Overview of iLending Auto Refinancing
iLending focuses strictly on refinancing existing auto loans by connecting borrowers with lending partners.
Key details on iLending auto refinancing:
- Refinanced amounts not disclosed publicly
- Terms from 1 to 7 years (12 to 84 months)
- Fixed rates from 5.20% to 18.00% APR
- Funding possible within 1 day
As an auto refi marketplace, your precise rate quote depends on credit factors individually assessed through their network. But iLending caters well to both prime and subprime credit tiers.
Biggest Pros of Refinancing Through iLending
Here are some major advantages iLending auto refinancing provides:
Dedicated Loan Specialist Guidance
A personal lending expert assists you through every step of the application process for extra support.
Low 5.20% Minimum Advertised Rate
Borrowers with great credit stand to save huge through discounted interest reductions.
Quick and Easy All-Online Application
With only basic details needed upfront, finishing fast preapprovals takes just minutes.
Potential Cons to Consider About iLending
But there are couple limitations as well:
Refinancing Offerings Only
Those seeking regular purchase financing loans cannot use iLending currently.
No Physical Branch Locations Exist
In-person interactions aren’t possible for applicants preferring face-to-face meetings.
Vague On Precise Qualification Factors
Exact approval criteria details and requirements remain lightly published.
How iLending Compares to Other Top Refi Companies
As a refi-focused loan platform, iLending competes with other specialty players like:
Compared to Gravity:
- Gravity has a lower minimum credit score requirement
- But iLending offers faster 1 day funding potential after approval
Compared to RefiJet:
- RefiJet allows cashing out equity as part of refinancing
- But iLending generally offers lower minimum starting rates
So iLending strikes a nice position by mixing competitive rate potential with personalized application support.
What We Like About iLending Auto Refinancing
Here is a closer review of benefits iLending deserves credit for:
Weekend Customer Support
Assistance is available more days than competitors closed on weekends.
Phone and Chat Options in English and Spanish
Ease language barriers through expanded direct service avenues.
Soft Credit Checks Available
Prequalify with no hard inquiry using initial eligibility checks.
Special Discounts and Protections
Purchase add-ons like GAP insurance during the application process.
What We Don’t Like About iLending
Couple areas iLending could improve include:
Scant Details on Precise Qualifications
No precise minimum score or income rules shared publicly onsite.
Max Interest Rates Unknown
No transparency on rate ceilings less qualified applicants should anticipate.
Vague on Exact Fees Charged
Full fee specifics require initiating loan offers before views, reducing cost visibility.
iLending’s Auto Refinancing Eligibility Factors
Since iLending works as a lending marketplace, approval guidelines vary slightly across participating financing partners. But expect evaluation based on:
- Income amounts and employment
- Existing debts and expenses
- Credit history and scores
- Any past loan defaults
Minimum requirements also differ by lender. But according to iLending, you can qualify with credit scores around 560 FICO. They advertise the best rates require 670+ FICO based on trends.
iLending’s Auto Refinancing Offerings
The only loan purpose offered currently includes:
Refinancing Existing Auto Loans
- For lowering rates or payments
- Loan amounts not publicly disclosed
- Terms from 1 to 7 years (12 to 84 months)
So you cannot use iLending for regular purchase financing, lease buyouts, or tapping equity. Solely refinancing existing loans to improve rates or terms is enabled through their network.
Interest Rates Offered for Auto Refinancing
Here is what we know regarding rates from iLending:
- Fixed rates starting at 5.20% APR
- Top-end rates as high as 18.00% APR
As an intermediary platform, your assigned loan specialist provides custom quotes after evaluating eligibility through their partners. But this rate range sets expectations well across the credit spectrum.
How to Apply for Auto Refinancing with iLending
Below outlines the process of submitting an iLending application:
- Check Eligibility Requirements
- Complete the Short Web Application
- Speak to Your Matched Loan Specialist
- Finish Final Documents Digitally
- Refinanced Funds Deposit Within 24 Hours
The loan specialist partnership makes navigating offers, terms, lenders, and paperwork much smoother.
Fees, Penalties, and Fine Print to Know
iLending does not disclose specific fees charged across their lending market partners publicly upfront. But common charges likely include:
- Origination or underwriting fees
- Late payment fees
- Insufficient funds penalties
- Possible default fees
Avoid harming your credit standing by paying all owed amounts on time or early without issue.
Getting Support From iLending
Assistance from iLending loan specialists is available through:
- Call 866-683-5505 weekdays 6am – 8pm MT
- Saturday 8am – 4pm MT
- Sunday 10am – 3pm MT
Website Chat Function
- Chat live daily
- Send inquiries to support email
So expanded weekend and Spanish service options provide better support than competitors who close weekends. English/Spanish needs get met well.
To Recap: Who is iLending Best For?
In summary, iLending auto refinancing performs best for these borrower profiles:
Those Seeking Lower Interest Rates
Prime credit applicants access incredibly low 5% APR offers to slash costs.
Drivers Needing Lower Monthly Payments
Adjust terms shorter or longer to meet exact monthly budget needs.
People Who Desire Extra Application Support
The loan officer assignment eases lending complexities for smooth approvals.
For borrowers strictly needing existing auto loan refinancing with helpful hand-holding, iLending delivers a great service combination. Competitive rates beyond just prime applicants provide an avenue to accelerate debt payoff goals through strategic refinancing.
Frequently Asked Questions About iLending
See answers below to commonly asked questions regarding iLending and their refinancing services.
What credit score is needed for the advertised rates from iLending?
While minimums vary by lender, you will generally need prime credit with scores around 670+ FICO or higher to qualify for iLending’s lowest published rates. The higher your score, the better the rate.
Is there a maximum loan amount allowed for refinancing?
Unfortunately maximum amounts are not formally shared publicly by iLending. You need to connect with a loan specialist to discover precise loan size cutoffs by partner lenders along with other custom eligibility factors.
How long does iLending take to deposit refinanced loan funds?
iLending advertises completion of deposits as fast as just 1 day after formally accepting your new rate offer and finalizing documentation. Rarely do completed transfers take longer than 1-3 business days at most.
What fees should I watch out for with iLending?
Exact fee specifics charged require digging into partner lender details individually. But common charges to expect include origination fees, late payment fees, bounced checked fees, and potential default related penalties.
More About iLending and Founder Jack Johnson
Founded in 2005 by CEO Jack W. Johnson in Cottonwood Heights, Utah, iLending seeks to provide consumers with education, choice and savings around automotive lending.
Jack built iLending on a foundation of making the financing experience personalized through dedicated loan specialists. These experts take time to understand individual borrower needs for custom tailored rate and repayment term matching across their partner network.
With a full suite of online tools for applying, signing, and account management, Jack knew the company could operate digitally lowering overhead to pass extra savings back to approved borrowers.
After over 15 years, iLending retains exceptional Better Business Bureau and customer satisfaction ratings as an impactful auto refinancing marketplace using emphasis on customization and great service to accelerate goals.
In another related article, USAA: 2024 Auto Loan Review