Does LendingClub offer auto loans? This question is about LendingClub Car Loans

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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Does LendingClub offer auto loans?

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This question is about LendingClub Car Loans

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Adam McCann, Financial Writer

@adam_mcan • 09/24/20

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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.

This answer was first published on 09/24/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

What credit score is needed for LendingClub?

LendingClub requires a minimum credit score of 600 for LendingClub’s “standard” loans, according to the company’s annual report. The report also states that borrowers with lower credit scores may be approved for “custom” loans, which generally have the same sizes and lengths. Applicants can be approved for a custom loan if LendingClub is able to verify their income and that income is high enough to offset their credit score (no specific dollar amount given). According...

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Can you refinance a LendingClub personal loan?

Yes, you can refinance a LendingClub personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining LendingClub balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges.

How to Refinance a Loan from LendingClub With a New Loan

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