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LendingTree Review

Wednesday, May 18th

2022 Car Loan Refinance Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award LendingTree Review 5 Star Rating

LendingTree

5 Star Rating
  • Great way to compare offers from up to 5 vetted lenders
  • APR rates among the lowest we've found anywhere
  • Refinance amounts ranging from $1,000 to $75,000
  • "A+" rated and accredited by the BBB
  • 24+ years in business
Top Consumer Reviews Best-In-Class Blue Ribbon Award

There are plenty of referral services out there that want to help you get refinancing for your car loan, but LendingTree tops them all. As part of a brand family that includes Student Loan Hero and Ovation Credit Services, this company offers the easiest way to access all types of funding - especially when looking for a new loan on your car.

Huge network of reliable lenders

One of the reasons LendingTree regularly winds up at the top of our rankings is because of their vast database of lenders and the amount of information provided upfront about each one. You don't have to submit a single piece of personal data to see what LendingTree has in your area: just enter your loan amount and estimated credit score, and don't forget to change the location if it doesn't default to where you live. From there, you can choose the loan term that interests you (ours had options from 36-72 months) and get preliminary quotes from specific lenders.

Most transparent lending option

Better yet, there's no mystery as to which lenders could be funding your refinance loan - or what other customers have to say about them. It's beyond easy to get a quick feel for the reviews and highlights of any financial institution LendingTree uses, and detailed information is just a click away. Trust us when we say you won't find that kind of transparency with any other source of auto refinancing loans in our review!

Best Car Loan Refinance Providers

Provide info to verify identity

To move forward with the car loan refinancing process at LendingTree, you can either click on the "See if you qualify" button from a lender in your quote list, or you can use the three white buttons at the top of the refi page to compare lenders or rates (pro tip: all three buttons take you to the same form, from what we could tell). You'll choose your desired loan term, from 1-7 years, the make and model of your car and estimated mileage, plus the interest rate/payoff amount/monthly payment on your current loan. You'll then move on to personal details, such as your birthdate, employment status and yearly income, liquid assets, and then your name and email address to create a LendingTree account. The questions aren't over yet: you still have to put in your address and how long you've lived there, and the last four digits of your SSN for identity verification.

Could be a hard pull on your credit

That's the only downside we found when using LendingTree: the fine print on that page says that their partner lenders might use that information to do a hard pull on your credit report, while other providers of auto refinancing make sure that it's only a soft pull until you actually choose a loan offer to apply for. Those partners may also contact you enthusiastically and repeatedly once you're in their database, if client feedback is any indication.

Wider options, fantastic reputation

However, there are still plenty of reasons to love this company. LendingTree had some cars covered that we didn't find with other lenders, like Hummer, Saab and Isuzu, as well as luxury makes like Maserati and Lamborghini. Better yet, you won't find many places to refinance your car loan that have the sheer quantity of five-star customer reviews that LendingTree has. Not only does the BBB give this service an "A+" rating and accreditation, but we found more than 7,600 perfect scores elsewhere given by happy clients across LendingTree's spectrum of products.

Your best option for car loan refinancing

Refinancing your car loan shouldn't be a mystery game where you pull the lever and hope that you come out with rates and terms you like from a lender you can trust. LendingTree puts all of the power in your hands, with transparency from the get-go and the ability to choose any lender that meets your expectations - not just the one that would give them a higher profit. You can trust that you'll get the best possible auto refinancing if you use LendingTree, and we're glad to give the company our highest recommendation.

Where’s the Best Place to Refinance Your Car Loan?

With interest rates dropping like crazy, you're smart to think you might be able to save some money with a new loan. Whether you choose to keep your monthly payments the same and shorten your loan term or lower your payments and spend your cash on other necessities, it's almost a guarantee that refinancing will be a good decision.

In the past, most people would go to their bank or credit union to get a car loan refi. After all, it's comfortable, familiar, and easy to set up with checking or bank accounts that are already established there. But, that's not the best idea if you want the nation's top rates and terms for car loan refinancing. Your hometown bank doesn't need to compete with other lenders for your business: they already have it!

