What is LendingTree's auto refinance service and how does it work?

LendingTree's auto refinance service is a platform that allows car owners to shop around for refinancing options for their existing auto loans. It aims to help customers find better interest rates or more favorable loan terms than they currently have. The process begins with the car owner filling out an online form on LendingTree's website, providing details about their vehicle, current loan, and personal information. LendingTree then uses this information to match the borrower with potential lenders from its network of partners. Borrowers can compare offers side by side, considering factors like lower monthly payments or shorter loan terms. Once they select a lender, the final steps involve completing a credit application, and if approved, the new lender pays off the original loan, effectively transferring the debt to the new lender under agreed-upon terms.