back to articles | July 30, 2019 | Dale Peterson
Categories: Tips & Insights For Car Buying Auto Loans & Financing Buying & Selling Cars Consumer Credit Loan Calculators & Rates Types of Car Loans Vehicle & Buying Research The myAutoloan Difference
Comparative Shopping – Finding the Best Auto Loan Lender
For decades car salesmen have been accused of being dishonest, unethical and slimy. It may not be a completely fair generalization, but especially used car salesmen were not known to be the most trustworthy of professionals. The ongoing development of the internet has changed all of that. We can now do our car shopping online and all we need to do at the dealership is take her out for a quick spin and we are done! We had already found the best deal online, it was just a matter of making sure that the car runs okay. Financing the auto loan is similar. We use to just trust that our bank or loan company was giving us the best deal, but we had no idea if that were true or not! With the power of information on our side, we can use the internet to compare hundreds of offers from lenders across the nation in just minutes!
Finding auto loans for used cars can be a nerve racking experience. There are many websites out there that are willing to sell your information the moment that you type it in. It is important to use a trusted website when comparing rates for lenders when buying a used car. There are only a very few websites that are a great resource to help you find the best deal possible when buying a used car. Most are lead buying sites that sell off your information to a lead generation network. Anytime you see a site that says “100% Approved” or “98% funded”, it should raise the hair on the back of your neck. Don’t be fooled. Legitimate sites have their address on them so that you know where they are originating – others are coming out of China, India, Pakistan and Europe. They look real but frankly, you get the short end when you apply.
With most lending sites, you will get one car loan offer or a decline. There is one site that get’s you up to four loan offers and lets you choose which one is best for you. It’s really pretty cool to get even two auto loan offers since all you have to do is pick the cheapest one! These are direct loans so there is no markups – look closely, as you can tell which sites are real and others that are simply to good to be true. (They aren’t) By comparative shopping for an auto loan online, borrowers can save thousands of dollars over the course of the loan, don’t have to deal with the finance game at the dealership and become both empowered and “like a cash buyer”
If you have bad or even terrible credit you can still find a lender. It’s certainly a lot harder but it can be done. Look for a lending site that will help you find someone to finance your used car. These lenders probably have multiple lending partners with most lenders being well known financial institutions. You will not get as many lenders begging to give you an auto loan, because your low credit rating means that you are viewed as a risk, but you will be able to find something. Heck, getting two offers is better than arguing with a F&I guy at the dealership. Sometimes you have to take what you can get so that you can get yourself out of your jam and rebuild. Here is a good source of information to improve your credit. Improve Your Credit Score
Be sure to do some comparative shopping when buying your car, but also be sure to do some comparative shopping when finding a financer for that car! By using the internet you can save yourself thousands of dollars on your next used car purchase!
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