If you need the absolute lowest payment and interest rate on an auto loan possible, you probably won’t find it going to a single lender such as your local bank or credit union.
Instead, your best bet is to get quotes from multiple lenders, but that would be very time-consuming.
That’s where LendingTree Auto Loan shines. Get the best rates from lenders who are competing for your business with one simple request form.
Lending Tree Auto Loan
When looking for the best rates for an auto loan, LendingTree offers a unique experience because they provide you with offers from their network of over 300 banks and lenders. This allows them offer their customers multiple competitive Lending Tree loan rates that are easy to compare with one another.
Multiple Loan Offers
National Lender Network
Bad Credit Is OK
Loan Rates Depend On Lender
Must Provide Personal Info
Phone Calls From Lenders
The LendingTree created the multiple lender loan offers online business model. For over 20 years Lending Tree has been providing customer with loan offers from their network of banks and lenders.
While the Lending Tree does not actually provide you with the loan, they are able to pull from their network and offer loans to people regardless of your credit score.
They have a reputation for introducing customers to the absolute lowest interest rate loans offers that fund lightning quick. There are many advantages and a few disadvantages to Lending Tree Auto Loan offers which we will review in this article.
Who Is LendingTree?
The LendingTree, LLC was founded by Douglas ‘Doug’ Lebda in 1997 and the company went national in 1998.
Their primary focus is to match customers who are looking for loans with banks and lenders.
Doug realized in the 1990’s that shopping for the best interest rates took a tremendous amount of time.
Back in the olden days, a person would have to fill out a loan application (normally in person, limited internet back then) for each bank or lender.
A few days or weeks later you would receive a loan offer but there was no standard way this offer has to be given. It was next to impossible to compare one loan offer to another.
The Lending Tree LLC fixed this problem by allowing people to fill out one application and receive multiple loan offers that are all organized in the same manner so you can easily compare each of the lending tree loan rates and associated costs.
What Makes Them Different?
LendingTree Auto Loans offer a network of over 300 banks and lenders competing for your business.
When banks compete, you win!
Lending Tree also offers you the ability to apply and complete the entire loan process from your mobile phone on their app.
How Does LendingTree Auto Loans Work?
Unlike a traditional bank or lender, LendingTree Auto Loans are more like a personal agent or broker and you must go through the below process to apply with them.
Meet The Guidelines
First you need to meet the general guidelines before you can apply and those are:
At least 18 years old, a current resident of the US or Canada, and Employed full-time or able to prove a guaranteed fixed income of at least $1,000 a month
Are You Buying New or Used
You need to figure out what type of financing you will need, are you buying a new car or a used car?
Will you be refinancing or are you looking for a lease buyout?
Once you know which option you are going for then you can go to the next step.
Follow The Process
Step 1 – Answer A Few Questions
It takes 3 minutes or less to knock out the quick form to match you with an auto dealer or lender.
Get Your Paperwork Together
Since you don’t know which lender or dealership you will be going to, it’s best to be prepared.
Things the lenders might need are:
- Banking History
- Proof Of Income
- Proof Of Identity
- Proof Of Insurance
- Proof Of Residency
- Information On Vehicle You Plan To Purchase
- Current Vehicle Registration (If you plan to do a trade in)
Keep in mind this is just a general list, the lenders could need more or less information, just have at least the things above ready.
Time To Apply (Hard Inquiry)
Now that you know you meet the general requirements, you have all your documents together and you know what auto dealer you will be matched with, it’s time to apply.
FICO allows you to shop around for the best auto loan rates for 30 days after your first inquiry. During this grace period you can apply for an unlimited number of auto loans without any additional inquiries being recorded to your credit file.
At this time you will probably see a hard credit inquiry hit your credit profile but don’t worry, FICO will give you a 30 day grace period to shop for as many Lending Tree loan rates as you want and only show one hard inquiry will be recorded on your record.
Step 2 – Shop And Compare
Once this process is complete you will start the next step of looking through your offer and comparing the best ones.
Review Your Offer
Be sure to review the offer from the auto dealer before you purchase.
You will be given up to 30 days to select one of the four offers presented to you.
You need to look at their requirements as well as the Lending Tree rates and if they will require a down payment or a co-signer. Just be sure to pick the best offer!
Look At Everything
Remember that each lender will have their own specifics and requirements so be sure to look at each offer with as much detail as possible.
Make sure you understand what you are paying for and keep refering to the original offer to make sure nothing changed from the time you accepted it to the time your loan was funded.
Pick The Best Offer
Once you choose an offer your loan can be funded by either bank deposit, ach, check or certificate.
You can have your funds as early as the next business day.
Auto Credit Express Tools
Before you start your application process, I recommend you check out some of the tools offered by Auto Credit Express to get a better idea of how much loan you may qualify for and what the costs would be.
Step 3 – May The Best Loan Win
Once you narrow down the best auto loan offers, you can speak with the lenders loan officers to haggle for the best price.
LendingTree Auto Loan Calculators
Before starting the auto loan process there are a couple of things you should familiarize yourself with.
