Good afternoon everyone!
I wanted to share with you my experience with Lending Club refiance and the process. I searched and searched, leading up to making my decision. But I couldn't find all of the information I was looking for when looking around the Auto Loans section. Mainly personal loans.
So far my experience has been EXTREMELY easy compared to what I though it was going to be like. I was looking to refi my current auto loan which is roughly 14 months old. It was through Cap1, @ 11.4% for 72 months on a CPO Ford Focus. Original loan amount was $16,690. Over the course of the loan already I had paid roughly 2k in interest alone. Now before this I was driving a 1987 Honda Civic, which was carb'd. So it took longer to warm up than it did to get to work or school. I loved this car but I was not about to go through another winter or summer in it. Cap1 pre approved me and I purchased my Focus through a local Ford dealer. At the time my score was 633 through EX. I had 4 derogs still showing, along with a reposession from 2013. I was suprised I was even approved in the first, let alone at 11.4%
Fast forward to now. I got 2 of the derogs cleaned up and the repossesion was removed do to age in November! Sweet! I found Lending Club does a SP to prequalify, so I figured it couldn't hurt. They did the initial SP and offered 7.99% for the remainder of my loan, 58 months. The loan length did not add any time to the end, but lowered my monthly payment from $316.41, down to $287.12.
Loan amount= 13,777.17
316.41 x 58 = 18,351.78
287.12 x 58 = 16,652.96
The difference is $1,698.82, without adding any extra time, and lowering the monthly payment. No origination fees, no prepayment penalties, and a $15 title transfer fee, this is a standard DMV cost to transfer titles. I did the SP Saturday morning, and they approved my loan choice this morning. The other choice lowered the monthly payment, but put the loan at 70 months remaining, and had 8.23% Which would have removed about 1k of savings on the loan.
The did the HP this morning, TU 686 so roughly a 50 point difference of scores, repo gone, and 2 medical collections from 2014/2013.
Right now they are in the process of paying off Capital One. This process has gone WAY smoother than I anticpated. And it will be saving me about 1700 bucks! All auto refinance loans are backed by Webbank out of Utah.
Now back to the garden I go
I love them and I love how they use TU only did they pull your TU for the Auto side? I did a small loan with them for personal but not Auto or anything else
Congrats on a side note
@Girlzilla88 wrote:I love them and I love how they use TU only did they pull your TU for the Auto side? I did a small loan with them for personal but not Auto or anything else
I don't have my TU auto scores, but my current 3B pull has my TU Fico8 at 686. It only listed as TU being pulled, but I haven't had an official alert on any monitoring. So I'll update as things progress.
More DP's
TU 686
INQ 11, not including this one
open accounts 13
closed accounts 13
Util @ 21%, not all up to date, should be lower
Collection accounts 2
Update:
Just received a phone, they notified me that they have sent the check to pay off the old loan. They said that it could take 10-14 business days to process the payment on Capital One's end.
I will update again when I have more information. So far, extremely smooth sailing!
Just received a phone, they notified me that they have sent the check to pay off the old loan. They said that it could take 10-14 business days to process the payment on Capital One's end.
I will update again when I have more information. So far, extremely smooth sailing!
@Anonymous wrote:Do they report to all three credit reporting agencies? I was under the impression the personal loans only report for two of them, but not sure about auto.
I am not 100% sure, I think I read somewhere during the process that Webbank does report the auto loan to all 3 CRA's. But as of right now the loan has not reported to any yet. I am assuming it is because paying off the old loan hasn't finished, and the title has not been released to them at this time. I will definitely update more as things progress through.
Congratulations on your approval!
@Anonymous wrote:Do they report to all three credit reporting agencies? I was under the impression the personal loans only report for two of them, but not sure about auto.
They report to all 3 of mine for the loan information I would be interested to hear about the Auto side. 