iLending 2024 Review
iLending Overview
A quick and easy way to refinance your auto loan and save money every month.
In the face of both strong and uncertain economic times, consumers are often looking to save money. When it comes to car payments, one of the ways to save big every month is to explore auto refinancing options. This iLending Review will tell you how the company can help you save money.
iLending: What You Need to Know
Currently based in Colorado, iLending (formerly known as iLendingDIRECT) was founded under a parent company, Fleet Financial, which began in 2006. After weathering the financial crash in the years that followed, founder Patrick Fitzgerald decided to tweak the business plan to help customers with refinancing automotive loans for customers across the United States.
iLending is now a national financial services provider specializing in auto refinancing. iLending has been honored as one of the Best Places to Work by the Denver Business Journal and has also been named a fastest growing private company by Inc. 500.
Pros and Cons of iLending Services
If you’re looking to save money on an auto loan, it’s always a good idea to shop around. There are pros and cons to working with any financial provider. Below are a few highs and lows for iLending.
Pros
- Easy and straightforward application process
- Each customer receives a dedicated loan consultant
- A nationwide network of financial institutions ensures competitive rates
- Company history is stable with a customer-centric mindset
- If relevant, other financial products are available besides refinancing
Cons
- There is no in-person representation for going through the process
- Mileage and vehicle age limits may prevent some borrowers from refinancing
- Customers cannot take out new auto loans with iLending
How Does iLending Auto Refinancing Work?
iLending makes every attempt to simplify the auto refinancing process for borrowers. This is accomplished in the following steps, which can be found on the company’s FAQ page:
- Discuss a customer’s financial goals and basic information. This information is used to guide the borrower to the right product or offer.
- iLending reviews available rates with a nationwide network of lenders. This helps the customer decide which option is best.
- The customer is then asked to provide more detailed financial information. Required documents can often be completed in a matter of minutes.
- A borrower’s loan is submitted to a new lender, and the full process can be completed in about a week.
- Once a new loan contract is signed, the customer has fully completed the refinancing journey. The monthly cash savings begin immediately.
Do Your Research, Apply, and Reap the Rewards
If you’re new to loans and refinancing, it can be easy to get confused about how it all works. It’s important to do your research to make sure you’re getting a good deal. That starts with reading the fine print of any loan documents before you sign.
The amount that you can save will depend on things like how much you owe and your credit score. iLending partners with a variety of lenders that have different criteria for loans which can help you secure a competitive rate.
What do iLending customers have in common?
iLending customers want to save money and improve their personal finances! They may have been considering the auto refinancing process for some time or recently discovered the option. They want to stay educated on the available options while securing a fair and competitive rate. These customers also want to work with a reputable provider with a proven track record of helping customers succeed.
What Type of Refinancing Offer Can I Get from iLending?
iLending focuses primarily on vehicle refinancing. While it may be best-known for helping people refinance their car, the full list of loan products on offer includes:
- Car refinancing
- Motorcycle refinancing
- Boat refinancing
- RV refinancing
- ATV refinancing
The company has helped over 60,000 families since 2015, making it a popular place to turn for auto refinancing options.
While there are other financial services available, many customers turn to iLending for help refinancing a loan for a car, truck, SUV, or other vehicle.
Auto Loan Refinancing
With iLending, customers can often secure better loan rates than they received when first purchasing their vehicle. It only takes minutes to apply, and customers can refinance any existing loan with a balance over $7,500.
Vehicle Service Contracts.
After an accident or expired warranty, many drivers want extra peace of mind. A vehicle service contract for a small monthly fee offers expanded coverage in the event of an accident or mechanical failure.
GAP Waivers.
iLending offers a GAP waiver that costs “pennies a day.” This provides protection in the event of an unexpected total vehicle loss.
How to Apply for a iLending Auto Loan Product
Applying for an iLending financial product is easy with your laptop or smartphone.
On the Web
- Go to iLending's website.
- Click the yellow “Refinance Now” button in the upper right corner of the website.
- There are also additional “Begin Your Application” buttons throughout the front page.
- Submit the online form, including contact, loan, and vehicle details.
- Verify that all information is accurate and current.
- Check the boxes to agree to the terms, privacy policy, and messaging guidelines.
- Submit your application. Wait to hear from your personalized loan consultant for next steps on transferring your auto loan to iLending.
By App
iLending does not currently offer applications through a mobile app. Customers should apply on the main website, which is optimized for mobile.
By Phone
To speak directly with an experienced loan consultant and apply over the phone, call iLending at (866) 683-5505. To expedite the process, please have your driver’s license, vehicle VIN number, and registration handy.
Terms and Requirements
iLending does have some requirements for borrowers who want to apply for an auto loan refinance. The good news is that excellent credit isn’t one of them. Most people should be able to find a willing lender through the service.
To qualify, you must meet these requirements:
- Your car should be model year 2009 or newer
- Your car should have no more than 150,000 miles
- Applicants must have a minimum credit score of 560
- The minimum balance to refinance is $7,500.
How Much Will iLending Cost?
iLending doesn’t charge any fees for its service of connecting you with potential refinance lenders around the United States. You can submit an application for free and receive multiple loan offers.
Once you receive your loan offers, read the fine print to make sure you understand all of the interest rates, fees, and other charges included in each loan. Also make sure to look at both the monthly payment and the total cost of the new loan.
