Purchasing a car today has changed significantly with consumers being able to find loan offers in minutes from companies like Lending Tree. Gone are the days where you have to do all of the legwork to find a loan, go through the complicated process of applying one, and later finding out you are paying way too much in interest.
Technology has given consumers who are looking to comparison shop a hassle free way of getting a loan. From a centralized location you can receive multiple offers by filling out one simple form. Lending Tree has been a pioneer in the business by creating an online marketplace that conveniently connecting lenders and borrowers.
How Does Lending Tree Work?
Lending tree is an online platform with a large network of national and local financial institutions that offer consumers a way to shop for a variety of loans. Since 1998 they have offered comparison shopping services for autos, and brokered millions of home and auto loans, personal loans, business loans, credit loans and even student loans.
Lending Tree’s main goal has been to empower consumers by giving them options, convenience, and value. Instead of you having to go find loans, financial institutions come straight to you, competing for your business.
Should you use Lending Tree? The Benefits
Lending Tree auto loans makes the process of getting a car loan considerably easier. The site provides a comparison of different lenders that are willing to offer you a loan, all in one convenient location.
This eliminates the need to visit different websites, go to different banks and car dealerships to find and compare the best auto loan rates. Instead, Lending Tree brings lenders to you with a customized loan offer based on your request. Lending Tree helps you quickly compare auto loan rates from multiple lenders. Lending Tree’s tool is easy to use and best of all free.
If you have a bad credit history
Your credit score is one of the most financial numbers in your life.
Having a bad credit score will not necessarily disqualify you for any loans, but it will determine what your interest rate will be, how much you can qualify for, and what your down payment will be.
If your credit score isn’t where you want to be, you may want to wait to increase your credit score and then purchase a car. A large part of your credit score is based on having a low debt-to-equity ratio and on making payments on time, so don’t be late!
While many financial institutions may not lend to those with bad credit, one of the benefits of Lending Tree is that it can connect them with a lender willing to loan money. If you need a vehicle, then it may make sense to purchase a less expensive vehicle so your monthly payments are reasonable. Then you can refinance when your score improves.
Saving You Money and Time
Getting an auto loan on Lending Tree can help you get the best possible rates. An interest rate with a difference of even 0.25% can be a difference of hundreds to thousands of dollars over the course of a loan. Thankfully you can find these savings at one convenient site.
Lending Tree also can help you get pre-approved for an auto loan. helping you negotiate a better car deal, helping you figure out how much you can afford before car shopping, and helping you get the best rate. Being pre-approved with a loan brokered by Lending Tree makes it easier to shop around since you aren’t tied to a certain dealer or institution. This gives you more options and leverage to make sure you also get the best price on the car you want!