We all realize getting any kind of loan today is tough considering the economy. Lenders have tightened up their lending guidelines and if even if you could get approved today, you will probably pay more than you would have for an identical loan a year ago. Many consumers are looking online to find their next car loans because the process is easy and hassle free. Lenders are moving online to provide customers with a great loan experience without the cost of a traditional branch system.
With the credit crisis that exists today, if you have a credit score than is below 700, there is a good chance you will not be able to find traditional financing. Even with bad credit or a lower score, getting your next car loan online is right for you. Here are a few of the benefits:
Time Savings: when you choose to go online for your next car loan, you save a lot of time over the traditional way of financing. No longer to you have to sit around at the dealership waiting to see a finance manager to find out if you are approved, for how much and what your monthly payments will be. Now you can apply, get an approval and know exactly what you will be paying for the loan, before you ever step foot into the dealership.
Negotiation Power: one of the biggest reasons consumers are flocking to the web for their car loan needs is the tremendous negotiation power you gain by having your financing taken care of before buying your car. You are now looked at like a cash buyer in the dealers eyes giving you an advantage when its time to work on the price of that new or used car or truck.
Savings: by selecting an online lender to handle your car loan, you will save money. Many do not realize that a dealer makes most of their profit off of you financing with the dealership. They take the rate a lender feels you should be charged and mark that rate up to earn a “spread” on the finance charges. When selecting to go online, you pay wholesale prices because you are dealing directly with the lender.
Deciding to go online for your automotive finance needs is a smart choice. Not only is it a hassle free experience but one that will save you hundreds of dollars in the long run. Do some research and find the right lender for you – you will be glad you did. You can find out more information about car loans to purchase a vehicle from a dealership and refinance car loans online at OpenRoad Lending.