With many consumers out of work, it is no wonder why lenders have tightened up the purse strings on making loans. Consumers that could qualify before for auto financing are now being turned away from conventional lenders. Many are reverting to the internet for research and auto finance options. Online lenders offer a variety of loan options including products allowing you to purchase a new or used vehicle from a dealership and refinance products giving you the opportunity to refinance an existing loan and in many cases, lowering your monthly payment.

Anyone who has purchased a car in the past knows the normal routine. You find a car you really want at a dealership. You complete an application with the salesperson. Then you get carted off to a finance office where the finance manager tells you what your interest rate and payment is, what type of down payment the lender wants and when your first payment is due. In many cases, all are not what you expected. Online car loans put you, the customer in control. From the time you complete a simple application to the time the lender approves you and gives you the funds to purchase a car is short and you are in control. Be aware of some online lenders that “force” you to go to a particular lender. Check around for an online that allows you to shop at whatever dealership you want.

If you have had some credit problems in the past, all is not lost and the internet is a good place for you as well. Even missing or being late on one payment has forced many consumers into a lower credit category with most lenders. One thing is for certain, you need to know how much you can afford and what you are willing to spend before you ever step foot in the dealership. If not, you will end up paying more than you want.

Here are a few things to consider when shopping online for a car loan:

Research: Make sure you do your homework. Many online companies look like they can help but make sure you choose an online company that is an actual lender. An easy way to figure this out is if they have the word “lender” or “lending” in their name. You want to deal directly with the lender so you cut out the “middle man” getting you a better deal.

Options: Make sure you deal with a lender that gives you options. Whether that means you can be flexible on the terms (how long you finance it) or you have control on where you can purchase your vehicle, these are all important pieces and ones you will want to control.

Control: Going online and finding your auto loan puts you, the consumer, in control of the car buying process. Financing a vehicle is the second largest finance transaction most of us will conduct (behind only our house) so you owe it to yourself to find the best deal possible.

The internet is a great way to find affordable car loans and gives the consumer total control of the finance process. To find out more information about online auto loans, visit OpenRoad Lending.