There are several sources from which to find an online auto loan application. Bank, car dealer, and loan-finding websites all offer variations on the theme. Possibly preferable are those online auto loan applications on representative websites, which are sites that search a variety of lenders, using your information, to find you the best deal. You will want to be sure of the trustworthiness of the online auto loan application website, however, before you give them your personal information. Often, these online auto loan application sites ask for the following information: name, home and mobile phone numbers, e-mail, birthday, social security number, address, length of time at that address, type of residence, house payment, employer’s information, work phone, job title, monthly income, type of employment, time at present employer, bankruptcy history, and an agreement allowing them to check your credit history.
One of the biggest advantages of using an online auto loan application, especially one of those from a representative website, is the convenience. From your home, you can fill in the easy to come by information, and they search for your best deal. In addition, these online auto loan applications connect the lender and buyer more rapidly, so that the time between filling out the online auto loan application and actually buying the car is much shorter. The Bank of America assures that if you “simply provide some brief personal information online… you’ll receive a prequalification decision in sixty seconds.” Because there is so much online competition for your business, often you can find a much better interest rate using an online auto loan application than you might directly from the car dealer. Do remember, however, that in the end, your credit score and the amount of money you would like to borrow are the biggest determining factors affecting the interest rate.
For better or for worse, most anyone will be able to find some sort of offer from an online auto loan application website. There are programs for those with no credit, bad credit, and even for those that have declared bankruptcy in the past.