At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About LendingClub
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Loan amount
$4,000-$55,000
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Min. credit score
600
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APR from
4.99% to 24.99%
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Funds available in
Typically within 2 days
Loan amount
$4,000-$55,000
Min. credit score
600
APR from
4.99% to 24.99%
Funds available in
Typically within 2 days
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 and compare different rate options.
Not every auto loan qualifies for a refinance with LendingClub, and if your credit isn’t good, it may not be the best option.
No origination fees
Apply online and receive an instant offer
Prequalification
High maximum APR
Not available for all cars
Vehicle and state restrictions
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:
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 $80,000. 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.
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 is not available as quickly, which makes it a poor option for those in a financial pinch. Compare both options before picking one.
LendingClub makes it easy to check your approval odds, but limitations apply that could make you ineligible for auto refinancing.
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 5 a.m. and 5 p.m. PT Monday through Friday and 8 a.m. and 5 p.m. PT on Saturday.
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.
For borrowers looking to refinance their current vehicle loan, LendingClub claims it saves customers an average of $78. Especially if you initially signed off with dealership financing, you may well find more competitive rates through LendingClub or a similar lender comparison site.
Applying to refinance with LendingClub starts on its website. You will need to fill in personal info, like your full name, address and income. You will also need to provide information about your current auto loan, including the vehicle identification number, year, make, model, color and trim. If you’re deemed eligible, the next step is to upload the requested documentation to verify the information included in your loan application and receive your final loan approval.
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.
Drivers refinancing with LendingClub should prepare to cover the cost of transferring their vehicle title. You may also encounter late payment fees.
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 15 states. |
Affordability | 3.8 | No origination fee is a huge point in LendingClub’s favor, but its lack of discounts knocks it down. |
Customer experience | 4.6 | LendingClub has an app, online access, a tight funding timeline and customer service available six days a week. |
Transparency | 5 | Rates and fees are openly available on LendingClub’s website, and it allows for prequalification. |
Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.