Frequently Asked Questions

About Lendbuzz

  • How does Lendbuzz work?

    Lendbuzz provides auto loans to deserving borrowers, including those without a social security number, no credit history or thin credit. We offer fair rates and a chance to build your credit score. Click here to watch a short video about Lendbuzz.

  • Where does Lendbuzz operate?

    We operate in many states and are actively expanding to new ones! You can fill out the online credit application to see if you qualify. We do not yet offer loans in the states of Alabama, Delaware, Hawaii, Idaho, Louisiana, Mississippi, Montana, Nevada, North Dakota, Rhode Island, South Dakota, Vermont, West Virginia, and Washington D.C.

  • Do I need to buy a vehicle to get a loan?

    Yes, we only make loans in connection with the purchase of a vehicle. You may apply at any time, but in order to fund a loan we require information about the vehicle you are buying. Upon contract signing, we work directly with the dealership to finalize the process, and dealership will handle the rest (like getting you your keys!). All you'll need to do is drive away!

  • Do I need to buy a car directly from a dealership?

    You can purchase your vehicle from either a dealership or a private party. The details of a private party transaction can be discussed with the sales representative assigned to your application.

  • How long does it take to get a loan?

    Once you've verified your application information and finalized the details of the vehicle you're purchasing, we will review your loan for final approval. If all the information is provided promptly, we will typically approve your loan within a business day.

  • Do you refinance?

    Yes! Refinancing your existing loan is a great way to benefit from Lendbuzz's proprietary underwriting engine. And submitting an application only takes a few minutes. If you quality, we will provide you with a pre-approval within 2 business days.

  • Do you give personal or student loans?

    At this time we only provide vehicle loans. But we are always thinking about financial products and services to offer in the future. Stay tuned!

  • I work at a dealership, how can I partner with Lendbuzz?

    Thank you for your interest in working with us. Please visit our Dealerships page or send us an email at help@lendbuzz.com, with your name, the dealership name and address, and the best way to contact you. One of our Account Managers will follow up quickly!

Applications

  • How do I apply for a loan?

    Start by clicking “Check Your Rate” and filling out the easy online application. It only takes a few minutes! We will often pre-approve you immediately and automatically, but in any case within 2 business days.

  • What does “pre-approval” of my loan application mean?

    Pre-approval means that your interest rates and loan terms have been pre-determined pending final verification of the information from your application and the vehicle you're purchasing. Final rates and terms may change during application verification.

  • What will my interest rate be?

    After you submit your loan application, and provided you meet our eligibility requirements, we will send you your pre-approved interest rates within 2 business days.

  • What is the difference between APR and interest rate?

    The interest rate is the annual interest rate used to compute the daily interest that accrues on your principal balance (the amount remaining to be repaid on your loan). APRs (Annual Percentage Rates) are inclusive of the total finance charges for a loan, both the daily interest as well as any other associated fees. For example, on some loans Lendbuzz charges an origination fee that is included in the APR calculation.

  • Are there any requirements for the vehicle?

    In general, in order for Lendbuzz to underwrite a loan against a vehicle, it should have a model year from the last 9 years, have fewer than 120,000 miles, and not be a salvage titled vehicle.

  • Do I need a co-signer?

    We do not require you to apply for a loan with a co-signer. We take only your own individual information into consideration for your loan terms.

  • Should I choose a 3-year or a 5-year loan term?

    As a general rule, 3-year loans will have lower interest rates (shorter repayment periods have less uncertainty) while 5-year loans will have lower monthly payments (loan repayment is spread across 60 rather than 36 months). What you choose depends on what is more important to you.

  • I don't have work experience. What should I do?

    No problem. If you do not have a current employer just press the "Remove" button in the Employment section and click "Next".

  • Do I need insurance for my vehicle?

    Yes! We will not be able to finalize and fund your loan unless there is an active insurance policy for the vehicle. As soon as you know the vehicle you’ll be purchasing, you can contact an insurance carrier or an insurance agent to sign up for a valid policy. We'll be happy to help!

  • Does applying for a Lendbuzz loan affect my credit score?

    No! Applying for a loan through our website will not affect your credit score.

  • I’m a student and my school is not listed on the loan application, what should I do?

    No problem at all! You can manually enter the name of your school.

  • I've heard I need to validate my bank account as part of the application process. Is this true? And is it safe?

    Yes, this is true. In order to be able to extend loans at the rates we do, we require linking a bank account in order to verify your application. This is accomplished simply and easily using a secure and 256-bit encrypted environment. So don’t worry, you’re safe! No one will never see or have access to the username or the password of your account.

  • Can I check the status of my application?

    Yes! You can find your application status by logging into into your Lendbuzz account.

  • Why did my application for a loan get denied?

    We’re sorry that your loan application was denied. There are different reasons that applications are denied, and you can find out yours by logging into your Lendbuzz account and clicking “view reason”. If you have any additional questions or concerns, please give us a call at (857) 999-0250 and we will connect you with one of our loan officers.

