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Auto Loans

iLending Auto Loan Refinance Review

Best for flexible terms

4.8 /5
LendEDU Rating
iLending auto refinance loan aggregator
  • Marketplace matches you with loan offers from around the country
  • Repayment terms 12 – 96 months vary by lender 
  • See prequalified loan offers in minutes
  • Cosigner release isn’t available until you are at least halfway through your repayment term
Rates5.49%18.79% APR
Loan amounts$5,000 – $150,000
Repayment terms12 – 96 months

About iLending

iLending is a car refinance company that allows you to complete one application and prequalify for auto refinance loans from multiple lenders it partners with. Though specializing in auto refinance, it also provides add-on insurance policies, such as a GAP waiver (if your primary insurance couldn’t pay off the balance of your loan after the vehicle is totaled, iLending’s GAP waiver would take care of the rest).

However, iLending generally only does vehicle refinancing. If you can ride or drive it, iLending will help you refinance it. The company was founded in 2006 under a different name—Fleet Financial—and financed business fleet vehicles. In 2008, the business model evolved into auto refinance. What follows is an iLending review.

Our take on iLending’s auto loan refinance

If you’re looking to refinance a car loan, a motorcycle, or some other mode of transportation, working with iLending may be wise. 

After all, the company specializes in vehicle refinancing, and iLending has an A+ with the Better Business Bureau. That doesn’t guarantee satisfaction, but it’s a promising sign that you may have a good experience with the company.

The ideal customer is somebody who feels they’re paying too much for their vehicle loan. An iLending customer aims to improve the terms of their loan to make lower monthly payments or pay less over the life of the loan.

If you end up refinancing with iLending, you’ll want to review the fine print and ensure that you’re saving money and that the refinance makes sense. On average, iLending says it saves customers between $132 and $145 a month.

Rates, terms, and more

To get the best deal, comparing how lenders stack up against others is important. You’ll want to do a thorough iLending review and examine other lenders, as well.

iLending’s rates are competitive among auto refinance lenders. However, you must also consider other factors, such as how long you’ll have to repay the loan.

Rates5.49%18.79% APR
Loan amounts$5,000 – $150,000
Repayment terms12 – 96 months
Eligibility560 credit score, 6-month credit history plus one credit account, minimum income of $1,500 per month
FeesNo origination fee, but admin/doc fees, title transfer fees, and state fees may apply. Before you sign anything, you’ll get an itemized breakdown.
Unique featuresWill refinance anything you drive or ride, including a boat

How do you repay an auto refinance loan from iLending?

What’s important to know about iLending is that you don’t borrow directly from iLending. You’ll complete one application with iLending, and it brings you multiple offers you prequalify for. 

You’ll borrow from a lender iLending partners with, so the repayment terms will depend on the financial institution you work with. But one of the standout features is that you will work with an iLending consultant who can guide you through the process and help you find repayment terms you like. 

By the time you have a new monthly payment, you’ll want to have a lower amount to pay back every month or a new loan with lower interest rates—or, if you’re lucky, both.

Who’s eligible for iLending auto loan refinance?

Any adult with a credit score of at least 560 is eligible for an iLending auto loan refinance. A cosigner may be allowed, depending on the lender. Beyond that, meeting other requirements will help your eligibility:

  • Income of at least $1,500 a month, which translates into $18,000 a year.
  • A credit history of at least six months, with at least one trade line, such as a credit card. Your current auto loan also counts as a trade line.
  • You must have a reasonable amount on your current loan to refinance because lenders make money on the loan. If you only have $1,000 left to pay off, a refinance lender may not want to refinance the loan. “You should expect to need at least $3,000 to $5,000 left on your existing loan to be considered for refinancing,” iLending’s website states.
State of residenceAvailable in all 50 states and Washington, D.C.
VehicleVaries by lender, but your odds are better if you drive a car less than 10 years old with mileage no higher than 150,000
Credit score560
Income$1,500 a month ($18,000 a year)

Pros and cons of iLending’s auto refinance loans

As with any loan aggregator or lending website, iLending has pros and cons.


  • Loan aggregator

    iLending offers you a variety of loans so you can pick the best one.

  • Good customer service

    Of course, everyone’s mileage might vary here, but iLending matches you with a consultant to help guide you through the refinancing process.

  • Available to people with low credit

    While a higher credit score will always improve your odds of getting approved, you may be considered for a loan if your credit score is at least 560.


  • Ambiguous fees

    Will fees be attached to the loan? Yes. Will you know what they are before going through the application process? No.

  • Limited loans

    You can refinance your current loan through iLending, but you can’t buy a car with a new loan from iLending. You also can’t take out other loans, such as a mortgage or a personal loan.

  • No in-person service

    Some people would rather do everything online and see that as a selling point, but if you prefer meeting in a brick-and-mortar location with a person, you would be out of luck.

How do I apply with iLending?

Applying is simple.

  1. Go to iLending’s website.
  2. Go to the Refinance tab, and click “auto loan refinancing,” or whatever you’re interested in, such as “motorcycle loan refinancing.”
  3. Then click “Get your offer.”
  4. You won’t get an offer just yet. You will, however, see a “Let’s Get Started!” screen.
A screenshot of iLending's "Let's Get Started" page
Source: iLending
  1. Once you click “Let’s Get Started!,” you will enter your cellphone number. If you don’t have one, you’ll click a link alerting the website that you lack a cellphone. If you have one, continue, and input the last four digits of your Social Security number. 
  2. From there, iLending should have sufficient personal information and enough to do a soft credit pull that allows it to start making offers. This only takes a few minutes.
  3. Click “I agree” to see the offers you qualify for.
  4. Once you review your offers, iLending pairs you with a consultant who helps you choose a refinance loan. Once you’ve made your choice, submit your full application, which takes more time, but is generally completed within a week.