LendingClub Auto Refinance Loan Review 2025

LendingClub auto refinancing terms and requirements

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About LendingClub auto refinancing: a closer look

LendingClub is an online only lender that offers auto refinance loans. Its application process includes pre-qualification with a soft credit check, which enables borrowers to see the loan offers they may qualify for without affecting their credit scores. Options include up to two different loan terms and estimates for interest rates, monthly payment and total interest amount.

In some ways, LendingClub has flexible loan requirements, such as having no set minimum for credit history or gross annual income. However, a minimum credit score requirement of 600 would make LendingClub a better option for borrowers with fair to excellent credit.

When reviewing and rating auto lenders, NerdWallet writers gather information about customer experience, transparency, loan affordability, loan requirements and flexibility. LendingClub scores highest in the customer experience category, with an easy online application process and short wait time for loan approval.

When compared to other lenders that we review, LendingClub scores slightly lower for affordability, in part due to charging a $150 origination fee and not offering a rate discount for automatic payment.

Do you qualify for a LendingClub auto refinance loan?

Here are LendingClub's borrower requirements to qualify for an auto refinancing loan. Note that meeting these requirements doesn’t guarantee approval.

Other LendingClub auto refinancing details

• Pre-qualification and preapproval. Offers pre-qualification with a soft credit check. Once an offer is approved, it is good for 30 days.

• Upfront fees. Charges an origination fee of $150 for auto refinance loan amounts over $7,500. There is no origination fee for loan amounts of $7,500 or less.

• Interest rate discounts. None offered.

• Refinancing time restrictions. Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred (no set waiting period). Borrower must have a balance of at least $5,000 remaining on a loan to refinance.

• Deferred payments. Does not offer.

• Selected payment due date. Borrower can select their payment due date after signing the loan agreement. Due date changes can be requested by contacting the servicing department through phone, email or letter.

• Late payment grace period and fee. Does not charge a late payment fee.

• Hardship plans. Hardship options may include deferred payments and extended loan terms. LendingClub also offers natural disaster assistance.

• Contacting LendingClub. During the application process, borrowers can reach LendingClub by phone, email and live chat. Spanish-speaking agents are available by phone. Servicing department has Spanish-speaking agents and a language line for other languages.

• Mobile app to manage account. Yes.

Back to About LendingClub

LendingClub may be a good fit for those who:

• Want to compare loan terms and rates. LendingClub shows qualified borrowers up to two pre-qualified auto refinancing offers using a soft credit check. Applicants can compare rates and payments for LendingClub and other lenders without affecting their credit scores.
  

• Prefer an easy online application process. LendingClub’s application process is 100% online, including document upload and the ability to prefill some information. Online customer reviews often mention an easy application process with fast funding.

• Don't need a high loan amount. LendingClub has a maximum loan amount of $55,000, which is low when compared to other refinancing lenders that we review.

Before you apply to LendingClub

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents and information. LendingClub requires the following to submit an initial auto loan refinancing application: Social Security number or ITIN, address, time at address, phone, email, citizenship status, birthdate, employment status, employer name, income, housing status, housing payment amount, insurance information, basic vehicle information, vehicle identification number. Requires that a borrower be at least 18-years-old and a U.S. citizen.

How to apply for a LendingClub auto refinance loan

• Pre-qualify on LendingClub's website. Use the “Check Your Rate” button to pre-qualify with a soft credit pull. You’ll be asked for personal information like name, address and income. If LendingClub can accurately match you to your credit file, some information about you and your vehicle will prefill into the application. If not, you may be asked for your Social Security number to help with identification, but there’s still no hard credit pull at this stage. LendingClub also offers the option to apply by phone at 888-845-0010.

• Preview loan offers and accept the one that fits your budget. If you qualify, you’ll be shown a couple of loan offers with different terms. Once you choose a loan offer, you’ll receive a “to-do list” and will need to submit certain documentation, such as proof of vehicle registration and insurance. After you accept your final loan terms and a loan is issued to you, LendingClub will do a hard credit check which may cause a slight, temporary drop in your credit scores.

Back to About LendingClub

How do we review direct lenders for auto loans?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, a lender must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating direct lenders and our process, read our full methodology.