Established Member
davefromca
Posts: 13
Registered: ‎10-22-2012
Lending tree, cars direct....should I let these guys find my auto loan for me?

I read some of the older posts and people seem kind of iffy on these websites but it seems to me like its the best option for anyone. I mean, they do all the work for you right? All you have to do is click the best offer. + You only have one pull on your credit and you get multiple offers. Just wanted to know if there are any draw backs to this to using a "broker" like this. 

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
Re: Lending tree, cars direct....should I let these guys find my auto loan for me?

Last time I did it I got pulled more than once. But no big deal.

 

I did a loan with them before. pretty easy.

Moderator
Revelate
Posts: 9,735
Registered: ‎12-30-2011
Re: Lending tree, cars direct....should I let these guys find my auto loan for me?
[ Edited ]

LIkely going to get more than one pull anyway when loan shopping, doesn't matter for auto / mortgage loans anyway if done all within a short-period, and when I tried lending tree they were clustered together very neatly.

 

Personally I think it's a good solution if someone has sub-optimal credit for whatever reason: you get a good distribution of lenders and ones you might not otherwise find anyway (someone found a one-off CU with a fantastic rate through them as reported here), and they were even able to find a loan for me which was pretty close to what I actually wound up with regardless given how ugly my file was a year ago.  

 

Edit: this is especially true if shopping for a used car I think almost regardless of credit strata, but usually the pretty report-wielding people already have good options.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
Re: Lending tree, cars direct....should I let these guys find my auto loan for me?

Good luck

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
Re: Lending tree, cars direct....should I let these guys find my auto loan for me?
I used lending tree and found the broker that finally got my mortgage to go through... local banks were failing because of my scenario with owning rental property...

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge