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      January 22, 2019

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LendingClub vs iLoan

Best Auto Loans

To help you find the Best Auto Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and iLoan.

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Finding an auto loan is no longer limited to what your current bank will offer or what the dealer brings to the table. You can take control of your next auto loan terms by shopping online for the best deal available. Several auto loan companies post the most competitive auto loan rates online to attract your business.

In today's economy, may people have less than perfect credit. Many companies offer car loans to those who have suffered bankruptcy, late payments or a low credit score. By researching and finding the best auto loan, you'll potentially save hundreds to thousands of dollars each year in payments and interest over other auto loans.

Continue reading below reviews

Best Reviews

2019

Auto Loans Reviews

4.5 stars
LendingClub

LENDINGCLUB Visit Site

BBB Rating:

A

For those looking for an auto loan, traditional loan companies may not be the most affordable option. Other solutions, such as a personal loan, may be cheaper in the long run. LendingClub is a leader in the social lending market and facilitates personal loans, which can be used as auto loans.

Social Lenders such as LendingClub bring individuals that can provide financing for auto loans together with borrowers who need them. They do this with a secure website and sophisticated back-end processing. Without a bank in the mix, borrowers are typically able to get a lower interest rate on their auto loan than traditional methods.

LendingClub currently holds an "A" Better Business Bureau rating. They help facilitate thousands of loans for customers and lenders each and every month. Shoppers can expect a loan rate between 6.95% and 35.89%. Best APR is available to borrowers with excellent credit.

It's very easy to see if a lender is available for your auto loan needs. You just input the amount you want to borrow, the purpose of your loan, and other information such as your credit score, contact information, and income level. Once LendingClub validates this information, they present you with the terms of your loan. If you choose to proceed, personal lenders have a few days to fund your request. Of course, borrowers with a better credit rating typically have an easier time attracting lenders.

If you have any questions during the process, you can speak to a LendingClub representative for assistance. Like any peer-to-peer lending company, a fee is built into the loan in order to cover costs. Also, you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan terms.

If you're looking for an affordable car loan between $1,000 and $40,000, LendingClub may be a solution that works well for your financial situation over traditional auto loan companies.

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2.5 stars
iLoan

ILOAN Visit Site

BBB Rating:

A+

iLoan aims to make the borrowing process simple and transparent. They do not have any loans that are specifically for buying a car; rather, applicants take out a personal loan that can be used for whatever they need. These loans do have a maximum amount of $25,000, so keep that in mind if you're looking for financing for a vehicle that costs more.

All loans funded by iLoan are backed by their parent company, OneMain. OneMain has an excellent reputation spanning more than 100 years and is an accredited, A+-rated business with the BBB.

iLoan is true to its commitment of making the borrowing process easy and open. To start, you'll need to select the purpose of your loan (most likely "other", since "auto loan" isn't one of the options in the dropdown box) and the desired amount. From there, you'll be asked to provide your personal information: name, proof of residence, income, and identity, and bank account details. iLoan also has a free service called Instant Verification: if you grant them secured access to your bank account, they can verify your income that way instead of asking for pay stubs or W2s. This may speed up the processing of your auto loan application, though most iLoan borrowers report that their applications are processed in an hour or less, with funding being completed on the next business day.

Independent customer reviews do confirm that iLoan processes loans quickly, and many people seem grateful to have found a lender that will give them the money they need. They also have many compliments for iLoan's customer service representatives: "patient", "knowledgeable", and "helpful" are the most-used words to describe them.

On the other hand, interest rates at iLoan tend to be much higher than other lenders'. We do appreciate that the company is very upfront with their rates, which range from 11.24% to 36.00%. Your auto loan offer, including the interest rate and other terms, will depend on your particular borrower profile, such as your credit history and monthly income.

iLoan also comes up short when it comes to their service area: at the time of our review, they were only operating in 12 states (Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin). Unless you live in one of those states, iLoan won't be able to provide you with an auto loan.

While we appreciate iLoan's reputation (through OneMain), it's not quite enough to make up for high interest rates and a service area that only covers a fourth of the United States. For customers needing an auto loan, chances are good that they'll find better rates with one of the higher-ranked lenders in our review.

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Continued from above

However, not all auto loan companies are the same. There can be wide differences in the features and auto loan terms that they offer.

Before you apply for your next auto loan, consider the following important factors:

  • Application Process. What is the process of applying for the auto loan?
  • History. Does the auto loan company have a history of pleasing the customer and using quality business practices? How do they rank at the Better Business Bureau?
  • Focus. What type of auto loans do they offer? Are their auto loans geared for all levels of credit?

TopConsumerReviews.com has reviewed and ranked the best Auto Loans available today. We hope these reviews help you find the most affordable loan available for you!

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