back to articles | February 11, 2020 | Dale Peterson

Categories: Refinance To Save

How to Refinance or Get Car Loans Online

Buying a new or used car can be an exciting experience. But if you’ve ever walked into a car dealership without really knowing what vehicle you want, what price range is right for you and whether you’ll even be able to qualify for financing, it can be a really stressful experience.


Buying a new or used car can be an exciting experience. But if you’ve ever walked into a car dealership without really knowing what vehicle you want, what price range is right for you and whether you’ll even be able to qualify for financing, it can be a really stressful experience.

Even after you test drive some vehicles and pick the one you want, you still have a long way to go. In some cases, especially if your credit isn’t in great shape, it can take hours for the car dealership to find a lender for you.

And getting a car loan refinance deal in your local area can be equally draining and frustrating. If you’ve ever driven all around town trying to find a bank or lender to offer you a better deal than your current loan, then you know already.

But getting a car loan online or refinancing a car online can be quick and easy. Just make sure you use a secure site that protects your personal information, doesn’t pressure you to go with their recommended lender, and doesn’t charge you a fee to do so.

So now lets say you’ve heard about and a little about how to they can simplify the whole process, let’s take a look at some tips to help you get the best deal possible.

Get a New Car Loan or Used Car Loan Online

If you’re on a tight budget, you might assume that you cannot afford a new car loan and will have to settle for a used car loan. That might be true, but don’t give up just yet. Online car loans are often be better than those offered at car dealerships because the dealers mark up the rates in order to compensate themselves for referring you to their preferred lenders. But when you shop online, you can often cut out that middleman and are likely to get a better rate, less fees and better terms.

Start by using an online car payment calculator to figure out what interest rates and terms you might get approved for. But before you accept any offers from lenders, consider some of these car buying tips.

1. Research Vehicles That Meet Your Needs
The best way to save money on a new or used car is to do your research. Decide what kind of vehicle is right for you. Do you have kids? Will you need plenty of storage space? Do you need a larger engine to haul around passengers, a trailer, cargo, or should you get a smaller car that gets better fuel efficiency?

2. Consider Add-Ons and Extra Costs
When applying for online car loans, take into account all the costs associated with buying a new or used car. Beside the cost of the vehicle itself, there will also be taxes, registration fees and insurance.

You might also want some options like a roadside service or tire repair contract. These services will help you out if you get a flat tire or breakdown and need a tow. You could also want to purchase GAP insurance. This will pay off the remainder of your loan in case your car gets totaled.

Remember, your loan should be enough to cover all of these costs on top of the vehicle price itself.

3. Check Used Vehicle History Before Buying
When you get a used car loan and go to pick out your vehicle, be sure to check the vehicle history report for any recorded collisions or other damages. Services like CARFAX is a great way to ensure the vehicle has not had damage in the past. That vehicle might look okay on the website or even in person, but there could be hidden damages that you don’t know about.

See any used car’s vehicle history report on by entering the VIN or license plate.

Refinance Your Car Online
If you already have a vehicle and a loan but think that you can get a better deal, you can shop around for better car loan refinance offers online too. How do you know if you should refinance your auto loan? You won’t believe how simple it is unless you try, but believe me, you almost always save on interest and possibly the length of the loan. Any of the following factors could possibly qualify you for a better deal:

  • You’ve significantly paid down your total debt
  • You have been paying all your other bills on time
  • You now have a higher income
  • Your credit score has improved

Below are three potential benefits of refinancing a car loan.

Get a Lower Interest Rate

If the economy continues to add jobs and is stable, or if your credit score is higher now than it was when you first financed your vehicle, you could qualify for a lower interest rate. That alone could save you hundreds of dollars.

Check this interest rate chart to get an idea of today's lowest available rates.

Lower Your Monthly Payments

If you can get a lower interest rate, that can work out to lower monthly payments on your loan. But even if you don’t get a lower rate, some lenders will consider extending the length of the loan by a year or more to allow you to bring down your monthly payment. In tough economic times, reducing your monthly installments by $50 or $100 can really be helpful.

Check this easy car payment calculator to see what kind of monthly payments you can get.

Avoid Unnecessary Fees

Refinancing to get lower payments can also make it possible to pay your loan off faster. But watch out for early payoff penalties before you accept any loan offer, just so that you can plan accordingly.

If you have any additional questions about getting a car loan online or refinancing online, try to see what offers you can get from their approved lenders. It’s quick, easy and secure, and there’s no obligation to accept any of up to (4) offers from any of their recommended lenders.