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LendingClub Auto Refinance Review


ConsumersAdvocate.org Rating: 4.8 / 5 (Excellent)
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LendingClub is a peer-to-peer lending network that connects borrowers with investors and offers an alternative way to access credit. They have helped millions of people take control of their debt, grow their small businesses, and invest for the future. LendingClub aims to transform banking to make it more efficient, transparent, and customer friendly. Over 2 million people have borrowed over $31 billion through the company since their inception in 2007. They have an A+ rating with the Better Business Bureau.
 
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How is LendingClub rated?

Breakdown

4.8/5
Loan Details
4.8/5
Customer Experience

Overall Rating: 4.8 / 5 (Excellent)

As a peer-to-peer lending marketplace, LendingClub is a great choice for people who want to eschew traditional bank loans and those with credit scores on the lower end of the spectrum, who may not be approved elsewhere. Additionally, their pro-customer presence on BBB is rather impressive. Consumers looking to refinance an auto loan should include LendingClub in their list of inquiries.

Auto Loans & Refinancing

Loan Details - 4.8 / 5

The company’s credit marketplace model means that customers can get access multiple loan offers and select the option most suitable for their needs. Qualified customers can refinance their auto loans for amounts ranging from $5,000 to $55,000 at interest rates between 3.49% to 24.99%*. In addition, the company hosts great educational resources through their blog, updating it regularly with insightful articles on auto care, credit, and personal finance-related topics.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Loan Refinancing

Min. Loan Amount
$5,000
Max Loan Amount
$55,000
Min. APR
5.98%
Max APR
35.89%

Additional Info

All loans made by WebBank, Member FDIC. APR is the Annual Percentage Rate. Your actual rate depends upon your individual credit score and other key financing characteristics, including but not limited to the amount financed, term, a loan-to-value (LTV) ratio and other vehicle characteristics. Available APRs range from 3.49% to 24.99%. Best APRs are available to borrowers with excellent credit. Advertised rates are subject to change without notice. Vehicle restrictions: Auto refinancing through Lending Club is only available for vehicles that are 10 years old or less and have 120,000 miles or less. Refinancing is not available for Hummer, Pontiac, Saturn, Daewoo, Isuzu, Suzuki or Oldsmobile vehicles. Refinancing is not available for diesel Volkswagen vehicles, Dodge Neons, or any commercial vehicles. Existing loan restrictions: Auto refinancing is available for existing auto loans that have been open for at least 1 month, have 24 months or more remaining on the term and have $5,000 to $55,000 in outstanding balance. GAP insurance coverage, if any, on your prior loan may be impacted. Consult your GAP agreement or contact your GAP provider for more information. Fees: Title and state fees may apply. Additional vehicle and existing loan restrictions may apply, depending on credit quality.

Loan Qualifications

Qualification - 4.5 / 5

LendingClub's investors refinance vehicles that are 10 years old or less and under 120,000 miles. The existing auto loan must have a remaining balance between $5,000 and $55,000, have at least one payment made, and have a minimum of 24 outstanding payments remaining before it is due. Additionally, the refinanced vehicle must be a personal-use car, which excludes RVs, commercial vehicles, and motorcycles.

Borrower Qualifications

Minimum Age
Must be 18 or older
Minimum Credit Score
No minimum
US Citizenship Requirement
No
Verification / Documents Required
Social Security Number

Vehicle Qualifications

Mileage Limit
120,000
Car Age
10 years old or newer
Car Makes
Any vehicle make

Application & Service

Customer Experience - 4.8 / 5

LendingClub's streamlined application allows customers to get pre-approval offers instantly. This means the customer's credit report only receives a soft inquiry, which doesn't affect the credit score. The hard inquiry is done once the customer decides to apply directly to an investor. Another feature is that, unlike other marketplaces and lenders, LendingClub does not charge application, origination, or prepayment fees. They charge a late fee and a check processing fee, which applies if the customer pays with a check; this fee is easily avoided by paying via direct debit.
Fees
Late payment fee of 5% of each late payment or $15; Check processing fee; No additional fees.
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry

LendingClub Reputation & Reviews

Reputation - 4.8 / 5

LendingClub is a type of marketplace that connects borrowers and investors. The company has an A+ rating and accreditation from the BBB. Many negative customer reviews have been posted on the profile, with several customers expressing dissatisfaction with the interest rates. However, the company is very active in responding to reviews and explaining the situations that led to the customer's unhappiness. Often, the situation is caused by misinformation.
Trustpilot Rating
5.8 out of 5
BBB Rating
A+
Number of BBB Positive Reviews
26
Number of BBB Neutral Reviews
5
Number of BBB Negative Reviews
59
Date Collected
2018-02-23

Contact & Additional Information

Lender Type
Marketplace
Year Founded
2007

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