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iLending Reviews

Sarah Edwards | May 05, 2023

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Edwards is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

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Summary: While iLending helps people refinance their auto loans under better credit terms than their original agreements, it isn’t a lender; instead, the company partners with various banks and credit unions to find financing opportunities for its customers. SoloSuit explains how iLending works and examines its reviews.

Purchasing a car is one of life’s more exciting experiences. Once you finalize the paperwork and qualify for financing, you’ll drive away with a vehicle that you’ll (hopefully) love. However, there are a lot of pitfalls in the purchasing process that can lead to disaster, such as a high interest loan.

Used car dealerships are known for partnering with predatory lenders who offer high interest loans to people with poor credit. Many people who end up with these loans realize their mistake after a few months when they notice their payments aren’t making a dent in their principal.

Consumers with predatory auto loans can seek help from iLending, which aims to help consumers refinance unfavorable auto loans through other companies that provide better repayment terms. While iLending doesn’t offer loans, it acts as an intermediary between customers and lenders like banks and credit unions.

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How iLending helps customers

If you’re stuck with an automobile loan with steep monthly payments and sky-high interest rates, you might wonder whether there’s a way you can refinance the loan under better terms. The answer is yes, with caveats: If you have decent credit and equity in the vehicle, you’ll likely qualify for a better loan.

Consumers can use iLending to connect with credit unions and reputable banks to refinance their auto loans under better terms. However, not everyone will qualify. If your credit is in the toilet, or if the interest rate on your vehicle is so high that you have negative equity, you’ll have trouble refinancing the car.

On its website, iLending provides many informative FAQs to help consumers learn more about its services and decide whether refinancing is right for them. A few of the company’s insights include:

  • Wait at least six months after buying a car to allow your credit score to recover.
  • If the car loan is more than the vehicle's value, pay off the difference before attempting to refinance.
  • Keep on top of your other debt payments and build a solid credit score before attempting to refinance.

While iLending can undoubtedly help customers get out from underneath a predatory loan, it will take some work on your part if you don’t have good credit or owe more than the car is worth.

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What the Better Business Bureau (BBB) says about iLending

The BBB website shows that iLending is an accredited, A+-rated business. It has a rating of 4.75 out of 5 stars based on 908 customer reviews, which is impressive for a financing organization.

As of April 28, 2023, 63 complaints against the business exist. Most of the complaints relate to unexpected credit pulls. For instance, people using Credit Karma or Lending Tree may find iLending on their credit reports after they request auto refinancing.

Other complaints concern customers who end up with many add-ons tacked onto their new auto loans, increasing their loan principal. For instance, one customer had nearly $6,000 in add-ons, including an extended warranty, gap insurance, and tire and windshield protection.

However, iLending responded to the complaint and indicated it would remove the add-ons if the customer contacted it.

Let’s consider an example.

Example: Alexa has a used car loan with Pred Bank for $10,000 at a 15.99% interest rate. She has worked hard to improve her credit score, which is now 700. Her car is currently worth $9,000. Alexa pays off the $1,000 difference between her car’s value and the balance, then refinances it with iLending’s help. The broker finds her a new loan for $9,000 with a 5.99% interest rate. As a result, Alexa saves thousands of dollars in interest over the life of the loan.


If you try refinancing your vehicle, you need a good credit score to access decent rates. You should also be prepared for iLending to submit your application to several different lenders, which can result in multiple pulls on your credit report.

Could iLending help you obtain a better auto loan?

If you use iLending to help you find refinancing for your vehicle, read through its FAQs and educate yourself on the process before applying. While the company is legitimate, you can avoid multiple pulls to your credit report by working with a lender you trust, like your bank or credit union.

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