The Best Car Loan Refinace Providers Compare Car Loan Refinace Providers Compare Car Loan Refinance Reviews What are the best Car Loan Refinace Providers Best Car Loan Refinance Reviews

Car Loan Refinance FAQ

Unless you got a really great deal when you bought your car, you're probably paying a high interest rate on your loan. Refinancing is a great idea if interest rates have dropped since the time you made your purchase, saving you hundreds (or thousands!) of dollars over the lifetime of your loan.
Eligibility requirements vary based on the lender and your state of residence. Most financial institutions require that your car be 10 years old or newer and have less than 150,000 miles - though you may find that some lenders have more stringent requirements. Some vehicle makes, such as Hummer, Saab and Isuzu, may be excluded from refinancing offers as well.
That depends. If you can get a new loan at a lower interest rate, chances are good that you'll save money on your monthly payments. But, if you refinance into a loan with a much longer repayment term, do the math to make sure you're not paying more in the long run. Also factor in any fees that may be charged for your new loan, because they will cut into your savings.
Probably not at your local bank! While it's tempting to go with the simplicity of refinancing through the financial institution you've always used, they're not going to compete for your business: they already have it! A better method is to look at your options online, where it's easy to get car loan refinancing offers from several lenders at once. Plus, internet-based lenders often have less overhead, which translates into lower rates for your refi.
Absolutely. For many smaller banks and credit unions, online lending lets them reach customers they might not find otherwise - which equals greater savings for you. Of course, it's important to do your homework and make sure that any service you use for your car loan refinancing is reputable and will protect your personal information, especially if you are required to enter your Social Security Number for identity verification. A strong rating from the Better Business Bureau is a solid way to establish that a service is legitimate.
Sometimes. Beyond the interest you'll pay on any loan, you may find origination fees or other costs for processing your application, updating your title, and so forth. Read the fine print before you commit to a lender for your auto refinancing.
Not necessarily, but it helps. As with any type of borrowing, higher credit scores usually translate into lower interest rates. And, some lenders have a minimum credit score of 580 (give or take) to be eligible to apply for auto refinancing loans.
Instead of applying directly with a single financial institution, you can use a referral platform to get quotes from multiple lenders at once. These services use vetted partners in their network, using your application to match you with banks and credit unions willing and able to fund your auto refinance loan. From there, the experience varies: some referral providers require you to re-enter all of your initial application information directly with the lender you select, while others streamline the process and transfer your details to the lender you've chosen. Be aware that you may get multiple emails, texts and phone calls from interested lenders when you provide your information to a referral platform!
Compare the Best Reviews

Continued from above...

Money-wise consumers look to the internet for the best deals, and car loan refinancing is no different. There's no need to accept the first loan offer you see if you can get quotes from several financial institutions at once. Most online lenders have rates and terms that will easily beat anything you find locally, with all the convenience of a completely-online application and approval process. Save money while sipping coffee at home in your pajamas? Why not!

Looking at the available options for car loan refinancing online, it can be hard to tell different lenders apart. Which one should you use, not just to get an initial rate quote but ultimately to finalize your new loan? Here are several ways you can evaluate each choice to find the car loan refinancing that's right for you:

  • Vehicle Eligibility. Most lenders won't refinance a loan on a car that is more than 10 years old or over a certain mileage, usually between 120,000 and 150,000. Some even have make/model restrictions that may prevent your car from qualifying. Fortunately, most cars will be eligible for loan refinancing with the majority of lenders on the market today.
  • Personal Eligibility. What is required of you as a borrower to qualify for a refinanced car loan? You may need a certain minimum credit score or monthly income amount.
  • Referral Service or Direct Lender. You'll find two approaches to car loan refinancing: get a new loan right from the financial institution, or work with a platform that lets you get quotes from more than one lender at a time. Either option is good, but referral services give you access to smaller banks and credit unions that often offer more competitive rates on refinanced loans.
  • Reputation. What have other car owners said about their experience when refinancing their car loans with a given lender? Was the process smooth or aggravating? Were there any surprises? Has the Better Business Bureau rated the company?

TopConsumerReviews.com has evaluated and ranked the best providers of car loan refinancing available today. We're confident that this information will help you get the rates and terms you're looking for to save money on your car payments!

The Best Reviews of Car Loan Refinace Providers