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      November 17, 2018

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Lending Tree vs iLoan

Best Auto Loans

To help you find the Best Auto Loans, TopConsumerReviews.com provides you with an in-depth comparison of Lending Tree and iLoan.

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Finding an auto loan is no longer limited to what your current bank will offer or what the dealer brings to the table. You can take control of your next auto loan terms by shopping online for the best deal available. Several auto loan companies post the most competitive auto loan rates online to attract your business.

In today's economy, may people have less than perfect credit. Many companies offer car loans to those who have suffered bankruptcy, late payments or a low credit score. By researching and finding the best auto loan, you'll potentially save hundreds to thousands of dollars each year in payments and interest over other auto loans.

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Best Reviews

2018

Auto Loans Reviews

4.5 stars
Lending Tree

LENDINGTREE Visit Site

BBB Rating:

A+

LendingTree, founded in 1996, allows consumers to have a one-stop shop experience to compare the finance options available from the largest network of banks, lenders and credit partners in the industry. With a top Better Business Bureau rating of an A+, LendingTree is one of the nation's largest online marketplaces, with the largest network of lenders in the auto loan industry.

Applying for an auto loan with LendingTree is a simple and easy process. You simply complete an online form. Qualified applicants will receive up to five (5) offers in a matter of minutes, along with their credit score. You can then review all loan options, and select the offer that works best for your circumstances. Then you communicate directly with that lender.

The LendingTree website is a great resource to assist consumers with their financing needs. Links are provided that help in understanding the do's and don'ts of auto loan financing, providing tips to compare auto quotes, helping to decide to purchase new or used vehicles and more. There is even an auto loan "basics" section that is a great resource for first time buyers.

Fixed rate New and Used Auto Loan terms range from 12 to 84 months, and allow finance options between $7,500 and $300,000. Applicants can get matched with a lender, receive conditional loan offers or quotes, and talk to a lender - all at no cost to you. The lender you choose may require a fee to process your formal request, however there will not be a cost to shop rates through LendingTree.

Overall, LendingTree is a top quality lender that offers a variety of informational tools to help borrowers manage their finances, with the convenience of receiving loan quotes from several lenders in the industry in a matter of minutes. All these factors have earned LendingTree a very high rating.

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2.5 stars
iLoan

ILOAN Visit Site

BBB Rating:

A+

iLoan aims to make the borrowing process simple and transparent. They do not have any loans that are specifically for buying a car; rather, applicants take out a personal loan that can be used for whatever they need. These loans do have a maximum amount of $25,000, so keep that in mind if you're looking for financing for a vehicle that costs more.

All loans funded by iLoan are backed by their parent company, OneMain. OneMain has an excellent reputation spanning more than 100 years and is an accredited, A+-rated business with the BBB.

iLoan is true to its commitment of making the borrowing process easy and open. To start, you'll need to select the purpose of your loan (most likely "other", since "auto loan" isn't one of the options in the dropdown box) and the desired amount. From there, you'll be asked to provide your personal information: name, proof of residence, income, and identity, and bank account details. iLoan also has a free service called Instant Verification: if you grant them secured access to your bank account, they can verify your income that way instead of asking for pay stubs or W2s. This may speed up the processing of your auto loan application, though most iLoan borrowers report that their applications are processed in an hour or less, with funding being completed on the next business day.

Independent customer reviews do confirm that iLoan processes loans quickly, and many people seem grateful to have found a lender that will give them the money they need. They also have many compliments for iLoan's customer service representatives: "patient", "knowledgeable", and "helpful" are the most-used words to describe them.

On the other hand, interest rates at iLoan tend to be much higher than other lenders'. We do appreciate that the company is very upfront with their rates, which range from 11.24% to 36.00%. Your auto loan offer, including the interest rate and other terms, will depend on your particular borrower profile, such as your credit history and monthly income.

iLoan also comes up short when it comes to their service area: at the time of our review, they were only operating in 12 states (Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin). Unless you live in one of those states, iLoan won't be able to provide you with an auto loan.

While we appreciate iLoan's reputation (through OneMain), it's not quite enough to make up for high interest rates and a service area that only covers a fourth of the United States. For customers needing an auto loan, chances are good that they'll find better rates with one of the higher-ranked lenders in our review.

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Continued from above

However, not all auto loan companies are the same. There can be wide differences in the features and auto loan terms that they offer.

Before you apply for your next auto loan, consider the following important factors:

  • Application Process. What is the process of applying for the auto loan?
  • History. Does the auto loan company have a history of pleasing the customer and using quality business practices? How do they rank at the Better Business Bureau?
  • Focus. What type of auto loans do they offer? Are their auto loans geared for all levels of credit?

TopConsumerReviews.com has reviewed and ranked the best Auto Loans available today. We hope these reviews help you find the most affordable loan available for you!

OneMain Direct Auto Receivables Trust 2017-1 -- Moody's upgrades OneMain auto loan ABS issued in 2017

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