iLending LLC

iLending LLC is an auto loan refinancing company headquartered in Denver, Colorado. It operates as a marketplace and brokerage platform that helps consumers find refinancing options for existing auto loans by connecting them with a network of banks, credit unions, and other lenders.

Auto loan refinancing means replacing your current car loan with a new loan, typically to take advantage of a lower interest rate or better loan terms than your existing agreement. A lower rate can reduce monthly payments, reduce the total interest paid over the remaining loan term, or both. The loan term may also change when refinancing, which can affect both the monthly payment and the total cost.

iLending's process involves matching an applicant's profile with suitable lenders from its network and facilitating the application and closing process. The company describes its service as including guidance from loan consultants who help borrowers through the refinancing steps. iLending itself does not fund loans; the loan is provided by a partner lender.

Eligibility for refinancing and the available rates depend on the applicant's credit history, income, the vehicle being refinanced, and the specific criteria of the lenders in the network. Vehicles typically need to meet age, mileage, and remaining loan balance requirements to qualify.

Before completing a refinance through iLending, consumers should compare any offered annual percentage rate with quotes from their own bank and any credit unions they are eligible to join. Key comparisons include the new interest rate, any fees charged by the lender or iLending, the new monthly payment, the new loan term, and the total repayment amount compared with what remains on the current loan. Refinancing should only proceed if the new terms produce a clear financial benefit after accounting for all costs.