Are Online Car Loan Services Safe?
J.D. Power & Associates claim that 62 percent of new car buyers visit the Internet
before buying a car. Determining your budget and calculating what you can afford for monthly payments will ensure that you don't end up paying for more car than you need. It's even possible to apply for car loans online, which can reduce some of the stress associated with the car buying process.
Many consumers will automatically go to their bank to obtain a car loan thinking that this is where they will get the best rates. Unfortunately this is not always the case. Companies that specialize in automotive financing get better rates than the banks will offer based on shear volume and work load. Often times the automotive dealer will get you a better rate through your own bank than you would. The only exemption to this rule is the use of a personal line of credit. Banks will often times offer their customers a revolving line of credit at a lower interest rate than a traditional car loan. Trouble is you have now used a good portion of a lending tool that is normally reserved for home improvements or emergencies. It is important to plan long term when considering options for a car loan.
Before applying for a loan, ensure that as many debts as you can afford to pay are up-to-date, and that any disputes are resolved. This will help lower the interest rate that you will pay. A wise move would be to request your credit report so you can see exactly what is on it, and close down any accounts that you no longer use. In many cases, a large number of accounts can be seen as a risk, as you have the potential to run up your credit. Credit reports are available online through credit reporting agencies like Equifax and Transunion.
Online Car Loans in Canada
One of the most streamlined ways to secure financing for a new vehicle is to use one of the many online Canadian car loan services. These companies allow car buyers to fill out car loan applications free of charge. Once submitted, buyers' applications are forwarded to local dealerships that are interested in working with them, even if they have bad or no credit, or have filed for bankruptcy.
This method is recommended for car buyers with all types of credit ratings. It can certainly help people with poor credit ratings secure the loans that they need, but buyers with good credit can benefit from them as well. Oftentimes, more than one dealership or lending partner will vie for your business, which enables you to choose the financing that is best suited to your budget.
Having a service find a dealer who will finance you also affords you the opportunity to spend your time focusing on other aspects of the car buying process. This time could be wisely spent researching what cars you can afford, and determining what your needs are. Armed with that information, and a loan secured at a dealership or from a lending partner, you're ready to begin shopping for a new car as a prepared and knowledgeable consumer.
Are Online Car Loan Services Safe?
With stories of identity theft often reported on the nightly news, it's understandable that somebody wouldn't want to submit such personal information over the Internet, but there isn't much need for worry. Most Canadian car loan websites use secure servers for receiving applications--these encrypt the data as it's being sent. This ensures that applicants' data stays private, and that it's only viewable to those who should have access to the information. You can verify that a website is using a secured form by looking for the security certificate and a picture of a locked lock at the bottom of your web browser.
This isn't enough to convince some skeptics that it's safe to submit personal information over the Internet, though. Most Canada car loan services accept applications via the telephone as well, so these websites are still useful to the overly cautious. Generally, the application process is just as quick as it would be if you were to fill out the application online, and it's certainly more convenient and less trouble compared to the alternatives.
by: Chris George
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