iLending Auto Loan Refinancing: 2024 Review

Full Review of iLending

Established in 2006, iLending partners with a network of 45 banks, credit unions and other lenders to provide auto loan refinancing.

The iLending application process is all online, and includes the ability to upload documents when necessary. Your initial loan application allows you to pre-qualify using a soft credit check, which will not affect your credit score. After you submit the application, an iLending loan consultant will call you to discuss your refinancing goals, such as lowering your interest rate or reducing your monthly car payment.

Based on your goals and credit profile, the loan consultant will match you with lenders and loans in the iLending network and walk you through preliminary loan offers. When you choose a lender, iLending can help you complete your application before it's submitted to the lender for approval, which will require a hard credit inquiry.

Table of contents

iLending at a glance

iLending may be a good fit for those who ...

Do you qualify for an iLending auto loan?

How to apply for an iLending auto loan

How auto loan rates work and how we collect them

How do we review auto loan aggregators?

iLending at a glance

iLending works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

• Restrictions

  • Maximum vehicle age: At least one lending partner has no maximum vehicle age. Among lenders that have a maximum, the highest is 20 years.

  • Maximum vehicle mileage: At least one lending partner has no maximum vehicle mileage restriction. Among lenders that have a maximum, the highest is 150,000.

  • Other vehicle restrictions: None.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $150,000.

  • Maximum loan-to-value ratio: 180%.

  • Refinance time restrictions: Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred.

  • Bankruptcy restrictions: No currently open bankruptcies.

• Other loan details

  • Approval speed: Immediate in most cases.

  • Initial deferred payment: Up to 90 days.

  • Existing loan payoff: Funds are sent electronically to the lender if possible, otherwise by check.

  • Selected payment due date: Borrowers can select their payment due date when prompted at a specific time during the loan process.

  • Maximum debt-to-income ratio: 70%.

  • Hardship plans: More than 75% iLending’s lending partners offer hardship options. These include deferred payments as well as other lender-specific hardships plans.

• More lender details

  • Contact options: Email, phone, text, live chat, website form or by visiting one of the company’s physical locations. Spanish options include phone, email, text and chat.

  • Availability: Customer service is available Mon-Fri 6 a.m.-7 p.m. MT and Sat-Sun 8 a.m.-4 p.m. MT.

  • Online resources: The company provides a content area that covers auto loan refinancing, car loans as well as other personal finance-related topics. Users can also use iLending’s car loan savings calculator to see how much they might save by refinancing.

iLending may be a good fit for those who:

• Want to compare loan options. iLending is an aggregator, which means you can receive loan offers from more than one lender with a single pre-qualification application.

• Prefer assistance with the loan process. Applicants receive one-on-one assistance from a consultant, throughout the loan process.

• Need more flexible credit requirements. The company's minimum credit score requirement is 560 on the FICO scale, which falls into the "very poor" range.

Do you qualify for an iLending auto loan?

Here are iLending's basic eligibility requirements to apply for an auto loan:

• None.

Here are iLending’s minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: 560.

• Minimum credit history: Six months.

• Maximum debt-to-income ratio: 70%.

• Minimum annual income: At least one lending partner has no minimum income requirement. Among lenders that have a minimum, the lowest is $18,000.

Before you apply

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents. iLending requires the following to submit an initial auto loan refinancing or lease buyout application: iLending requires the following to submit an initial auto loan refinancing: Social Security number or ITIN, address, time at address, phone, birthdate, employment status, employer name, income, housing status and housing payment amount.

» MORE: Compare auto loan refinancing lenders

How to apply for an iLending loan

1. Pre-qualify online. You can pre-qualify for a loan on iLending’s website or by phone at 866-683-5505. Applicants will be asked to provide details about their vehicle, like its make, model and condition, as well as car loan information. Pre-qualification won’t affect your credit scores.

2. Work with a loan consultant to choose a loan. If you pre-qualify, an iLending loan consultant will call you to review your initial loan offers from multiple lenders in its network. Your consultant will also discuss your refinancing goals with you, like lowering your interest rate or reducing your monthly car payment, and help you choose the appropriate lender based on those goals and your credit profile. When you select an offer, the consultant will help complete the necessary loan documentation and submit your application. At this point, the lender will complete a hard credit inquiry which may temporarily lower your credit scores. iLending has both English and Spanish-speaking loan consultants.

3. Stay on top of your loan payments. According to iLending, all of its lending partners report on-time payments to all three major credit bureaus. On-time payments will help build your credit scores, but missed payments will hurt it. If you can, set up automatic payments to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).