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Lending Club Auto Loan

  • Good For Refinancing
  • Well Known Lender With Solid Reputation
7.6 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.6Expert Score
Support
8
Affordability
7.5
Benefits
7.5
Application Process
7.5
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • Good For Refinancing
  • Well Known Lender With Solid Reputation
CONS
  • Some Restrictions on Make And Model
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Average Score 7.6
PROS:
  • Good For Refinancing
  • Well Known Lender With Solid Reputation
CONS:
  • Some Restrictions on Make And Model

Introduction

APR 3.99% – 24.99%
Loan Amount

$5,000 – $55,000

Loan Term

Matches current loan term OR extends it by 12 months

About
Lending Club is a U.S.-based peer-to-peer lending club which matches borrowers with investors willing to fund their loans. Currently, they have over 2.5 million customers and they have facilitated over $4.4 billion in loans since 2007. Lending Club is the largest online lender in the United States. Lending Club offers auto refinancing loans and allows customers to see two different loan terms without affecting credit scores.

Suitable For
Lending Club is a good fit for those who want to work with a well-known lender with an established reputation. When you apply for an auto loan at Lending Club, you get the opportunity to see two different loan terms and their corresponding rates without impacting your credit score. In the final stages of getting the loan, a hard credit pull is required, but this way you can see your options first.

How to Qualify
In order to qualify for an auto refinancing loan, Lending Club requires a minimum credit score of 510. The maximum vehicle age is 10 years (or 9 years for borrowers with credit scores below 630) and the maximum vehicle mileage is 120,000 (or 110,000 for borrowers with credit scores below 630). Your current loan must be open for at least a month with at least 24 months remaining. At the moment, Lending Club’s auto refinancing loans are not available in all states or for all makes/models.

Additional Fees
The only fees are a DMV transfer fee and a late fee,  which will be specifically outlined in your loan agreement with Lending Club.

 


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