Tuesday, October 15th
2024 Car Loan Refinance Reviews
LendingTree
- Car loan refinancing available from $5,000 to $500,000 (!)
- Referral service pairs you with up to five lending partners
- APRs can vary widely
- Repayment terms range from 24 to 84+ months
- Accredited with an "A+" rating by the Better Business Bureau
- Operating for almost 30 years
LendingTree has been a go-to resource since 1998, connecting people with various financial products, including car loan refinancing. With their extensive network of partners, LendingTree can match you with up to five lenders eager to help you secure a better deal on your auto loan. Whether you're looking to reduce your monthly payments or get a lower interest rate, LendingTree's referral service aims to simplify the process for you.
Check out lenders' reputations even before you apply
Unlike some platforms with limited options, LendingTree gives you access to a diverse network of financial institutions. They prioritize transparency by providing detailed information about each partner's background and customer reviews. This feature allows you to make informed decisions, especially when considering lenders you may not be familiar with prior to LendingTree's introduction.
Do you want a better rate, new term, or new payment?
You've got two ways to get started with LendingTree. At the top of the page, there's a place for indicating why you want to refinance your auto loan: to get a lower interest rate, a new term, or a new monthly payment. From there, you'll be asked a series of questions about yourself, your vehicle, and your current loan. They'll do a soft pull on your credit as they use your information to confirm your identity, only asking for the last four digits of your SSN if they can't do so with what you've provided. From there, you can see which lenders in LendingTree's network have prequalified you for car loan refinancing and choose an offer that suits you.
Take a peek at specific lenders' pros and cons
Otherwise, you can browse the list of lending options on the main refinancing page. We love how LendingTree breaks out the information even before you start the application process: see which lenders are best suited for which types of loans, get a feel for how much you could refinance and where, and what the current going interest rates and terms are. For example, at the time of this evaluation, DCU had options for large auto loans of up to $500,000 (!) while Consumers Credit Union had options for refinancing loans as small as $250.
Some "lending partners” are another referral service
Just keep in mind that some of the options on LendingTree's list are also referral services, so you may have a couple of extra hops, skips, and jumps if you don't realize that you've been sent to yet another platform offering a lending network (and some of those referral platforms have been reviewed separately on our list).
"A+” from the BBB and lots of 5-star reviews
Your experience from that point forward will depend on which lender you select. Overall, however, LendingTree users are satisfied with their experience of getting connected with financial institutions through this service. The company has an "A+” rating and accreditation from the Better Business Bureau, and thousands of five-star reviews backing the effectiveness of the platform.
Increased spam risk
But, we don't rank LendingTree higher on our list because of the increased risk of getting spam-type communications after providing information on their website. It's true that most referral platforms include a clause in the fine print that says you're giving permission to their partners to reach out to you. But, when it comes to LendingTree, many site users say that they received an overwhelming number of phone calls (sometimes several times daily) and other contacts with offers that weren't even related to car loan refinancing (or whatever type of lending product they were seeking through LendingTree initially).
Good overall
There are some strong reasons for using LendingTree as a resource for auto loan refinancing, especially being able to access information about and feedback for the lenders they use, well before making any kind of inquiry or application. However, LendingTree has competitors who promise not to sell your information to unrelated third-parties, and we recommend giving those rivals a try before giving your contact details to LendingTree (you could even loop back to LendingTree after getting a preliminary offer somewhere else, to do the research on the lenders you're considering).
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Where's the Best Place to Refinance Your Car Loan?
Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.
Maybe when you first got your loan, your credit score wasn't so hot, and you ended up with a not-so-great interest rate. Or maybe the economy has shifted, and interest rates have dropped since you first signed on the dotted line. Whatever the reason, if you can snag a lower interest rate by refinancing, you could end up saving some serious money in the long run.
Car Loan Refinance FAQ
Continued from above...
Like anything in life, there are pros and cons to consider. On the upside, refinancing could mean lower monthly payments, which can free up some cash in your budget for other things, like saving up for a rainy day or treating yourself to a fancy coffee every now and then. Plus, if you can get a lower interest rate, you'll pay less in interest over the life of your loan, which means more money in your pocket.
But there are downsides too. Refinancing usually means extending the length of your loan, which could mean paying more in the long run, even if your monthly payments are lower. And if your credit score has taken a hit since you first got your loan, you might not qualify for a better rate anyway. Plus, there are often fees involved with refinancing, so you'll want to make sure the potential savings outweigh the costs.
All pluses and minuses aside, it's a smart idea to start your car loan refinancing online. Instead of driving down to your local bank or credit union, you can compare rates and apply for refinancing right from the comfort of your couch. Plus, online lenders often have lower overhead costs than traditional brick-and-mortar banks, which means they can sometimes offer better rates and terms.
When it comes to comparing different sites for auto loan refinancing, there are a few criteria you'll want to keep in mind:
- Interest rates and terms. The whole point of refinancing is usually to get a better rate than you currently have. But don't stop there - be sure to look at the terms of the loan as well. How long will you have to pay it off? Are there any fees involved? And don't forget to read the fine print - you'll want to make sure there are no sneaky clauses that could come back to bite you later on.
- Referral platform or direct lender. Some sites you'll visit serve as a referral platform, helping you check out your options with different banks and credit unions all in one shot. Others will offer to lend you the money directly. Make sure you know what you're getting before you start entering your SSN and other sensitive data.
- Reputation. Is it a trustworthy service? Has it been rated by the Better Business Bureau? Are car owners like you getting good refi rates and excellent customer service?
Ultimately, the decision of which site to use for auto loan refinancing will depend on your individual circumstances. Maybe one lender offers a slightly lower interest rate, but another has better customer service or more flexible repayment options. To help you do your homework and crunch the numbers, the experts here at Top Consumer Reviews have rated and ranked some of today's most popular options for car loan refinancing. At the end of the day, those car payments are your hard-earned money, so why not make it go a little farther with a better loan?
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