When getting your next auto loan, there are several things to consider to make sure you are getting the best deal. Whether you apply directly with the dealer selling you the vehicle or with an online lender, these FAQ’s should eliminate all of the confusion from the process. Here are some things to ask yourself before you apply for your next loan:
• Should I apply with the Dealership or with an Online Lender? Many consumers are looking online to secure their next car loan. Not only are they usually able to get better terms on the loan than they would get from a dealer, but they are able to keep their personal data private. When you complete an application for a loan at a dealership that information on your credit application floats around from desk to desk putting you at risk of identity theft.
• How much should I apply for? You should apply for an amount greater than what you think you will need in order to give yourself some flexibility. If you get your next auto loan from an online lender, you can include the sales price of your vehicle, any taxes, licensing, registration, credit insurance, extended warranty/service contracts, and any other fees less the value of your trade in and/or down payment.
• Are there any hidden fees to the Borrower? If you choose to go online, you have the flexibility to apply and upon approval, receive a free, no-obligation quote so you can choose the auto loan that is right for you.
• How soon after approval can I get my car? With many online lenders, you will receive a loan decision almost immediately. That means you can purchase your vehicle in most cases that very same day.
• Are there vehicle limitations? Most lenders have limitations to the type of collateral you can buy. Nearly all will limit the age of the vehicle and the mileage they will finance. Be sure to check online with your lender for specific details.
• How long is my online approval good for? With most online lenders, your approval is good for 30 days. That means you have the luxury to shop and find the best price on your next vehicle.
There are many things to consider when deciding on your next auto loan. You can find more frequently asked questions and apply for an online car loan at OpenRoad Lending.