as ten days from the time you’re approved. And their rates start at 5.49%, a touch higher than iLending’s.

iLending versus RefiJet

If you want to refinance an auto loan, you may also 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.

For more help deciding, check out our full 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. Still, 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 APR: iLending’s advertised minimum APR of 5.20% is lower than many competitors’, though the rate you’re offered will vary depending on your creditworthiness and other factors.
  • Simple and quick application process: You can apply online through a streamlined process that should only take a few minutes. 

What we don’t like

  • Only refinancing loans: iLending doesn’t offer loans for purchasing new or used vehicles.
  • No in-person service: iLending aims to save customers money by operating with lower overhead costs — meaning they don’t have any in-person locations.  
  • Vague qualification requirements: iLending’s website doesn’t disclose many qualification requirements and loan details, including minimum and maximum loan amounts.

How to contact iLending

Reach iLending customer service by phone at 866-683-5505, through the chat service on the iLending website or the email contact form on its 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.

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: Not specified
  • Terms: 12-84 months
  • APR: 5.20%-18.00%

Current auto loan borrowers can use iLending services if they want lower interest rates or monthly payments.  

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. 

iLending also offers option 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

One of the drawbacks of iLending is that until you apply and receive an offer, it’s not very transparent about some details of its loans. The lender’s website does not advertise what fees and penalties it charges. This is common among loan marketplaces, as these details can vary among partner lenders.

iLending FAQs

How Bankrate rates iLending

Overall score 4
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 3.3 Low starting rates are a big mark in iLending's favor, but fees and other key cost information aren't available.
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 only the minimum rate is available before you enter your information.


To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories

  • Availability: This accounts for loan amounts, vehicle restrictions and availability in each state.
  • Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. 
  • Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app availability.
  • Transparency: Here prequalification and disclosure of rates and fees are accounted for.

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.

Written by
Emma Woodward
Contributor, Personal Finance

Emma Woodward is a contributor for Bankrate and a freelance writer who loves writing to demystify personal finance topics. She has written for companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet.

Edited by Editor, Auto Loans