back to articles | December 31, 2018 | Dale Peterson

Categories: Auto Loans & Financing Types of Car Loans

Auto Loans Online

Auto Loans Online Benefits

What are the benefits of applying for auto loans online? Online auto loan application and loan processing makes for low interest rates. Often these rates are substantially lower than the national interest rate average. Also, an online auto loan application is fast and free. When you get an auto loan online, you can have a no- commitment interest rate locked in within 15 minutes.

Drawbacks of Auto Loans Online

What are the drawbacks of auto loans online? There are actually no drawbacks to applying for an auto loan online. It's convenient and inexpensive. Even if you can find good financing elsewhere, you should compare auto loans online to conventional auto loans.

Pre-approved Auto Loans Online

It never hurts to shop for cars with your pre-approved auto financing. How is my privacy protected when I apply for a auto loan online? All the information you supply is encrypted and secured by the company you apply with. It won't be shared with other lenders unless you authorize it.

How do auto loans online work?

Auto loans online work the same as a loan from a bank. With you'll get a bank draft in the mail, which you can use at any dealership as cash. How will I know if I am approved for an auto loan online? There are two ways you will be notified if you are approved for an auto loan online. First of all, you may log back in to "My Account"/"Review My Loan Offers" at anytime to check the status of your online auto loan application. You will also receive an email if you're approved for your loan. Your online auto loan rate will be locked in for 30 or 45 days, whichever is specified by the lender. The lender may adjust it, however, if your credit or income situation alters between online auto loan approval and purchase.