LendingClub Auto Loan Refinancing: 2023 Review
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The bottom line:
Best for borrowers wanting to see pre-qualified offers for auto loan refinancing. Bad- or fair-credit borrowers may qualify.
Pros & Cons
- Applicants can pre-qualify with a soft credit check.
- Application process 100% online, including document upload.
- Social Security number not required to pre-qualify.
- Charges no origination fee.
- Borrowers can choose loan payment due date.
Not available in all states.
Has some vehicle restrictions.
Maximum refinance amount lower than other lenders.
Compare to Other Lenders
Min. credit score
Min. credit score
Min. credit score
Although LendingClub is better known for peer-to-peer personal loans, it also offers auto refinance loans as a direct lender. LendingClub does not offer loans for purchasing vehicles.
LendingClub’s application process is completely online and enables borrowers to check rates with a soft credit check, which will not affect their credit scores. Unlike many lenders, LendingClub does not require a Social Security number to pre-qualify.
Qualifying applicants will see multiple offers for refinancing. Once an applicant selects an offer and fills out an application, LendingClub will do a hard credit check and might request more information to process the application. Pre-qualification isn’t a guarantee of loan approval, and offer details can change after the hard credit inquiry. Pre-qualification does enable borrowers to see if refinancing can save them money, before they proceed with the loan. It’s also an opportunity to compare LendingClub loan rates with rates offered by other lenders.
LendingClub is an auto loan aggregator, meaning it works with a network of lenders to match borrowers to loans. Aspects of your loan — such as fees, service and how your personal information is used — will depend on the lender selected.
LendingClub may be a good fit for those who:
Want to compare rates. Pre-qualification with a soft credit check will not affect an applicant's credit score.
Prefer an online application process. LendingClub’s application process is 100% online, including document upload.
Need a co-borrower or co-signer. LendingClub accepts co-signers and co-borrowers, which can help a person who might not qualify alone.
LendingClub at a glance
More from LendingClub
Many lenders quantify how much money they save their customers, and LendingClub says it saves clients an average of around $90 a month in car payments. NerdWallet is unable to verify any of these claims.
LendingClub auto loan rates
Credit requirements vary by auto lender, but LendingClub’s lowest rates are typically available only to borrowers with good or excellent credit (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 a car loan.
To review LendingClub, NerdWallet sent a survey 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.
Frequently asked questions
LendingClub is a peer-to-peer lending company headquartered in San Francisco. It has connected borrowers and investors since 2006. It also offers auto loan refinancing through direct loans.
LendingClub is accredited by the Better Business Bureau, where it has received an A rating.
In July 2021, LendingClub agreed to pay $18 million to settle a lawsuit after the Federal Trade Commission alleged the company didn't disclose upfront hidden fees to loan applicants and told applicants loans were approved when they weren’t. LendingClub states they believe they have not violated any law enforced by the FTC.” The company has since taken steps in response to the litigation, including the removal of a “No Hidden Fees” statement from marketing materials.
LendingClub offers auto loan refinancing, but it doesn't offer auto purchase loans, lease buyout loans or cash-out refinancing.