To calculate your savings and to make sure the refinance is a good deal, iLending offers a Monthly Savings Calculator on its website.
iLending Auto Refinancing Customer Reviews
iLending has a rich history of helping customers save money on auto loans. Regardless, it’s important that the company you choose to refinance with is trustworthy and accountable. iLending maintains an A+ rating with the Better Business Bureau. In 2019, the company was also given a Top 3 in Customer Satisfaction Award by LendingTree.
These are some examples of the iLending Direct Auto Refinance reviews you can find on the web.
One customer who used iLending for auto refinancing said:
*“Jonathan M. helped me with getting my car refinanced. He was very helpful throughout the whole process, always keeping me informed of what was going on. I couldn't believe how quick and easy he made this for me. He was very professional. I would definitely recommend him to anyone going through this process. Thank you, Jonathan!” *
Here are a few other comments shared by real customers using iLending for refinancing and loan products:
“I enjoyed my time refinancing my loan. Minh called me to let me know the status of my loan when it was done, and I was so happy, thank you.” - Deborah
“I was helped by Anthony C. (iLending) and he was amazing! He made sure we were well taken care of, was available when we had questions, and got us better terms than we expected.” - Lindsey
“They are professional and friendly agents. They really help you to refinance auto loans. I definitely recommend it.” - Monica
For Whom is iLending Good?
iLending is a good place to look for almost anyone that needs to refinance an auto loan. The company offers very low interest rates and doesn’t require great credit to find multiple lenders who might be willing to work with you.
Best of all, there’s no cost to apply using the service. Submitting an application will impact your credit, but it can be worth it to save money on your auto loan.
iLending Auto Refinancing Alternatives
iLending is just one website that you can use to refinance your auto loans. Shopping around for the best deal can help you secure a loan with lower fees and interest rates.
Along with iLending, here are some of your overall auto refinance options:
iLending Review – Summary
If you’re interested in refinancing your existing auto loan, you’ve learned why working with iLending could be a great choice. Whether it’s the company’s variety of products or the network of lenders they partner with, you’re sure to find options to fit your needs. The simple application process makes it easy to get started, and a helpful blog and resource library helps you learn more about taking significant financial steps.
Apply now to begin saving money with iLending!
How to Contact iLending
If you need to contact iLending, you can communicate with the organization by using the channels listed below.
Address: 7257 S. Tucson Way Englewood, CO 80112 Toll Free: (866) 683-5505 En Español: (720) 443-4726 You can locate more information and options on the company’s Contact Us page. Website: iLending
Frequently Asked Questions
Why would it be a good idea to refinance my current auto loan?
You might consider refinancing your auto loan to reduce its monthly payment or to save on interest by lowering your loan’s interest rate.
Does iLending require a strong credit history for refinancing?
iLending works with many lenders who work with borrowers of different credit profiles, so you do not need strong credit to refinance.
How long will the auto refinancing process take?
How long the process takes varies by lender and depends in part on your credit. In the best case, you can refinance in just a few days.
Can I refinance other types of vehicles besides a car?
Fortunately, yes! iLendingDIRECT offers many options for customers who want to refinance other motor vehicles. This includes cars, trucks, SUVs, vans, ATVs, motorcycles, and boats.
Why would I want Guaranteed Asset Protection (GAP)?
GAP insurance can provide financial help in situations where traditional car insurance isn’t sufficient. This is especially true when the amount owed on a car exceeds cash value.
Is iLendingDirect legit?
Yes, iLendingDirect is a legitimate lender that helps consumers refinance their vehicles.
Can I Save on my Auto Loan with iLending?
Yes, you can save on your auto loan with iLending. The company claims to reduce the average borrower’s monthly payment by $145.
Reviews for iLending
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Your reviews are a valuable source of insight for us to improve our service as well as improve the offerings. All pros and cons submitted here are evaluated and are responded. We also share these insights with our partners so that they could improve their offerings as well.
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(5 Reviews)Rating Distribution
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5 iLending Consumer Reviews and Complaints
Dan Schneck, on June 11, 2022
A top-notch refi experience. I found iLending through a Google search and inquired about a refi. The rate was great, our loan officer Wally was awesome and responsive every step of the way, and the process was streamlined and easy. We couldn't be happier with our decision to go with iLending.
Forrest Dartt, on March 21, 2023
Jamie was on top of every step quickly without being overbearing. He had answers to my questions and was very knowledgeable about the process. The upload links were easy to use and everything worked like it was supposed to for me to get a great rate in an easy and timely fashion. Thank you!
Rebekah Opher, on December 14, 2021
Kristie Tidrow was amazing from start to finish. She made this process so easy and convenient. Excellent communication and customer service. Would definitely recommend using iLendingDirect, and especially Kristie!
Courtney Pro, on June 30, 2022
iLending was able to get me the lowest APR and payment. I’m very pleased with the service from start to finish. My loan advisor, Phoenix, was amazing!!
Chris Agnew, on February 18, 2022
Izze was kind, informative and just a pleasure to go through this process with. He helped me get my current loan refinanced with an amazing interest rate compared to what it was. He kept me updated along the way and helped me understand everything I needed to do on my end. Now my payment is much lower and I can't wait to work with Izze on the next one.