Online lending exchange LendingTree (NASDAQ: TREE) announced on Friday it is launching an indirect auto lending platform. LendingTree revealed that the platform, which is created with Westlake Financial, will enable consumers to shop and compare pre-qualified indirect auto loan rates on the LendingTree website.
“For over 10 years, LendingTree has helped millions of consumers shop for auto loans with direct lenders like CapitalOne and LightStream. Through completed integrations with both RouteOne and DealerTrack, leading F&I services platforms connecting thousands of car dealers and finance sources, LendingTree is now positioned to empower consumers with instant finance offers that are fully transactable at the dealership.”
Speaking about the new platform, Mike Funderburk, General Manager, Auto Loans at LendingTree, stated:
“Empowering our consumers with high quality transactable loan offers that can save them significant time at the dealership will be a meaningful shift in the consumer experience that will benefit everyone involved.”
Ian Anderson, Group President of Westlake Technology Holdings, added:
“The importance of providing customers with a streamlined online car buying process was highlighted all throughout 2020. I’m confident that this partnership will allow both parties to make an even bigger impact within the automotive industry, all while improving the car shopping experience for consumers,”