You can refinance your car through LendingClub 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.
Is it good to refinance a car?
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 through LendingClub can lower their payment about $80 per month. *
Does applying for an auto refinance loan hurt your credit?
No. Applying for an auto refinance loan through LendingClub 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.
How long will it take to get an auto refinance offer?
The application process is simple—and it takes just a few minutes to complete. If you qualify, you'll receive an offer in minutes.
Which documents do I need to provide?
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.