LendingClub Auto Loan Refinancing: 2022 Review

LendingClub offers direct auto refinance loans and provides pre-qualified rate estimates using a soft credit check.
Jul 13, 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Our Take

The bottom line:

Best for borrowers wanting to see pre-qualified offers for auto loan refinancing. Bad- or fair-credit borrowers may qualify.

Est. APR
Loan amount
Min. credit score
Learn more

on LendingClub's website

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

Ally Clearlane
Est. APR


Est. APR


Est. APR


Loan amount


Loan amount


Loan amount


Min. credit score


Min. credit score


Min. credit score


Full Review

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. Applicants who qualify instantly see several pre-qualified offers with rates, terms and the resulting monthly payment. Unlike many lenders, LendingClub does not require a Social Security number to pre-qualify.

The number of pre-qualified offers shown depends on the applicant’s credit profile and vehicle details. Usually applicants see two offers, the first with a term matching the time remaining on their current loan. A second offer shows an extension of their current loan term by up to 12 months. While extending the term can lower the monthly payment, it can also cause a borrower to end up owing more than a car is worth, called being upside-down on a loan.

After an applicant selects an offer, LendingClub does a hard credit inquiry and may request additional information. 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 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.

  • Have fair credit. LendingClub has a lower minimum credit score requirement than many other lenders. Also, co-signers and co-borrowers are accepted, which can help a person who might not qualify alone.

LendingClub at a glance

Application process
  • Origination fee: None.

  • Personal information needed:  Pre-qualification requires address, phone, birthdate, income and vehicle information, or VIN. If applicant proceeds with a loan, Social Security number or ITIN, employment status, employer name, housing status, housing payment amount, driver's license number, insurance, vehicle registration or license information are required.

  • Pre-qualification available: Yes, with soft credit check. Offers are good for 30 days.

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

  • Approval speed: 24-72 hours after all information is submitted.

  • Funding speed: Two days or more.

  • Minimum FICO credit score: 510.

  • Minimum credit history: None.

  • Minimum annual gross income: None.

  • Maximum debt-to-income ratio: 80%.

  • Bankruptcy-related restrictions:  Most recent public record bankruptcy must be more than 12 months ago.

  • States covered: Not available in AK, CT, HI, ME, NV, NH, NY, ND, VT, WV, WY.

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: 120,000 miles.

  • Other vehicle restrictions: Will not refinance Hummer, Pontiac, Saturn, Daewoo, Isuzu, Suzuki, Oldsmobile, Saab, Volkswagen all diesel, Nissan Leaf, commercial vehicles.

  • Loan amount minimum: $4,000.

  • Loan amount maximum: $55,000.

  • Refinancing time restrictions: Will refinance loans open at least a month, with at least 24 months remaining.

Other loan details
  • Loan terms: 24-84 months.

  • Automatic payment: Available but not required.

  • Rate discount: Not offered.

  • Greater-than-minimum payments: Accepted but not through automatic payment. Surplus is automatically applied to any accrued interest, and then directly to principal.

  • Bi-weekly payments: Accepted but not via automatic payment.

  • Late payment fee: Yes. Amount not disclosed.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes.

  • Co-signers allowed: Yes, and can complete application at the same time.

  • Payment options: Online only.

  • Selected payment due date: Yes, borrowers can select a due date after signing a loan agreement or change it after the first payment.

  • Cash-out refinancing: Not offered.

  • Hardship plans: Yes. Details not provided.

Customer service
  • Assistance provided: During the application process, applicants can contact the LendingClub member support team. After loan closing, they can contact either LendingClub directly or a third-party servicer for assistance with loan payments or the account.

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

  • Contact options: Phone, email, chat through LendingClub account.

More from LendingClub

LendingClub’s website has a resource center with information about auto refinancing and other lending topics.

LendingClub is considered a lending marketplace and peer-to-peer lender that allows individuals and financial institutions to invest in many of its products. The company offers several different types of loans, including auto refinancing loans, personal loans, medical financing options and business loans.

LendingClub auto loan rates

Lenders set their own qualification requirements, but the lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 or higher). 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.

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 501-600, a $10,000 car loan, a repayment term of 36 months, an interest rate of 12%, and a $0 down payment would have monthly payments of $332.

To review LendingClub, NerdWallet sent a survey to LendingClub 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.

Learn more

on LendingClub's website

Frequently asked questions