LendingClub auto loans: 2024 review

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. 

What we like and what we don’t like

LendingClub makes it easy to check your approval odds, but limitations apply that could make you ineligible for auto refinancing. 

What we like

• 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. 

What we don’t like

• 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.

Auto loan types offered 

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.

How to apply for a loan with LendingClub

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

LendingClub FAQs

How Bankrate rates LendingClub

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.