One established provider of auto refinancing loans is LendingClub, which offers a range of financial packages aimed at helping drivers reduce their monthly payments. Although originally established as a peer-to-peer lender of personal loans, LendingClub began to branch out into the auto loan sector a couple of years ago and has since gone on to provide refinancing across the U.S.
As an online marketplace, LendingClub works by providing motorists with a refinancing plan offered by a different loan provider, rather than providing the loans directly. They work with a network of leading and boutique loan providers across the United States to provide an online platform that allows users to customize their refinance package based on their needs and current loan situation.
LendingClub does not offer purchase loans or traditional car loans - only refinancing. If you're looking to manage your existing loan payments, read this in-depth review to find out if LendingClub auto refinancing loans are right for you.
LendingClub Financing Offers
LendingClub aims to help move customers into a more manageable repayment situation, either by offering an extended loan term or by finding a refinancing package that provides a lower APR than the one that the motorist is currently saddled with. The financial products offered by LendingClub have a wide range of rates, which largely seem to depend on the credit score of the applicant.
The lowest possible APR offered via LendingClub is a respectable 3.99%.
However, you will likely only qualify for this rate if you have excellent credit, which is typically defined here as being over 690. The highest APR charged through LendingClub is 24.99%, which applicants with a very poor FICO score (typically below 600) may be offered.
We should note that LendingClub does offer auto refinancing for those with bad credit, with their lowest accepted score being 510.
If you are simply applying for prequalification, LendingClub will perform a "soft" credit check on you to find out your score, but this routine check will not affect your score in any way whatsoever.
It is worth repeating that they only offer refinancing loans, not purchase loans.
You must have an existing loan in order to qualify. LendingClub promises to at least match your current loan term, but they also guarantee that they will extend your term for another 12 months, provided you qualify.
Lending Tree Auto Loans Overview
3.99% - 24.99%
No minimum income requirement
Soft Credit Check