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Ilending

iLending: 2023 Auto Loan Refinancing Review Published 2023-01-01 at 00:00:00

Authored by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor to Bankrate and a freelance writer who enjoys writing to help people understand personal finance topics. She has written for businesses and publications like Finch, Toast, JBD Clothiers and The Financial Diet.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers to take control of their finances through providing precise, well-researched and well-researched content that reduces complicated topics into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and when products are listed on this website, for example such things as the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. But this compensation does affect the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be accessible to you.

About our reviews Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review is accurate as of the date of the review. Look over the information on the right and the lender’s website to find the most current details.

At a first glance 3.9 rating: 3.9 stars out of five

Bankrate Score

Availability Rating: 3.8 stars out of 5

Cost of Affordability: 3.6 stars out of five

The Customer Service Rating is 4.4 5 stars from five

Transparency Rating: 4.5 stars out of five

Find out about rates on auto loan rates

About iLending Loan amount Not made public

Min. credit score Not revealed

APR starting at 2.14%

Funds available in As soon as one day

iLending offers personalized customer service and options to save you money are great, but think about both the pros and cons of this refinancing service prior to signing up.

PROS Personal lending specialist

Low APR minimum

Simple and quick application procedure

CONS Only refinance vehicles loans

No in-person service

Vague qualification requirements

If you’re looking to refinance your vehicle loan ILending might be the perfect location to begin. iLending provides refinancing options for the majority of vehicles loans with the intention of making it easier to save money. It has been operating for over 15 years, and has earned been awarded an A+ grade by the Better Business Bureau.

With each customer, iLending provides a loan specialist who will help you navigate the process. They also assist those with bad credit scores. While iLending is not a lender, they collaborate with credit unions and banks across the country to help you find the loan solutions that will make the most savings.

Do you qualify? Potential applicants must ensure they meet a few fundamental conditions. There is equity in your vehicle as well as an acceptable credit-to-income (DTI) ratio to be accepted. You can determine your DTI by using the . iLending doesn’t disclose a minimum credit score or income per year- which may vary among its lender partners, but generally, you must have an average credit score of at least 670 to qualify for the lenders’ highest rates. What we like and what we do not like When you’re approved to refinance, you’ll receive individual assistance to guide you through the lending process and may qualify for an impressively low rate. However, there’s no person-to-person customer support which might not be suitable for you.

What we like about personal loan specialist: Every customer is assigned a personalized loan specialist who will assist them throughout their refinancing process. Low minimum APR: iLending’s Minimum APR at 2.14% is less than many competitors’ but the rates you’ll be provided will be based on your creditworthiness and other aspects. It’s a simple and fast process to apply It’s possible to apply on the internet using a simple procedure that will take only a few minutes. We don’t like that they only refinance vehicle loans: iLending doesn’t offer loans for . In-person services are not available: iLending aims to save clients money by operating with less overhead costs — meaning they don’t have physical establishments. Inconsistent requirements for qualification: iLending’s website doesn’t disclose many qualification requirements, including the minimum credit score, as well as the limits on minimum or maximum loan amounts. Contact iLending Contact iLending customer service by phone at 866-683-5505, via chat on the iLending website, or via the contact form for email available on the website. Customer service representatives are available from Monday to Friday, from 6 a.m. to 8 p.m. (MT), Saturday from 8 a.m. until 4 p.m. Monday through Sunday between 10 a.m. until 3 p.m. MT. Live chat and phone assistance can be accessed in Spanish as well as English.

Auto loan kinds available

Quick facts about loans: Not disclosed Terms APR for 12-84 months from 2.14 0.14

There is only one way to get auto loan refinancing with iLending. It works as an unofficial service that connects existing borrowers and prospective new lenders. Current auto loan borrowers can use iLending services if they want low interest rates or . Working with many different lenders across the country means rates and terms are different. You can connect with an iLending loan experts to learn about the specific loan terms that might be for you. How do you apply for a loan with iLending You are able to apply for a refinance of your auto loan through iLending’s site. The application will request your basic information, including your Social Security number, your name, address and contact info. A loan specialist will contact you to verify any necessary details. According to its website, the application process will take just about a couple of minutes.

Information required for application: Your name, birth date along with Social Security number. Also, your phone #, address, and email address Employment and income information Year, make, model and trim of the vehicle. The vehicle’s identification number (VIN) Current mileage for the vehicle

ILending FAQs

Does iLending charge fees if applying for the auto loan refinancing? Absolutely not, iLending does not assess any application fees.

Is iLending a reputable firm? Yes. The platform has been in existence since more than 15 years, and is currently holding an A+ grade with the Better Business Bureau.

How does Bankrate rate iLending?

Overall score

3.9

Accessibility

3.8

Because iLending works with a wide network of lenders, it can help borrowers in any state. But it doesn’t provide its the minimum and maximum loan amounts.

Affordability

3.6

Rates start low at 2.14 percent APR. You won’t find a maximum APR however, and charges aren’t specified.

Customer experience

4.4

Customer service is available seven all week long, and it is available in English and Spanish.

Transparency

4.5

Prequalification is offered, however, only the minimum rate is accessible prior to you filling in your details.

Methodology For evaluating lenders that focus on auto refinance loans, Bankrate considers 16 different factors. These variables range from the loan amount, the APR disclosed and acceptance criteria. Each lender scores which is determined by four categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and their availability in every state. Accessibility: This section covers expected APRs as well as acceptance conditions, discounts for autopay, and the amount of fees. Customer experience: This category includes accessibility to online services, availability of support and funding timeframe, as well as the option to pay by automatic method and app availability. Transparency: In this category, prequalification as well as disclosure of rates and fees are recorded.

Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been evaluated or accepted by any advertiser. The information such as rates and charges, presented in the review is correct as of the date when the review first appeared. Review the information in the upper right hand corner of the page as well as the lender’s site for the most recent information.

Written by

Emma Woodward

Contributing to writer

Emma Woodward is a former contributor for Bankrate and a freelance writer who enjoys writing to help people understand personal finance issues. Her writing has been published by companies and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances through providing clear, well-researched facts that break down complex topics into manageable bites.

Auto loans editor

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