Adam McCann, Financial Writer
Yes, LendingClub offers auto refinancing loans. These loans allow people with an existing car loan to pay off that loan and move the balance to LendingClub. The purpose of this is to lower the car loan’s costs. LendingClub only refinances existing auto loans; they do not offer loans to buy a car outright.
Depending on your credit, income and other factors, a LendingClub auto refinance loan could be very cheap or very expensive. The APRs range from 7% to 24.99%, though there are no origination fees or prepayment penalties. There may also be a fee to transfer the title of your vehicle from your old lender to LendingClub, depending on where you live. At the very least, you’ll need to fill out a Limited Power of Attorney (LPOA) form to make this switch. It’s important to consider all of the loans’ terms and requirements before making a decision on whether to apply.
LendingClub Auto Refinance Loan Offer:
- APR: 7% to 24.99%
- Loan size: $5,000 to $55,000
- Origination fee: $0
- Prepayment penalty: $0
- Other fees: Auto title transfer fees or other state fees (min/max not disclosed)
- Loan length: The current length of your auto loan OR 12 months longer
- Eligible vehicles: Personal vehicles with fewer than 120,000 miles that are 10 years old or newer
- Loans eligible for refinancing: Must have an outstanding balance of $5,000 to $55,000, be at least 1 month old, and have 24+ months of payments left
- Other requirements: Credit score of 510+ (reportedly); 18+ years old; U.S. citizen, permanent resident or immigration-visa holder; LPOA form to transfer auto title to LendingClub
If you want to see your chances of getting approved for a LendingClub auto refinancing loan before applying, you can get pre-qualified. This process won’t affect your credit, and it’ll show you the rates you might get if approved. Just select your state and click “Check Your Rate” to get started.
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