Get Free Low Interest Car Loan Quotes Online
One of the best ways to protect yourself from being ripped off by a car dealer is having a car loan in place before contacting a dealership. The best way to do this is by receiving low interest car loan quotes online. You can comparison shop quotes right from your computer and choose which one is best for you.
This section of AutoCheatSheet.com covers how to find and compare low interest car loan quotes online, advantages of having your auto financing in place before contacting a car dealership, and tips on how to increase your chances of being approved for an online auto loan.
You have several options other than financing a car with the dealership you buy the car from. One of the easiest and most convenient alternatives is to obtain low interest car loans online.
There are several financial institutions that allow you to apply for an online car loan right from your computer. These lenders will supply you with a free, no-obligation loan quote. The quotes these lenders provide you contain very valuable information when it comes to financing your next new or used car.
Auto finance and car loan tips you will find in this section:
Why Get A Pre-Approved Car Loan First?
A common misconception many car buyers have is they believe they must finance a car through the dealership they buy it from. This is not true! You have many outside finance sources available to you.
Banks and credit unions do provide individuals with auto loans, but if you want to get the lowest interest rates available, you should apply for an auto loan online. Most online lenders have no fees and very little overhead; this provides a maximum amount of savings to you. Some will even go out and shop different lenders and provide you with several options to choose from.
Acquiring a pre-approved car loan through an outside financing source is a huge step you can take in saving you hundreds, if not thousands of dollars before buying your next new or used car. Having a pre-approved car loan in hand before visiting a car dealership will act as your "golden parachute." You will absolutely have the upper hand when it comes time to negotiate interest rate (APR) and finance terms with a finance manager.
If you don't like the interest rate, terms, and conditions of what the finance manager offers you, you can fall back and use your pre-approved car loan to buy the car.
Smart car buyers have been using the Internet to not only compare new car prices, but also comparison shop auto loan quotes as well. Competition is the secret to receiving the best car loan interest rates. Read more about car dealership auto finance tricks here.
Insider Car Buying Tip
Before applying for any kind of loan, get and review your credit report and score from a reputable company such as MyFreeScoreNow first! This will let you know what's been reported to your credit bureau and keep you from becoming a victim or any costly car dealer scams.
Computers make it easy to submit your information privately to online lenders and receive your car loan information electronically. Some of these online financial institutions will even give you a car loan quote with no-obligation to purchase anything, absolutely free.
Benefits of Using Online Auto Lenders
There are several benefits to applying for a pre-approved car loan from an online lending institution. Some of these benefits are:
- Save a lot of time and can be completed securely from your computer, phone, or tablet.
- Online lenders provide lower rates because of the competition online, and they have lower operational and administrative expenses (overhead).
- Interest rates are normally much lower than what a car dealer, bank, or credit union will offer.
- You can lock in your rate for 30 to 60 days so you can take your time to find the right car for you and your family's needs.
- A pre-approved auto loan from an online lender will give you more leverage when negotiating a better interest rate with a car dealership.
- You can comparison shop rates and terms and pick which loan best fits your needs.
- With new car financing in hand you will not have to worry about haggling over interest rates or becoming a victim of the spot delivery scam or any other finance scams.
- There are no pre-payment penalties, application fees, added points or hidden fees.
- Loan approvals normally take anywhere from a few minutes to about an hour during normal business hours.
Auto Loan Sites We Recommend
With the online auto loan companies AutoCheatSheet.com recommends, there is no-obligation for you to buy or commit to anything. You can get pre-approved and have your car loan in place within minutes of submitting your application and the interest rates are some of the lowest available.
These online finance companies make it convenient for you to take advantage of their services and get low APR auto loans while sitting at your computer in the comfort of your home.
Top Online Auto Loan Sites
MyAutoLoan will shop the best loan rates for you. You submit one free, no-obligation car loan quote through their secure web site and within seconds you'll receive up to 4 loan offers from their auto lending partners. You can select the one that provides you with the most benefits and savings.
- - New car auto finance loans.
- - Free, no-obligation online auto finance rate quotes.
- - Used car financing.
- - Prime and mid-range finance lenders.
- - Private party or person-to-person loans.
- - Auto refinance loans.
How myAutoloan works:
- Submit your information through myAutoloan.com's secure web site.
- Once you receive your free, no-obligation car loan quotes, compare and choose the one that best suits your needs.
- The lender you choose will then give you further instructions on how to use your pre-approved car loan.
