EchoBay Expert: After doing a little research, I've decided an online car loan is the way to go to pay for a used Ford Explorer I'm going to purchase. What are some recommendations that will help me to get the best online auto loan?
Loyal Reader: The decision to acquire your used car loan online is a wise one. Not only do online lenders' interest rates tend to be lower, but the fact that they don't usually charge application fees or require a down payment are added incentives.
To get the best online car loan possible, make sure you work with a lender that specializes in your specific needs. If you have bad credit, working with a lender who's experienced in dealing with credit problems can save you a lot of headaches. On the other hand, if your credit is spotless, you'll want to work with a lender who specializes in "A" credit loans as they tend to offer lower interest rates.
Also make sure that you order a copy of your credit report prior to applying for your loan. Since blemishes on your credit report can equate to higher interest rates, you'll want to make sure the information on your credit report is accurate.
Of course, one of the most important steps towards getting a great online auto loan is to shop around. Apply with a number of different lenders, but make sure you're applying with the actual loan originators and not a middle man who is going to mark up your costs in order to run a profit.
When you choose which lender you'll be borrowing from, you'll have the security of having a locked-in loan rate and you'll have added negotiating power when it's time to make your purchase at the dealership, which can make the entire used car purchase process a whole lot easier.