iLending auto loan refinancing: 2024 review

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 

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 for an iLending auto loan?

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 Bankrate rates iLending