You can now go from application to approval in about an hour thanks to online car loan lenders. You can be picking up a check tomorrow and on your way to picking up your new car thanks to this easy, stress free process.
The way securing an online car loan works is, these online lenders work with many financial institutions. When you fill out your application, it is sent to the various institutions to try to secure a car loan for you and at a competitive rate. Once a lender has approved the loan, you will be notified immediately. Then, you will receive a car loan package in the mail, which can be overnighted to you in many cases. You simply take the check that is sent and head to the dealer.
A car loan application is designed to get information from you to help a bank determine your financial stability and well as identify the value of the collateral (the car). For instance, if you are trying to buy a car that is worth $5000 and you are asking for $10,000, chances are it wonâ€™t happen. They will also want to know a bit about you, your place of employment etc. The entire application process should only take about 10-15 minutes and if you are hitting submit between their regular business hours, you can often get an approval within a few minutes.
One helpful hint is to get an approval for more than you need. In case you decide to get a different car, you wonâ€™t need to get another approval for a LOWER amount, but if you need more money, you will need to go through the process again.
Buying your new car
Once you have gotten approval, and the check has been sent to you, the fun part begins. Now you can go car shopping with a check in handâ€¦something that can help give you the leg up when it comes time to negotiating price. Once you and the dealer have agreed on a price, all you have to do is fill out the amount of the purchase on the check and sign it over to the dealer (or individual as the case may be.) In addition to the check, there is usually some additional paperwork that will need to be filled out and sent to the bank as well. In best case scenarios, the whole process can take less than 24 hours.
So if waiting for days and even weeks to try to deal with a bank and trying to get approved for a car loan doesnâ€™t sound like fun to you, try the instant car loan approval route and just fill out an app online. Quick, easy, and the check is sent directly to you. Getting a car loan and buying a car has never been easier now that lenders have teamed up to offer these valuable services to you online.