At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About iLending
-
Loan amount
$5,000-$150,000
-
Min. credit score
560
-
APR from
5.94%-18.79%
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Funds available in
As soon as one day
iLending auto loan refinancing: 2024 review
Published 2024-01-01 13:59:00
Written by
Edited by
iLending is best for fair credit refinancing
iLending specializes in auto loan refinancing, rather than loans for new and used purchases. It serves borrowers with fair to excellent credit, and those with strong credit scores may secure lower rates than their current loan. iLending also asks upfront whether you’re looking to lower your payment or interest rate and helps design a loan that meets your needs.
Types of car loans that iLending offers
Since iLending works as a third-party service between current borrowers and potential new lenders, it is able to offer competitive auto loan refinance rates.
| Refinance auto loans | |
|---|---|
| APR | 5.49%-18.79% |
| Loan amounts | $5,000-$150,000 |
| Loan terms | 12-96 months |
Refinance auto loans
Current auto loan borrowers can use iLending to search for lower interest rates or find a lower monthly payment. Its rates change frequently, according to iLending, so check current rates on its website. Since it works with many different lenders across the country, rates and terms vary. You can connect with one of iLending's loan specialists to find out specific term options that may be available to you.
Where iLending stands out
- Personal lending specialist: Outside of daily customer support, every borrower will be matched with personalized support. iLending has specialists who will work with borrowers through the refinancing process.
- Low minimum credit score: The lenders in iLending’s network accept scores as low as 560. While borrowers with this score may not find lower rates with iLending, prequalification doesn't impact your credit score, so it doesn't hurt to check.
- Simple and quick application process: You can apply online through a streamlined process that should only take a few minutes. Plus, iLending clearly lays out its qualification guidelines, making it easier to tell whether applying is worth it.
Where iLending falls short
- No in-person service: iLending aims to save customers money by operating with lower overhead costs — meaning it doesn’t have any in-person locations. However, you can call its customer service reps for help.
- Unclear fees: iLending states it charges administration and documentation fees but does not provide an amount. Plus, the lender you're connected with may charge fees of its own.
- Only refinance loans: Unlike some lenders and lender networks, iLending offers only refinancing. If you want to purchase a new, used or leased vehicle, you will have to shop elsewhere.
iLending customer resources
Customer support
You can reach iLending customer service by phone at 866-683-5505 or through its chat service. Customer service agents are available Monday through Friday from 6 a.m. to 7 p.m. MT. Agents are also available Saturday and Sunday from 9 a.m. to 3 p.m. MT.
Live chat and phone assistance are available in both Spanish and English. Multilingual support like this is an uncommon perk.
Digital experience
The iLending application and funding process are completely online. Its website also has a calculator that encourages borrowers to calculate their estimated savings through refinancing. It is very easy to navigate and has a chat function that is accessible on its homepage.
How this lender compares
Since iLending works with a wide range of credit profiles, it may be able to find a lender for you to refinance even if you don't have the best credit score. Still, it's worthwhile to check your rates with other lenders to confirm you're getting the best deal on your auto loan refinance.
iLending vs. Gravity
Gravity is another auto lender that may appeal to people looking to refinance their car loans. Gravity excels by having a lower minimum credit score requirement, and it doesn’t charge any fees. Unlike iLending, it lists a starting APR (annual percentage rate). However, it can take up to ten days from the time you’re approved to receive funding.
iLending vs. RefiJet
If you are looking to refinance your auto loan, you may want to consider RefiJet. Like iLending, RefiJet isn’t a direct lender. It matches you with an expert who will assist you with applying for an auto loan and comparing your options. One unique feature is that RefiJet can help you cash out some of your car’s equity. However, iLending may offer better interest rates for well-qualified borrowers.
Do you qualify?
Interested applicants should make sure they meet iLending's basic requirements.
- Income of at least $1,500 per month.
- Minimum credit score of 560.
- Minimum credit history of six months.
Other requirements — like vehicle age, mileage and loan balance — will likely depend on your finances and the lender you’re matched with. For more specific information, you can reach out to iLending either through its online chat feature or by phone.
How to get a iLending auto loan
You can apply to refinance your auto loan directly on iLending’s website. The process only takes three steps:
- Submit an application: iLending will ask for your basic information, such as your Social Security number, name, address and contact information.
- Connect with a specialist: Once you apply, a loan specialist will reach out so that you can submit any additional information.
- Apply for refinancing: After your information is verified, your loan specialist will work with you to find a lender that fits your needs.
How Bankrate rates iLending
| Overall score | 4.4 | |
|---|---|---|
| Availability | 4.5 | Since iLending works with a wide network of lenders, it can help borrowers in any state. It also offers a high loan amount. |
| Affordability | 4.0 | Rates, fees and other key cost information aren't available until you prequalify. |
| Customer experience | 4.4 | Customer service is available seven days a week, and available in both English and Spanish. |
| Transparency | 4.5 | Prequalification is available, but it's also the only way to preview your potential costs. |
Methodology
Bankrate's trusted personal loans industry expertise
48
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
- Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
- Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
- Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
- Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
What customers think
What people across the web are saying about iLending
iLending has a near-perfect score on Trustpilot, with 4.7 out of 5 stars. It has a strong track record of responding to reviewers, and a majority of the reviews reference specific customer support representatives who made the process seamless.
Here is what one borrower had to say about iLending:
“iLending was super simple to work with. Basically took care of all the back end stuff for me. They make it super easy being able to send pictures of item/paperwork. Specifically Jordan Pete was awesome to work with. Always answer upon calling or got back to me quickly. Any phone meeting we scheduled were held basically to the minute. I’d recommend these guys to anyone”
— Trustpilot user
Another shared this, in part:
“...this place saved me from a terrible situation. My previous lender didn't have a co-signer removal or refinance option, and after going through a rough divorce and all the highs and lows (credit scores) that come with it lol, I thought I'd never get out of it…”
— Trustpilot user
Those who had less savory things to say about iLending primarily mentioned unexpected fees and uneducated customer support.
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
Community iLending scores
AUTO LOAN
iLending
Dive into community reviews below and see what others think about iLending.
4.1
20
ratings
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are unedited and have not been reviewed or approved by the associated lender.
Score breakdown
5 stars
20%
4 stars
65%
3 stars
15%
2 stars
0%
1 star
0%
Score by category
Overall rating
4.1
/ 5
Fees & closing costs
4.6
/ 5
Funding time
4.2
/ 5
Customer service
4.5
/ 5
Application process
4.3
/ 5
Online portal or mobile app
4.3
/ 5
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
Community Reviews
See what users like you are saying about iLending.
Anonymous Borrower
August 20, 2024
Describe your experience with the application process
It is never challenging rather, it was fast.
Loan purpose
New car loan
Score by category
Fees & closing costs
4
/ 5
Funding time
5
/ 5
Online portal or mobile app
4
/ 5
Customer service
4
/ 5
Application process
5
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
It’s easy. One of the best.
Describe your experience with customer service
Smooth process
Loan purpose
Used car loan
Score by category
Fees & closing costs
5
/ 5
Funding time
3
/ 5
Online portal or mobile app
5
/ 5
Customer service
5
/ 5
Application process
4
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Loan purpose
Score by category
Key Questions
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