Are you tired of searching for reliable auto refinance lenders? Visiting multiple lenders to check out each of their offers can be a hassle. With a loan-matching platform like LendingTree auto refinance, that is a thing of the past!
LendingTree is an online marketplace for auto loans and auto refinance that networks with more than 300 refinance providers. LendingTree auto refinance allows you to compare multiple offers from lenders, and choose the plan that works best for you – all through a fully online process!
In this LendingTree auto refinance review, the Refinance Team at Way.com explores the exceptional features, eligibility requirements, and teething troubles customers have faced. With a comprehensive review, you can make a better decision when refinancing your auto loan!
Auto refinancing is the process of taking on a new loan with better terms and conditions that pays off the current, existing loan. Borrowers usually refinance car loans when they improve their credit score, want lower monthly payments, or want lower interest rates.
With LendingTree auto refinance, you get access to multiple refinancing offers from established and regional providers, on one platform. You can use a soft credit check to see which ones you pre-qualify for, and even apply for auto refinance through their handy app!
Here’s a quick rundown of the pros and cons of LendingTree auto refinance.
|Uses a soft credit pull to pre-approve you for LendingTree auto refinance.||Refinance rates offered will depend on the lender|
|Borrowers with no credit history can also apply, and build their credit score easily||Social Security Number may be needed for pre-approval|
|Allows borrowers previous bankruptcies, repossessions, and poor credit (as low as 500)||Some lenders may ask for down payments|
|No origination fees||Certain lenders charge a prepayment penalty|
|Can refinance new and used vehicles as well as lease buyouts||Your personal data may be shared with other lenders in the LendingTree network|
|100% online application (can also apply through the app)|
|Available in all 50 states|
*As of January 2022
LendingTree Auto refinance rates are a good bet for customers who:
Here’s a detailed look at some of the features of LendingTree Auto refinance.
Before applying for LendingTree auto refinance, check the table below to see if you meet all the requirements.
|Minimum Age||18 and above|
|LendingTree auto refinance credit Score Range||Depends on the lender (poor credit allowed)|
|Minimum Annual Income||Variable (at least $1000 per month)|
|State restrictions||Available in all states within the lender network|
|Bankruptcy restrictions||Borrowers with previous bankruptcies allowed|
U.S. Permanent Resident
|Documents Required for verification
Proof of residence
*As of January 2022
Using an online rate calculator will help you understand how much you’ll save by refinancing the existing auto loan. Head to the LendingTree website, input your desired rates, and find out what monthly payments you are comfortable with.
You can also change the loan term to lower the monthly payments. However, take care not to choose too long a term, as you could end up upside-down on your loan – paying more in interest charges.
To view the offers you pre-qualify for, you’ll be asked to input your personal details like:
This will initiate a soft credit inquiry and LendingTree will show you all the lenders who can make you an offer. Compare the different rates and monthly payments to see which one fits your budget.
Once you choose the offer you like, you will have to submit further income proof and other details. Remember that this will also result in a hard credit inquiry. The final offer may not be exactly similar to the one you pre-qualified for. However, as long as you have entered all details truthfully, you will receive a fair offer.
LendingTree has a Better Business Bureau (BBB) rating of A-, indicating good reviews from customers. It’s an excellent option for people looking to build their credit history or re-start their payment history after a financial issue. The soft credit inquiry and pre-approval process is lenient towards borrowers with repossessed assets and bankruptcies, and considers folks with credit scores as low as 500. If you have a good credit score, you get to choose from the best refinancers on the platform.
The only complaint is that you may be frequently spammed by other lenders wanting your business – but that can easily be avoided.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
For any queries, reach out to the LendingTree auto refinance customer support team at 800-813-4620.
Some lenders on the LendingTree platform do cover cash-out refinancing. However, always check the offer to see if that is an option.
While most refinance providers on LendingTree offer fixed APRs for car refinancing, there are a few that offer variable APRs.
No, LendingTree does not charge origination fees to process your refinancing offer.