You may know LendingClub as a peer-to-peer (P2P) lending source for personal loans, but it can also help you with auto loan refinances. LendingClub offers a non-traditional approach to financing. Instead of private funding like a traditional bank, LendingClub features a streamlined online application process and connects individual lenders with individual borrowers to help with a variety of funding needs.
What we like and what we don’t like
LendingClub makes it easy to check your approval odds and select a loan that works for you, 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.
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, District of Columbia, Hawaii, Maine, 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 offers P2P lending options for a variety of loan types. When it comes to auto loans, it only offers loan refinancing with competitive rates. The average borrower saves $86 on their monthly payment, according to the website. LendingClub doesn’t offer auto loans to help with the initial purchase of a vehicle at this time.
How to apply for a loan with LendingClub
Applying with LendingClub starts on its website. There, you will need to fill in some personal info, like your full name, address and income. You will also need to provide information about your current auto loan, including the VIN (vehicle identification number), year, make, model, color and trim level. If you’re eligible for an auto loan, the next step is to upload the requested documentation to verify the information included in your loan application and receive your final loan approval.
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 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.