Car Loans 101 - How to Get the Best Deal - OpenRoad Lending

Car Loans 101 – How to Get the Best Deal

Buying a car is never something we want to jump into without giving it considerable thought. Financing on the other hand is something many of us take for granted but should be something we give the same amount of time too when doing our research. There are so many finance options available to consumers today; you owe it to yourself to spend a little time finding the right solution for you.

Most of us get car loan financing the traditional way, at the dealership. There are some pros and cons to this approach however, the internet has made getting a car loan easier than ever before and gives the consumer much more control over the process. Not only are you more in control over you financing options, but you now can negotiate with the dealer as a “cash buyer” since your financing is already taken care of before you step foot into a dealership.

Part of the online car loan process is very similar to what you would experience in the dealership. You complete a car loan application, it is reviewed by a lender and you find out all about the terms and conditions of your loan. Where the internet option differs is you are in direct communication with the lender, not dealing though a “middle man” at the dealership. The dealership traditionally “marks up” the rate from the lender to you. That is one of the areas where a dealer makes money off of the car sale. Going online and dealing directly with the lender allows you to get “wholesale” prices without them being marked up.

The other glaring difference is the safety of your private personal data. Instead of completing an application with a salesperson of the dealership and that application with your information on it floating around from desk to desk where anyone can see it, you complete an application online and it is housed directly with the lender. This reduces the possibility of identity theft with your information falling into the wrong hands.

These are just a few of the benefits to going online for your car loan needs. There are many resources out there for you to find the best deal. Some sights even offer negotiation tips, a car loan calculator to help you budget and other useful information to help you make a more informed decision. You can find all of these along with a safe and secure car loan application at OpenRoad Lending.