Lending Tree...a bit disappointing
Written: May 27 '00
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Pros: They can find you a loan
Cons: Slow response time, not as many offers as suggested
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| merlot's Full Review: LendingTree |
I am a sucker for advertising, if I see a good advertisement on TV I definitely check out the product. So, when I saw those cute advertisements about Lendingtree.com I filed it in the back of my mind in case I ever needed a loan.
Then a few months later, after seeing their commercial several more times, my husband and I purchased a car and did not want to do the financing through the auto place. We thought we could find a better rate on our own. Well, our credit union couldn't get us a better rate so I suggested Lending Tree.com to my husband. I explained to him the commercial.
According to the commercial you submit your information to Lending Tree and then they go out and find companies that will loan you money and have them contact you with their best rate/offer. According to the commercial you can get up to 4 different offers. Can Get is the key phrase here!
My husband and I have very good credit, no balances on the credit cards, we pay our bills and our mortgage on time so I fully expected to get 4 offers. Imagine my surprise the next morning when I found in my email ONE offer. That is right ONE! I was a little surprised, I mean I would gladly loan myself money, LOL!
Well, the rate was a little better and we decided to go with this lender. Lending Tree says that you will be contacted within 24 hours if you accept the offer. Well, 48 hours later we still had not been contacted. Now, if you have ever purchased a car before and told them you wanted to get your own financing then you know that they only give you a short window of time to do that, for obvious reasons. So, time was of the essence here.
So, since we had not heard back from the lender we contacted Lending Tree and let them know. By the end of the day we then heard directly from the lender. It was then going to take them a few days to get us a check, so we decided to just stick with the financing from the dealer (the rate from the Lending Tree company wasn't that much better).
Had we gotten the fast reply from the Lending Tree lender, as stated on their site, we definitely would have went with their lender, we simply ran out of time.
The disappointing thing for me is that the commercials state that they get you up to 4 offers so you actually have banks competing with each other for your business. I was disappointed to only receive the one quote.
There is a rather lengthy application process at Lending Tree, and you do have to give out a wealth of personal information. The site is encrypted and supposedly safe, but if you have any doubts at all about submitting personal information over the internet, then Lending Tree is most definitely not for you.
I think I would have been more impressed with Lending Tree if their response time had been faster, although I am not sure if that was the fault of the lender or Lending Tree. I also would have liked more offers. All in all Lending Tree is a pretty good service. Once you get the form filled out they do the majority of the grunt work which is nice.
Recommended:
Yes
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Epinions.com ID:
merlot
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Location: Californina
Reviews written: 295
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