What Is iLending?
iLending is a financial technology company. It provides an online platform for car loan refinancing. Its mission is to help people save money and enjoy more financial freedom by providing a straightforward way to refinance their car loans. Founded in 2006, iLending has evolved over the years to develop a laser focus on providing its customers with the best experience and the best loan rates.
What is Auto Refinancing?
Auto loan refinancing is when you take out a new loan and use it to pay off the existing loan on your car. When you do this, you’ll typically secure better terms and a lower interest rate. As a result, you can lower your monthly payments, reduce your total interest costs, or both.
Refinancing your auto loan can benefit you in many ways. It may reduce the interest rate on your loan, which could lower the amount you pay over the life of the loan. If you’ve improved your credit score since taking out your auto loan, you may qualify for more favorable terms. It’s possible you could lower your monthly payments, which can free up cash for other expenses. Or, you may be able to adjust the length of your loan. A shorter term could get you to car ownership faster and lower the total amount you pay for your car. Or a longer term could lower your monthly payments even more, making budgeting easier.
How Does iLending Work?
iLending uses a simple and straightforward process to refinance car loans.
You’ll start by applying through the company’s website. You’ll share information about yourself, your existing car loan, your employment and income, and your goals for refinancing your car. You’ll work with a dedicated loan consultant who will strive to understand your goals.
Based on what iLending learns about you, it will use its proprietary systems to search out the best loan for you. iLending is partnered with banks and credit unions nationwide and often has access to loan rates and terms that are not publicized. Out of the options available, you’ll choose the loan you like best. Then, you’ll upload your documentation, and once approved, you’ll start paying on your new loan.
Your loan consultant will work with you throughout the entire process.
What Does iLending Offer?
iLending’s primary service is auto loan refinancing.
Car Refinancing
iLending works with its customers to find auto refinance options that save them money. It uses a fast pre-qualification process and an extensive lending network to save customers an average of $143 per month on their car payments. It can refinance loans between $5,000 and $200,000 on cars that are ten years old or newer. It works with people with credit scores as low as 540.
Motorcycle Refinancing
Like car loan refinancing, refinancing your motorcycle can get you out of your current loan and into one that works better for you. You might lower your interest, your monthly payment, or both.
Other Refinancing Services
If you own a recreational vehicle like a boat, RV, or ATV, the monthly payments might squeeze your budget. If that’s the case, iLending may be able to help. Your loan consultant will take the time to understand your situation and needs and then help you find a new loan with better terms.
Auto Care Services
When helping you find the best loan for your situation, your iLending loan consultant may also review your vehicle’s protection choices. Options include GAP waivers, vehicle service contracts, and vehicle repayment protection, among other packages designed to protect you from unexpected costs.
What are the Benefits of iLending?
When you work with iLending, you can anticipate a number of benefits.
First, this company prides itself on personalized service and customer care. A loan consultant is assigned to you, and they will work with you to fully understand your situation and goals and help you find a refinancing option that meets your needs. They’ll also guide you through every step of the process, dealing with your lenders directly so you don’t have to.
Second, you can lower your monthly payments and your interest rate. Not only will this free up more cash in your budget, but it may also reduce how much you pay in total for your car. Even if your credit score is only so-so, iLending may be able to get you a better loan on your vehicle.
Finally, it’s easy to get started. Prequalifying for a loan through the company’s website takes just a few minutes. Moreover, the process won’t affect your credit score.
Is iLending Right for You?
iLending doesn’t just work with people who have high credit scores and pristine payment histories. It works with people from all financial backgrounds to help them improve their financial situation. If you aren’t happy with the terms of your car loan (or motorcycle, RV, boat, or ATV loan), then iLending would like to help you find a better option.
How to Get Started with iLending
You can start your car loan refinancing process by visiting the iLending website. First, fill out the application form. Then a loan consultant will contact you to discuss your goals and new loan options. If you decide to secure a new loan, your consultant will help you navigate each and every step.
