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LendingClub Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 06 October 2023
Fact checked

LendingClub Bank auto loans overview

LendingClub Bank logo

If you’re considering switching lenders, LendingClub Bank offers vehicle refinancing with affordable interest rates and flexible repayment periods. Current loan interest rate starts as low as 4.99% APR, and terms vary from 24 to 84 months. However, LendingClub doesn’t have auto loans for purchasing.

Want to see what the Club auto loan will cost? Try the LendingClub auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key LendingClub Bank auto loan features

  • Minimum loan amount: $4,000.
  • Maximum loan amount: $55,000.
  • Interest rates: 4.99% to 24.99% APR.
  • Loan terms: 24 to 84 months.
  • Loan fees: No origination fees and prepayment penalties.
  • Discounts: Undisclosed.

LENDINGCLUB AUTO LOAN OPTIONS

LendingClub auto refinance loan

LendingClub Bank has competitive auto refinancing choices for qualified applicants. You can switch your car loan for as low as 4.99% APR and select a term of up to 84 months. To qualify, you should have at least 24 months of repayments left on your existing loan.

Personal loans

The Club doesn’t have specific loans for purchasing, but you can apply for a personal loan instead. With a personal loan, you can finance a vehicle, but the rates range from 9.57% to 35.99% APR. You can borrow up to $40,000, and the loan terms are up to 60 months.

LendingClub auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

Change
LendingClub

LendingClub auto loan

LendingClub auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate LendingClub auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a LendingClub Bank auto loan

Eligibility criteria

o be eligible for vehicle financing, you need to

  • Be 18 years old or older
  • Be a U.S. citizen or permanent resident (or live in the U.S. on a valid and long-term visa)
  • A resident of any U.S. state except Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia, and Wyoming
  • Meet the vehicle requirements

Your car loan should have at least 24 months left, and your balance should be between $5,000 and $55,000. Plus, your monthly payments should be on time to qualify for auto refinancing. Other than meeting the criteria, it also helps to boost your credit to get the lowest rate that the Club offers.

What you’ll need to have ready

Personal details

When you apply for auto financing with LendingClub, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

Documents

You may need to provide the Club with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

When you submit and qualify, LendingClub will send you up to two offers. Once you choose which one you prefer, you can complete your application and provide any documents requested online. So, preparing the requirements earlier can help you receive the loan decision faster.

Ways to apply for a LendingClub auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 888-845-0010

Additional Lending Club auto loan details

  • Automatic payment: Available.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: None.
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Hardship program: Undisclosed.
  • Ways to repay: Online banking, by phone, automatic payments, through mail, and in person.

Vehicle restrictions and limitations

  • Maximum vehicle age: 10 years old.
  • Maximum vehicle mileage: Under 120,000 miles.
  • Other vehicle restrictions: For personal use only. RVs, motorcycles, branded, bonded, or reconditioned titles, hail-damaged or salvaged vehicles, etc. are ineligible. Unavailable for Hummer, Pontiac, Saab, Saturn, Daewoo, Isuzu, Suzuki, Oldsmobile, and Nissan Leaf.

PROS AND CONS

Pros

  • Low starting rate.
  • Flexible repayment periods.
  • Quick loan approval.
  • Online prequalification with a soft credit inquiry.
  • Receive instant loan offers.
  • Multiple options for loan payments – online, through phone, autopay, by mail, and in a branch.
  • No origination fees.
  • $0 prepayment penalty.
  • Joint applications allowed.

Cons

  • Limited to personal-use vehicles.
  • No specific loans for auto purchasing.
  • High maximum APR.
  • Not available in AK, HI, ME, NH, ND, VT, WV, WY, and Washington, D.C.
  • Vehicle restrictions.

FREQUENTLY ASKED QUESTIONS

Can I repay my LendingClub Bank auto loan early?

The Club doesn’t charge prepayment penalties when you pay your auto loan earlier.

Does LendingClub offer auto loans?

LendingClub only has auto refinancing loans. Though the Club doesn’t offer specific loans for vehicle purchasing, you can apply for a personal loan. You can then finance your car using a personal loan.

How do I qualify for vehicle finance from LendingClub?

You should be at least 18 years of age, a U.S. citizen or permanent resident, and a resident of an eligible state.

How long does a LendingClub Bank car loan take to be approved?

Most applicants can get approved for a loan within a few hours.

Are the auto loans available in all 50 states?

Auto refinance loans are not accepted in Alaska, the District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia, and Wyoming.

How much interest does the Club charge on car loans?

LendingClub’s auto loan refinancing rates range from 4.99% to 24.99% APR. Remember though that your rate depends on key factors, like your credit score and history, loan, term, and vehicle.

How much do I qualify for with a LendingClub auto loan?

You can refinance your current auto loan valued at up to $55,000.

Video: LendingClub – Keep moving to where you want to be

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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