Auto Refinance Calculator

3 Reasons to Refinance Your Auto Loan

You financed your car loan through a dealer.
Dealers can add points to your interest rate to compensate for handling the loan. An auto refinance loan could shave off a few points and save you money over time.
You could get a lower interest rate.
Especially if you’ve made on-time payments, or if the prime interest rate has dropped since you got your car.
You want a lower monthly payment.
If you’re tightening up your budget, it’s something you might want to consider.
Questions? We’re here to help.

You can refinance your car with LendingClub Bank if you’ve made at least one payment since getting your loan. Other times to consider refinancing is when interest rates drop or your credit situation changes.

Refinancing your car can reduce your interest rate or lower your monthly payment. Use the payment calculator above to determine whether you can benefit from refinancing. On average, people who refinance their car loan with LendingClub Bank can lower their payment about $80 per month.*

No. Applying for an auto refinance loan from LendingClub Bank has no impact on your credit score. Once you apply and get approved, making on-time payments can keep your credit in good standing. Note: Once you take out a new loan, a hard credit inquiry will post to your credit record. This may or may not impact your credit score in the short term.

The application process is simple—and it takes just a few minutes to complete. If you qualify, you'll receive an offer in minutes.

To confirm your information, we may ask for documents such as an image of your driver’s license or paystubs that confirm your income. Don’t worry—you can easily snap a picture to upload documents right from your phone.

Want to learn more about auto refinancing?

Read our blog post to understand the step-by-step process of how it works.

Savings are not guaranteed and depend upon various factors, including but not limited to interest rates, fees, term length, and making payments as agreed. 

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,854 for a term of 36 months, with an interest rate of 10.29% and a 6.00% origination fee of $1,191, for an APR of 14.60%. In this example, the borrower will receive $18,663 and will make 36 monthly payments of $643. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. 

For Personal Loans, APR ranges from 9.57% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2023 and are subject to change without notice. 

Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history. 

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

"LendingClub" and the "LC" symbol are trademarks of LendingClub Bank.

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