Online car loan applications aren t just for new cars. There are plenty of lending institutions that will also finance the purchase of a used vehicle. For a person with good credit, the biggest problem will be narrowing down the options in order to choose the best lender. However, there are options for those with poor credit as well.
Check with Your Own Bank First
It is a good idea to check with your own bank to see what sort of used car loan
rates they offer, but the next step should be to go online to see if there are
better rates available. The internet is a handy tool when it comes to comparing
the interest rates of different lending institutions because there are plenty of
websites devoted exclusively to tracking rates and comparing loan trends.
If you find that your bank s rates are comparable to or better than other
lenders, your work is done, and you can go to the bank s website to fill out a
used car loan application. If, however, it appears your bank offers rates which
are much higher than other lenders, it s time to start shopping around.
Compare Rates Online
In one sitting a person can go online, find
the best rate for a used car loan, fill out the application, and get approved or
declined. Be aware, however, that not all lenders are created equal, and any
loan offers which just don t seem right should be avoided.
Also, don t be
lured into applying for a car loan by outlandish promises of rock-bottom
interest rates. Usually the very best auto loan rates are reserved for people
with flawless credit who are purchasing new cars. Used car loan rates can also
be low, but they are generally higher than those of new car purchases.
Getting financing for a used car can be quite simple when using the internet. Shop around, compare loan terms, and apply only after you receive the best loan you can get.