LendingTree Auto Refinance Review 2023

LendingTree Auto Refinance Review – Introduction

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!

Pros and Cons of LendingTree Auto Refinance: A Snapshot

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.

*As of January 2022

LendingTree Auto refinance rates are a good bet for customers who:

• Want to compare multiple offers and choose
• Prefer a 100% online application process
• Want to build a good credit history from scratch
• Have had bankruptcies and repossessions and want accessible refinance

Unique features of LendingTree Auto Refinance

Here’s a detailed look at some of the features of LendingTree Auto refinance.

• LendingTree auto refinance credit score: You can apply for refinance with LendingTree with poor credit or even with no credit history. This allows unlucky borrowers to rebuild their credit score. Of course, if you have a good score, you can get better APRs.
• LendingTree auto refinance pre-approval: You can find out what offers you pre-qualify for by making a quick soft credit inquiry. However, this data may be shared with lenders.
• Varying loan terms: LendingTree auto refinance offers multiple loan terms based on your need, ranging from 12-84 months.
• APR Range: LendingTree refinance rates start from a minimum of 2.9% to as high as 24%.
• No origination fees: LendingTree does not charge a fee for processing the initial application.
• Loan amounts: The maximum and minimum loan amounts differ based on the lenders that offer you rates. You can get as low as $5000 and as high as $100,000.
• Hardship Plans and bi-weekly payments: For borrowers with poor credit and unstable income, some lenders offer hardship plans with staggered payment options.

LendingTree Auto refinance requirements

Before applying for LendingTree auto refinance, check the table below to see if you meet all the requirements.

*As of January 2022

• The Military Lending Act will apply to all auto refinance offers made to serving military personnel. You could get preferential LendingTree Auto refinance rates and other discounts.
• Some lenders in the LendingTree auto refinance network also offer cash-out refinancing, which lets you borrow a cash amount based on the current resale value of the vehicle.

How to apply forLendingTree auto refinance: Steps to follow

Step1: Use the Auto Refinance Calculator

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.

Step 2: Apply for LendingTree auto refinance pre-approval

To view the offers you pre-qualify for, you’ll be asked to input your personal details like:

• Date of birth
• Employment Status
• Current pre-tax income
• Bankruptcy history
• Mailing address
• Last 4 digits of SSN

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.

Step 3: Choose your offer and send in supporting documents

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 Auto Refinance Review: Conclusion

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.