Lending Arts Auto Loan Refinance and Lease Buyout Loans: 2023 Review

Lending Arts matches applicants to the best auto refinancing offer from a network of lenders.
By Shannon Bradley  

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Auto loan reviews

LendingArts

  • Auto loan refinancing

  • Auto lease buyout loan

The bottom line:

Best for applicants who want to see a pre-qualified loan offer with a rate estimate for auto loan refinancing or a lease buyout loan.

Auto loan refinancing review

LendingArts
Lending Arts - Refinance loan

Not yet rated

Est. APR
5.44-21.00%
Loan amount
$5,000-$150,000
Min. credit score
550

Pros

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

  • Pre-qualification with a soft credit check is available with most network lenders.

  • Borrowers are able to choose the loan payment due date.

  • Allows co-signers and co-borrowers.

  • Customer service available on Saturday.

  • Limits borrower contact from network lenders.

Cons

  • Charges an origination fee of $499.

  • A few network lenders may use a hard credit inquiry for pre-qualification.

  • Provides only one pre-qualified offer.

Best for applicants who want to see the best, pre-qualified auto loan refinancing offer from a network of lenders.

Full Review

Established in 2006, Lending Arts offers auto loan refinancing, including cash-out refinancing and lease buyout loans. Lending Arts works with a network of approximately 20 lenders to match applicants to the best loan and interest rate for which they may qualify. The application process is completely online.

The Lending Arts approach is different from many other companies that work with a lender network, because applicant information is not shared with multiple lenders. Instead, Lending Arts determines the best loan by matching the lender and borrower credit profile, and applicants receive a single pre-qualified offer with a rate estimate.

In the majority of cases, pre-qualification requires only a soft credit check that will not affect the applicant’s credit scores. Applicants should be aware that a few of Lending Arts’ lenders may do a hard credit pull for pre-qualification, which can temporarily lower an applicant's credit scores.

Lending Arts works with applicants of all credit types. Those with lower credit scores can expect rates at the high end of Lending Arts’ interest rate range.

🤓Nerdy Tip

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

Lending Arts may be a good fit for those who:

  • Want access to multiple lenders with one application. Lending Arts matches an applicant’s credit profile to borrower profiles set by lenders in its network. It then obtains a credit offer from a participating lender.

  • Prefer assistance with the loan process. Applicants receive assistance from a Lending Arts loan consultant throughout the entire loan process. Many positive Lending Arts online reviews mention the level of support received.

  • Need more flexible credit requirements. Most Lending Arts’ lenders have a minimum credit score requirement of 550 on the FICO scale, which falls into the “very poor” range. It also allows co-signers, which can help applicants who would have trouble qualifying for a loan on their own.

Lending Arts at a glance

Lending Arts works with many different lenders, so the information provided is general and can reflect the high or low end available among its lending partners.

Application process

  • Origination fee: Yes. There is a fee of $499, 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, phone, email, birthdate, employer name, housing payment amount and basic vehicle information. Lenders may require additional information later in the loan process.

  • Pre-qualification available: Pre-qualification with a soft credit check is available in nearly all cases, but a few lenders may use a hard credit inquiry. The applicant receives a single pre-qualification offer with a rate estimate, which is good for 30 days.

  • Online, in person or both: Process is 100% online, including document upload.

  • Approval speed: Pre-qualification is not immediate but takes no more than 10 minutes.

  • Minimum FICO credit score: The minimum for most lenders is 550, although one lender has a minimum of 400.

  • Minimum credit history: There is a minimum length of credit history required in nearly all cases. Among lenders with a credit history requirement, the shortest is 12 months.

  • Minimum annual gross income: There is no minimum income requirement.

  • Maximum debt-to-income ratio: 50% for most lending partners, but one will go to 90% for borrowers with good credit.

  • Bankruptcy-related restrictions: Nearly all of Lending Arts’ partners have bankruptcy-related restrictions. Most have a waiting period of 12 months after bankruptcy. One lender only requires the bankruptcy to be discharged.

