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Ilending

iLending the 2023 review of auto loan refinancing, Published 2023-01-01 00:00:00

Authored by Emma Woodward Written by Contributing writer

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

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to control their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare information at no cost – so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other products for home loans. This compensation, however, does affect the information we provide, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be open to you.

About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is accurate as of the date that the review was written. Check the data at the top of this page, and the lender’s website to find the most recent information.

A quick look 3.9 Rating: 3.9 stars out of 5

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 stars out of 5

A rating of transparency: 4.5 stars out of five

Compare rates on auto loan rates

About the iLending loan amount, not disclosed

Min. credit score not disclosed

APR starting at 2.14%

Funds are available as soon as one day

iLending provides personalized customer support and options to help you save money sound appealing, but you should consider both the pros and cons of this refinancing service before signing up.

PROS Personal loan specialist

Low APR minimum

Quick and simple application process

CONS Only refinance vehicles loans

No in-person service

Vague qualification requirements

If you’re looking to refinance your car loan, iLending may be the right location to begin. iLending provides refinancing options for all automobile loans with the aim of making it easier to save money. It has been operating for over 15 years, and has received an A+ score from the Better Business Bureau.

For each client, iLending provides a loan specialist to help you through the case. They even work with those with bad credit scores. While iLending is not a lender it does work with credit unions and banks across the country to help you find the loan solutions that will make the most savings.

Do you qualify? Anyone who is interested should ensure they meet a few fundamental conditions. There is equity in the car and an acceptable debt-to-income (DTI) ratio in order to get approved. You can determine your DTI using an . iLending does not provide an absolute credit score or income per yearwhich can vary between its lender partners — but generally, you must have an average credit score of at minimum 670 to be eligible for the best rates offered by lenders. What we love and what we don’t like for refinancing, you’ll receive personalized assistance to help navigate the process of applying for loans and could be eligible for a surprisingly low interest rate. However, there’s no personal customer service available which might not be ideal for you.

We like the personal lender: Every client is assigned a personal lending specialist to assist during the refinancing process. Minimum APRs that are low iLending’s advertised Minimum APR at 2.14% is lower than many competitors’ but the rate you’re given will differ based on your creditworthiness, as well as other aspects. It’s a simple and fast process to apply Apply online using a straightforward procedure that will take only less than a minute. What we don’t like Only refinance of vehicle loans: iLending doesn’t offer loans for . No in-person service: iLending aims to save customers money by operating with lower expenses for overhead — which means they don’t have any physical places. Inconsistent requirements for qualification: iLending’s website doesn’t provide many of the qualification conditions, such as a the minimum credit score, as well as the minimal and maximal loan amounts. Contact iLending You can reach iLending customer service via phone at 866-683-5505, through the chat service available on iLending website, or via the email contact form found on their website. Customer service agents are accessible Monday through Friday from 6 a.m. to 8 p.m. (MT), Saturdays between 8 a.m. to 4 p.m. MT and Sunday between 10 a.m. to 3 p.m. The time is MT. Live chat and telephone assistance are available in both Spanish and English.

Auto loan types available

Loan quick facts Amounts not disclosed Terms: 12-84 months APR from 2.14%

It is the only place you can find auto loan refinancing with iLending. It works as an unofficial service that connects current borrowers and potential new lenders. Current auto loan borrowers can use the iLending service if they desire low interest rates or . The fact that they work with a variety of lenders across the country means rates and terms vary. You can connect with an iLending loan specialists to discuss specific loan terms that might be for you. How do you apply for an loan through iLending You can apply to refinance your auto loan directly on iLending’s website. The application will require your basic info, like the Social Security number, your name as well as your address and contact information. An loan specialist will contact you to fill in any required information. According to the website, the application procedure should take only about a couple of minutes.

The required application requirements include your name, date of birth along with Social Security number. Your telephone number, physical address, and email address. Employment and income information Year, Make model, model and trim of the vehicle. The vehicle’s Identification number (VIN) the current mileage for the vehicle

iLending FAQs

Does iLending charge fees when applying for the auto loan refinancing? No, iLending does not assess the application fee.

Is iLending a reliable company? Yes. The platform has been in existence for more than 15 years. It currently has an A+ rating from the Better Business Bureau.

How does Bankrate rate iLending?

Overall score

3.9

The availability

3.8

Since iLending has a broad lender network and lenders, it is able to assist the borrowers from any state. But it doesn’t offer its most or minimum loan amounts.

Affordability

3.6

Rates start as low as 2.14 per cent APR. There’s no maximum APR though, and fees aren’t specified.

Customer experience

4.4

Customer service is available 7 days a week, and accessible in both English or Spanish.

Transparency

4.5

Prequalification is available, but just the minimal rate will be accessible before you enter your information.

Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different factors. The factors are based on from the loan amount, the APR disclosed and acceptance criteria. Each lender has a score that is that is based on four different categories. Availability: This accounts for loan amounts, restrictions on vehicles and the availability of each state. Affordability: Primarily, this section covers expected APRs and acceptance criteria, discounts for autopay and the number of charges. Customer experience: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payments and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are recorded.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review are accurate at the time of the review. Look over the information in the upper right hand corner of the page, and the lender’s website for the most up-to-date information.

Written by

Emma Woodward

Contributing to writer

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

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with concise, well-studied, and well-documented facts that break down otherwise complex subjects into digestible pieces.

Auto loans editor

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