Comparison Shop Interest Rates
You have several options other than financing a car with the dealership. One of the easiest and most convenient alternatives is to obtain a low-interest car loan online. Several financial institutions allow you to comparison shop auto loans right from your computer or mobile device. Below I will show you how to find free auto loan quotes online.
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 for different lenders and provide you with several options to choose from.
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These companies will supply you with a free, no-obligation auto loan quote. The quotes contain very valuable information when it comes to financing your next new or used car. Once you have the best quote in hand, you can use it to save more money when dealing with a dealer’s finance department.
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.
True or False?
You can rely on a car dealer to find you the best interest rate and payment.
FALSE – Car dealers are in business to make money. They get kickbacks for selling you at a higher interest rate, extended warranties and additional finance products such as GAP or credit life and disability insurance. Read my tips on why you should get a pre-approved car loan online before making contact with a car dealership.
Insider auto finance 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.
More car buying tips
There are several benefits to applying for a pre-approved car loan from an online lending institution.
Some of these benefits are:
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.
View more insider car buying tips
There is no obligation for you to buy or commit to anything with the online auto loan companies I recommend. 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. Take your time and compare each one to determine which loan best fits your current needs.
If you have some bumps in your credit history or know that you have below-average credit, check out my article on how to still get pre-approved for an online bad credit auto loan.
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.
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.
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.
Apply with Auto Credit Express >>
Compare more - Automotive insider tips
I’ve signed up thousands of people during my career 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 some of my personal experiences dealing with car buyers with pre-approved auto loans already in place.
Negotiate deals - Insider tips for car buying
