Who is it suitable for?
LendingTree is a great idea if you lack the necessary time or experience to find an auto loan yourself. It’s also suitable for people who don’t have great credit scores but still want to obtain a loan. Moreover, the model that this platform is using prompts banks and direct lenders to compete for clients. This means that the rates that you will obtain will most likely be more favorable than what you would have gotten if you chose the loan manually.
Features
The LendingTree platform offers a wide range of features to its clients, all meant to help them obtain new and used car loans quicker. Apart from the possibility of simply filling out a form with your details and receiving lots of loan offers, clients can also learn a lot from the website. There are a plethora of educational resources like car deals, calculators, info on auto insurance, and even customer reviews.
LendingTree also has a free mobile app that anyone can download from any app store as it’s compatible with both iOS and Android systems. There is also a blog section where you can find out more about auto loans, a useful FAQ section, and even a list of the best auto loan lenders for this year. Plus, the fact that even people without great credit scores are eligible makes LendingTree a clear candidate when it comes to picking a good car loan.
Application Process
The form that you will have to complete on the LendingTree website is not an actual loan application. It is a way for the platform to be able to match you with suitable auto loan offers for you easily and quickly. These are the steps that you should take:
· Complete the online form with basic personal details;
· You should be a US citizen or permanent resident over 18 years old;
· At this point, there won’t be a hard credit check;
· You will also have to offer some financial information such as your debt-to-income ratio and recent Pay Stubs;
· A soft credit check will take place which won’t affect your credit score;
· Once the prequalification stage is done, you will see suitable auto loan offers for you.
Loan Types and Terms
We have already mentioned that LendingTree is an excellent source for any type of loan that you might be looking for. However, the focus of our review is new and used car loans. The platform can also help you find refinancing as well as loans for RVs, motorcycles, power sport loans, and boat loans.
As for the terms of the loans, it’s worth noting that they will depend only on the direct lender that you will eventually choose. The minimum amount that you can borrow is $1,000 while the maximum is $300,000. The repayment terms are flexible and are usually between one and seven years. However, if you pick a loan with a term that goes over five years, you should expect higher rates too. Speaking of rates, the website states that they start at only 0.99% APR. Still, remember that all of these details will differ from lender to lender and you can only find out the exact numbers once you decide to apply for an auto loan.
How Safe Is It?
LendingTree is one of the safest online marketplaces for loans out there which adhered to all the standard rules of security. Its servers are protected while the mobile app uses multiple authentication methods to make sure that nobody accesses your account. The company has an excellent rating on TrustPilot and is accredited by the Better Business Bureau. Moreover, the website uses advanced security and protection against fraud so all clients are safe at all times while using the platform. The company is also transparent about the banks and lenders with which it shares your details.
Help & Support
You can contact LendingTree by completing a contact form on the website with your particular issue. Someone from their team will answer your inquiry as soon as possible. You can also call them at 800-813-4620 Monday to Thursday from 8 AM to 9 PM EST, on Friday from 8 AM to 8 PM EST, and on Saturday from 10 AM to 7 PM EST. The company’s FAQ and blog sections are also very useful for answering most of your possible questions.
Summary
All in all, LendingTree is definitely worth checking out if you are looking for a new or used car loan and don’t have the greatest credit score. It’s easy to work with, useful, saves you a lot of time, and it’s a safe and secure method of obtaining a loan that is perfect for you.
Physical Address
1415 Vantage Park Drive, Suite 700, Charlotte, NC 28203
