AUTO LOAN REFINANCING
Members Lower Their Car Payment by $80 Per Month on Average *
Auto Loan Refinancing
Paying off your existing car loan and refinancing into a new one could help you save money—$80 per month on average—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
Instant Offer
Check your rate in minutes and instantly see what you qualify for.
Lower Your Monthly Payment
Flexible terms and great rates could help you pay less than you are right now.
Easy, Simple, Secure
Our secure, encrypted (TLS/SSL) online application ensures a quick and hassle-free refinancing process.
No Origination Fee
And, no prepayment penalties either.
How LendingClub Auto Refinancing Works
How LendingClub Auto Refinancing Works
Frequently Asked Questions
What is auto refinancing?
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.
Is my current auto loan eligible for auto refinancing?
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 $5,000-$55,000, and at least 24 months of payments remaining.
How long does it take to find out if I qualify for auto refinancing?
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 own home. If you qualify, you’ll receive an offer almost immediately.
What documents will I need to refinance my auto loan?
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.
Will applying for an auto refinance loan hurt my credit?
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 are approved for an auto refinance loan, we will do a hard credit check which will post to your credit report, indicating that you have accessed credit through LendingClub. This may or may not impact your credit score in the short term.
Is auto loan refinancing worth it?
Refinancing your existing auto loan can reduce your interest rate or lower your monthly payment. Try using LendingClub’s auto refinance calculator to see what your savings could be. On average, members who refinance their car or truck through LendingClub lower their payment by about $80 per month.