Can you get preapproved for a loan with LendingClub?

You can check your rate in minutes without impacting your credit score. But if you decide to move forward with a loan application, a hard credit inquiry will be generated.

Does LendingClub have a credit score requirement?

LendingClub does not disclose a minimum credit score requirement for auto refinancing. However, the lowest rates are generally reserved for borrowers with good or excellent credit.

What happens if I pay off my loan early?

LendingClub does not enforce any fees for repaying your loan early. You may be able to save on interest by paying off your loan before the end of its term.

LendingClub Auto Loans: 2024 Review

At a glance

Find my best rate

with Bankrate

Not all displayed lenders are available for pre-qualification through Bankrate, and we cannot guarantee any specific rate. We'll provide you with the best offers available from our partners.

4.1

Bankrate Score

Availability

3.5

Affordability

4.3

Customer Experience

4.0

Transparency

4.5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Full methodology

Bankrate’s take

LendingClub is one of few fully online auto refinance lenders that finances its own loans, rather than matching you with external partners. Its simple application allows you to prequalify and check your rates without a hard credit pull.

Lender Details

Loan amount

$4,000-$55,000

APR from

4.99%-24.99%

Min Credit Score

600

Funds available in

Up to 15 days

LendingClub auto loans are best for a seamless application

Securing a better auto loan by refinancing can decrease your monthly and lifetime costs. If an easy application is your top priority, consider LendingClub. The lender boasts an easy-to-navigate website where you can check your rate in minutes through prequalification.

Types of auto loans offered by LendingClub

LendingClub ended its peer-to-peer lending program in 2020 but still offers a variety of loan types. When it comes to auto loans, it only offers loan refinancing — not new or used car loans.

Refinancing

Amounts: $4,000-$55,000
Terms: 12-84 months
APR: 4.99%-24.99%

Especially if you initially signed off with dealership financing, you may find more competitive rates through LendingClub or a similar lender comparison site. LendingClub's starting refinance rate is well below the industry average but is only available to borrowers with excellent credit.

Where LendingClub auto loans stand out

No origination fees: Many lenders charge hefty loan origination fees — a fee that covers the processing costs for a new loan application — but LendingClub doesn’t charge these fees for an auto loan refinance.
Apply online and receive an instant offer: Applying for a LendingClub auto loan refinance is simple and you can receive an offer with rates available to you in just a few minutes.
Prequalification: Borrowers can explore potential rates following only a soft credit pull, which does not negatively impact your credit score.

Where LendingClub auto loans fall short

High maximum APR: If your credit isn’t in the best shape, you may be stuck with a 24.99 percent APR.
Not available for all cars: If you have a car that is older than 10 years old, you won’t qualify for a loan refinance with LendingClub. Your vehicle also must have less than 120,000 miles on it and not be one of the restricted makes or models.
Vehicle state registration restrictions: Refinancing is unavailable to consumers in Alaska, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia, Wyoming and the District of Columbia.

How to contact LendingClub

LendingClub offers a few options to help with your auto loan refinance questions. You can check out its help page to see if they have an answer to your question. If not, you can reach out via phone or email. Customer service is available between 6 a.m. and 4 p.m. PT Monday through Friday.

How this lender compares

LendingClub versus RateGenius

If you reside in one of the states that LendingClub does not serve, consider checking out RateGenius, which functions as a refinancing loan marketplace. RateGenius boasts a high funding maximum of $100,000. Like LendingClub, it also allows you to add a co-signer. A co-applicant can greatly improve your likelihood of acceptance if you do not have strong credit.

LendingClub versus Upstart

Upstart is a great option for a borrower who is looking for a seamless online experience but has a lower credit score. Upstart uses factors outside of traditional underwriting to determine risk in its borrowers. But funding could take up to two weeks, which makes it a poor option for those in a financial pinch.

Read our LendingClub vs. Upstart breakdown

Do you qualify for a LendingClub auto loan?

LendingClub has a few requirements for auto loan refinances. Applicants should be at least 18 years old with a vehicle that meets these basic qualifications:

- Vehicle must not be more than 10 years old
- Vehicle must have 120,000 miles or less
- Remaining auto loan balance must be between $4,000 and $55,000
- Existing auto loan must be at least one month old
- Existing auto loan must have at least 24 months remaining
- Vehicle must be registered and titled in your current state of residence
- Aston Martin
- Chevrolet Express G-Series Van
- Cross Lander
- Daewoo
- Ferrari
- Hummer
- Isuzu
- Lamborghini
- Maserati
- Mercury
- Nissan Leaf
- Oldsmobile
- Pontiac
- Saab
- Saturn
- Suzuki

How to apply for a loan with LendingClub

Applying to refinance with LendingClub starts on its website. Here’s how to get started:

To get prequalified, complete the online form. You will need to fill in personal info, like your full name, address and income. You will also need to provide information about your current auto loan, including the vehicle identification number, year, make, model, color and trim.
If you’re deemed eligible, the next step is to review the loan offers available to you and select the best fit.
The next step is to upload the requested documentation the lender needs to process your formal loan application.
Verify the information included in your loan application, receive your final loan approval and sign the loan documents to finalize the transaction.

Features and additional perks

Outside of the seamless online application, LendingClub offers a few perks for its borrowers, including the ability to pay off your loan early without any additional cost and no origination fees.

Fees and penalties

Drivers refinancing with LendingClub should prepare to cover the cost of transferring their vehicle title. You may also encounter late payment fees.

LendingClub FAQs

You can check your rate in minutes without impacting your credit score. But if you decide to move forward with a loan application, a hard credit inquiry will be generated.
LendingClub does not disclose a minimum credit score requirement for auto refinancing. However, the lowest rates are generally reserved for borrowers with good or excellent credit.
LendingClub does not enforce any fees for repaying your loan early. You may be able to save on interest by paying off your loan before the end of its term.

How Bankrate rates LendingClub

Overall score	4.5
Availability	4.5	LendingClub has a list of makes and a few models that are ineligible for refinancing. It also doesn’t provide loans to borrowers whose cars are registered in eight states.
Affordability	4.3	No origination fee is a huge point in LendingClub’s favor, but its lack of discounts knocks it down.
Customer experience	4.2	LendingClub has an app, online access and customer service available five days a week.
Transparency	5	Rates and fees are openly available on LendingClub’s website, and it allows for prequalification.

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. To rate lenders specializing in auto refinance loans, Bankrate considers 16 different criteria, including the loan amount, disclosed APR and acceptance criteria. Each lender receives a Bankrate score based on four categories.

Availability: This accounts for loan amounts, vehicle restrictions and availability in each state. Lenders that serve customers nationwide with flexible loan amounts rank higher.
Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Lenders with the lowest rates, fewer fees and the most generous acceptance criteria receive higher scores.
Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include online access, support availability, funding timeline, option for automatic payment and app availability.
Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

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.

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LendingClub auto loans: 2025 review

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