Online Car Loans Compared: Get Approved Before You Shop
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:
- Get your credit report and score (get it free now with Experian Credit Check Total
)
- Get a pre-approved car loan from an online site like MyAutoLoan Finder
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, MyAutoLoan Finder provides an easy application, fast decisions, and great support for its loans. Apply Now »
RoadLoans is another option. 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 »
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- Perks of Using a Lending Club Loan to Buy a Car
What's Next?
Reading this site, you're already ahead of most people when it comes to your finances. Why not keep going? Help secure your financial future. Take action today:
- Get help with your debts
- Check your credit report and score, free
- Open a savings account
- Open an individual retirement account (IRA)
- Budget with Quicken
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I'm David, a 20-something ex-financial journalist with a mission: To help you learn about personal finance, take control of your money, and get on with life! More...Take Charge of Your Finances!
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Ask Money Under 30
- Can I claim the $8,000 first-time home buyer tax credit if my name was on the deed, but not the mortgage?
- I’m a 21-year old college student; should I get a credit card to help pay for car repairs?
- Can I use student loan funds to consolidate credit card debt at a lower rate?
- Where should I store a windfall for a few months until I decide how to invest?
- Should I save for retirement or pay down my student loans faster?
Your advise to apply with “Any Credit Auto Loans” is nothing more that a way to have one’s email exploded with junk mail and get too many inquiries into your credit report… AKA: bad advise.
Don’t feel it’s necessary to spend the full amount that you’ve been offered.