iLending Auto Loan Refinancing: 2023 Review

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.