Refinancing your car loan can be a tricky affair. But with LendingTree Auto loan, this doesn’t have to be the case.
In this LendingTree Auto loan review, we’ll be looking at what this product is, how you can use it to get a better car loan, how much you can access through it, and more.
Table of Contents:
How Does LendingTree Work?
First, LendingTree is not a lender. Instead, LendingTree is a service that helps you with getting an auto loan with the lowest rate and friendliest terms.
The company accomplishes this by gathering the best available value loan offers from various auto loan lenders and then presents them to you based on your loan requirements.
Since LendingTree isn’t a lender, the requirements needed to qualify for a loan, the loan amount you can access, loan term, and the interest rate will differ between the different possible lenders that are presented to you.
LendingTree Auto Loan Options
- Lease buyout
- New cars
- Used cars
Depending on your needs, LendingTree can get you a loan with a term of one to seven years. If you apply for a shorter-term loan, you’ll likely get a lower interest rate but also have higher monthly payments.
With a longer-term loan, such as one that’s more than five years, the interest rate will be higher, but there’ll be lower monthly payments.
Applying for a loan via the platform is the same regardless of the type of loan you need and can be completed within minutes.
Loan offers will be presented to you based on the information you’ve provided.
Information Needed from New Clients:
- Financial information
- Credit data
- Type of vehicle to be purchased
- Loan amount required
- Amount of down payment you intend to make
- If the loan is for a refinance or a new purchase
After filling and submitting LendingTree’s form, you’ll begin receiving offers and preapprovals within 24 hours.
The major upside of using LendingTree to get an auto loan is that you can use it to get whatever type of car you like.
Most lenders only let you get vehicles that are of a certain model or type. But because LendingTree opens you to a wide network of lenders, you have more options and are bound to find one that offers terms that meet your unique needs, including if your goal is to buy a vehicle that’s not a car.
For example, LendingTree has lending partners that provide funding for the purchase of boats, watercrafts, RVs, motorcycles, trucks, ATVs, and other power sport vehicles.
How Do You Qualify for a LendingTree Auto Loan?
With LendingTree, you can compare the loan offerings of various auto lenders.
All the rates and other information provided on the site are up to date, which makes LendingTree a useful tool for comparing rates even if you aren’t ready to buy a car yet.
- You must be at least 18 years old.
- You must have a good credit rating.
- You must be a US citizen or permanent resident.
The car you want to get must not be older than ten years old and must have a mileage below 120,000 miles.
For refinancing, your current loan must have at least two years left on its term, and it must have a balance of $5,000 to $55,000.
Information Needed Once Loan is Approved:
- Driver’s license
- Bank statements
- Proof of citizenship
- Information about your employer
- SSN or social security number
- Recent income tax return
- Information about the type of car being financed
Based on your submission, a lender will approve or deny your application for an auto loan. When this happens, you can try getting a loan from one of the other lenders recommended by LendingTree.
LendingTree Auto Loan Application Process
LendingTree makes it super easy for you to get any type of car loan that you may be looking from, whether that be a new loan, a refinance or a lease buy out. You simply start the process on their site.
And with offering so many different loan term options, you can find a rate that fits your budget each month:
- 7 years – 84 months
- 6 years – 72 months
- 5 years – 60 months
- 4 years – 48 months
- 3 years – 36 months
- 2 years – 24 months
- 1 year – 12 months
How Much Can You Borrow?
During our review of LendingTree car loans, we discovered that you could quickly get a car loan between $5,000 and $100,000.
The stronger your credit is, the higher the loan amount that’s accessible and the better the interest rate you can get.
What Is the APR with LendingTree Auto?
The annual percentage rate (APR) on a LendingTree car loan varies from lender to lender. Other factors that determine APR are the loan term and type.
For example, loans for a new car typically have a lower APR than one for a used car.
You can get a loan for a new car with an APR of 3.09 percent, while a used car loan’s APR typically starts at 3.99 percent.
A longer-term also means a higher APR. Your credit score, monthly income, type of car you want, the lender, and the state you live in will all affect the APR.
Your chances of getting a favorable APR are higher if you have a credit score that’s above 800.
For an accurate idea of the rates, you’ll get, select a loan type on LendingTree and begin the application process.
What Fees Does LendingTree Charge?
Getting a loan from LendingTree comes with no fees.
The lender partners also don’t require you to pay any upfront fees to secure a loan, which makes LendingTree auto loans one of the most cost-effective among its competitors.
Is a LendingTree Auto Loan Best For You?
Our LendingTree auto loan review concludes that it’s a fantastic platform for finding the best value car financing, thanks to the easy access it provides its clients who are looking for major lenders with the best rates.
We recommend this service for its convenience and range of loan options, especially if you are looking to get the lowest rates on a loan to purchase a new or used car or refinance or complete a lease buyout.