  • States covered: Provides loans in all 50 states.

  • Maximum vehicle age: For refinancing, most Lending Arts lenders have a maximum vehicle age of 10 years, but at least one has no maximum. There is no maximum vehicle age for lease buyout loans.

  • Maximum vehicle mileage: For refinancing, it's 150,000 miles; for lease buyouts, there's no maximum mileage restriction.

  • Other vehicle restrictions: Will not refinance cars with salvage titles.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $150,000.

  • Maximum loan-to-value ratio: 155%.

  • Refinance time restrictions: To refinance, borrowers must wait four months after closing on the previous loan.

  • Loan terms: 12 to 84 months for refinance loans. Terms for lease buyout loans can be less than 12 months.

  • Automatic payment: Offered by most partner lenders. Not required.

  • Rate discount: A few Lending Arts partners offer an APR discount of 1 percentage point when a borrower sets up autopay.

  • Greater-than-minimum payments: These are accepted by all Lending Arts partners and can be made by automatic payment. Some lenders may apply the surplus to principal; others may apply it to the next payment.

  • Bi-weekly payments: These are accepted by all Lending Arts partners and can be made by automatic payment.

  • Late payment fee: Lending Arts does not know if lenders charge a late payment fee.

  • Prepayment penalty: None.

  • Co-applicants allowed: Allows both co-signers and co-borrowers.

  • Payment options: Vary by lender, but they may include payments made by mailed check, phone, online banking or portal, mobile app, through a website, in person or an Automated Clearing House — or ACH — transfer (electronic bank-to-bank).

  • Selected payment due date: Borrowers can select their payment due date before signing the loan agreement. In some cases, they may be able to change the date later by contacting the lender.

  • Hardship plans: Yes, but it depends on the lender. Options may include skipped payments or extended loan terms.

  • Cash-out refinancing: Yes. Borrowers with vehicle equity may be able to receive cash with their new refinance loan. The amount depends on vehicle value and equity.

  • Existing loan payoff: Funds are sent to the lender electronically, if possible.

  • Assistance provided: Borrowers are assigned to a Lending Arts loan consultant and work with that person throughout the loan process. Afterward, loan servicing (payments, questions, issues, etc.) are handled by the lender.

  • Availability: Lending Arts’ customer service hours are Monday to Saturday 7 a.m.-7 p.m. Mountain Standard Time.

  • Contact options: Phone, email, website form or text.

» MORE: Compare auto loans, rates and lenders

Auto lease buyout loan review

LendingArts
Lending Arts - Lease Buyout loan

Not yet rated

Est. APR
5.44-21.00%
Loan amount
$5,000-$150,000
Min. credit score
548

Pros

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

  • Pre-qualification with a soft credit check is available with most network lenders.

  • Borrowers are able to choose the loan payment due date.

  • Allows co-signers and co-borrowers.

  • Customer service available on Saturday.

  • Limits borrower contact from network lenders.

Cons

  • Charges an origination fee of $499.

  • A few network lenders may use a hard credit inquiry for pre-qualification.

  • Provides only one pre-qualified offer.

Best for applicants who want to pre-qualify and see the best lease buyout loan offer from a network of lenders.

More from Lending Arts

Lending Arts also offers products such as gap insurance, vehicle service contracts and anti-theft protection through a subsidiary — American Assurance Corporation — also called AAC Warranty. These optional services are offered during the loan process, and Lending Arts states that applicants will not receive a separate sales call. Borrowers can add the cost of these products into their loan, but they should consider whether the benefit outweighs the increase in monthly payment and overall cost of the loan.

Lending Arts auto loan rates

Credit requirements vary by auto lender, but Lending Arts’ lowest rates are typically available only to borrowers with good or excellent credit (around a FICO score of 690 and 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 Lending Arts, NerdWallet sent a survey to Lending Arts requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.

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