LendingClub Auto Loan Refinancing: 2024 Review

LendingClub provides auto loan refinancing with up to two pre-qualified offers.
Shannon Bradley
Last updated on February 21, 2024
Edited by
✅ Fact checked and reviewed
Julie Myhre-Nunes
Edited by
✅ Fact checked and reviewed

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Best for borrowers with fair to excellent credit who want to see pre-qualified auto refinancing offers.

Auto loan refinancing review

LendingClub - Refinance loan

NerdWallet rating
Est. APR
Loan amount
$4,000 - $55,000
Min. credit score
on LendingClub's website


  • Offers pre-qualification with a soft credit check.

  • Application process 100% online including document upload.

  • Charges no origination/processing fee.

  • Provides immediate loan decision in most cases.

  • Borrowers can choose loan payment due date.


  • No mobile app to make payments and manage the loan.

  • Maximum refinance amount lower than other lenders.

  • Doesn’t offer loan terms below 36 months.

  • Not available in all states.

Best for borrowers with fair to excellent credit who want to see pre-qualified auto loan refinancing offers.

Full Review of LendingClub

LendingClub is an online only lender that offers auto refinance loans. LendingClub does not offer loans for purchasing vehicles.

LendingClub’s application process includes pre-qualification which enables borrowers to see the loan offers they may qualify for. Options will include up to two different loan terms and estimates for interest rates, monthly payment and total interest amount.

Table of contents

LendingClub auto refinancing at a glance

Minimum credit score


Minimum credit history


Minimum annual gross income


Maximum debt-to-income ratio


Maximum loan-to-value ratio


Loan terms

36-84 months.

Co-applicants allowed?

Co-signers and co-borrowers allowed.

Pre-qualification or preapproval offered?

Offers pre-qualification with a soft credit check.

Origination/processing fee?


Rate discount offered?

No rate discount offered.

States covered

All states except AK, HI, ME, NH, ND, VT, WV, WY, Washington, D.C. and the U.S. territories.

    • Maximum vehicle age: 10 years.

    • Maximum vehicle mileage: 120,000 miles.

    • Other vehicle restrictions: Does not refinance Hummer, Pontiac, Saab, Saturn, Daewoo, Isuzu, Suzuki, Oldsmobile and Nissan Leaf vehicles.

    • Loan amount minimum: $4,000.

    • Loan amount maximum: $55,000.

    • Maximum loan-to-value ratio: 165%.

    • Refinance 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 24 months and a balance of at least $4,000 and no more than $55,000 remaining on a loan to refinance.

    • Bankruptcy restrictions: No public record of bankruptcy in the past 24 months.

    • Approval speed: Immediate in most cases. Approved loan offer is good for 30 days.

    • Initial deferred payments: Does not offer.

    • Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible. Otherwise by check.

    • 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.

    • Maximum debt-to-income ratio: 70%.

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

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

    • Contact options: Phone, email. Spanish-speaking agents available by phone. Servicing department has Spanish-speaking agents and a language line for other languages.

    • Availability: Mon-Fri 6 a.m.-4 p.m. PT.

    • Mobile app to manage account: No.

    • Online resources: Offers an online resource center covering topics on buying and refinancing a car. Also has auto loan FAQs and an auto refinancing calculator.

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 online application process. LendingClub’s application process is 100% online, including document upload.

  • Need a co-applicant. LendingClub accepts co-signers and co-borrowers, which can help a person who might not qualify alone.

Do you qualify for a LendingClub auto loan?

LendingClub’s basic eligibility requirements to apply for an auto loan include the following:

  • Must be 18 years or older.

  • Must be a U.S. citizen or permanent resident.

Here are LendingClub’s minimum borrower requirements to qualify for an auto refinance loan. Note that meeting these requirements doesn’t guarantee approval. Also, many lenders are flexible with minimum requirements when considering an applicant's total financial picture.

  • Minimum credit score: 660.

  • Minimum credit history: None.

  • Maximum debt-to-income ratio: 70%.

  • Minimum annual gross income: None.

Before you apply to refinance

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. LendingClub requires the following to submit an initial auto loan refinancing application: Social Security number or ITIN, address, phone, email, birthdate, employment status, employer name, income, housing status, basic vehicle information and vehicle identification number.

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 833-631-0796.

  • 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.

  • Stay on top of your loan payments. LendingClub reports loan payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments is a good way to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the lender. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging lenders to send us updates when rates change. We also compare these rates to APRs on the lender's website, if available. The accuracy of our rates depends on the information lenders provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar lenders, to determine if a lender’s provided rate seems realistic.

We ask lenders to provide their lowest rate that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months, without including any potential rate discounts. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask lenders for their highest rates, which typically reflect rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by LendingClub auto loan borrowers may be different than the rates shown in this review.

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.

Compare refinance
Est. APR
Loan amount
Min. credit score
Visit Lenderon RefiJet's website
on RefiJet's website
5.29- 21.99%
$5,000- $100,000
5.24- 29.90%
$5,000- $100,000
5.95- 28.55%
$10,000- $125,000
4.99- 17.99%
$0- $250,000
Visit Lenderon Gravity Lending's website
on Gravity Lending's website
8.24- 16.44%
$5,000- $100,000
Visit Lenderon LightStream's website
on LightStream's website
View more

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Frequently asked questions

  • LendingClub began in 2007 as a peer-to-peer lending company that connected borrowers and investors. In 2021, LendingClub acquired Radius Bank and now describes the company as a digital marketplace bank. LendingClub is headquartered in San Francisco, California and does not have brick-and-mortar locations.

  • LendingClub offers auto loan refinancing, but it does not offer auto purchase loans, lease buyout loans or cash-out refinancing.

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