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Ilending
iLending The 2023 Review of Auto Loan Refinancing, Published 2023-01-01, 00:00:00
Written by Emma Woodward Written by Contributing writer
Emma Woodward is a former contributor for Bankrate and freelance writer who enjoys writing articles that help to simplify personal finance issues. Her writing has been published by businesses and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.
The edit was done 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 gain the confidence to take control of their finances with precise, well-researched and well-researched content that breaks down otherwise 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 financial calculators and interactive tools, publishing original and objective content. We also allow users to conduct research and compare data for free – so that you can make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation could affect how and when products are featured on the site, such as for instance, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not contain the vast array of companies or financial offerings that could be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed are solely the opinions of the reviewer and have not been evaluated or acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review is correct as of the date that the review was written. Look over the information at the top of this page, and the lender’s site for the most recent information.
A first glance 3.9 Rating: 3.9 stars out of 5
Bankrate Score
Available Rating: 3.8 stars out of 5
Affordability Rating: 3.6 stars out of 5
The Customer Service Rating is 4.4 stars out of 5
A rating of transparency: 4.5 stars out of five
Find out about rates for auto loan rates
About the iLending loan amount, not disclosed
Min. credit score Not disclosed
APR that starts at 2.14%
Funds are available as soon as one day
iLending offers personalized customer service and options for saving money sound appealing, but you should consider both the benefits and drawbacks of this refinancing service before you sign up.
PROS Personal loan specialist
Low APR minimum
Simple and quick application process
CONS Only refinance vehicles loans
No in-person service
Vague qualification requirements
If you’re looking to refinance your car loan ILending might be the right starting point. iLending offers refinancing options for the majority of vehicles loans with the intention of making it easier to save money. It has been in operation for over 15 years, and has an A+ rating with the Better Business Bureau.
For each client, iLending provides a loan specialist to help you through the process. They even work with borrowers who have bad credit scores. Although iLending is not a lender, they collaborate with credit unions and banks across the country to help you find the loan options that can make the most savings.
Do you qualify? Potential applicants must ensure they meet a few fundamental requirements. There will be equity in the vehicle and an acceptable ratio of debt to income (DTI) ratio in order to get approved. You can figure out your DTI by using a . iLending does not disclose the minimum credit score or annual income -which can vary between its lender partners. However, generally, you need a credit score of 670 or more to be eligible for lenders’ best rates. What we love and what we don’t like to refinance, you’ll receive personalized assistance to help navigate the process of applying for loans and could qualify for an impressively low rate. However, there’s no person-to-person customer support which might not be ideal for you.
What we like about personal loan specialist: Every client is assigned a personal loan specialist who will assist them throughout the refinancing process. Minimum APRs that are low ILending’s advertised minimum APR of 2.14% is less than the average of its competitors but the rate you’re given will differ based on your creditworthiness, as well as other variables. Simple and quick application process It’s possible to apply online through a streamlined process that should only take about a couple of minutes. What we don’t like Only refinance of vehicle loans: iLending doesn’t offer loans for . No in-person service: iLending aims to save its customers money by operating at lower expenses for overhead — which means that they don’t offer any in-person locations. Inconsistent requirements for qualification: iLending’s website does not provide many qualifications requirements, including minimum credit score and minimal and maximal loan amounts. How to contact iLending Contact iLending customer service via phone at 866-683-5505, through chat available on iLending website, or via the contact form for email on its website. Customer service agents are available from Monday to Friday, from 6 a.m. to 8 p.m. (MT), Saturdays from 8 a.m. until 4 p.m. Monday through Sunday between 10 a.m. to 3 p.m. MST. Live chat and phone support are available in both Spanish as well as English.
Auto loan types offered
Loan quick facts Amounts Not disclosed Terms APR for 12-84 months Starting at 2.14%
It is the only place you can find auto loan refinancing via iLending. It works as an unofficial service that connects the current borrower and potential new lenders. Current auto loan borrowers can use the iLending service if they desire lower interest rates or . Being a partner with several lenders across the nation means that rates and terms vary. It is possible to connect with any of their loan specialists to find out specific loan term options that may be available to you. How do you apply for an loan with iLending You can apply to refinance your auto loan directly through the iLending website. The application will ask for your basic information, including the Social Security number, your name, address and contact info. The loan specialist will then contact you to fill in any required information. According to its website, the process should only take less than a minute.
Required application information Your name, birth date along with Social Security number. Your telephone number, physical address, and email address. Employment and income information Year, make model, trim and year of the vehicle Vehicle identification number (VIN) the current mileage for the vehicle
iLending FAQs
Does iLending charge fees if applicants apply for an automobile loan refinancing? No, iLending does not assess the application fee.
Is iLending a reputable business? Yes. The platform has been in existence for over 15 years. It currently has an A+ grade with the Better Business Bureau.
How Bankrate rates iLending
Overall score
3.9
Availability
3.8
Because iLending works with a wide lender network It can assist those in need across the country. But it doesn’t provide its the minimum and maximum loan amounts.
Affordability
3.6
Rates start low at 2.14 percent annual percentage rate. You won’t find a maximum APR however, and charges aren’t listed.
Customer experience
4.4
Customer service is available seven all week long, and accessible in both English as well as Spanish.
Transparency
4.5
Prequalification is offered, however, only the minimum rate is offered prior to you filling in your details.
Methodology For evaluating lenders that focus on auto refinance loans, Bankrate considers 16 various factors. These factors range in consideration from the loan amount, disclosed APR as well as acceptance requirements. Each lender scores based on four categories. Accessibility: This is a factor that accounts for loan amounts, vehicle restrictions and their availability in every state. Accessibility: This section covers expected APRs as well as acceptance conditions, discounts for autopay as well as the total amount of fees. Customer experience: This section includes accessibility to online services, availability of support, funding timeline, option to pay by automatic method and app availability. Transparency: In this category, prequalification as well as disclosure of rates and charges are taken into account.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been evaluated or accepted by any advertising company. The information such as rates and charges provided in the review is correct at the time when the review first appeared. Look over the information in the upper right hand corner of the page and the lender’s site for the most up-to-date details.
Written by
Emma Woodward
Contributing to the writing
Emma Woodward is a former contributor to Bankrate and freelance writer who loves writing articles that help to simplify personal finance issues. Her writing has been published by businesses and publications such as 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 committed to helping readers gain confidence to take control of their finances through providing precise, well-researched and well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
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