Lendingtree.com saved us a BUNDLE!!
Written: Apr 14 '00
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Pros: Easy to use, FAST response time
Cons: none
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| Rose66's Full Review: LendingTree |
We saved $936.00 in interest over the life of our new auto loan by using Lendingtree.com!
WHAT IT IS
Lendingtree.com is a free online service which can be used to apply for and acquire a loan or line of credit. All the customer needs to do is fill out Lendingtree.com’s secure online application. The application is not very different than those found in many banks and credit unions. Within 24 hours the customer is given up to four offers from four different financial institutions with no obligation to accept any of them.
WHAT IT OFFERS
Lendingtree.com offers a variety of services related to borrowing money. There is a Loan
Resource Center that is a wealth of information on the basics of borrowing money, debt consolidation, figuring out how much money a person can comfortably borrow and a Frequently Asked Questions section. This can be VERY helpful for anyone on a tight budget! There are also online loan “calculators” to use that can assist the customer in finding out approximately how much the payments would be if they were to get a loan or line of credit. (I found this one to be indispensable!) The “calculators” are available for each type of loan offered by Lendingtree.com.
These are the types of loans and lines of credit that can be applied for through Lendingtree.com:
Mortgage
Refinance
Home Equity
Auto Loan (new and used)
Personal Loan
Credit Card
Debt Consolidation
Small Business
HOW IT WORKS
Once the secure online application is completely filled out and submitted, the customer will have 4 different offers e-mailed to them within 24 hours. As I mentioned above, there is no obligation to accept any one of the offers if they are not found to be acceptable. If all four offers are not acceptable to the customer, the customer simply needs to click on the “decline offer” button for each offer. On the other hand, if one of the offers is acceptable, the customer then needs to click on the “accept offer” button for that particular offer, click “decline offer” for the other three, and the customer will be contacted by that financial institution very quickly. It is as easy as that!
MY EXPERIENCE WITH LENDINGTREE.COM
I had decided back in February to surprise my husband with a new Jeep Wrangler for his 40th birthday on April 13th. We are like many folks in this country and cannot afford to pay cash out of hand for a vehicle so I went in search of a new car loan in the amount of $22,000.00. This allowed me to put all the cost of the vehicle into the loan and have no down payment. I did my homework and checked with many of the local banks in our city and found that the going rate for a 5 or 6 year loan of that amount was in the area of 8.9% or higher. Well, I am a savvy person when it comes to money and have seen advertisements for a certain financial institution advertising a much lower rate online so I checked their website. It was over a full percent lower than the local rates, so I decided to give Lendingtree.com a try since I had heard of them recently.
In the process of filling out their online application I was needed by my children so had to use Lendingtree.com’s handy save feature. I was given a number to use so that I could access my application again when I found time to finish it and had no trouble getting my application back up online to finish it the next day. Once I had filled it all out and clicked on the button to send it, I had an e-mail from them almost immediately. Within an hour I received another e-mail telling me that two financial institutions had already approved my application and given me an offer. In less than 24 hours I had all four offers sitting in the
In-box of my e-mail program waiting for me to make a decision.
The four offers were quite varied in their interest rates and one even offered me a higher loan amount than I had applied for! I was offered a low of 7.99% up to a high of 9.19% and two rates in between. Before I accepted an offer, I used the handy online payment "calculator" and plugged in the price of the vehicle, interest rate and length of the loan. This gave me an approximate figure of what I could expect my monthly payments to be and it fell within the amount that our budget could handle comfortably. Once I accepted an offer and clicked "decline offer" for the other three, I was contacted that same day by phone and the details were ironed out easily.
MY FEELINGS ABOUT LENDINGTREE.COM
After using Lendingtree.com to apply for and accept a new car loan, I felt like I had gotten a great deal! I found it easy to use even though the loan application itself was tedious. (However, it was no more tedious than if I had done this at my own financial institution on paper.) I was able to finish the application at my leisure, in the privacy and comfort of my own home. I was given not one, but FOUR offers for my business and it was great to have Lendingtree.com do the legwork for me. Now I have a loan all ready, my husband’s birthday Jeep is being custom made and will be delivered soon, and he now has a renewed respect for my love and adoration of him! What more can a wife (or her lucky husband!) ask for?
Recommended:
Yes
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Epinions.com ID:
Rose66
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Member: Tina
Location: Idaho
Reviews written: 52
Trusted by: 21 members
About Me:
I like to find high quality merchandise for the best price when I am shopping.
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