LendingTree Auto Loan Review
Last updated February 6th, 2019
Recommended for: Purchasing a new or used car
LendingTree is a marketplace for connecting consumers with multiple auto loans offers. LendingTree provides consumers the ability to purchase new or used cars, refinance existing vehicles or finance a lease buyout from dozens of loan providers that include credit unions, banks, online lenders, car dealerships and specialty lenders for recreational vehicles.
LendingTree specialized loan providers offer to finance new and used boats, RV's, motorcycles and powersport units like Jet Skis, Snowmobiles, ATV's and UTV's purchases.
LendingTree Auto loan is not a direct lender, they are a broker that connects borrowers to online lenders. Once you start the application process, you will access all of this lending group with one application. You will have the opportunity to compare multiple loans offers at one time without applying to numerous lenders. This should save you time and money.
New and Used Vehicle Purchase
The LendingTree new auto page is divided by year, vehicle make, and model. You will be directed to the year and type of vehicle first, then the program steps you through to the exact vehicle. The site is simple to maneuver and will get you to the final loan process.
Vehicle Refinance
The LendingTree refinancing page is also divided by year, vehicle make, and model. You will be directed to the year and type of vehicle first, then the program steps you through to the exact vehicle. The loan amount starts at $5,000 and up for refinancing.
Once you have completed this process of entering your vehicle's information, you will then go through the standard loan application questions.
About LendingTree
Founded in 1996, LendingTree provides loan comparison offers for mortgages, mortgage refinance, reverse mortgages, auto loans, home equity loans, home equity line of credit and credit card services by connecting consumers with hundreds of lender choices.
With over 70 lenders bidding on your business, interest rates rising, and rates varying by state, it is difficult to provide you an accurate interest rate in this review. We were able to find loans ranging from 18 to 84 months and interest rates starting at extremely low rates (near 2%) with excellent credit. We would recommend completing the LendingTree application to find out what they will offer you.
Information Required to Apply
You will need all of the information on the type of vehicle you are trying to purchase. If you are looking to refinance an existing vehicle, the mileage, year and model will be helpful. We have listed the personal information that you will require to apply:
- Name
- Residence status
- Email address
- Desired loan amount
- Address
- Income and employment status
- Social Security number
- Date of birth
- Phone number
- Credit score
Terms and Conditions
Loan Amounts | Loan Amounts depend on individual lenders and applicants creditworthiness |
Required Credit Score | Applicant must have good to excellent credit. LendingTree pulls your credit report when you complete a loan request. LendingTree's inquiry does not count towards your credit score nor does it show up on your credit report to anyone but you. Each lender has their own policy about pulling your credit. Some may pull your credit before they make you a loan offer; others may pull your credit after you have accepted their offer. In all cases, LendingTree pulls your credit report when you complete a loan request. Presently Fair Isaac Corporation (the company that provides "FICO" credit scores) provides that for auto loans it disregards those inquiries made in the prior 30 days. All inquiries on your credit report within a 14-day period will count as one inquiry if you are looking for an auto loan. |
Minimum Annual Income | $20000 |
Types of Income | Salaried, self-employment, other sources |
Variable Rate Option | Not offered |
APR Range | Fixed Rates only depending on lender |
Loan Term | Terms vary from 1 year to 7 years depending on individual lender |
Repayment Schedule | Depends on lender |
Credit Inquiry | Initial Inquiry - Soft, Loan Acceptance - Hard Inquiry |
Fees and Closing Costs | Lending Tree does not charge fees for matching borrowers with lenders. Individual lenders may charge a loan application fee. |
Secured Loans | Yes, by vehicle |
Co-Signer | Depends on individual lender, and credityworthiness of co-borrower |
Direct Deposit | Funds are disbursed to Car Dealer |
Loan Purpose | Purchase or refinance of auto, motocycle, RV, PowerSport, boat |
Qualifications | U.S. Citizen, and 18 + years old |
Allows Military | Yes |
Insurance | Must provide proof of insurance with loan documentation |
Legal Documents Required | U.S. Citizen |
Number of Offers | Up to 5 offers |
Customer Service | Phone, email. Lending Tree provides contact information to each lender. |
In Our View
LendingTree auto loans is an excellent resource and will save you a time and money. Trustpilot had 6,007 reviews showing LendingTree having a 5/5 excellent review. Consumer Affairs listed them as a 2.5/5 fair rating with 138 reviews in the last year.
The main complaints with Consumer Affairs were that LendingTree loan providers were completing a hard inquiry without their permission and that this was affecting their credit score.
TransUnion Credit says that auto loan inquiries made over a short time period, such as 45 days, to be one credit inquiry for credit scoring purposes. That means that if you’re searching for a car loan, bunching your hard inquiries into a short window of time may not have much of an effect, if any at all, on your credit score. We have included this reference for you below with TransUnion.
Many consumers were complaining that they were harassed by multiple lenders and this was consistent with all reviews.
Contact
Customer Service 1-800-813-4620
Hours
Monday-Thursday
- 8 a:m: - 9 p:m: EST
Friday
- 8 a:m: - 8 p:m: EST
Saturday
- 10 a:m: - 7 p:m: EST
Write
LendingTree, LLC
11115 Rushmore Drive
Charlotte, NC 28277
- Difference between a hard and soft inquiry - Difference between a hard and soft inquiry acquired July 2018
- BBB - Better Business Bureau - BBB - Better Business Bureau
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