You should be aware of the current interest rates, and the LendingTree auto loan calculators will be helpful in determining how much of a loan and payment you can afford.
Checking Current Rates
First you want to check out the interest rate chart; we put this one below to give you an idea of what the chart looks like, you should be sure to click here to see current LendingTree rates.
Current Auto Loan Interest Rates
|Dates||60-month new car||48-month new car||36-month used car|
The above chart gives you an idea of the starting interest rate based on how long you need the loan for.
As you can see, the longer time you plan to take to pay the loan off, the higher the rates become.
While the monthly premiums will be lower if you select a longer payoff period, you are going to end up paying much more interest.
Estimating Your Rate
Once you have an idea of what your starting interest rate might be you can now use the next tool to estimate your rate.
During this step you will choose the type of loan , the loan amount, put in your credit type or actual credit score and then your Zip Code.
Once you complete this process you will see 3 different APR’s, a low APR, an average APR and a high APR.
You can use the Average APR to help determine what your monthly car note may be.
Figuring Out Your Car Note
This tool is going to help you understand how much you will need to pay on a monthly basis based on the loan term length you choose.
LendingTree Auto Loan Reviews
LendingTree auto loan reviews are mixed amongst many of the most trusted customer review websites across the internet.
Below are some of the Lending Tree reviews:
LendingTree reviews tend to fall into one of two categories, they are either extremely positive about the great rates and speed of the service.
Or, they are negative, the biggest LendingTree complaints are that once you apply for a loan your phone doesn’t stop ringing for 48 hours.
Understand, to get the best Lending Tree rates you must have multiple banks and lenders compete and the loan officers know that you have multiple competitive rate options.
By getting you on the telephone they can discuss your needs and also sweeten their offer. So the multiple lenders you deal with is a necessary evil to the end goal of incredible savings, which is the great advantage you’ll have with LendingTree.
Below we have gathered the most trusted customer Lending Tree reviews from sites such as Yelp, Google and BBB for Lending Tree auto loans.
Customer Average Rating
Yelp Reviews Avg. Rating
Google Reviews Avg. Rating
Better Business Bureau Avg. Rating
Consumer Affairs Reviews Avg. Rating
Best Company Reviews Avg. Rating
CUSTOMER REVIEWS AVG. RATING
LendingTree Auto Loan BBB – Better Business Bureau
LendingTree Auto Loan BBB have been an accredited business for over 20 years, have an A+ rating, but they do have 270 complaints.
Almost all of the LendingTree complaints revolve around the number of phone calls their customers get after filling out a loan application.
The LendingTree BBB Reviews are mixed but generally point to a company that takes care of their customers.
While there are a lot of complaints, Lending Tree BBB reviews are taken seriously and responded to by the company which is why they still have an A+ rating.
Who Should Apply For Lending Tree Auto Loans?
The best thing about Lending Tree Auto Loans are that they deal with multiple banks and lenders who are versatile in the type of people they can get approved for a loan.
Below are some people who should feel free to apply:
People Who Have Had Repossessions
The worst thing about having a car repossessed is that it usually happens that the most inconvenient time.
If you have had this happen to you then you know it also leaves a negative mark on your credit report and can hurt your credit score.
By dealing with Lending Tree, LLC , you can find a bank that may be willing to work with you, even if you had a car repossessed before.
A person With Bankruptcies
Someone with a bankruptcy is probably used to hearing the words “No” or “Declined.”
However, it doesn’t mean that you can’t purchase a car because of one.
The good thing about the Lending Tree LLC network is that they will be able to partner you with a lender that will be best for your needs.
Someone With No Credit History
If you don’t have any credit, it doesn’t mean you have bad credit, it just means you haven’t had a chance to establish any for the moment.
It is hard for lenders to make a good decision because you haven’t shown if you will treat your credit good or not.
The LendingTree car financing has plenty of banks and lenders that will work with you.
People with Little credit History
If you don’t have a ton of credit history you can still get covered for an auto loan.
Your score might be in the mid to high 500’s or low 600’s but that doesn’t mean you have bad credit.
It just means you haven’t had a chance or taken the time to build your credit.
Lending Tree, LLC has plenty of lenders that will assist you in getting an auto loan.
Those with bad credit
If you have bad credit, don’t worry, The Lending Tree works with a nationwide set of lenders who will be matched with you based on your credit profile.
You can rest assured that they work with lenders who can get you covered with as little as a 500 credit score.
People With Good Credit
If you have good credit then you will find the best rates the Lending Tree LLC’s bank and lenders have to offer.
Taking Action On A Car Loan
Hopefully, you found this LendingTree Auto Loan Review helpful because getting an auto loan can be complicated and a time-suck if done incorrectly.
Now that you know there are dealerships ready and willing to work with you there is no reason to go without a car.
Getting a car loan is also part of establishing a different type of tradeline which over time, will help increase your credit score.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements, or recommendations expressed in this article are those of the author alone, and may not have been reviewed, approved, or otherwise endorsed by any of these entities prior to publication.