Company Profile
Lending Tree was founded back in 1996 with the goal of helping people find the loans they need at reasonable rates. They have over $50 Billion in loans served, and over 100 million customers! In the decades since their founding they have run regular major advertising campaigns, which has helped to boost their name recognition significantly.
As one of the largest lender networks in the United States, it is no surprise that they are the name most people think of when discussing this type of loan. This company does not, however, issue any of their own loans, so make sure you keep that in mind if you are using their service. Instead, they get lenders to ‘compete for your loan,’ with the goal of getting you the best rates on the exact type of loan you need.
Services and Features
There is a lot to like about Lending Tree and all their great services and features. They are one of the most popular options because they work with more than 400 separate lenders, which helps to maximize your chances of getting approved. You won’t have to waste your time wondering if you are going to be able to get the loan you need either. They make the application process very quick, and most people will get a preapproval without even having to wait for a response from an actual lender.
You’ll also find that they have a lot of ‘extra’ services for your convenience. Things like a repayment calculator so you can determine how much your payment will be, and the total cost of the loan. They also publish helpful articles and tools to ensure you are as educated as possible about the auto loan process.
Application Process
Applying for a loan really couldn’t be made any easier. They have one main form that you fill out, which is then used to preapprove most customers. This will allow you to know whether you will be getting a loan before your information is ever even passed along to the actual lenders. Most people will be able to complete the initial application in less than five minutes.
In order to apply you will need to be at least 18 years old, be a US citizen or permanent resident, have an active bank account, and be able to show that you have a stable source of income. They will also do a credit check and do want your score to be at least a 350. Once you’ve completed the full application process, you should get offers from lenders within 1-3 business days so you can get your new vehicle right away.
Loan Types and Terms
Lending Tree can help you get an auto loan for just about any purpose. Their main option is going to be for buying a new vehicle. You can, however, also use their services to get a loan for a used vehicle, to refinance an existing vehicle, and even lease buyouts. If you’re interested, you can even use Lending Tree to get a loan for an RV or motorcycle!
Repayment Options
When you use Lending Tree to get an auto loan you will be matched up with multiple different lenders. The specific repayment options that you have available will depend on the lender who you choose to work with. In most cases you will have options to repay your loan in 12 months, 24 months, 36 months, 48 months, 60 months, or 72 months. These are all the standard options for lenders, and the specific ones that are available to you will depend largely on how much you are borrowing, your credit, and other factors.
Customer Support
The customer care team at Lending Tree is extremely helpful, and they seem to really understand their industry quite well. Just remember, they are there to support the Lending Tree platform, not answer questions about the actual loan you receive, which would be through a third-party lender.
You can get in touch with the customer care team Monday – Thursday, 8AM-9PM EST, Friday 8AM-8PM EST, and Saturday 10AM-7PM EST. Contacting them is quite easy via their toll-free number, 1-800-813-4620. You can also use their online help form, which they review and respond to quickly. If you need to send them something via the mail, their address is:
Lending Tree, LLC
11115 Rushmore Drive
Charlotte, NC 28277
Summary
If you are looking to get a loan for your next vehicle, Lending Tree is an excellent place to start for getting your financing. They have been in business for decades and have a great reputation for helping people with all types of credit scores. While they don’t do their own lending, they are able to get just about everyone approved quickly and easily. Almost as importantly, they want to make sure their customers understand what they are doing, which is why they provide so many informational articles, helpful tools, and other resources.