Shopping for an online auto loan is as easy as sitting down at your computer and putting the words “auto loan” in the search engine. You can do this two different ways, either by dealing with a particular make of vehicle or by just shopping for the money to see what you can be approved for.
If you choose to shop by make, you can go directly to the manufacturers website, build our vehicle or choose a standard model. Once you have decided on what the particulars are, go the financing section and complete the online application. You can build and pay for your new vehicle online. If you are choosing a used model from the dealership, you can access the financing options much the same way. You will have many more financing options on a new vehicle versus a used one.
If you have not decided what type of vehicle you want to purchase and just want to see the money amount you can be approved for, you can do the general search. Once you plug in “auto loan” in the search engine, your choices will appear. Just complete the application and the website will give you your pre approved amount.
You can also let an application hunter do the work for you. These are third party individuals that allow you to complete the application on their website and search for the best rates for you, often times they will bring you back a few choices for your review.
All three of these options are at no cost to you and allow you to make informed choices from the comfort of your own home.
1) Being pre approved is like walking into a dealership with cash in hand, you can negotiate the price and try to get a better deal.
2) The dealerships that offer financing may try to beat your rate, you may end up leaving the dealership in better shape than when you walked in.
3) You can shop around, you are not obligated to a particular make or model, you can have more freedom in your purchase.
1) Much of the human element is taking out of the picture, most of the time with these types of loans the only human contact is through the verification of information process and this is all done over the phone and through a fax line. There is only a virtual hand shake to seal the deal.
2) If you are shopping for a used vehicle, your choices will be limited, these companies will dictate to you that the mileage and the year need to according to their books. They will make sure that the vehicle meets the specifications that they are willing to do the loan for.
Since there is no human contact, you must do your research and make sure that you are dealing with a company with a good reputation. Check them out with available resources like the Better Business Bureau. Read the fine print of the contract, once it is signed there is no going back.
Online loans are becoming a popular product, more and more companies have this option available to their potential customers. You will be in legal contract with this company for at least years, get to know who you are dealing with before you take the virtual handshake and seal the deal.