LendingTree Car Loans Review
LendingTree connects willing lenders to borrowers who need an auto loan for a purchase or refinance. The service is free, and loans range from $1,000 to $50,000. You’ll start getting matched with lenders within 24 hours after submitting the initial application.
Some of LendingTree’s participating lenders include: RefiJet, Capital One Auto Finance, iLendingDirect, AUTOPAY, Southeast Financial, and Gravity Lending.
LendingTree Loan Types and Terms
| Loan types | New car, used car, auto loan refinance |
| Loan amount | $1,000 to $100,000 |
| Repayment terms | 12 to 84 months |
| APR | 2.29%-3.44% |
| Minimum credit score | Varies by lender |
| Lender type | Marketplace lender |
Who is LendingTree Good For?
People who have good credit and want to quickly access multiple lenders to compare rates and terms
LendingTree Pros
- Fast funding for auto loans and auto refinance
- Easy to use platform makes the application process simple
- Competitive interest rates among a variety of reputable lenders
LendingTree Cons
- The car must be newer than 10 model years old and have mileage below 120,000 miles to be eligible for refinancing
- Current auto loans must have a minimum of 24 years left on the term and a balance of $5,000 to $55,000
- Applicants will receive marketing calls
Application Process
The initial application with LendingTree involves a soft pull of your credit. If you decide to accept a loan offer from a specific lender, that lender will conduct a hard pull of your credit to determine the exact amount they are willing to lend and your final interest rate. LendingTree requires that applicants:
- Are at least 18 years of age
- Are a US citizen or permanent resident
- Have good credit
The application requires your full legal name, date of birth, address, and the last four digits of your Social Security number. LendingTree also collects information about the loan purpose, your down payment amount, the amount of money you’d like to borrow, your estimated credit score, and other financial information.
You have 30 days from your application date to choose a lender and proceed with getting final loan approval. If you wait longer than 30 days, you’ll have to reapply through LendingTree.
After pre-approval, you can choose the lender with terms that work best for your situation. To get final approval for an auto loan or auto refinance with one of LendingTree’s partners, you’ll need a valid driver’s license, bank statements, proof of citizenship, employer contact information, full Social Security number, recent tax return, and information about the car you’ll finance, including the vehicle identification number (VIN).
Terms & Requirements
Car Loan Requirements
You must be at least 18 years old to apply for a loan through the LendingTree platform. LendingTree’s partners require borrowers to be U.S. citizens or have permanent residency. They must be able to show that they have a bank account and a steady source of income.
Credit score requirements vary according to the individual lender. In general, you’ll need good credit with a FICO credit score of 660 or higher to get access to multiple loan offers with LendingTree.
Car Loan Terms
Because Lending Tree is a marketplace, car loan terms depend on the individual lender. Borrowers with high credit scores will have access to the lowest interest rates.
Here are the lowest new car and used car interest rates offered by LendingTree’s partners:
- 36 months: 2.49% APR
- 48 months: 2.84% APR
- 60 months: 3.19%
- 72 months: 3.44%
LendingTree’s partners offered the following interest rates for refinanced auto loans for borrowers with credit scores above 720:
- 36 months: 1.49%
- 48 months: 2.24%
- 60 months: 2.24%
- 72 months: 2.99%
Your interest rate is based on your credit score.
Here are the average interest rates and credit scores of auto loan borrowers according to credit scores during the fourth quarter of 2020.
- FICO Score 781 – 850 Average APR 2.65% to 3.80%
- FICO Score 661 – 780 Average APR 3.69% to 5.59%
- FICO Score 601 -660 Average APR 6.64% – 10.13%
- FICO Score 501 – 600 Average APR 10.58% – 16.56%
- FICO Score 300 – 500 Average APR 14.20% – 20.3%
Repayment Terms
Some LendingTree partners offer new and used car loans with terms that stretch out to 72 months. It’s possible to get an auto loan with a term as short as 12 months with some lenders, as well.
Many lenders won’t provide loans with terms shorter than 24 or 36 months.
Privacy & Security
LendingTree has an A+ rating with the Better Business Bureau (BBB). Their privacy policy states that LendingTree and their lending partners may exchange your personal information and use it for marketing purposes in the future.
Complaints on the BBB website frequently mention that people who used LendingTree’s services received marketing calls, emails, and texts about various financial products after sharing their contact information with LendingTree.
Customer Support
You can contact LendingTree’s customer service department by phone at 1 (800) 813-4620 Monday through Thursday between 8 am and 9 pm eastern standard time (EST), Friday between 8 am and 8 pm EST, or Saturday between 10 am and 7 pm EST.
If you decide to get a loan through one of LendingTree’s partners, that entity will service your loan and help you with any problems or questions.
Final Thoughts
If you are car shopping but haven’t decided what to buy, getting preapproved for a loan is a smart move that could save you money. Car dealerships make money on loans that they initiate, but you don’t have to use the dealership’s finance department. A platform like LendingTree can help you find out how much money you can borrow and how much interest you may pay to access the funds.
LendingTree has a solid reputation as a marketplace with access to dozens of lenders. Using LendingTree could save you time; you’ll fill out just one application to access multiple lenders. No matter your credit situation, it’s crucial to shop around for a loan, and LendingTree’s platform allows you to learn more about how much it may cost you to get the car you want.
In addition to offering connections to lending partners, LendingTree has a number of financial tools to help you make smart moves with your money. Check out their auto refinance calculator to see if you could save money by refinancing your auto loan.
Address
1415 Vantage Park Drive, Suite 700
Charlotte, NC 28203
