Finding an instant auto loan is easier than it sounds. It generally takes less than a few minutes to go through the process, and you can be guaranteed a loan almost immediately. Here's what you need to know.
An online lender will have relationships with several dealerships in your area. You submit your information, and the lender will approve you for a certain amount of money to use at these dealerships. This gives you the freedom to look for a car that suits that your needs, and can also help to give you an additional bargaining chip when negotiating the price of the car.
First you need to know what your budget is. Once you know the type of car you are looking for and the average price, you can apply for the loan amount online.
You will need to have a few bank statements and payroll check stubs. Also have your employment history for the last several years on hand, as well as other financial information. You usually just have to submit a short application with this information, and you can expect a response the same day. If you are applying after normal working hours you may hear from them the next day.
You will find a lot of dealerships with an online presence. Often times they will use verbiage that will lead you to believe they are going to instantly pre-qualify you for an auto loan. Sometimes this can be legit, but most often it's a high pressure sales tactic. A salesman will call you and have you go to the dealership to pick your new car. They haven't actually run any of your information yet though. When you are using the Internet to find instant car loans you are better off going directly through a lender. This way you can go to different dealerships at your leisure.
