Wondering if iLending is the right company to help you lower your car payment? This iLending Review will explain how it works, how much you could save, and whether refinancing your car loan even makes sense for you. Most people don’t realize that you can refinance a car loan. It’s one of those money-saving options…
Wondering if iLending is the right company to help you lower your car payment? This iLending Review will explain how it works, how much you could save, and whether refinancing your car loan even makes sense for you.
Most people don’t realize that you can refinance a car loan. It’s one of those money-saving options that usually gets overlooked. Many people think refinancing is just for mortgages – but refinancing your car loan can also be an easy way to lower your monthly payments and save money every month.
If you’re paying too much on your car loan or your credit score has improved since you first got your loan, refinancing might be something to think about. That’s where iLending comes in.
On average, iLending customers save around $145 per month – that’s $1,740 each year!
Some success stories from people who have refinanced through iLending include:
- Famatta lowered her 35.69% interest rate down to 13.6%, saving $371 each month – that’s over $4,400 a year.
- David refinanced his RV and truck and was able to save $3,600 each year. (Yes, iLending refinances RVs too!)
- Alan reduced his interest rate from 8.4% to 5.7% and reduced his monthly car payment by nearly $100.
- Todd and Heather reduced the interest rate on their car from 18.5% to 4.6% and saved $8,500 over the life of the loan.
Today, I want to talk about what iLending does, why car loan refinancing is worth looking into, and how much money it can actually save you. I’ll also walk you through the steps and answer the most common questions people have about auto loan refinancing.
Want to see how much you could save? Get your free quote from iLending here.
iLending Review
Below is my iLending review.
What is iLending?
It’s a company that helps people refinance their auto loans. Instead of being a direct lender, iLending acts as a broker. That means they connect you with their network of lenders (usually local credit unions) to help you find a better interest rate or lower monthly payment.
With iLending, you can refinance a car, truck, van, motorcycle, boat, or RV.
The average estimated APR they can get you ranges from 5.49% to 19.24% (it depends on many factors such as your credit history, the vehicle, and current rates).
Refinancing with iLending starts with a quick application (the application process is easy!) that won’t impact your credit (note: if you decide to go through with the car refinance, you may see a decrease in your credit score once they do pull your credit history, though). After that, you’ll work with a real person who guides you through the process and helps you find the right loan for your needs.
More than 170,000 families have gotten help refinancing through iLending, with the average household saving around $145 per month on their car payments. The average refinance sees over a 5% reduction in the interest rate, which is pretty amazing!
There are a lot of refinancing companies out there, but iLending stands out for a few important reasons:
- Personal service: You get a dedicated loan consultant to help you every step of the way. So, if you have questions, you have a real person to ask.
- No credit impact to get started: Checking your interest rate is free and won’t hurt your credit score.
- Trusted lender network: iLending works with a large group of lenders, giving you more options than if you were to shop on your own.
- Great reputation: They have 4.7 stars on Trustpilot, 4.5 stars on Google, and an A+ rating from the Better Business Bureau.
Please click here to see how much iLending can save you each month.
Why someone might refinance their car loan
There are many reasons why people choose to refinance their car loans:
- To lower their interest rate
- To reduce monthly payments
- To get out of a bad or high-interest loan
- To remove or add a cosigner
- To get cash out based on the value of the car
Here’s a common situation: You bought a car a few years ago when your credit wasn’t great, and you accepted a higher interest rate than you really wanted. Now, your credit has improved, and you could qualify for a much better rate. That means lower monthly payments and less interest paid overall. Refinancing gives you the chance to reset the terms of your loan to something more manageable.
And sometimes people just want to start fresh. Maybe you went through a divorce and need to remove someone from the loan.
How much can you actually save with car refinancing?
On average, iLending clients save around $145 per month – that’s $1,740 a year! Some even get to skip one, two, or even three car payments when they refinance. This can provide immediate financial relief, especially if you’re living paycheck to paycheck or trying to get ahead.
To put that savings into perspective, saving $145 each month could:
- Cover a week of groceries
- Pay your utility bills
- Go into an emergency savings fund
- Help you pay off high-interest credit card debt faster
When you think about it over the course of a year or even the full loan term, refinancing can save you thousands of dollars – money that you could use toward other financial goals.
