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LendingClub: 2023 auto loan review

2023-06-09 00:00:00

At a glance

Rating: 4.5 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.5 stars out of 5
  • Affordability
    Rating: 3.8 stars out of 5
  • Customer Experience
    Rating: 4.6 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

    Typically within 2 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 and compare different rate options.

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. 


  • Checkmark

    No origination fees

  • Checkmark

    Apply online and receive an instant offer

  • Checkmark



  • Close X

    High maximum APR

  • Close X

    Not available for all cars

  • Close X

    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 $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. 

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 is not available as quickly, which makes it a poor option for those in a financial pinch. Compare both options before picking one.

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, Mississippi, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. 

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 5 a.m. and 5 p.m. PT Monday through Friday and 8 a.m. and 5 p.m. PT on Saturday.

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: 36, 48 or 60 months  
  • APR: 4.99%-24.99%

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. 

How to apply for a loan with LendingClub

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.

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 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.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
  • Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
  • Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.
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