iLending

• Lower-Than-Average Interest Rates
• Good Option for High-Mileage Vehicles
• No Fees
• Dedicated Loan Consultant
• iLending Gives Back

Lower-Than-Average Interest Rates

iLending offers rates as low as 1.99 percent, much lower than the industry average and other competing auto refinance companies. For example, Auto Approve offers rates as low as 2.25 percent and RefiJet offers rates as low as 2.49 percent.

The company works with a variety of banks and credit unions, allowing you to pick the best lender and rates for your needs. Plus, once you find a lower rate, iLending will lock that rate in for the complete loan term, resulting in predictable and affordable payments month after month. 

Good Option for High-Mileage Vehicles

iLending is a good option for those with high-mileage vehicles. The company will consider auto loan refinance applications for vehicles with up to 150,000 miles.

No Fees

The company does not charge an application fee, origination fee, or prepayment fee. 

Dedicated Loan Consultant

iLending strives to create real and personal relationships with each of its customers by assigning a personal loan consultant to each client. Consultants are there to answer questions, negotiate rates, and find the best auto refinance loan option for you. 

All of iLending's loan consultants go through an extensive six-week training program to learn how they can better assist clients and provide superior customer service.

iLending Gives Back

In 2009, iLending created The Butterfly Foundation, an organization committed to supporting people who have suffered severe loss, illness, or other hardship. The foundation has helped widows, cancer survivors, children and families, and has given away over $100,000 to individuals and charities.

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• No Loan Terms Available Online
• Long Application Process
• Must Have a Verifiable Source of Income

No Loan Terms Available Online

Loan terms offered by iLending are not available on its website because terms will vary depending on your credit situation, your vehicle, and the lender that you choose from the company's network. However, because iLending works with multiple lenders this means that you will be evaluated on more than just your credit score, and you will be able to choose the best lending option for you.

Long Application Process

While iLending offers an online form to begin your auto refinancing journey, some consumers may be frustrated with the overall process.

Getting a quote from iLending starts with consumers entering in some general contact details, vehicle details, and loan details. However, when filling out the form, keep in mind that your vehicle must be a 2011 or newer, or have fewer than 150,000 miles on it, and you must have more than $7,500 remaining on your current car loan. 

After entering the information, you will then receive an email stating that your personal loan consultant will be in contact with you in the next 24 hours. During this call, you'll need to be ready to discuss your financial goals and reasons for refinancing, personal information, including current employment, your vehicle information, as well as your current loan information. 

This may be frustrating to some people, as other companies will simply generate a list of all possible options and allow users to browse the loan options online immediately after entering their information. This format is generally preferred since it also allows users to view multiple options and compare rates, term lengths, and monthly payments without having the pressure of a company representative waiting for an answer.

Must Have a Verifiable Source of Income

iLending only considers borrowers who have a verifiable source of income, but the company does not disclose a minimum annual income requirement.