back to articles | December 31, 2018 | Dale Peterson

Categories: Auto Loans & Financing Types of Car Loans

Auto Loan Basics

What are the basics steps involved in getting an auto loan?

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One thing that is clear about our U.S. economy is that we need transportation to get where we are going, live our lives and participate in social activities. The vehicle of choice for most Americans is an automobile. For many consumers, a new car is second only to a home as the most expensive purchase they ever make.

Whether you're into SUVs, economy cars or something in between, your choice related to your car can make a major difference in your wallet. Should you buy or lease? New car or used car? And what's the best way to fuel up? The answers are different for every consumer, but this information that follows can help steer you in the right direction. So if you're buying, selling or leasing - or you just want to get more out of the car that you have - it makes sense to be an informed consumer.

Auto Loans Online Save Time and Money

If you're shopping for a new or used car, you should definitely consider shopping for your auto loan online. Online auto loans can save you time, money and headaches when you go to the dealership to buy your new or used car.

Auto Loans "Before"

There used to be only two ways to get an auto loan. The first way was to go to a car dealership, choose the car you want to buy, and then begin negotiating the cars price, and the price of the auto loan. Dealers used this process to muddy the waters, and charge you more for the car than you thought by raising the loan financing rate. They could make a higher profit by simply charging more for the auto loans.

The second method for getting auto loans in the past was to seek an automobile loan from your bank. While banks offer convenience, and sometimes offer special loan "deals" for bank customers, the auto loans provided by banks typically have high interest rates, especially high in the case of used car loans.

Auto Loans "Now"

With the advent of the internet, shopping for auto loans has never been easier. Car buyers can simply go online, and by filling out an easy online loan application, receive auto loan offers from multiple lenders specializing in auto loans. At, car buyers can choose the best loan offers from up to four lenders specializing in auto loans.

Online auto loans are the best method for finding the cheapest loan. With online auto loans, you typically do not have to pay application fees. You can also save by buying with "no down payment". Applying for online auto loans takes just minutes, is safe and secure, is private, and can save you money. Online auto loan lenders typically have the lowest finance rates. Once you have received quotes, or pre-approved auto financing from online lenders, you can always compare these quotes with auto loan quotes from the bank and from the dealership, and verify that the online loan is the cheapest loan you can get.

Benefits of Online Auto Loans

With online auto loans, you usually pay a lower APR (annual percentage rate) than you would at a dealer. Your APR is locked for a specific amount of time. You can avoid the frustration of dealer financing. There are no hidden fees, points or prepayment penalties. Online auto loan lenders will send you your check immediately.