Marketplaces often give little information about the terms, conditions, and requirements of the loan and loan refinancing products they provide. This is because the T&Cs can vary significantly from lender to lender. Thankfully, most terms and requirements are outlined by iLending on its website. Vehicle specifics are clearly laid out, with the following terms applying to vehicles eligible for refinancing with iLending:
- Less than 150,000 miles on the clock
- Less than 10 years old
- Loan amount for between $5,000 and $200,000
- Eligible vehicles include cars, vans, RVs, ATVs, motorcycles, boats, and trucks
The following terms are associated with all auto loan refinancing from iLending:
- Loan terms are available for between 12 and 96 months
- APRs vary by the direct lender but are generally between 4% and 22% depending on credit rating
In addition to these requirements, an applicant must have a minimum income of $21,600 and a minimum credit score of 510. There is no requirement to be a US citizen or permanent resident, but you mustn’t have been declared bankrupt in the past 24 months.
