iLending: Enticing Auto Loan Refinancing Options

iLending at a Glance

iLending, originally Fleet Financial, has grown significantly since the company's inception. After weathering the 2007-2008 financial crisis, the company shifted their focus to auto loan refinancing, rebranding as iLendingDirect. Headquartered in Englewood, Colorado, iLending also has offices in Austin, Texas, and Columbia, South Carolina. The company has expanded their team to over 250 employees to meet the growing demand for auto loan refinancing services.

iLending offers a range of refinancing services for cars, motorcycles, and other vehicles. They aren't direct lenders themselves but rather facilitators that connect borrowers with a network of banks and credit unions. Their goal is to help customers find a better interest rate for their existing car loan, potentially saving them money over the life of the loan. The company works with borrowers nationwide, aiming to simplify the refinancing process through online applications and dedicated loan consultants. They assist with the entire refinancing process, ensuring compliance with financial regulations and providing continuous support to clients.

They seem committed to providing a seamless experience, from the initial consultation to the finalization of the refinancing process. They aim to help clients save money by securing lower interest rates and reducing monthly payments, emphasizing transparency and customer service throughout the refinancing process. They boast a user-friendly online platform and a team of loan consultants to guide borrowers through each step. They also emphasize the security of personal information, ensuring that all systems are up-to-date and compliant with industry standards to protect customer data. That said, it's important to note that iLending doesn't disclose minimum credit score requirements, so it's best to check with them directly to see if you pre-qualify.

They maintain an A+ rating with the Better Business Bureau (BBB), indicating a good track record of customer service. iLending has been recognized as the top Auto Refinance Company by LendingTree for Customer Satisfaction in Q2 2023, and we understand they may have been placed on the Inc. 5000 list in the past. Such recognition underscores their commitment to ethical business practices and delivering exceptional customer experiences.

The Features & Services of iLending

iLending offers a comprehensive suite of refinancing services aimed at helping customers reduce their auto loan payments and manage their finances more effectively. Here is a detailed list of their main features and perks:

• Auto loan refinancing: This is iLending's core service. iLending assigns a Loan Consultant to each customer, who guides you through the refinancing process, answers any questions, and provides detailed information about the necessary steps and documentation. This personalized support is designed to make the refinancing experience smooth and efficient for all clients. They help you refinance your existing car loan by connecting you with a network of lenders who may offer a lower interest rate. This can potentially save you money on your monthly payment and over the entire loan term
• Online application process: They streamline the refinancing process with a user-friendly online application, which is accessible on your web browser or on their mobile app. This allows you to initiate the process and pre-qualify for potential rates from the comfort of your home
• Wide eligibility for credit scores: The company works with a broad spectrum of credit profiles, from fair to excellent, ensuring accessibility for many customers, including those with past credit issues. They allow you to pre-qualify for potential refinance rates with a soft credit check. This type of check doesn't impact the score on your credit report, so you can explore your options without harming your creditworthiness. This can be a valuable tool for gauging potential savings before fully committing to the refinancing process
• Nationwide lending network: The company partners with a diverse network of over 50 local and national banks and credit unions to find the best refinancing rates for their customers
• Refinance multiple vehicle types: iLending provides refinancing services for various vehicles, including cars, motorcycles, RVs, boats, and ATVs
• Car refinance calculator: This is an online interactive tool to estimate potential savings from refinancing, helping customers make informed decisions

Additional Services

They also offer services that fall outside the scope of auto loans, including:

• GAP waivers: This service protects customers in the event of a total loss by covering the difference between the loan balance and the insurance payout, up to $100,000 in vehicle value and $1,000 in primary insurance deductible
• Vehicle service contracts: They also offer extended warranties that cover repair costs after the manufacturer’s warranty expires, providing additional financial protection
• Vehicle repayment protection: This policy protects against financial hardship by covering car payments in the event of job loss, including options to return the vehicle if necessary
• Complete care: This includes services like tire and wheel repair, windshield repair, paintless dent repair, key protection, and roadside assistance
• Paint and fabric protection: This is a package that protects the interior and exterior of the vehicle from various types of damage and wear, helping to maintain its value

Fees & Cost Considerations at iLending

Because iLending connects you with a network of lenders, they do not advertise specific fees, although they state that they won't charge you any upfront fees to pre-qualify for a refinance or check their potential rates. This allows you to explore your options and see if refinancing might save you money without any initial investment. That said, there are other costs to consider when refinancing through iLending. They do charge administrative and document processing fees, but the exact amount isn't available online.

With that in mind, we understand that iLending may offer refinancing for loan amounts between $5,000 and $150,000. The repayment periods range from 12 to 96 months, providing flexibility to suit different financial situations. The interest rates for refinancing typically range between 5.49% to 18.79% APR, or annual percentage rate, depending on your credit profile and other factors.

To get a complete picture of the costs, you'll need to either pre-qualify online or speak with a Loan Consultant. They can provide a personalized breakdown of their fees, any title transfer fees specific to your state, and any other potential state charges that might apply to your refinance.

The Advantages of iLending

• Pre-qualification with a soft credit check: They allow you to pre-qualify for potential refinance rates using a soft credit check, which doesn’t impact your credit score. This lets you explore your options without harming your creditworthiness
• Dedicated loan consultants: Each customer is assigned a personal loan consultant who provides one-on-one assistance throughout the refinancing process. This personalized support ensures a smooth and efficient experience
• Low credit score eligibility: iLending works with a broad range of credit profiles, from fair to excellent, making their services accessible to many customers, including those with past credit issues. According to online sources, they will accept FICO scores as low as 560, or possibly lower
• Nationwide network of lenders: The company partners with over 50 local and national banks and credit unions to find the best refinancing rates for their customers. This extensive network ensures competitive rates and terms
• Flexible loan amounts and terms: They offer refinancing for loan amounts between $5,000 to $150,000 with repayment periods ranging from 12 to 96 months, providing flexibility to suit different financial situations
• Online application process: The entire application process, including document uploads, can be completed online, making it more convenient and straightforward for customers
• Transparency and customer service: iLending emphasizes transparency throughout the process and prides itself on providing excellent customer service, available seven days a week, including weekends. Their online platform offers resources and information, and their loan consultants are available to answer questions and guide you through the refinancing journey

Why You Might Not Choose iLending

• No in-person service: They operate entirely online and over the phone, with no physical locations for face-to-face interactions. This might be a drawback for customers who prefer in-person service
• Unclear fees: While iLending does not charge application fees for pre-qualification, there are administrative and documentation fees involved in the lending process. The exact amounts are not clearly disclosed on the website, which could lead to unexpected costs
• Limited to refinancing: They only offer refinancing services and will not provide new auto loans or other types of loans. Customers looking to purchase a new vehicle or seek other loan types will need to look elsewhere
• Mileage and vehicle age limits: Some borrowers might face restrictions based on the age and mileage of their vehicles, which could prevent them from qualifying for refinancing
• Not a direct lender: iLending is an aggregator and acts as a facilitator, connecting borrowers with lenders in their network. This means the specific terms and fees of your loan will depend on the lender you are matched with

The iLending Customer Experience

The company enjoys a great reputation among their clients, with generally positive reviews written about them. They receive a Trustpilot review score of 4.8 out of 5 stars, and a similar 4.77 out of 5 on the BBB, where they receive a moderate amount of complaints. Their Google reviews score is also a high 4.5 out of 5. However, their Yelp score is a lower 3 out of 5 stars, although that page receives a relatively small amount of reviews.

