Finding New Car Financing Online
The search for a new car can be exciting, particularly if you've never had one before. But it can also be a bit nerve-wracking as well, especially when it comes to getting financing for your new set of wheels.
Find the perfect auto loan online
Many auto loan companies are available online, and you can find some sites that will let you fill out several different applications at once and compare interest rates and other factors in order to find the loan that best suits your needs. You may be wondering if filling out a number of applications at once will negatively impact your credit rating. The answer to this is "no," as the major credit reporting companies claim that as long as all of the inquiries are concerning the same type of purchase (i.e., a new car), and all of them occur within a fourteen day time period, they will be grouped together and counted as one consolidated inquiry.
If you've got some black marks on your credit report, you'll do better looking for your vehicle financing online than going through the dealer. People with bad or no credit are often targeted by dealership financing to receive loans at a much higher interest rate and regrettable terms. You will also want to find a lender who will report to all three major credit bureaus so you can improve your credit score with each of them.
You can also find sites online that provide rate calculators in which you can enter different variables to compare interest rates, monthly payments, and other information. For instance, if you have some cash to use as a down payment or are wondering how a 36-month loan will affect your monthly payments as compared to a 48-month loan, these calculators will let you input that information and compare the various outcomes.
Applying for a new car loan online is stress-free
No endless paperwork to fill out. No car dealer breathing down your neck. No pressure. Take your time. You can even apply in your pajamas, and the lender will never know. Once you're approved, all you have to do is waltz into the dealership, loan approval in hand, and drive away in your new car. You avoid all the frustration of wrangling with the dealer's finance department.
When you apply online, you can usually fill out one simple form and get several different loan offers from just that one application. Fast, convenient, and easy. Financing your new car can be hassle-free!
Some new car financing websites also offer advice on improving your credit score, comparisons of popular vehicles that could help you save money, and links to other helpful websites. So instead of one lender wasting your time and making you feel inferior, you get fast, friendly assistance from any one of hundreds of online loan providers. You can compare companies, check their status with the Better Business Bureau, get all your questions answered at the click of a mouse, and you need never speak to an overbearing, snobby dealership finance representative.