LendingTree Auto Loans Review: Features, Prices, and More!
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The LendingTree, LLC was founded by Douglas Lebda in 1997. The company later went national in the following year. Their main mission is to match customers who are looking for loans with banks and lenders. When you are searching for the best rates for an auto loan, LendingTree provides a distinctive experience because they show you offers from their network of more than 300 banks and loan lenders. This allows them to offer their customers multiple competitive LendingTree auto loan rates that are easy to compare with one another. Read our LendingTree full review to find out all that LendingTree has to offer you.
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Quick Stats
LendingTree at a Glance
Founded and launched in 1997, LendingTree is an online loan vendor for various financial services, including auto loans, small business loans, personal loans, credit cards, and more. The company is accredited by the Better Business Bureau (BBB) and rated with an A+. They also offer comparison shopping services for autos and educational programs.
LendingTree is not a direct loan provider company, rather, it connects customers with various trusted loan providers. With their advanced, and well-informed platform, you can shop around for all types of loans, including auto loans, and enjoy access to a number of features that are not available on other loan marketplaces. The platform is more assertive than a standard price comparison site, promising to get you connected to the right loans for you in as fast as one day.
If you are still not sure where to start on the LendingTree website and how you can get a loan provider to connect with you there, this review aims to help you better understand how the LendingTree auto loan process works, what benefits you can get, and where to start exactly.
How Do Auto Loans Work with LendingTree?
Because LendingTree is not a traditional bank or lender, it rather connects you with auto loan lenders that offer the lowest rates and simplest terms on the market. But how does LendingTree do that?
The company achieves this by collecting the best available value loan offers from various auto loan lenders and then presenting them to you based on your loan requirements. As mentioned above, since LendingTree isn’t a direct loan provider, the requirements to qualify for a loan, the loan amount you can have, the loan term, and the interest rate will differ between the different potential lenders that are offered to you.
What is even greater about LendingTree auto loans is that it does not offer one type of financing service. It rather offers all types of auto loans that you might need, including lease buyout, refinancing, new cars, used cars, and more. How will the process work?
1. Meet The Guidelines
The guidelines required to qualify for a LendingTree auto loan matching include being at least an 18 year old individual, a resident of the United States or Canada, and you are employed full-time or able to prove a guaranteed income of at least $1,000 a month.
2. The Type of Car You Are Buying
Next, you will need to figure out what type of financing you will need because it will be different if you are buying a new car or a used car, if you will be refinancing or looking for a lease buyout, etc. Once you figure out which option you are going for, you can take the next step.
3. Fill Out The Form
In this step, you will need to answer a few questions in an online form on the company's site so they can match you with an auto loan dealer or lender. It takes 3 minutes or less to fill out the aforementioned form to match you with one.
4. Prepare Your Paperwork
Since you do not yet know which lender or dealership you will be matched with, it’s best to be prepared. The following are some of the things the lenders might need:
- Banking History
- Proof Of Income
- Proof Of Identity
- Proof Of Insurance
- Proof Of Residency
- Information On the Vehicle You Want To Buy
- Vehicle Registration
Keep in mind that this is just a general list, the lenders could need more or less information, you just have to have at least the things above ready.
5. Apply for The Loan
Now that you are sure you meet the requirements, you have all your documents gathered, and you know what dealer you will be matched with, it is time to apply.
6. Pick The Best Offer
After you have chosen an offer, your loan can be deposited by a bank deposit, check, or certificate. You will have your funds ready as early as the next day.
LendingTree Auto Loan Options
Some of the options that LendingTree offers for auto loans include:
- Lease buyout
- Refinancing
- New cars
- Used cars
LendingTree can provide you with a loan with a term of one to six years, all depending on your loan needs. If you apply for a shorter-term loan, you will most likely get a lower interest rate but also have higher monthly payments. However, if you choose to get a longer-term loan, for example, one that is more than 5 years, your interest rate will naturally be higher with lower monthly payments.
Applying for a loan through the platform has the same process regardless of the type of loan you choose to get and it can be completed within minutes. The loan offers from different providers will be presented to you based on the information you have provided.
What Is the APR with LendingTree Auto?
The APR for a LendingTree car loan can vary from one lender to another. Some of the factors that determine APR include the type and term of the loan. For example, if you get a loan for a new car, it will typically have a lower APR than that of a used car.
You can get your loan for a new vehicle with an APR of 3.09%, while a used car loan’s APR usually starts somewhere around 3.99%.
The longer the term of the loan is, the higher the APR will be. Things like your credit score, monthly income, the type of car that you want, the lender, the state in which you live, and more factors will all affect the APR. If you have a credit score that is above 800, your chances of getting a favorable APR are much higher.
Who Should Apply For LendingTree Auto Loans?
The best thing about LendingTree Auto Loans is that they deal with multiple banks and loan lenders who offer different loans for all types of people that can get approved for a loan, including:
People Who Have Had Repossessions
If you own a vehicle that has been repossessed, you would know how inconvenient this is and how it will leave a negative mark on your credit report which, in turn, can hurt your credit score. However, by dealing with LendingTree, LLC, you can find a bank or a loan lender that is willing to work with you, even if you had a car repossessed before.
A person with Bankruptcies
People who have faced bankruptcy before are probably familiar with how often their loan requests get rejected and declined. However, bankruptcy should not mean that you can’t purchase a car when you need to.
The good thing about the LendingTree LLC network is that they are one of the few companies that will be able to connect you with a lender that will be best for your needs.
Someone with No Credit History
Having no credit means you have not had the chance to establish your credit yet. It does not mean you have a bad credit score. However, it is hard for loan lenders to make a well-informed decision, as you haven’t proved whether you will treat your credit good or not. The LendingTree car financing option offers plenty of banks and loan lenders that will be happy to help you.
People with Little Credit History
If you don’t have long credit history and you are worried you might not be accepted for a loan, worry not. This is because you can still get covered for an auto loan with LendingTree. Your score could be in the mid to high 500s or low 600s but that does not mean that you have bad credit. Instead, it simply means that you did not have a chance or take the time to build your credit yet.
LendingTree, LLC has plenty of loan lenders that will assist you in getting an auto loan to buy a car.
People with Bad Credit
If your credit score is bad, you have most probably been told that it is not possible for you to find a provider willing to give you an auto loan. However, you should not worry any longer because LendingTree works with a wide network of lenders who will be provided to you based on your credit profile. This includes people with bad credit. You can even get matched if your credit score is as low as 500.
People with Good Credit
If you have good credit then you have a privilege over those who have bad credit scores. With LendingTree, you will find the best rates that bank and loan lenders have to offer.
LendingTree Customer Service
LendingTree provides its customers with the best service possible for their convenience. They offer various customer support options, including phone, online tickets, and FAQs. You can reach out to the LendingTree customer support team by calling them at
LendingTree, LLC
1415 Vantage Park Drive
Suite 700
Charlotte, NC 28203
Final Words
LendingTree is not a direct auto loan provider. It is rather a financing company that connects you with various loan lenders of all types including auto loan lenders. The great thing about LendingTree is that it accepts all types of applications. It connects people with good credit, bad credit, little credit, bankruptcy, etc. with different loan providers that will offer customers terms that will be convenient for their situation.
LendingTree provides its customers with the best service possible for their convenience. They offer various customer support options, including phone, online tickets, and FAQs. You can reach out to the LendingTree customer support team by calling them at