- LendingTree lets you compare loan offers to get the best deal, much the same way you can compare flights before committing.
- Getting a better interest rate or lower fees can save you thousands of dollars over the life of a loan, so shopping around is important.
- With LendingTree, you can also compare offers on savings and IRA accounts, student and auto loans, CDs, and more.
- Get the best possible deal on a loan from LendingTree. Compare offers today »
I’m a savvy traveller, and I would never, ever book a flight without first comparing offers on sites that show deals from multiple airlines. When it comes to financial products, though, I rarely shop around.
That’s not because I don’t want a great deal, but rather because I find it overwhelming to speak with multiple lenders and try to sort through fees and rates to make the best choice. Unfortunately, that means I sometimes leave money on the table, or pay too much for a loan.
Consider earlier this year, when I was applying for a mortgage. The lender called to tell me that rates had dropped. To me, the rate drop seemed like an insignificant amount, until the lender told me it would cut my mortgage payment by $US50 each month and save me thousands of dollars over the life of my loan.
In that moment, I understood why it’s so important to shop around for financial products. With LendingTree, a comparison-shopping site for financial products, that process is a lot simpler.
How LendingTree works
LendingTree does a couple of things: First of all, it works with different lenders that compete to win your business. That means you get a great deal, since lenders want to knock out their competition.
You can also compare different offers on products such as credit cards, CDs, insurance, debt relief, and even savings and IRA accounts.
To shop for a loan, you start by answering a few questions on LendingTree’s site or through its app. Then, in just a few minutes, you’ll have multiple loan offers, which you can compare there and then. After comparing offers, you can move ahead online with the loan product that best fits your needs.
When you open your free LendingTree account, you’ll be prompted to set up a profile, which you can view on your dashboard.
You’ll be asked questions about your income, employment status, and veteran status in order to get a sense of your financial picture. You can also sign up to receive your credit score for free, which will give you access to even more tailored offers.
From there, you can apply for a variety of loans and products, including mortgages, vehicle loans, student loans, personal loans, insurance, and credit cards.
I’ve been in the market for a new (to me) car, so I used LendingTree to compare auto loan offers. I answered questions about my employment, the type of car I was looking for, and how much I wanted to put down.
Since I had authorised LendingTree to access my credit report (a soft pull), I was able to compare my current car payment (including rate, balance, and monthly payment) to the loans that I was able to access through Lending Tree.
The process of searching for a loan took less than five minutes. The only slightly complicated part was that I needed to have an idea of what type of car I’m interested in buying (new or used, from a dealer or private sale, etc.). I’ve decided that I’m not quite ready to buy a car yet, but when I am, I know I can use LendingTree as a simple way to compare offers.
Financial resources by LendingTree
Shopping around is a smart financial move, but you have to know what you’re looking at in order to understand which offer is best for you. To help educate you about financial decisions, LendingTree has resources available to help you understand loan products.
For example, its payment calculator can help you figure out which loan amount is within your monthly budget.
If you’re shopping for a house, the calculator can guide you toward the price point that’s most affordable, and even help you decide whether renting or buying is the better financial move.
Using LendingTree to improve your credit score
After years of working to improve my credit score, I’m finally in the 700s. That makes life so much easier – I know that if I need financing, I’ll be able to get it without having to explain myself or pay a super high interest rate.
When I was working to improve my score, I scoured the internet for ways to boost it. So, I know firsthand how important a product like My LendingTree can be.
This portion of the site lets you monitor your credit score for free, without affecting your credit. It also gives you tips on how to improve your score so that you can get the best rate on loans.
For example, the site mentioned that my shorter credit history and percentage of credit used were pulling my score down, so I know those are areas to work on.
Some of us know exactly what we’re doing financially. But most of us can always use a bit of extra guidance. Using a service like LendingTree, which makes it easier to make smart financial decisions quickly, can help you make the most of your finances.
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