Positive feedback

Many of their clients praise the professionalism and responsiveness of the company’s loan consultants. Reviewers frequently mention how easy and efficient the refinancing process is, often describing it as hassle-free and quick. The use of automated systems for document uploads and clear, prompt communication via email and phone contribute to this streamlined experience. Many customers report significant financial benefits, such as saving significant amounts per month on their auto loans, with some noting reductions in their interest rates by more than 50%. The company’s ability to provide tailored solutions based on individual financial situations is highly appreciated, ensuring that clients with various credit profiles can find refinancing options that meet their needs. This personalized approach helps clients feel understood and supported throughout the refinancing process.

Negative feedback

Despite the positive reviews, iLending also faces some criticism. A number of customers have experienced communication issues, including delayed responses and unprofessional interactions, leading to frustration. Instances of unreturned calls and texts have contributed to negative impressions for these clients. Additionally, a few customers have reported undisclosed fees, such as a customer who claimed they charged a $500 application fee that was not clearly communicated upfront, resulting in dissatisfaction and a sense of mistrust. There have also been complaints about unsuccessful attempts to secure better rates or terms, even from customers with good credit scores and substantial financial stability, who expressed disappointment when iLending could not offer competitive rates compared to their existing loans. Furthermore, a few clients criticized the company for aggressive sales tactics, feeling pressured by representatives, and that their concerns were not adequately addressed.

iLending actively responds to customer complaints on the Better Business Bureau (BBB) platform. Most complaints are addressed in a timely manner, with the company providing detailed explanations and solutions. However, some customers remain dissatisfied with the resolutions, indicating that while iLending makes efforts to resolve issues, the outcomes are not always satisfactory to all parties involved.

iLending Customer Support

iLending provides various customer support options to assist clients throughout the auto refinancing process. Customers can contact them via phone call at their main number, (866) 683-5505, or through their dedicated Spanish-language line at (720) 443-4726. If you prefer to have them get in touch with you by phone or email, you would fill out a form after picking one of four options at the top of their Contact Us page. They would respond within the next business day. Additionally, customers can use the chat option, available on the bottom right corner of the iLending website, for immediate assistance during business hours. Their customer support is available during the following hours:

• Monday to Friday: 6 AM to 7 PM MT
• Saturday to Sunday: 8 AM to 4 PM MT

Additionally, the company offers a secure document portal, allowing customers to upload required documents easily by snapping a picture with their mobile devices. The secure document portal can be accessed via the link provided by your Loan Consultant during the refinancing process.

For general inquiries, iLending has an extensive FAQs section and a blog on their website, addressing common questions about the refinancing process, eligibility, and required documentation.

The Bottom Line on iLending

iLending specializes in auto loan refinancing, helping customers lower their monthly payments and save on interest costs by connecting them with a network of lenders offering the best rates. The company offers their services in all 50 states and Washington DC. They work with borrowers of all credit scores and even accept to work with borrowers who have bad credit scores. With a user-friendly online platform and dedicated loan consultants, iLending ensures a seamless refinancing process, from initial consultation to finalization. Their commitment to customer satisfaction is evident through their A+ BBB rating and multiple accolades, including recognition by LendingTree for top customer satisfaction.

Choosing iLending for your auto refinancing needs offers several advantages, including the ability to pre-qualify with a soft credit check, dedicated loan consultants, and flexibility in loan amounts and terms. However, potential drawbacks include the lack of in-person service, unclear fee structures, and limitations to refinancing only. So keep in mind that, while they may accept low credit and can potentially save you hundreds of dollars a month, there may be companies that accept a lower minimum credit score. By weighing these pros and cons, you can decide if iLending’s services align with your financial goals and needs.

No matter which company you choose to refinance your vehicle with, it's always a good idea to shop around and compare rates and fees from multiple auto loan companies and lenders before making a final decision. This will ensure that you're getting the best possible deal on your auto loan refinance. We can assist you by providing the option to compare the top service providers side by side to see which may comfortably save you the most money, helping you feel more confident in your decision. Additionally, we are continuously adding blog articles that cover important topics to provide you with more information. With enough clarity, these decisions don't have to be the headache that they sometimes are!

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