At a glance
- Customer Experience
Min. credit score
Funds available in
As soon as one day
Min. credit score
Funds available in
As soon as one day
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.
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.
Personal lending specialist
Low minimum APR
Simple and quick application process
Only refinance vehicle loans
No in-person service
Vague qualification requirements
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.
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.
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.
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.
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.
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.
You’ll only find auto loan refinancing with iLending. It works as a third-party service between current borrowers and potential new lenders.
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.
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.
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.
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.
|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.
Editorial disclosure: All reviews are prepared by Bankrate.com 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.