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Whether your goal is to lower your monthly car payments or reduce the total interest you pay on your car loan, it's important you understand how refinancing your car loan works.

Refinancing your car loan is replacing your current auto lender with another lender. This involves changing the name of the company that is listed on your car's title, which is a document that details proof of official ownership. That means you will make payments to the new lender until your loan is paid off.

Before checking your rate for a car refinance loan check to make sure that when you obtain a quote it won't be a hard inquiry on your credit report. This can impact your credit score. When you apply, a lender will look at your credit profile, as well as the make, model, trim and mileage of your car to determine your rate. You won't need to have your car appraised the way you do when you refinance a home. Lenders will look at the value of your vehicle relative to how much you owe on the vehicle, called your Loan-to-Value ratio.

What else lenders will look for

Lenders will also look at how many payments you have left on your current auto loan to understand if refinancing is worthwhile for both parties. Typically, you need a minimum of a few months to show on-time payment history but after that, the more recent your current loan is the more potential refinancing will have to save you money. The way that many auto loans work is that the majority of the interest is paid during the beginning of the loan. Check the amortization schedule of your current loan to see what percentage of your payments are interest payments.

Once you get your rate, you should evaluate if the rate or terms offered meet your financial goals.

You should also make sure that you understand any additional fees or prepayment penalties so you can understand the total cost of the loans you're comparing.

Our online refinancing process makes it fast and easy.

  • Instant Offer: Check your rate in minutes and instantly see the offers that you qualify for.
  • Simple, Easy Process: Our online application makes refinancing easy and fast.
  • Lower Your Monthly Payments: Flexible terms and great rates that could lower your monthly payments.
  • No Origination Fees: Plus no prepayment penalties

How LendingClub auto refinance works?

Step 1: Check Your Rate

After you tell us a little about yourself and your vehicle, you'll instantly receive multiple auto refinancing offers, if you qualify.

Step 2: Confirm Your Details

Select the offer you like best and complete our easy online application. In some cases, we may ask you to send additional documents or details about yourself or your car.

Step 3: Drive Off with Savings

If your loan is approved, we'll take care of paying off your previous lender. That's it—your auto refinance is complete!

Is my current auto loan eligible?

To qualify, your car must be…

  • 10 years old or newer
  • Under 120,000 miles
  • A personal-use automobile

…and your current auto loan must have

  • An outstanding balance of $5,000—$55,000
  • Been initiated at least 1 month ago
  • At least 24 months of remaining payments


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