car loans in the united states

WOF Article on Car Loans (good or bad credit)

Car loans have been applied for and approved online since 1996. Statistics have shown that online car or truck financing has more than doubled every year between 1997 and 2004. These are staggering numbers that the offline lenders have to contend with. Whether or not you have a bad credit rating or a good credit rating, getting your car loan online can have many advantages. I briefly list these advantages on this page but if you are visiting only to research interest rates.

Advertising Courtesy of Google

Advantage number one when getting your car loan online is convenience. Instead of taking the time driving down to your local bank you can simply browse the internet in the comfort of your own home. You can see a variety of different interest rates and financing options for your car loan in just minutes. You can apply for your loan in just seconds and many online finance companies will give the thumbs up or down in 10-15 minutes. So time is a factor that has to be emphasized when discussing an online car loan.

Advantage number two when getting your car loan online is rapid comparison shopping. Imagine driving to twenty different banks in your state and setting up appointments with twenty different loan officers. Imagine how long all of that would take. You can easily go online and visit twenty different web sites in minutes. The gravity of this can't be overstated. The internet has revolutionized how we comparison shop for our car financing. In the past we were at the mercy of our local banker. Whatever that bank or banker decided we could handle in the way of debt dictated our future. The traditional banks are now scrambling to compete with the new world of online car and truck financing. This brings us to my next advantage of online car financing.

Advantage number three is increased financial competition. Yep...the traditional banks are running around like chickens with their heads cut off, trying to compete with the savvy new online financing companies. This has created competition like they never had before. Now they have to offer reasonable interest rates at reasonable terms or they will be discarded at the click of a mouse. I believe that as time goes on the financial institutions that resist online car financing will be out of business. I'm not talking about banks simply having a web site up showing their interest rates and terms. I'm talking about online banks that approve loans in minutes. Now THAT is what people want.

Advantage number four is pin pointing your car loan. For instance - if you temporarily have bad credit and you know that your interest rate and terms will be inflated to your disadvantage you can use the internet to search for banks and dealerships competing in bad credit car financing. The internet is the great equalizer when it comes to fair car financing. Simply use Google or Yahoo the type the phrase "bad credit car loans" and you will see hundreds of thousands of web sites offering car financing to bad credit applicants. I've watched over the last two years as lenders loosen their criteria and offer car loans to bad credit applicants. It's about time. Thanks for visiting.