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LendingClub auto loans: 2024 review

2024-01-01 13:59:00

At a glance

Rating: 4.5 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.5 stars out of 5
  • Affordability
    Rating: 4.3 stars out of 5
  • Customer Experience
    Rating: 4.2 stars out of 5
  • Transparency
    Rating: 5 stars out of 5
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About LendingClub

  • Moneybag

    Loan amount


  • Credit Good

    Min. credit score


  • Rates

    APR from

    4.99% to 24.99%

  • Funds available in

    Up to 15 days

LendingClub auto loans are best for a seamless application

Securing a better auto loan by refinancing can decrease your monthly and lifetime costs. If an easy application is your top priority, consider LendingClub. The lender boasts an easy-to-navigate website where you can check your rate in minutes through prequalification.

LendingClub pros and cons

Not every auto loan qualifies for a refinance with LendingClub, and if your credit isn’t good, it may not be the best option. 

Green circle with a checkmark inside


  • No origination fees
  • Apply online and receive an instant offer
  • Prequalification
Red circle with an X inside


  • High maximum APR
  • Not available for all cars
  • Vehicle and state restrictions
You may know LendingClub as a lending source for personal loans, but it can also help you with auto loan refinances. LendingClub formerly matched borrowers with a network of private investors, but today its refinance loans are provided by LendingClub Bank, member FDIC.

Do you qualify?

LendingClub has a few requirements for auto loan refinances. Applicants should be at least 18 years old with a vehicle that meets these basic qualifications:

LendingClub versus RateGenius

If you reside in one of the states that LendingClub does not serve, consider checking out RateGenius, which functions as a refinancing loan marketplace. RateGenius boasts a high funding maximum of $100,000. Like LendingClub, it also allows you to add a co-signer. A co-applicant can greatly improve your likelihood of acceptance if you do not have strong credit. 

See our RateGenius vs. LendingClub guide

LendingClub versus Upstart

Upstart is a great option for a borrower who is looking for a seamless online experience but has a lower credit score. Upstart uses factors outside of traditional underwriting to determine risk in its borrowers. But funding could take up to two weeks, which makes it a poor option for those in a financial pinch. 

Read our LendingClub vs. Upstart breakdown

What we like and what we don’t like

LendingClub makes it easy to check your approval odds, but limitations apply that could make you ineligible for auto refinancing. 

What we like

  • No origination fees: Many lenders charge hefty loan origination fees — a fee that covers the processing costs for a new loan application — but LendingClub doesn’t charge these fees for an auto loan refinance.
  • Apply online and receive an instant offer: Applying for a LendingClub auto loan refinance is simple and you can receive an offer with rates available to you in just a few minutes.
  • Prequalification: Borrowers can explore potential rates following only a soft credit pull, which does not negatively impact your credit score. 

What we don’t like

  • High maximum APR: If your credit isn’t in the best shape, you may be stuck with a 24.99 percent APR.
  • Not available for all cars: If you have a car that is older than 10 years old, you won’t qualify for a loan refinance with LendingClub. Your vehicle also must have less than 120,000 miles on it and not be one of the restricted makes or models.
  • Vehicle state registration restrictions: Refinancing is unavailable to consumers in Alaska, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia, Wyoming and the District of Columbia. 

How to contact LendingClub

LendingClub offers a few options to help with your auto loan refinance questions. You can check out its help page to see if they have an answer to your question. If not, you can reach out via phone or email. Customer service is available between 6 a.m. and 4 p.m. PT Monday through Friday.

Auto loan types offered 

LendingClub ended its peer-to-peer lending program in 2020 but still offers a variety of loan types. When it comes to auto loans, it only offers loan refinancing — not new or used car loans.


  • Amounts: $4,000-$55,000
  • Terms: 12-84 months
  • APR: 4.99%-24.99%

Especially if you initially signed off with dealership financing, you may find more competitive rates through LendingClub or a similar lender comparison site. LendingClub's starting refinance rate is well below the industry average but is only available to borrowers with excellent credit.

How to apply for a loan with LendingClub

Applying to refinance with LendingClub starts on its website. Here’s how to get started: 

Features and additional perks

Outside of the seamless online application, LendingClub offers a few perks for its borrowers, including the ability to pay off your loan early without any additional cost and no origination fees. 

Fees and penalties 

Drivers refinancing with LendingClub should prepare to cover the cost of transferring their vehicle title. You may also encounter late payment fees.

LendingClub FAQs

How Bankrate rates LendingClub

Overall score 4.5
Availability 4.5 LendingClub has a list of makes and a few models that are ineligible for refinancing. It also doesn’t provide loans to borrowers whose cars are registered in eight states.
Affordability 4.3 No origination fee is a huge point in LendingClub’s favor, but its lack of discounts knocks it down.
Customer experience 4.2 LendingClub has an app, online access and customer service available five days a week.
Transparency 5 Rates and fees are openly available on LendingClub’s website, and it allows for prequalification.


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 the 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.

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, Personal and Auto Loans