Guaranteed auto loans are a good option for individuals with little or poor credit or who have a poor income history. One of the ways to find guaranteed auto loans is to look online.
A guaranteed auto loan is considered to be a high risk, sub-prime type of loan. Generally, these loans are directed towards consumers who have credit problems or who have had difficulty finding a car purchase loan because of their credit history. In many cases, guaranteed loans have very stringent requirements for a large down payment. Also, substantial documentation is required for income and ability to afford the loan, including providing verified personal references.
One of the best benefits of finding an online source for a guaranteed auto loan is that usually the interest rates are much better than those you might find at a traditional brick and mortar bank or credit union. Often, the interest rates from online lenders are at least minimally comparable to those you might be able to find at a car dealership.
Another benefit of working with an online lender is the fast preliminary approval. In many cases, once you complete the online application, a conditional approval is available within 24 hours if not sooner. Most often, this approval is based upon the information provided in the application and conditional upon it being verified.
Often, online lenders are able to make guaranteed auto loans no matter what state the applicant is located in and loans are available for the purchase of both new and used cars.
There are several different kinds of online lender sources. One of the most efficient and popular is the auto loan clearinghouse website. There are many of these websites online. A website loan warehouse has numerous lender sources available and once an applicant provides basic information, lenders contact the applicant with various offers for auto loans. Several well-known clearinghouse loan sources include www.RapidCarLoans.net, www.AutoApproved.com, www.YourLoanServices.com and www.LoanStore.com.
Other sources are companies that provide direct lender services. One of the best known is www.BarNone.com. This company was established in 1995 with the sole purpose of providing auto loans for individuals with less-than-perfect credit. They are able to provide approval within 48 hours of starting the application and work with approved franchise auto dealerships directly for the purchase of both new and used cars.
Another direct lending source for guaranteed auto loans if you have bad credit is www.LenzAuto.com . This company specializes in helping people with poor credit both purchase and lease cars, and works with many dealerships to provide auto financing for individuals with credit problems.
A guaranteed auto loan can be one option for those with credit problems. Although lenders of these types of loans often have stringent lending requirements. Many people find that a guaranteed loan is a way to help them improve their credit rating while at the same time they are able to purchase or lease a car. There are many online sources for guaranteed loans and very often an online lending source will provide borrowers with better interest rates than they might find with other lending sources.