  • I forgot my password, how do I retrieve it?

    To retrieve your password, you can log into your Lendbuzz account and select “Need Help Signing In?” on the login screen. You will be prompted to enter the email associated with your account. You will receive an email from Lendbuzz with a link to reset your password.

Payments

  • How do I pay the vehicle downpayment? Who should I pay the vehicle downpayment to?

    You pay the downpayment for your new vehicle directly to the dealership as a part of your vehicle purchase. Lendbuzz will finance the rest of the loan directly with the dealership so you can receive the keys!

  • Can I make additional payments or pre-pay some of my loan?

    Your loan contract will require you to make minimum monthly payments (as defined in your loan terms) until the term of your loan ends. You are, of course, able to make additional payments or payments larger than your minimum monthly amounts without penalty, by logging into your account or contacting our team. This will allow you to reduce your loan amount outstanding and save you money on interest in the future, allowing you to pay off your loan faster.

  • What happens if I am late on a monthly payment?

    If you are unable to make the required monthly payment by the due date and/or your recurring auto-payment fails, we will contact you requesting payment. If you know you will be late to pay, please contact us as soon as possible, and we will work together to figure out the best way to get you back on track.

    If you are more than 15 days late, we may charge you a late fee, and if you are more than 30 days late we will report your delinquency to a credit reporting agency. It’s in your best interest to avoid becoming more than 30 days late to pay your loan, because having your delinquency reported to a credit reporting agency negatively impacts your credit score!

  • Can I skip a monthly payment?

    If you believe you cannot make your monthly payment on time, please give us a call at (857) 999-0250. An account representative will review any available assistance options with you.

    If you are more than 15 days late, we may charge you a late fee, and if you are more than 30 days late we will report your delinquency to a credit reporting agency. It’s in your best interest to keep your loan repayment status current, because having missed payments reported to a credit reporting agency negatively impacts your credit score!

  • How is interest calculated and how are my payments split between interest and principal?

    At Lendbuzz we use a method called "simple daily interest", which means that interest accrues on the principal balance of your loan (and only the principal balance, not on any previously accrued interest), at a daily amount equal to 1/365 times your annual interest rate. For example, if your annual interest rate is 7.30%, your daily interest rate is 0.02% (7.30/365). Please note that your interest rate may be different from your APR (see what is the difference between APR and interest rate?).

    When you make a payment, we first apply the amount paid against any fees (should you have any) or accrued interest, and then use the remainder to reduce your principal balance.

  • What is an origination fee?

    The origination fee is a fee charged in certain cases by Lendbuzz for processing a new loan application. The origination fee is capitalized in your loan and included in your APR calculation.

  • Can I make any of my loan payment with a debit or credit card?

    Yes! You can visit your account online or call us at (857) 999-0250 and make a debit or credit card payment. We only accept credit or debit cards for one-time payments (not monthly recurring payments) at this time.

  • Can I change my payment day?

    Your monthly payments are set to be deducted automatically from your bank account on the 1st of each month. If a change is desired, just call us at (857) 999-0250 and we can help you out. In all cases, the collection date must be before the 10th of each month.

  • My payment has not been deducted yet. Is there an issue?

    Please allow 24 business hours for a new payment to be reflected in your account.

  • Can I switch the bank account I use for my recurring monthly payments?

    Yes, switching the bank used for your recurring monthly payments is easy. Please login to your account, add the bank information you'd like to use under "Payment Methods", and then follow the prompts under Automatic Payment to switch the bank account to be used for your monthly payment.

  • My debit card for my bank account that I use for automated payments was stolen or replaced and I received a new card from my bank; should I let you know?

    No, you do not need to worry. Even if the debit card associated with your bank account was stolen or replaced, your bank account and routing number will remain the same.

  • Is there any fee if I pay off my entire loan before its maturity date?

    No, we have no early termination fee. You can pay off your loan at any time.

Titles

  • How do I payoff my loan before its maturity date?

    First, you’ll need to obtain a payoff letter, which tells you how much to pay to fully retire your loan:

    1. Log in to your Lendbuzz Account
    2. Go to “Manage Loan”
    3. Go to the “Payment Schedule” window, and click “View Loan Payoff Information” on the bottom right - voilá!

    Then, within 10 days, you’ll need to complete your payoff using the amount on the payoff letter. We accept both wire transfers and cashier’s checks for loan payoffs.

  • What is a title?

    A title is a legal document providing proof of ownership for a vehicle. A title is issued by a state’s Department of Motor Vehicles (DMV). A title will typically list most if not all of the following, depending on state:

    • Owner’s name and address
    • Lender’s name and address (if the car is being financed through a lender such as Lendbuzz)
    • Vehicle Identification Number (“VIN”), a unique 17 number and letter identification for each vehicle
    • Year, make, and model of the vehicle
    • Odometer reading at the date of vehicle purchase
    • Vehicle weight class
  • My title is electronic (ELT), what does that mean?

