iLending Auto Finance Review: Process, Eligibility, APR, and More!
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iLending is a national financial services provider specializing in auto refinancing. The company has been honored as one of the Best Places to Work by the Denver Business Journal and has also been named the fastest-growing private company by Inc. 500. While iLending is not a loan lender itself, it partners with banks and credit unions around the nation to find the loan options that will save you the most money. The great thing about this company is that iLending provides a loan specialist to help you with each customer's case. They even accept to work with borrowers who have bad credit scores. Continue reading this full review to find out everything that iLending has to offer, including refinancing eligibility, APR, process, features, and much more.
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Quick Stats
iLending at a Glance
Founded and launched in 2006, iLending is an auto loan refinance offering based in Englewood, CO. iLending specializes in offering customers auto refinance loans all around the United States. You get low-interest rates competitively, and no prepayment penalty will be imposed on you. The company also allows you to take larger amounts of loans on longer terms and keeps your monthly payments affordable. You also get a very detailed website with all the needed info on terms & conditions, current rates, and many other helpful resources and tools. one of these tools is the monthly savings calculator. Additionally, you get a roadmap to understand the entire process more thoroughly.
You also do not face any loan origination fee when you refinance an auto loan, which is a fee that usually gets charged by lenders for processing, underwriting, and finally funding a loan.
How Does iLending Auto Refinancing Work?
iLending makes sure to simplify the auto refinancing process for users and borrowers. This is how the company attempts to make the process easier for you:
- They talk about their customers goals financially, as well as their basic info. This info is usually utilized to guide the customer and let them decide on the right product.
- iLending then makes a comparison with other lenders across the nation. This step helps the customer make a well-informed decision regarding their best option.
- After that, they ask their customer to provide more details regarding their financial situation. Some of the needed documents can usually be completed within minutes.
- Then, they send a borrower's loan to a new lender, and the whole process can be done within a week.
- Once the customer signs a new loan contract, they will be fully done with the refinancing journey. And then, the monthly cash savings begin immediately.
If you're new to auto refinancing, it could be easy to get confused by the financial terms of the process. A lot of online lenders try to help you by making things easy and straightforward, so you can know what you are agreeing on. Either way, you should always make your own research to know better about your options.
On average, customers of iLending save around $145 per month after they complete their refinancing process. If you think the company's services suit your needs, you can try these services by doing the following:
- First, you need to apply with iLending through their quick online application
- Then, you need to review relevant offers to find the lowest interest rate available on the website
- After that, you will need to provide detailed financial info to your loan consultant
- Finally, initiate the new loan and begin refinancing
While it is true that the terms of a new loan depend on certain factors, such as the amount of money owed and your personal credit history, iLending partners with a wide range of lenders that have different terms for auto loans, this process helps you guarantee a competitive interest rate, even if you're worried about harming your credit score or financial situation.
Who Is iLending Best for?
iLending is suitable for people of all financial situations and loan debt. However, we can confirm that it is most suited for people who are looking for a fast and simple auto refinancing process. It is also suited for those looking to lessen their current debt. Auto loans are currently offered in all 50 states around the United States. However, this is not all, as the company offers a wide range of other services as well, including cashback, Guaranteed Asset Protection (GAP) waivers, and more.
Customers are also connected with auto finance loan providers to help them immediately refinance their auto loans. iLending works with a big network of lenders all around the country to offer low-interest rates.
iLending Application Process
The application process in iLending is quite simple. You can get qualified by just completing a fast online application. After that, a loan expert will contact you to finish the process. Applicants who have a credit score of at least 560 can apply for a loan through iLending Auto Refinancing. As mentioned above, you need to be at least 18 or the state minimum, whichever is higher, to apply for a loan refinancing. Auto refinances applications are usually approved within one day and funded within 1 to 7 days after approval.
In order to qualify, applicants will need to provide a driver's license, proof of citizenship or residence permit, and recent pay stubs.
iLending Loan Types and Terms
iLending provides a wide variety of auto refinance options, with a huge range of auto loan amounts, in addition to various flexible rates and repayment methods. Users are allowed to borrow between $7,500 to $80,000, with periods of 12 to 84 months. Moreover, their interest rates usually start at 2.99% APR.
The company's website includes a monthly savings calculator, where users can enter the financing periods and then see how much their monthly payment could be.
iLending Customer Support
iLending offers various customer support options, including phone, email, social media pages, and in person. You can reach out to their customer support team via phone from Monday to Friday from 7 a.m. to 7 p.m. (MT), Saturday from 8 a.m. to 2 p.m. (MT), and Sunday from 9 a.m. to 12:00 p.m. (MT).
The company also has detailed and updated social media pages, including Facebook, LinkedIn, and Twitter. Links to all of their social media sites can be found on the company's website. Moreover, they have a FAQs page which offers quite a lot of detail, with general information about auto refinancing and how it works, as well as tools such as steps for how to get an auto refinancing loan with iLending. Overall the website is user-friendly and quite easy to navigate and has several useful features, such as a monthly savings calculator and information about how their loan process works. The site includes several educational resources as well, including a blog and other information to help applicants make the most informed decision possible.
Bottom Line on iLending
iLending is an auto loan refinancing company founded and established in 2006. Ever since the company made it its main goal to serve customers in order to save them money and time. You can get an auto loan refinancing with them by filling out a simple online application that takes several minutes to complete.
The company offers its 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. They offer auto loan refinancing between $7,500 to $80,000, with terms of 12-84 months. Their interest rates start at 2.99% APR.