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Quick question... What exactly does a Lending Tree mortgage specialist/broker do? Hoping for any answer. Second question.. A member on a bk board I post on suggested them. Sounds like something like lendingtree where they shop for a Lending Tree loan for you.. |
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Good question... I dunno what is the answer to that question. I'll do some poking around and get back to you if I find an anything. You should email the people at Lending Tree as they probably could assist you..
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Some people have said that they could not get the on-line places to approve a Lending Tree loan for a car but then when they went to the dealer they were approved. I know many people say you should have your financing in order before you go to the dealer but if you cannot get approved on-line then you may have better luck going through your local dealer..
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I disagree with not going to a dealer. I tried to get approved with Ford online and they declined me two times. I then went to a ford dealer with no past credit history over 7K and a 20K tax lein and left with a 32K Truck with nothing down and 5.9% 60 month loan. I also tried every possible web site and was declined because of the tax lain. Household approved me at 19% I then went to a Jeep dealer to get my wife a New Lierty and was going to use the Household but Chrysler gave me a Lease at 2.9% 36 month. The dealer has a lot more pull with thier finance companies then we do and they do whats called kissing the paper.
Rember car lots are having real hard times right now and will finance just about anyone at a better rate then Husehold offered. I would tell dealer that you already have an approval and want to see if they can beat it. Also thier are some great cash rebates going on... |
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I think if this thread gets enough "looks" you may find a wide Varity of answers regarding dealer financing or on-line financing or credit unions etc. I am interested to see what the CN have to say on this issue...
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Obviouslly if you cannot get approved anywhere else - then go to the dealer..
If you let the dealer handle the financing you have a 95% chance of getting screwed. Yea, the 0.9, or 2.9% rate they give is great, but they make up for it by controling the loan. They have very sneaky ways to get additional items in there, and then wear you out with 50 pages of Docs to sign (They call it fanning the loan) so you don't notice it... |
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Just another "trick" which I just tried. I think LK mentioned this one first.....
I was actually ready to go pick up my car today, Lending Tree loan in hand. I was waiting on the dealer to prep it, and planned to get it tonight.. Just for kicks, I decided to Dispute my bads (2 items) online with EQ - which is where most places seem to pull from for my state.. I then filled out an App on LendingTree.com. In less than 10 minutes I was offered a Lending Tree loan from one place that declined me before (last week), and a few others from new lenders. The best rate I now have is 3+% LOWER than the Lending Tree loan I was about to use (from 8.95 to 5.75)!!. Just an option for anyone who may have been denied a Lending Tree loan before.. I now have to wait another day to get the car, but I can handle that as I am saving $8k on the life of the loan! WooHoo!.. |
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Great job Vman you mind sharing your scores for the folks out there who might be looking to get a car loan..
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Is there really a way to avoid too many inquiries through this process?.
I guess I may just give these guys a try when I'm ready next year. I'll be paying my current balances down to lower percentage, letting them sit a bit and then applying.. Thanks for all the advice and the thread on sub prime loans! I bookmarked it this time! LOL!. Newstdt.. |
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My EQ, which is where I assume they pulled from - I'll verify tommorow - was in the 650 range for the past few days. It was at 685, but dropped for no valid reason (Before any of the Inqs hit)..
I will not know until tomorrow what my artificial (aka items in dispute) score is.. Oddly enough with all the Inqs I have, the score seems to be stable. All the Inqs have been for an auto loan, in a 14 day window... |
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Ok - Just got all the paperwork for for the loan. They actually FedEx'd it overnight - Sat delivery at no charge (Waived the $15 fee for me).
Anyway - looks like they pulled EX & EQ, which are at 670 and 680 now. EQ has 2 bads in dispute, EX is clean (Yay!). The blank check Lending Tree loan is good up to 49k with a max Monthly payment of $840. Max term is 72 months. Of course you can use less money and time to pay off the loan, you just fill in a form with the terms you want to take.. Hope this helps.. I think lendingtree is worth a look for anyone - They did get me the best rates, even if the did 'shotgun' my app and get a bunch of Inqs. However, Fico does not seem affected by the Inqs... |
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I am saving $8k on the life of the loan! WooHoo!.
\//\/\. Email on. ================. You could save a lot more than 8 grand!.. |
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Do you have to go to a certain dealer? Let us know how the transaction goes if you could! I'm interested to know how it's handled once you get to the dealership. Sorry to seem so ignorant, but this is new to me and I want to learn as much as I can!.
Thanks Vman!.. |
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The only req was to go to a franchised dealer (Honda, Chevy, Audi even Carmax etc) As long as it isn't "Big Bobs used car lot" I think you are ok. The Lending Tree loan is good for a new or used (less than 30k miles) car of most makes. I think kia and suziki were no-nos..
Got the car today. Transcation went flawless.. I used carsdirect.com to locate and price the vechicle for me. They save me $2k off the lowest price the dealer quoted me directly. This was a total of about 5k off the sticker price and $2,500 off "dealer invoice".. Once I got to the dealer I just filled out the blank check to fund the vechicle. Since all the online Lending Tree loan places assume you do not have an exact dealer or car picked out, they fund the Lending Tree loan via a "blank check" of Electronic funds.. The dealer has to send in some basic stuff like a buyers order, proof of insurance etc.. then they can deposit the check. As far as they are concerned, the check is a normal check - with verified funds.. I will now recieve a Lending Tree loan package in the mail in a few weeks with my payment book. The "blank check " program is very cool.. Hope this makes sense - been a long day here! If not just let me know... |
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Do you mind disclosing the lender that you used? I know you went through lendingtree.com, but what lender actually offered you this blank check loan?..
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