iLending Auto Loan Refinancing: 2023 Review

iLending specializes in auto loan refinancing and assigns a dedicated loan consultant to work with each applicant.
By Shannon Bradley 

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Our Take

The bottom line:

Best for applicants who want the assistance of a loan consultant to compare lender options and complete loan paperwork.

Est. APR
Loan amount
Min. credit score
Learn more

on iLending's website

Pros & Cons


  • Offers pre-qualification with a soft credit check.

  • Application process is 100% online, including document upload.

  • Customer service is available on Saturday and Sunday.

  • Some of the network's lenders offer a rate discount with automatic payment.


  • Charges an origination/application fee of $449.

  • Borrowers aren’t able to choose the loan payment due date.

Full Review

Established in 2006, iLending partners with a network of 50-plus banks, credit unions and other lenders to provide auto loan refinancing, including cash-back auto refinancing. The company specializes in auto refinancing and does not offer auto purchase loans.

The iLending application process is all online, including uploading documents. Your initial loan application allows you to pre-qualify using a soft credit check, which will not affect your credit score. After you submit the application, an iLending loan consultant will call you to discuss your refinancing goals, such as lowering your interest rate or reducing your monthly car payment.

Based on your goals and credit profile, the loan consultant will match you with lenders and loans in the iLending network and walk you through preliminary loan offers. When you choose a lender, iLending can help you complete your application before it's submitted to the lender for approval, which will require a hard credit inquiry.

Because iLending works with borrowers of all credit types, applicants with bad or fair credit may qualify — although most likely with a loan at the high end of iLending’s interest rate range. ILending has a minimum gross annual income requirement of $21,600. Most of the network's lenders also require a minimum credit history, with the shortest being six months.

🤓Nerdy Tip

iLending is an auto loan aggregator, meaning it works with a network of lenders to match borrowers with loans. Aspects of your loan — such as lender fees, service and how your personal information is used — will depend on the lender.

iLending may be a good fit for those who:

  • Want to compare loan options. ILending is an aggregator, and its single application lets you receive loan offers from more than one lender. Pre-qualification with a soft credit check will not affect your credit score.

  • Prefer assistance with the loan process. Applicants receive one-on-one assistance throughout the loan process. Applications can be made by phone, and iLending has both English and Spanish-speaking loan consultants.

  • Need more flexible credit requirements. ILending works with borrowers of all credit types to refinance car loans. The company's minimum credit score requirement is 560 on the FICO scale, which falls into the "very poor" range.

iLending at a glance

ILending works with many lenders, so the following information may reflect the high or low end available among its partners.

Application process
  • Origination fee: Yes. There is a fee of $449, which can be financed back into the loan.

  • Personal information needed: For the initial application, applicants will need their Social Security number or individual taxpayer identification number, address, time at address, phone number, email address, citizenship status, birthdate, employment status, employer name, housing status, housing payment amount, driver’s license number, insurance information, basic vehicle information, vehicle identification number — or VIN — and vehicle registration or license information. Lenders may require additional information.

  • Pre-qualification available: Yes. Pre-qualification is done via a soft credit check.

  • Online, in person or both: The process can be 100% online, including document upload. Applicants receive a link enabling them to take photos of documents from a mobile device and upload them. iLending also takes applications by phone and has both English and Spanish-speaking loan consultants.

  • Approval speed: Pre-qualification offers can be seen immediately in most cases. Preapproval can take longer, but applicants usually know if they have been preapproved in less than 24 hours.

  • Minimum FICO credit score: 560.

  • Minimum credit history: There is a minimum length of credit history required in nearly all cases; the shortest among all lending partners is six months.

  • Minimum annual gross income: There is a minimum income requirement in all cases; the lowest among all lending partners is $21,600.

  • Maximum debt-to-income ratio: 50%.

  • Bankruptcy restrictions: Nearly all of iLending's partners have bankruptcy-related restrictions. The bankruptcy must have been discharged. Any waiting period after a bankruptcy varies by lender, from zero to 24 months.

  • States covered: ILending provides loans in all 50 states.

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: Up to 150,000.

  • Other vehicle restrictions: The only restriction is commercial vehicles, such as those used for farming.

  • Loan amount minimum: $7,500.

  • Loan amount maximum: $150,000.

  • Maximum loan-to-value ratio: 160%.

  • Refinancing restrictions: Borrowers can refinance as soon as the previous loan's paperwork is complete and the title can be transferred. Some iLending partners require at least a $5,000 balance remaining on the loan.

  • Loan terms: 12 to 96 months.

  • Rate discount: The majority of iLending's partners offer an annual percentage rate, or APR, discount when a borrower sets up autopay. The amount varies by lender and ranges from 0.25 percentage points to 1 percentage point.

  • Greater-than-minimum payments: They are accepted by all iLending partners and can be made by automatic payment in most cases. The method for applying a payment overage varies by lender.

  • Bi-weekly payments: They are not accepted by any iLending partner.

  • Late payment fee: Yes. Late payment fees vary by lender. The fees range from 1% to 5% of the payment amount, and grace periods range from 45 to 90 days.

  • Prepayment penalty: None.

  • Co-applicants allowed: Co-signers and co-borrowers are allowed. Co-applicants can apply at the same time.

  • Payment options: They vary by iLending partner.

  • Selected payment date: Borrowers are not able to select their payment due date.

  • Hardship plans: Not available.

  • Offers cash-out refinancing: Yes. Borrowers with vehicle equity may be able to receive up to $1,000 cash with their new refinance loan.

  • Existing loan payoff: Funds are mailed directly to the previous lender by check.

  • Assistance provided: During the application process, borrowers work with a dedicated iLending loan consultant. Afterward, loan servicing (payments, questions, issues, etc.) are handled by the lender. 

  • Availability: ILending's customer service hours are 6 a.m. to 8 p.m. Mountain time Monday through Friday, 8 a.m. to 4 p.m. MT on Saturday and 10 a.m. to 3 p.m. MT on Sunday.

  • Contact options: Phone, email, chat through website or online portal.

More from iLending

Along with refinancing auto loans, iLending also refinances loans for boats, motorcycles, recreational vehicles and all-terrain vehicles.

The iLending website provides a small library of auto loan refinancing FAQs, an educational blog and a car loan refinancing calculator.

Many lenders quantify how much money they save customers, and iLending says it saves clients an average of $145 monthly in car payments. NerdWallet is unable to verify these claims.

iLending auto loan rates

Credit requirements vary by auto lender, but iLending’s lowest rates are typically available to only borrowers with good or excellent credit (a FICO score of 690 or above). With fair or bad credit, you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for an auto refinancing loan. 

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.

To review iLending, NerdWallet sent a survey to iLending requesting more than 60 data points and followed up with company representatives. This information was compared with that of other lenders that seek the same customer or offer a similar product.

Learn more

on iLending's website

Frequently asked questions