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AUTO LOAN REFINANCING

Members save over $2,500 on average by refinancing their auto loan1

Checking your rate won't impact your credit score.2
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Auto Loan Refinancing

Paying off your existing car loan and refinancing into a new one could help you save money by scoring a lower interest rate. If you’re still using dealer financing, rates have likely dropped since you got your existing loan. So, if you’ve been keeping up with your payments, now
could be a great time to check your rate and save.

Drive away with better terms

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Quickly see the offers that you could prequalify for.
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Flexible terms and great rates could help you pay less than you are right now.
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Our secure, encrypted (TLS/SSL) online application ensures a quick and hassle-free refinancing process.
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What Our Members Say

"Refinancing was simple. My car payments are about $75 cheaper each month, and the term of my loan is now 2 years less!"3

—Karen, a member from South Carolina

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How LendingClub Bank Auto Refinancing Works

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How LendingClub Bank Auto Refinancing Works

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Frequently Asked Questions

Auto refinancing is when you pay off your existing car loan and replace it with a new one, usually from a different lender. Refinancing your auto loan could help you save money by securing a lower interest rate. Or you can reduce your monthly payments by adjusting the length of your loan term, freeing up cash for other financial needs.

To qualify for auto loan refinancing through LendingClub, your vehicle must be for personal use only, 10 years old or newer, under 120,000 miles, and your existing auto loan must be open for at least one month, have a balance between $4,000-$55,000, and at least 24 months of payments remaining.

Applying online is simple, takes only a few minutes, and you can do it all on your phone tablet or laptop from the comfort of your home. If you qualify, you'll receive your offers almost immediately.

During the application process, we’ll ask about your driver’s license, vehicle registration, and proof of insurance. We may also ask you to send us additional documentation to confirm your income or other information, if necessary.

Don’t worry, you can easily snap a photo and upload it right from your phone.

You can check your rate through LendingClub as many times as you like, with no impact to your credit score. No one except you can see the soft credit inquiries on your credit report. However, once you accept an offer and your new auto loan has been funded, we will do a hard credit check which will post to your credit report, indicating that you have accessed credit from LendingClub Bank. This may or may not impact your credit score in the short term.

Refinancing your existing auto loan can reduce your interest rate or lower your monthly payment. On average, members who refinance their car or truck with LendingClub Bank lower their payment by about $43 per month.1

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  1. Members lower their car payment by $43 per month on average. Based on the average experience of [similarly situated] borrowers who refinanced their existing auto loans (“Original Auto Loans”) with Auto Refinancing Loans from LendingClub Bank (“AutoRefi Loans”) between January 2023 and December 2023. For this period, the average estimated monthly payment amount of Original Auto Loans obtained by borrowers was $561 with an average remaining term length of approximately 60 months; the average monthly payment amount of corresponding Auto Refi Loans was $518, with an average term length of approximately 59 months. The difference in monthly payment amount represents an average reduction of $43 per month. This reduction reflects the terms of Auto Refi Loans actually obtained by borrowers, not the terms of Auto Refi Loans offered to but not selected by borrowers. It is based in part on an extension of the average term length, and in part on a reduction in average APR. Potential reductions in monthly payment amount are determined based on (a) our understanding of the monthly payment amounts of Original Auto Loans, irrespective of term length, and (b) the corresponding monthly payment amounts of Auto Refi Loans obtained by borrowers, irrespective of term length. Claims related to potential reductions in monthly payment amount assume that Auto Refi Loans will be paid as agreed, and are for illustrative purposes only. They do not directly relate to any estimated APRs, monthly payment amounts, or savings amounts communicated to you in connection with a specific Auto Refi Loan that we may advertise to you or that you may obtain from us. If you obtain an Auto Refi Loan with a term length that is longer than the remaining term length of your Original Auto Loan, the overall cost of financing may increase even though your monthly payment may be lower. Depending on the state where you live, tax, title and other fees may apply, which could impact your total payment reduction.

    Members save over $2,500 on average by refinancing their auto loan. Based on the average experience of similarly situated borrowers who refinanced their existing auto loans (“Original Auto Loans”) with Auto Refinancing Loans from LendingClub Bank (“Auto Refi Loans”) between January 2023 and December 2023. For this period, the average estimated remaining interest charges of Original Auto Loans was $7,371, and the average potential interest charges of corresponding Auto Refi Loans obtained by borrowers was $4,869. which represents a reduction in potential interest charges of $2,502. This reduction reflects the terms of Auto Refi Loans actually obtained by borrowers, not the terms of Auto Refi Loans offered to but not selected by borrowers. Reductions in potential interest charges are determined based on (a) our understanding of the APRs of Original Auto Loans, and (b) the corresponding APRs of Auto Refi Loans obtained by borrowers. Claims related to reductions in potential interest charges assume that Auto Refi Loans will be paid as agreed, and are for illustrative purposes only. They do not directly relate to any estimated APRs, monthly payment amounts, or savings amounts communicated to you in connection with a specific Auto Refi Loan that we may advertise to you or that you may obtain from us. Depending on the state where you live, tax, title and other fees may apply, which could impact your total savings.

  2. 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. 

  3. Any reviews presented are individual experiences and results may vary. Reviews are collected and authenticated by Bazaarvoice. Any average rating presented is based on these reviews. All reviews can be accessed at https://www.lendingclub.com/company/reviews.

A representative example of payment terms for an Auto Refinancing Loan is as follows: a borrower receives a loan of $ $23,107 for a term of 59 months with an APR of 8.43%. In this example, the borrower will make 59 monthly payments of $478. Loan amounts range from $4,000 to $55,000, and loan term lengths range from 24 months to 84 months. Some amounts, rates, and term lengths may be unavailable in certain states.

For Auto Refinancing Loans, APR ranges from 4.99% to 24.99%. APRs are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of January 8, 2024 and are subject to change without notice.

Vehicle Restrictions Auto refinancing loans are only available for vehicles that are 10 years old or newer (based on vehicle model year) and have 120,000 miles or fewer. Loans are not available for recreational vehicles, motorcycles, vehicles with branded titles, bonded titles, or reconditioned titles, hail-damaged or salvaged vehicles, domestic trucks branded with a ‘3500’ designation or with a rated payload capacity of one ton or greater, conversion or cargo vans, snowplow-equipped vehicles, or any vehicles used for livery, rideshare, or any other commercial purpose. Loans are not available for the following vehicle makes and/or models: Hummer, Pontiac, Saab, Saturn, Daewoo, Isuzu, Suzuki, Oldsmobile, and Nissan Leaf. At the time of application, your vehicle must be registered in the state where you live. We do not accept applications for auto refinancing loans from AK, HI, ME, NH, ND, VT, WV, WY, Washington, D.C., and the U.S. territories. Additional vehicle restrictions may apply.

Fees State and local title and registration fees may apply and may be added to the amount financed.

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,” the “LC” symbol, “TopUp,” and “DebtIQ” are trademarks of LendingClub Bank.

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