    Some states offer and/or require lenders to participate in electronic title programs, called ELT (Electronic Lien and Title) or e-title programs. If you reside in a state that has an electronic title program, it is possible that no paper title for your vehicle has been created. Instead, the title is held at the motor vehicle office as an electronic record and will be printed only upon request of the registered owner at the time of loan payoff.

  • How does an ELT or e-title program affect me, as the registered owner of the vehicle?

    It doesn’t - unless you relocate to a different state, want to change your name on the title, or need a photocopy of your title for any reason. In these cases, a paper title first must be requested from the state, which adds to the time before the title can be forwarded to the requesting party. Once the title is printed and mailed back to the lender, it then can be forwarded to another motor vehicle office for updates, or a copy forwarded to you, the registered owner.

  • I plan on trading in my vehicle to a dealership and need payoff information. What do I do?

    You may access your ten day payoff statement by signing into your Lendbuzz account or by calling us at (857) 999-0250.

    In order for Lendbuzz to release the vehicle title to the dealership. Lendbuzz will need a signed Payoff Authorization form signed by the account owner.

  • I recently paid off my vehicle; when will I receive my title? I need an additional release of lien, how do I receive that?

    Lendbuzz releases its lien on accounts that have been paid in full based on individual state rules and regulations. The release of lien may be a separate document or it could be the original vehicle title, with the lien signed off on the front. All titles and releases of lien are sent via regular, first-class mail.

    If your title is currently held electronically in your state, your state’s titling agency will print and mail your vehicle’s paper title to you. Otherwise, you will be receiving your title directly from Lendbuzz.

  • I received my paper title from Lendbuzz, and Lendbuzz is still showing as a lien holder. How do I obtain a clear title?

    Once you receive your paper title from Lendbuzz, it is recommended that you visit your local motor vehicle office and apply for a clear, lien-free title. A lien remains attached to the VIN in the state’s system of record until you, the registered owner, request that it be removed and show proof that the lien has been paid.

    If you choose not to apply for a lien-free title, and the title is misplaced or damaged in any way, you then will need to contact Lendbuzz for a release of lien before you will be able to apply for a duplicate title from your state.

    The fee to apply for a lien-free title varies by state. In most cases, there also will be a fee to obtain the release of lien.

    If you are requesting an additional release of lien, please contact us at (857) 999-0260 or email us at title@lendbuzz.com.

  • I live in a title-holding state where the title (including lien) is sent to the borrower. What should I do and how can I receive my lien release?

    If you register your vehicle in a title-holding state, please send us a front and back copy of your title at title@lendbuzz.com. Once your loan is paid off, we will send you a notarized lien release letter removing any interest we had on your vehicle.

  • My address has changed since I first got my loan. Do I need to update it?

    Please notify us with any changes to your mailing address. This will speed up the process of your title release and ensures we are sending all physical documents to the correct address.

  • I’ve recently moved to a different state, and I need to register my vehicle. What should I do?

    Please contact your new state’s titling agency or local DMV regarding what documents you will need to complete the state transfer.

    Many states require surrender of the existing title to reissue a new title. If this is a requirement of your new state of residence, please have your preferred state’s titling agency mail, fax, or email us a request for the title:

    title@lendbuzz.com
    Lendbuzz Funding LLC
    Title Department
    100 Summer St., Suite 3150
    Boston, MA 02110
    Fax: (866) 309-5135

    Once we receive the request, we will release the title to them within 5 business days. If your title is held electronically, this request might take longer. If only a copy of your title is required, please contact us at title@lendbuzz.com. Most states’ titling agency and local DMV branches will require you to apply for the title and pay any title fees before they can send Lendbuzz a request for your original title.

  • I’ve recently had a name change and need to update my title. What should I do?

    Please contact your new state’s titling agency or local DMV branch regarding what documents you will need to complete the name change. Many states require surrender of the existing title to reissue a new title. If this is a requirement of your new state of residence, please have your preferred state’s titling agency / local DMV branch mail, fax, or email us a request for the title:

    title@lendbuzz.com
    Lendbuzz Funding LLC
    Title Department
    100 Summer St., Suite 3150
    Boston, MA 02110
    Fax: (866) 309-5135

    Once we receive the request, we will release the title to them within 2 business days. If your title is held electronically, this request might take longer. If only a copy of your title is required, please contact us at title@lendbuzz.com. Most states’ titling agency will require you to apply for the title and pay any title fees before they can send Lendbuzz a request for your original title.

    Please also send your updated driver’s license or official documentation (marriage certificate, divorce decree, etc.) with the motor vehicle office request to Lendbuzz. The request can be either mailed or faxed to:

    Lendbuzz Funding LLC
    Title Department
    100 Summer St., Suite 3150
    Boston, MA 02110
    Fax: (866) 309-5135

    Once the request is received from the motor vehicle office, Lendbuzz will arrange for the title to be mailed. The title will be mailed directly to the motor vehicle office making the request. Because of the lengthy process in pulling and preparing the title, please allow 4-6 weeks for the motor vehicle office to receive the title. All requests for title are sent via USPS first-class mail.