LendingClub Auto Refinance Loans: 2021 Review

LendingClub provides direct auto refinance loans for fair-credit borrowers, and it allows co-signers.
Philip ReedJun 23, 2020

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Our Take

The bottom line:

Best for refinance applicants who want to see two different loan term options.

Learn More

on LendingClub's website

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Pros & Cons


  • Allows co-signers.

  • Prequalify with a soft credit check.


  • Vehicle restrictions.

  • Not available in every state.

Compare to Other Lenders

Ally Clearlane
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Full Review

To review LendingClub, NerdWallet collected and compared more than 15 data points against other lenders that seek the same customer or offer a similar product.

LendingClub, known for peer-to-peer lending for personal loans, also offers traditional auto refinancing. With no effect on their credit score, applicants can see two loan terms and the corresponding rates to determine what best fits their budget.

LendingClub may be a good fit for those who:

  • Have fair credit: LendingClub has a lower minimum credit score requirement than many of its peers.

  • Want to check rates: You can pre-qualify with a soft credit check, which has no impact on your credit score.

  • Prefer an established online lender: LendingClub has been in business since 2007 and has helped more than a million customers with all of its financial products.

LendingClub review details

Although LendingClub is known for peer-to-peer personal loans, its auto refinance loans are direct loans.

You can get pre-qualified for LendingClub’s auto loans with a soft credit inquiry, which has no impact on your credit score (If you select an offer, a hard credit pull will be necessary before the loan is finalized.)

Depending on the applicant’s credit profile and vehicle details, you may see two offers. A term-match offer gives you the same term as the current length remaining on your loan, while a term-extension offer gives you a longer period, up to 12 months more than your remaining term, to repay the balance.

NerdWallet generally doesn’t recommend extending an auto loan term if possible, because you run the risk of becoming upside-down on the loan (owing more than the car is worth).

LendingClub auto loan rates

The lowest auto loan rates are available to borrowers with excellent credit — rates get much higher as your credit score falls. Lenders can set their own requirements, but excellent credit is generally considered 720 or better, while 690 to 719 is generally considered good.

Remember that 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. If you know your credit score, you can get an idea of the rate you might qualify for.

Applying to LendingClub

  • No Social Security number required for pre-qualification.

  • Decision for pre-qualification within minutes; more information and hard pull required for final approval.

  • No application fee or prepayment penalty; late fees may apply.

  • Allows co-signers.

LendingClub restrictions

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: 120,000 miles.

  • Loan terms: Match current loan term or extend it by 12 months.

  • Current loan: Must be open for at least one month, with at least 24 months remaining.

  • Ineligible vehicles: RVs, motorcycles, commercial vehicles, salvage-title vehicles and certain makes and models, including Hummer, Pontiac, Saturn, Daewoo, Isuzu, Suzuki and Oldsmobile vehicles.

  • Unavailable states: Alaska, Colorado, Connecticut, Hawaii, Iowa, Maine, Mississippi, Nevada, New Hampshire, North Dakota, South Dakota, Vermont, West Virginia.

More from LendingClub

LendingClub features a blog with information about auto refinancing and other lending topics. The company also offers an assortment of other types of loans, including personal loans, as well as medical financing options. As a peer-to-peer lender, LendingClub allows individuals and financial institutions to invest in many of its products.

Frequently asked questions