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iLendingDirect car loan refinancing review
Low interest rates set this connection service apart.
Bottom line: With positive customer reviews and low starting interest rates, iLendingDirect is one of the better connection services we’ve seen. But it’s still vague about some important details. Read our full review.
As low as 1.99%
APR
Pros
- Accepts older vehicles with under 150,000 miles
- Positive customer reviews
- Extremely low starting APR of 1.99%
Cons
- Not a direct lender
- No financing options for new or used purchases
- Limited information about costs
Review by
Kellye Guinan
kellye.guinan@findercrew.comKellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
Expert review
If you’re ready to refinance your car loan, iLendingDirect can help you find a new lender — potentially lowering your interest rates or monthly payments. The lenders in its networks offer some of the lowest interest rates around, and refinancing is also open to borrowers with bad credit.
It’s also one of the few refinancing services that accepts older vehicles with higher mileage.
But you’re unlikely to qualify for the most competitive interest rates if you don’t have good to excellent credit — typically a score of 670 or higher. Some of details about loan options are also vague, so compare iLendingDirect with other options to determine what’s best for you.
iLendingDirect rates, fees and terms
There’s no cost to use iLendingDirect to find a lender for refinancing your car. It may also be able to connect you with a lender that can help you buy a leased car or a company car. But there aren’t specific details on the process.
Refinancing
Lenders in iLendingDirect’s network offer interest rates as low as 1.99%. However, it’s not clear what terms you could be offered or what the maximum interest rate and common fees are.
When you compare new car loans against your current loan check the monthly payments against your budget, as well as total cost to be sure refinancing will save you money.
Gap insurance and vehicle service contracts
Gap insurance and vehicle service contracts are also offered through lenders in iLendingDirect’s network.
Determine if these add-ons are right for you before agreeing. And remember: they’re optional. You don’t need to agree to gap insurance or a vehicle service contract to refinance your car loan.
iLendingDirect requirements
While iLendingDirect lists a few requirements, each lender may have additional criteria you need to meet to qualify for refinancing.
Personal requirements
The only set requirement to qualify for refinancing through iLendingDirect is to have a credit score of 560 or higher.
Vehicle requirements
Your vehicle must meet these criteria to qualify for refinance:
- Loan balance of $7,500+
- Model year of 2009 or newer
- Less than 150,000 miles
- Loan-to-value ratio of 80% or less
How the application works
Get started online in only a few minutes. Like other lenders, you’ll need to provide contact information and details about your vehicle, including its make, model and year. You’ll also need to provide your current loan balance and the amount you pay each month.
After you submit your information, an iLendingDirect representative will reach out to help you through the rest of the process.
In most cases, iLendingDirect should be able to finalize your loan options within a few business days.
How iLendingDirect compares to other lenders
See how iLendingDirect stacks up against direct lenders and other connection services.
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iLendingDirect reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.78 out of 5 stars, based on 612 customer reviews |
| BBB customer complaints | 45 customer complaints |
| Trustpilot Score | 4.7 out of 5 stars, based on 118 customer reviews |
| Customer reviews verified as of | 03 March 2021 |
And while there are some complaints about increased costs due to gap insurance and other optional products, representatives from iLendingDirect provided unique and specific answers to each complaint.
What sets it apart
Because iLendingDirect isn’t a direct lender, it partners with banks and credit unions to help you find a good alternative to your loan. Although its services are limited, many of its reviews are happy with their lower rates — similar services don’t receive such glowing praise.
It’s also one of the few connection services that will walk you through the refinancing process. And it services a wide variety of people.
You could qualify for refinancing even if you have bad credit. If you have good credit, you could be eligible for rates under 5%.
Is iLendingDirect legit?
Yes, iLendingDirect is a legitimate connection service. Its privacy policy is clear on what information it collects and shares. Like other connection services, it will need to share your personal and loan details with the lenders in its network.
But unlike other connection services, it has an active Facebook page, ranks in the top three of LendingTree’s customer satisfaction and has positive reviews on its BBB page.
Frequently asked questions
Our answers to common questions about iLendingDirect.
Can I refinance my motorcycle or boat?
Yes. There are loan refinancing options available for these vehicles:
- Motorcycles
- Boats
- RVs
- ATVs
How does the lease buyout process work?
Unfortunately, iLending isn’t clear about how buying out your lease works. For more information, reach out to iLendingDirect’s customer service team.