You can also use the car loan refinance calculator at iLending to get an estimate of how much you might save. It’s quick and easy to use. You can use the calculator by clicking here (below is what it looks like).
Pros and Cons
Below are what I think are the pros and cons of refinancing with iLending.
Pros:
- Free to apply
- No obligation to accept a loan
- Works with a large network of lenders (so you have more options)
- Can potentially save a lot of money over time
- You may be able to skip 1-3 payments
Cons:
- Not available in Hawaii (but it is available in all other 49 states)
- You may still need to meet certain qualifications (such as car age and mileage limits)
How to get started with iLending
Here’s how the refinancing process works:
- Get a free quote online (no impact on your credit to get the quote)
- Talk to your loan consultant
- Review your options and decide what works best for you
One of the best parts of this whole process is that there’s no pressure. So, you can check your rate but you don’t have to move forward if you don’t want to.
Frequently Asked Questions
Below are answers to common questions about iLending and car refinancing.
What credit score do you need for iLending?
A minimum credit score of 560 is required by iLending; however, the higher it is, the better the chances for an approval. They also require a minimum of 6 months of credit history, as well as a minimum income of $1,500 per month. They can do loan amounts from $5,000 to $150,000.
What is the best refinance company for cars?
One of the best auto refinancing companies is iLending due to their easy application process, good customer service, and the ability to lower interest rates all from home (you don’t have to do anything in person, it’s all online or over the phone!).
Does refinancing a car hurt your credit?
Getting a quote through iLending doesn’t affect your credit. But, if you move forward and decide to refinance your car, there may be a decrease in your credit score from a credit inquiry. So, if you are in the process of buying a house or need your credit score for some other reason, make sure you talk to your mortgage lender or whoever else is looking at your credit to make sure you’re not doing something that you shouldn’t be doing.
How much money can I save when I refinance my car loan?
The average iLending customer saves $145 per month or $1,740 per year. Your savings will depend on your current loan terms and what interest rates are available.
How long does it take to refinance a car?
The process is usually quick to refinance a car. Many people complete it in just a few days, especially if all documents are ready. Some of the documents that you will need include your driver’s license, proof of car insurance, vehicle title and registration, a picture of your odometer reading, and proof of income and employment.
When is it not worth refinancing my car loan?
If you’re near the end of your loan, already have a low rate, or the fees outweigh the savings, it might not be worth it. Always run the numbers first. Also, if you’re about to buy a house, then you should contact your mortgage lender before refinancing as this may cause your credit score to go down (it’s usually temporary, but you still don’t want that to impact your mortgage approval).
Can I refinance my car and get cash out?
Yes, cash-out refinancing is possible with some lenders. This lets you use your car’s equity to get extra cash. Now, there are some risks of cash-out refinancing, such as possibly becoming upside down on your car loan and increasing your debt.
How can I remove a cosigner from my car loan?
Refinancing is one of the easiest ways to remove a cosigner. When you refinance, the new loan can be in your name only. The other way to remove a cosigner from your car loan is to pay off your car loan in full.
Can I refinance an older car?
Yes, sometimes you can refinance an older car. In fact, I know someone who has recently done this. It depends on the vehicle’s age, mileage (most lenders have mileage limits of between 100,000 and 150,000 miles on a car), and your credit score. You may also be able to refinance a classic car too, but it is harder than refinancing a newer car. iLending does help with refinancing an older car, so you may want to reach out to them to see if they have any options for you.
Does refinancing extend your loan term?
It can, but it doesn’t have to. You can choose a term that fits your goals – whether that’s a lower monthly payment or paying off the loan faster.
How much does it cost to refinance your car loan? Does iLending charge a fee?
There is an admin/doc fee, which includes title transfer and state fees (if applicable), which is $499. This may vary by state – your loan consultant at iLending will review this with you in detail during the application process.
iLending Review – Summary
I hope you enjoyed my iLending Review.
Car loan refinancing isn’t something most people think about, but it can be one of those quick-win strategies that make a real difference. It doesn’t take long to check your rate and look at your options, and even if you decide not to move forward, at least you’ll have the information you need to make a smart decision.
Here are a few signs that refinancing your car loan could be a good move:
- Your credit score has gone up since you got your original loan
- Interest rates have dropped
- You want to remove a cosigner
Please click here to see how much money iLending can save you.
How much are you currently paying for your car each month? Do you think refinancing could help you lower that?
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