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LendingTree Review

Sunday, April 14th

2024 Auto Loan Company Reviews

LendingTree Review 4.5 Star Rating

LendingTree

4.5 Star Rating
  • Loan marketplace that refers you to multiple lenders
  • Check out lender reviews even before applying
  • Can be used for auto purchase, refinance, or buying out a lease
  • Transparent process at every step
  • Funds may be available as soon as next day
  • "A+" rated and accredited by the BBB

LendingTree is a versatile online loan marketplace catering to various financial needs, including auto loans, credit cards, and small business loans. With roots dating back to 1998, they played a pioneering role in the peer-to-peer lending sector as an alternative to traditional bank financing.

Lots of lenders want your business

When you opt for an auto loan through LendingTree, your application initiates multiple offers from a wide network of lenders. While they don't specify the exact number of partners, their Automotive Lender Reviews section provides a comprehensive list of potential lenders for your reference. This transparency is helpful, allowing you to explore detailed information, ratings, and customer feedback about these lenders even before you complete your application. Among the auto loan providers you might be connected with are Bank of America, Capital One Auto Finance, LightStream, several credit unions, and many others.

Purchase, refinance, or lease buy-out?

LendingTree offers both vehicle purchase and refinancing options. You can tailor your choice by selecting the loan type (purchase, refinance, or lease buy-out) and your desired loan term, ranging from 1 to 7 years. It's wise to indicate any down payment you can make, as it can potentially lead to better offers. You're also asked to provide the likely make of the vehicle you plan to buy for manufacturer-specific financing offers. The remaining application details are standard, including income, housing situation, address, and the last four digits of your SSN for identity verification.

Decide within 30 days

Once you have your loan offers, it's your responsibility to compare them and decide which lender and terms best suit your needs. You're under no obligation to select an offer, but understand that if you go more than 30 days without making a choice, you'll need to reapply.

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Sample rates on the Disclosures page

LendingTree does not provide specific fee and APR information since these can vary significantly among their partner lenders. Instead, they offer an updated average rate for reference. During our review, LendingTree reported auto purchase loan rates that were as competitive as any other lender. You can access the latest data on LendingTree's Disclosures page.

Strong reputation

With an "A+" rating and accreditation from the Better Business Bureau, LendingTree is highly reputable. They have received numerous five-star reviews from satisfied clients who used their service for various funding needs. Recent comments highlight clients securing the lowest available rates and receiving their auto loan proceeds the following day. However, some complaints revolve around getting too-frequent phone calls, texts, and emails from lenders, which is a common concern with similar lender-network services.

Excellent option for getting multiple loan offers

Overall, LendingTree remains a top choice for competitive auto loan offers, providing valuable insights into their extensive network of lenders while streamlining the process through a single online form. Keep in mind that successful applicants here often have above-average credit scores, but it's still worth exploring LendingTree for an auto loan, even if your credit history is less than perfect.

Where Can You Get the Best Auto Loans?

You might be wondering, can you really find the ideal auto loan right at the dealership? Well, the truth is, that's not always the case. Sure, those financing offers they dangle in front of you might sound tempting, but the reality is that unless your credit is in tip-top shape, you might not meet their strict requirements. And if you're not careful, you could end up with sky-high interest rates that could cost you more in the long run.

The wise move, as savvy consumers know, is to hunt for competitive rates on auto loans by exploring what online lenders have to offer. And, you don't have to spend hours researching. In just a few minutes, you can discover how much you can borrow and what kind of loan terms you qualify for. Armed with this information and maybe even a preapproval letter, you'll be much better prepared walking into the dealership, ready to negotiate the best deal on your car.

The Best Auto Loan Companies Compare Auto Loan Companies Compare Auto Loan Company Reviews What are the best Auto Loan Companies Best Auto Loan Company Reviews

Auto Loan Company FAQ

Most auto loans are funded by smaller banks and credit unions. But, as you look for an affordable auto loan, you might see some familiar names like Capital One and Southeast Financial.
That depends on several factors, including your credit history and the amount you need to borrow. Searching for a car loan online gives you the advantage of comparison "shopping" for the best rate available to you.
No problem! There are many lenders that are willing to work with you even if your credit score isn't the best. You'll probably pay higher interest rates than a borrower with an 800+ credit score, but you'll still be able to get a loan.
When you request a rate quote online, most lenders perform a "soft pull" of your credit history: checking the information you provide against the credit bureaus' records to verify your identity. That doesn't affect your credit score. But, if you go through the entire process and actually submit a loan application, it'll temporarily lower your score.
You can get an auto loan without ever setting foot in a bank! Many of us have used a car dealer to obtain financing but, obtaining a car loan online is a smart and empowering option.
Auto loans are available in amounts ranging from $1000 to $100,000. To determine your eligibility for a loan, the lenders will take into account your credit history, current debts, and income.
Is 24 hours soon enough? While most auto loans take a few days to a week to be funded and deposited to your account, at least one lender has a one-day turnaround for most customers.
No, not when you choose a reputable provider! It's easy to find an auto loan from a lender with a strong reputation. Positive customer comments and a high rating from the Better Business Bureau are two indicators that the company is a trustworthy option for your loan.
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Continued from above...

In fact, online auto loans have gained immense popularity in recent years, transforming the way individuals finance their vehicles. This surge in preference for online auto loans stems from a variety of factors that can save you money.

First, the convenience offered by online car lending platforms is transformational. Traditional methods of getting a competitive auto loan often involved visiting banks or credit unions in person, which could be time-consuming and inconvenient. Online lending platforms has revolutionized this process, letting you apply for an auto loan from the comfort of your homes. This streamlined online application process, coupled with the elimination of paperwork, significantly reduces the time and effort required to get a loan.

Second, the competitive nature of online lending platforms means multiple lenders vie for your attention. This competition often leads to more favorable loan terms, including lower interest rates, smaller fees, and flexible repayment options. Empowered by the ability to easily compare different loan offers enables you to choose the option that best suits your financial needs.

For those of you with less-than-perfect credit, don't worry. There are lenders out there who specialize in helping people like you. They'll work with you to find a loan that fits your budget, considering your entire financial situation, not just your credit score, any past late payments, or a past bankruptcy. And if your credit history is impeccable, shopping around for an online auto loan can open the door to a plethora of options.

Now, before you dive in, there are some key factors to weigh when you're comparing different online lenders. Here's what you should look for:

  • Process. Find an auto loan site that makes the borrowing journey straightforward, from gathering information to securing your funds. You should be able to navigate the steps quickly and with ease.
  • Referral platform or direct lender. Understand what you're getting into: does the site lend to you directly or match you up with financing sources you might not have been aware of? Both are solid routes to go, but there are pros and cons to each.
  • Fees and rates. Don't forget to read the fine print. Will you pay any origination fees to get your loan? Are there any requirements to get the lowest possible interest rates (like having a banking account with the lender or setting up your loan payments to go out automatically)?
  • Reputation. A fantastic auto loan isn't worth much if the lender isn't trustworthy. Check what the Better Business Bureau has to say about the company and look for reviews from other car shoppers to get a sense of their experiences.

Looking for expert guidance? Top Consumer Reviews has got you covered. We've reviewed and ranked some of the most popular sources of auto loans today. Our aim is to assist you in finding the perfect financing solution for your next vehicle purchase or refinance. Happy car shopping!

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