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.
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.
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 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.
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 510 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.
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 501-600, a $10,000 car loan, a repayment term of 36 months, an interest rate of 12% and a $0 down payment would have monthly payments of $332.
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.
Frequently asked questions
Yes. ILending has existed since 2006, when it was founded as Fleet Financial. It became iLendingDirect and then iLending. The company has headquarters in Denver and offices in Austin, Texas, and Columbia, South Carolina. It provides loans in all 50 states.
The company is accredited by the Better Business Bureau, which has given it an A+ rating. In 2018, it also received a first-place BBB Torch Award for Business Ethics in the large business category. ILending has a Trustpilot rating of 4.8 out of 5.
ILending says it shares an applicant’s personal information for third-party companies to market auto or credit-related products not directly related to the auto refinancing loan. However, applicants can opt out during the application process.