Frequently Asked Questions

About Lendbuzz

How does Lendbuzz work?

Lendbuzz provides auto loans for both American citizens and internationals (F1, J1, L1, H-1B, O1, and other visa holders) who don't have a SSN or have a thin credit file. There is a short video about Lendbuzz and building credit score in the U.S. Click here to watch it.

Where does Lendbuzz operate?

We operate in most states and are actively expanding to new ones! You can fill out the online pre-qualification form to see if you qualify. Please be aware that we do not yet offer loans in the states of Delaware, Hawaii, Idaho, Louisiana, Maryland, Mississippi, Missouri, Montana, Nevada, North Dakota, South Dakota, Vermont, and Washington D.C.

Do I need to buy a car to get a loan?

Yes, we only make loans in connection with the purchase of a vehicle. You can apply and check your rates at any time, but in order to finalize the loan process we require information about the vehicle you are buying. Once finalized, we send money directly to the dealership from whom you are buying your vehicle, and the dealership will give you the keys to your new ride. 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 the process can be discussed with the sales representative assigned to your application.

How long does it take to get a loan?

Once you've helped us verify some information in your application and provided us with the final details of the vehicle you're purchasing, we will review your loan for pre-approval. We will provide you with your pre-approval result within 2 business days.

Do you refinance?

Yes! And submitting an application only takes a few minutes. We will provide you with your pre-approval result within 2 business days.

Do you give personal or student loans?

At this time we only provide auto loans. But stay tuned for more financial services from Lendbuzz in the future!

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

Thank you for your interest in doing business with us. Please send us an email at help@lendbuzz.com, with your dealership name, address, contact name, and contact phone number. One of our Loan Officers will contact you shortly!

Applications

How do I apply for a loan?

On our homepage, start by clicking the “Check Your Rate” button and fill out the easy online pre-qualification form. The application will only take you a few minutes to finish. We will provide you with your pre-approval result within 2 business days.

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

Pre-approval of your loan means that your interest rates have been determined, pending final verification of the information you provided and the final price and details of the vehicle you're purchasing. Final rates and terms may change depending on the complete verification process for your loan.

What will my rates be?

Checking your rates for a Lendbuzz loan is easy! On our homepage, start by clicking the “Check Your Rate” button and fill out the easy online pre-qualification form. After creating a Lendbuzz account and filling out the required info, if you meet our eligibility requirements, we will pre-qualify you and show you your estimated rates and APR within 2 business days.

What is the difference between APR and interest rate?

The interest rate is the number used to compute the interest that accrues between payments on your principal balance (the amount that needs to be repaid on your loan). Interest rates are only one factor of the total cost of the loan. APRs (Annual Percentage Rates) make up the total cost of a loan, including both the interest rate and any other associated fees (such as the origination fee we charge upon purchase of your vehicle).

Are there any requirements for the vehicle?

The vehicle should have a model year from the last seven years, have less than 100,000 miles for a sedan/SUV or less than 120,000 miles for a truck, and cannot be salvaged.

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.

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

As a general rule, 3-year loans will have lower interest rates (less uncertainty due to a shorter period of time) while 5-year loans will have lower monthly payments (monthly payments are spread across 60 rather than 36 months). It is up to you to decide whether the interest rate or the monthly payment amount 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 car insurance?

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

Does applying for a Lendbuzz loan affect my credit score?

No! Applying for an auto loan at Lendbuzz will not affect your credit score.

I’m a student and my school is not listed, what should I do?

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

I've heard I need to connect to 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 by having you login to your bank online. We use a service called Plaid (owned by Visa) that provides a secure and 256-bit encrypted environment. So don’t worry, you’re safe! We will never see or have access to the username or the password of your bank account (and neither will anyone else).

Can I check the status of my application?

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

Why did my loan get denied?

We’re sorry that your loan was denied. There are different reasons for why loans are denied, you can find out yours by logging onto 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 “Forgot your password?” on the login screen. You will be prompted to enter your email address. You will receive an email from Lendbuzz with a link to reset your password.

Payments

How do I pay the vehicle down payment? Who should I pay the vehicle down payment to?

You pay the down payment for your new vehicle directly to the dealership, and we 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. This will allow you to reduce your loan amount outstanding and save you money on interest, ultimately 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 automatic recurring 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 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 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!

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 0.002% (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 accrued interest, and then use the remainder to reduce your principal balance. Should you have any late fees or other charges on your account, any payment you make will first cover those late fees and charges, before being applied against accrued interest and principal.

What is an origination fee?

The origination fee is a fee charged by Lendbuzz for processing a new loan application. The origination fee is capitalized in your loan.

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

If it’s a one time payment, yes! You can call us at (857) 999-0250 and make the debit card payment. If it’s for your recurring monthly payments, unfortunately we only accept electronic payments from a bank account at this time.

Can I change my payment day?

Your monthly automatic payments will be charged on the 1st of each month. If desired, we can change your monthly payment day, however this day must remain between the 1st and the 10th of the month. You can call us at (857) 999-0250 to request this change.

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

Please allow 24 business hours for a new charge to appear 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 log in 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 was stolen or replaced and I received a new card from my bank; should I let you know?

No, you will not need to let us know. Even if your card was stolen or replaced, your bank account and routing number will remain the same.

Is there any fee if I payoff my entire loan before its termination date?

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

Titles

How do I payoff my loan before its termination date?

First, you’ll need to obtain a payoff letter, which will be valid for ten days:

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

Then, you’ll need to complete your payoff. 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 you, 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 logging 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 always notify us with any changes to your address. This will speed up the process of your title release and ensures we are sending all documents to you at your latest 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
125 High Street, Ste 2512
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
125 High Street, Ste 2512
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
125 High Street, Ste 2512
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 a minimum of 4-6 weeks for the motor vehicle office to receive the title. All requests for title are sent via regular, first-class mail.