If you’re like most Americans, you have a car payment. In fact, the average new car loan is over $30,000. But what happens when your car is paid off and you still have years left on your loan? You can refinance an auto loan from Lending Club to get a lower interest rate and save money each month. In this blog post, we will discuss how to refinance an auto loan from Lending Club so that you can save money and pay off your car sooner.
What is Lending Club?
Lending Club is a peer-to-peer lending platform that offers personal loans, auto loans, and other types of financing. Lending Club is a great option for borrowers with good to excellent credit who are looking for a lower interest rate on their loan.
How Does Lending Club Work?
When you apply for a loan from Lending Club, your application is reviewed by a panel of investors. If your loan is approved, the funds are deposited into your bank account within a few days. You will then make monthly payments to Lending Club until your loan is paid off.
What Are the Benefits of Refinancing an Auto Loan from Lending Club?
There are several benefits of refinancing an auto loan from Lending Club, including:
-You may be able to get a lower interest rate on your loan, which will save you money each month.
-You can choose to have your payments automatically deducted from your bank account, making it easy to stay on track with your loan.
-Lending Club offers a mobile app, so you can manage your loan from anywhere.
How to Refinance an Auto Loan from Lending Club
If you’re interested in refinancing your auto loan from Lending Club, the process is simple. Just follow these steps:
-Visit LendingClub.com and create an account.
-Fill out the online application with information about your vehicle, income, and employment.
-If you’re approved, review and sign your loan agreement.
-Choose how you want to receive your funds and make your first payment.
It’s that easy! Refinancing your auto loan from Lending Club is a great way to save money and pay off your car sooner.
If you’re looking for a lower interest rate on your auto loan, refinancing from Lending Club is a great option. Just follow these simple steps and you can be on your way to saving money each month.
FAQs
Is Lending Club legit?
Yes, Lending Club is a legitimate company. It is a publicly-traded company with over $50 million in funding. Lending Club has an A+ rating from the Better Business Bureau and is accredited by the BBB. Lending Club also offers a mobile app, so you can manage your loan from anywhere.
Does Lending Club charge a fee?
Yes, Lending Club charges an origination fee of up to $500. This is the only fee that Lending Club charges. There are no hidden fees or prepayment penalties.
How long does it take for Lending Club to approve a loan?
It usually takes about a week for Lending Club to approve a loan. Once your loan is approved, the funds will be deposited into your bank account within a few days.
What is the interest rate on a Lending Club loan?
The interest rate on a Lending Club loan depends on several factors, including your credit score, employment history, and income. Interest rates on Lending Club loans start at around 12%.
How much can I borrow from Lending Club?
You can borrow up to $40,000 from Lending Club. The amount you can borrow depends on several factors, including your credit score, employment history, and income.
Is Lending Club a good idea?
Lending Club is a good idea for borrowers with good to excellent credit who are looking for a lower interest rate on their loan. Lending Club is also a good option for borrowers who want the convenience of a mobile app.
How do I pay off my Lending Club loan?
You will make monthly payments to Lending Club until your loan is paid off. You can choose to have your payments automatically deducted from your bank account, making it easy to stay on track with your loan.
What is the minimum credit score for a Lending Club loan?
The minimum credit score for a Lending Club loan is 660. However, borrowers with a higher credit score may qualify for a lower interest rate.
How long does it take to pay off a Lending Club loan?
The length of your loan term will depend on the amount you borrow and your interest rate. Loan terms range from 24 to 84 months.
What is the late payment fee for Lending Club?
The late payment fee for Lending Club is $15. This fee will be charged if your payment is more than 15 days late.
Does Lending Club report to credit bureaus?
Yes, Lending Club reports to credit bureaus. This can help you build or improve your credit score. timely payments can also help you qualify for a lower interest rate in the future.
What is the phone number for Lending Club?
The phone number for Lending Club is (888) 596-3157
What are the hours of operation for Lending Club?
The hours of operation for Lending Club are Monday-Friday, from 9 am to 12 am EST.
How do I contact Lending Club?
You can contact Lending Club by phone at (888) 306-6734 or by email at [email protected][email protected]. You can also visit their website at lendingclub.com.
Closing thoughts
Lending Club is a great option for borrowers who are looking to save money on their auto loans. Just be sure to consider all of the fees and terms before you apply.
Have you ever refinanced an auto loan? What was your experience? Let us know in the comments below.
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