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What Is a Truth in Lending Disclosure for Auto Refinance?

less than a minute read

Before wrapping up your auto refinance loan, you’ll need to review some important documents and sign your Truth in Lending disclosure (TIL).

The TIL shows the total cost of the loan, including your annual percentage rate (APR), fees, and the total amount financed.

Any accrued interest on your existing loan since your last payment will be included in the amount financed.

If you’re approved after your application is reviewed, you’ll sign your TIL to accept your loan terms. We can’t finalize your loan or pay off your current lender until the TIL is signed, so it’s important you do this as soon as possible.

LendingClub Resources

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Once you submit your Auto Refinance application, we may ask you for additional paperwork to verify your information.
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Related Glossary
Revolving Credit
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
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Annual Percentage Rate (APR)
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
A Letter Term
Mar 21, 2023
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Accrued Interest
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 
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Charge-Off
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
C Letter Term
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Fixed Interest Rate
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
F Letter Term
Feb 4, 2023
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