Frequently Asked Questions

About Lendbuzz

What is Lendbuzz? How does it 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.

I work at a dealership and I would like to partner with Lendbuzz.

Thank you for your interest in doing business with us! Please send us an email at help@lendbuzz.com, the best phone number to reach you at, along with the dealership info and the best person to speak with there. One of our Loan Officers will contact you shortly!

Where does Lendbuzz operate?

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

How do I pre-qualify for a loan and check my rates?

Checking your rate for a Lendbuzz loan is easy! Start by clicking the Get Started button and fill out the straightforward online pre-qualification form. After creating a Lendbuzz account and filling out the required info, if you meet our eligibility requirements, we will instantly pre-qualify you and show you your estimated rates and APR (checking your rates will never affect your credit score).

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 dealer from whom you are buying your car, and the dealer 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 do I get pre-approved for a loan and check my rates?

Checking your rate for a Lendbuzz loan is easy! On our homepage, start by clicking the “Check My 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.

What will my rate be?

We will be able to give you your rates after you submit an application.

How long does it take to get a loan?

Once you've helped us verify some information in your form and provided us with the final details of the vehicle you're purchasing, we will review your loan within 48 hours and be able to transfer funds upon approval.

Do you refinance?

Yes! Submitting an application only takes a few minutes. We will provide you the pre-approval result within 48 hours.

Do you give personal or student loans?

Unfortunately, at this time we only provide auto loans.

Application

How do I apply?

You can submit a loan application on our home page. The application will only take you a few minutes to finish. We will provide you the pre-approval result within 48 business hours.

Are there any requirements for the car?

The car should be 2012 or newer, have less than 80,000 miles, 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 during our approval process.

What does pre-qualification/pre-approved mean?

Pre-qualification/pre-approval means that you're nearly there! When we pre-qualify your loan, it 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 final verification process.

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

As a general rule, 3-year loans will have lower interest rate (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, depending on your personal preferences.

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

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

Do I need car insurance?

Yes!

Does applying affect my credit score?

No! Applying for an auto loan at Lendbuzz will not affect your credit score. However, there will be a hard pull after the information verification phase, which will affect your credit score.

My school is not on the list, what should I do?

No problem! You can just manually type in your school.

Why do I need to log into my bank account through your website? Do you have another way I can connect my bank account without giving away my username and password?

We do not get access to your bank username and password when you link your bank. We only receive a token that allows us to confirm your bank credentials (account owner, routing, account number, etc.). This is done to prevent identity fraud as well as to automate manual input of account information for monthly loan payments. You can also change your online banking password at any time. Please let us know if you have any additional questions.

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) help explain 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).

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 got denied. There are several different reasons for this: you can find yours by logging onto your Lendbuzz account and clicking “view reason.” If you have any additional questions or concerns, please give us a call and we will connect you to one of our loan officers.

I’m In Verification and can’t upload documents to my account. What should I do?

Please send us an email confirming your email, phone number, and address to help@lendbuzz with your documents attached, and we will upload them for you.

Payment

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

You pay the down payment to the dealer, and we will finance the rest of the money directly with them!

Can I make additional payments or prepay the entire loan?

To pay off your loan in full, simply make the minimum monthly payment each month (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 amount without penalty. This will allow you to reduce the amount outstanding and save you money on interest, ultimately allowing you to payoff your loan faster.

What happens if I am late on a 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, 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.

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 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. It is capitalized in your loan, and you have the option to pay off your loan any time you want.

Can I pay off my loan?

Yes, you are able to pay off the loan without any penalty. Please log in to your Lendbuzz Account to view your 10-day payoff letter.

How do I get my payoff letter?

Step 1. Log in to your Lendbuzz Account

Step 2. Go to “Manage Loan”

Step 3. Go to the “Payment Schedule” window, and click “View Loan Payoff Information” on the bottom right &emdash; voilá!

How do I pay off my loan?

We accept both cashier's check and wire transfer for the payoff.

For Wire Transfer please add your information on the reference:

Fed Funds Payment to: Bank Hapoalim B.M. New York

1120 Avenue of the Americas

New York, NY 10036

Routing/ABA Number: 026008866

SWIFT Code: POALUS33

For Credit to: LENDBUZZ FUNDING LLC

Account Number: 0109729401

Account Type: Checking

If you want to send us a Cashier's Check, please put payable to Lendbuzz Funding LLC. Please add your Name, Loan Account number on the note.

The mailing address is 125 High Street, STE 2512, Boston, MA 02110.

What address do I send my check to?

Please mail the check to Lendbuzz, 125 High Street, Suite 2512, Boston, MA 02110. On the check, please make it out to Lendbuzz Funding LLC, and include your loan ID.

Is there any fee if I make an early repayment?

No. There is no early termination/penalty fee. You can payoff your loan whenever you want. During the final information verification process, you may elect to pay your monthly payment using recurring ACH transfer. Otherwise, you can pay us by mailing us a check. To pay off your loan in full, simply make the minimum monthly payment each month (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 amount without penalty. This will allow you to reduce the amount outstanding and save you money on interest, ultimately allowing you to payoff your loan faster.

Can I pay with a debit card?

If it’s a one time payment, yes! You can call 857-999-0250 and make the payment. If it is for the monthly automatic payments, unfortunately we cannot make that change.

Can I change my payment day?

We can change your payment day up to the 10th of each month.

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

Please allow 24 business hours for the charge to appear in your account.

Can I switch my bank account on file?

Yes, you can email us and request a form to change bank accounts. Please also attach a voided check together with the filled form.

My debit card was stolen, I have a new card issued, should I let you know?

We are sorry to hear that your card has been stolen. However, you do not need to change your bank account with us. Even if your card was stolen, your bank account and routing number will remain the same.