Types of Auto Loans

Quick online auto loans are only one option you have when financing your new vehicle. Here is a brief list of the various ways you can pay for your new car.

Dealership Financing

The overwhelming majority of carbuyers opt to go with dealership financing to pay for their new vehicle simply for the sake of convenience. With dealership financing, you can do one-stop-shopping where you buy and finance the car all in one fell swoop. However, this convenience comes at a steep price. Dealers inflate the interest rates of the loans they give you in order to make a profit. In fact, dealerships regularly make more money on the financing of a vehicle than they do on the actual sale. For this reason, you are much better off financially going with quick online auto loans or another type of independent loan. With these types of loans, you don't have to worry about the interest inflation caused by the dealer middleman.

Traditional Independent Financing

Quick online auto loans are a type of independent financing, which basically refers to financing outside of the dealership. However, traditional independent financing refers to loans obtained from bricks-and-mortar banks or credit unions. These loans can provide rates that are fairly comparable to those of quick online auto loans, but they are not as convenient or accessible. To get these loans, you have to physically visit a bank or a credit union and sometimes even pay to apply.

Quick Online Auto Loans

Quick online auto loans combine the best of both worlds-the ease of financing with a dealership with the competitively low rates of traditional independent financing. With quick online auto loans, you can qualify for a loan and walk into a dealership with a check for the exact amount of your new vehicle. Additionally, the rates on quick online auto loans will be some of the best available, as our site forces lenders to compete for your business with their top rivals. Quick online auto loans make independent financing faster and more affordable than ever.

Home Equity Auto Loans

Another option some buyers consider is a home equity auto loan. Though these loans can provide rates that are close to those of quick online auto loans, the stakes are much higher for home equity loans. If you fall behind on payments with this type of loan, the bank could repossess your house. For most, this is too large of a risk to take for a car. We welcome your questions, so please visit our FAQ page.
Types of Auto Loans Types of Auto Loans Reviewed by darkmatticus on January 14, 2019 Rating: 5
Powered by Blogger.