To apply for a LendingClub refinance loan, follow these steps:
1. Check your rate
To see your personalized LendingClub rates, go to the LendingClub Auto Refinance page, select your state from the drop-down menu, and click “Check Your Rate”.
Then, indicate what your refinancing objective is based on the options offered, such as wanting lower your car payment or interest rate and provide your personal information as well as details about your vehicle and your current loan.
LendingClub will then launch a soft credit checkand if you are eligible, you will receive an immediate loan offer valid for 30 days.
2. Complete the application
If you decide to continue with LendingClub, you’ll need to complete a full application, which you can do in minutes on the company’s website. Approval usually takes between 24 and 72 hours after you submit the required information.
Keep in mind that LendingClub will perform a thorough credit check when you submit an application. This could cause a slight but temporary drop in your credit score.
3. Manage your payments
If you are approved, you can expect the loan to be funded in as little as two days, although it may take longer in some cases. LendingClub will repay your previous lender, and you will then begin making payments to LendingClub. Be sure to continue making your payments in the meantime until the process is complete.