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    About Me

    I'm David Weliver, a former writer for SmartMoney Magazine and an average 27-year old trying to get my own finances in order.

    • Online Car Loans Compared: Get Approved Before You Shop

    June 28th, 2008 EST

    Buying a car with cash is stressful enough; finding the right auto loan is even harder. In my car shopping tips from an ex-car salesman, I recommend getting a pre-approved car loan online before heading to the dealership (even with bad credit). Here’s how, plus reviews of online car loan sites.

    Why get a pre-approved car loan online?

    Auto dealers profit on customer ignorance. Walk into a car dealership not knowing you can negotiate and buy a new car at sticker, the dealer makes several thousand dollars. Take a car loan without knowing your credit score and current loan rates, the dealer makes several thousand more dollars! And who paid him? You did!

    These two simple steps will save you thousands on your next car loan:

    How to get a pre-approved car loan online

    Most sites offering online car loans allow you to apply for car loans for free and with no obligation. Lenders securely collect loan application information online, including the price range of the vehicle you want, and return a decision and loan terms within a few hours.

    If you like the loan, the lender overnights you a check you use to purchase your car. Though your blank check is in hand, your loan is not originated until you use the check. You can use the loan to bargain with dealers, who may beat the online lender’s rate. Decided on dealer financing? Just toss the loan check and drive away.

    Pre-approved online car loans compared

    For borrowers with good, average, even bad credit, DriverLoans provides an easy application, fast decisions, and great support for its loans. Apply now »

    RoadLoans is our second top pick. RoadLoans approves most applicants and gets you your loan check in as little as 48 hours and provides top-notch customer service via email and phone along the way. Apply now »

    For borrowers with poor credit, HaborLoans can provide financing as long as you make $1,500 a month and have been at your job for one year or more. Apply now »

    The Car Loan Center accepts applicants of any credit status, features a 60-second application, and pairs you up with the best auto loan option for your situation. Apply now »

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