LightStream is a division of SunTrust Bank. They believe borrowers with good to excellent credit ratings should be rewarded with low rates and excellent loan products. Once approved with LightStream, you can negotiate like a cash buyer with the funds in your account.
- - New & used car auto finance products.
- - Free, no-obligation online auto finance rate quotes.
- - No fees, down payment requirements or prepayment penalties.
- - Simple interest, fixed rate installment loans.
- - Excellent customer service.
How LightStream works:
- Apply for a free, no-obligation auto loan quote through their secure web site.
- Once approved, you can go online, provide your info and electronically sign your loan agreement. You can then choose your monthly payment dates and funding.
- LightStream will transfer your loan proceeds into your designated checking account for you use on your selected fundining date.
Auto Credit Express was founded June 1, 1999. They are one of the leading bad credit auto loan providers in the US and Canada. If you have bad credit, no credit or been turned down for an auto loan because of a low credit rating in the past, chances are AutoCreditExpress can help.
- - Free, no-obligation auto finance quotes.
- - Minimum monthly income of $1,500.00.
- - First time buyer's auto finance loans.
- - Bad credit auto finance loans available.
- - Thousands of partners to get you approved.
- - No money down loans are available to those who qualify.
How AutoCreditExpress works:
- Submit your information through their secure web site for a free, no-obligation car loan rate quote by filling out their 3 minute application.
- Once approved you can use your approval at one of their thousands of authorized dealer partners.
- Pick out the vehicle you want and complete your purchase.
How to Increase Your Car Loan Approval Chances
There are several tips to help increase your chances of being approved for an online car loan. These tips can be applied when applying for any kind of credit or car loan.
Tips to help you get approved for a car loan:
- Have a monthly income of at least $1,600 ($1,500 for some lenders).
- Have 2 years residence history and at least 6 months history at most recent address.
- Have at least 6 months of employment history, or at least one year employment history within the same industry.
- Pay down credit card and other loan balances under 50% of the maximum limit. This will decrease your debt to income ratio and raise your credit score.
- Close any open unused credit cards or open lines of credit. This will also raise your credit score quickly.
- Establish good credit history before applying for a car loan - Visit our section on how to build a solid credit history from scratch for more tips.
- Be able to put a minimum of 20-25% down towards the purchase of a car. This will minimize your chances of having negative equity in your vehicle.
- Keep your budgeted car payment under 20% of your total gross monthly income. If you make $2,500 a month keep your payment under $500.
Know your credit scores before big purchases, Check your credit scores at MyFreeScoreNow. Using FreeScore360 will allow you to review and monitor your credit score and what's reported to your report. Take the necessary steps to remove any negative or outdated information on your credit report, this will help greatly when attempting to increase your credit score.
Car Buying Tip - Always pay $10, $20, $50 or more over your minimum monthly payment, specify to your lender the overage is towards your principle. Most lenders do not have an "early pay off penalty". By paying a little extra every month on your car loan, you'll save on interest fees, create a cushion in your payments so if you ever get into a bind, and you'll pay off your car loan before you know it.
My Experience Dealing With Pre-Approved Auto Loans
I've signed up thousands of people in the finance department. When someone already had a pre-approved car loan in place there were certain things I did and certain things I didn't. Below are a some of my personal experiences dealing with car buyers with pre-approved auto loans already in place.
- The only way I'm going to get their financing is if I can beat their current interest rate or lower their payment without extending their car loan term.
- I know upfront the customers lender or consumer site has most likely coached them and told them to stay away from dealer financing like the plague.
- I know the customer is set on using their own outside financing source and I have to get them approved for a car loan with a lower interest rate, and then try to convince them to switch to dealer financing.
- I work harder to get a lower interest rate for the customer. I don't get paid or bonuses when I sign someone up with their own pre-approved financing.
- I can try to confuse, manipulate, or trick the customer into going with the dealership's financing and risk possibly losing the entire car deal, and my job.
- If a customer insists on using their pre-approved car loan and I can't get them a better rate or term. I will get them signed up quickly and professionally so I can get to my next victim, um, I mean customer.
- I will win some, and I will lose some.
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My Recommended Sites for Car Shoppers
MyAutoloan and LightStream are the quickest way to get a pre-approved low interest auto loan. These online sites will provide you with free, no-obligation quotes and the interest rates quoted are normally very good. You can also use these quotes to negotiate an even better interest rate with a dealership.