LendingClub Auto Loan Refinancing: 2023 Review

LendingClub offers refinancing offers from multiple lenders so you can compare your rates and terms.
Shannon Bradley
Aug 9, 2023

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


NerdWallet rating
The Nerdy headline:

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

Jump to:Full Review
LendingClub - Refinance loan

Est. APR
Loan amount
Min. credit score
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

NerdWallet rating
$8,000-No max.

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. 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 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

  • Application process
    • Origination fee: None.

    • Personal information needed: Applicants must provide Social Security number or ITIN, address, phone number, email address, birthdate, basic vehicle information and vehicle identification number.

    • Pre-qualification available: Yes.

    • Online, in-person or both: Online.

    • Approval speed: More than 24 hours.

    • Minimum FICO credit score: 660.

    • Minimum credit history: None.

    • Minimum annual gross income: None.

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

    • Bankruptcy-related restrictions: Yes, applicants cannot have a public record of bankruptcy in the past 12 months.

    • States covered: All states except AK, CT, DC, HI, ME, MS, NV, NH, ND, VT, WV and WY.

    • Maximum vehicle age: 10 years.

    • Maximum vehicle mileage: Vehicles can have over 100,000 miles, but some lenders have maximum mileage limits.

    • Other vehicle restrictions: LendingClub doesn't refinance commercial vehicles, recreational vehicles, motorcycles and the following vehicles: Hummer, Pontiac, Saturn, Daewoo, Isuzu, Suzuki, Oldsmobile, Saab, Nissan Leaf and all diesel Volkswagen models.

    • Loan amount minimum: $4,000.

    • Loan amount maximum: $55,000.

    • Refinancing time restrictions: Borrower must have 24 months or $4,000 remaining on a loan to refinance.

    • Loan terms: 24-60 months.

    • Rate discount: None.

    • Greater-than-minimum payments: Yes, and can be paid through automatic payments as well.

    • Bi-weekly payments: No.

    • Late payment fee: Yes.

    • Prepayment penalty: None.

    • Co-borrowers allowed: Yes.

    • Co-signers allowed: Yes.

    • Payment options: By mail with check, phone, online portal and ACH.

    • Selected payment due date: Borrowers can select a payment date after they've made the first payment.

    • Cash-out refinancing: No.

    • Hardship plans: Yes.

    • Existing loan payoff: LendingClub sends funds directly to the lender. Electronic payment is used if possible.

    • Assistance provided: Customer support team is available by email and phone on weekdays to help applicants during the application process. LendingClub also provides a Help Center on its website.

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

    • Contact options: Phone or email.

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. 

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.

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.

on LendingClub's website

Save on Your Car

Find a car loanRefinance a car loanCalculate car paymentsGet car insurance quotes

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.

NerdWallet Pixel