How to Finance a Car With Online Approval
Financing a car with online approval simplifies your shopping experience. You can even get approval from a dealership before setting foot in the door. Financing a car with online approval lets you shop with confidence and avoid dealer hassles. Here are some ways to get online approval for your financing.
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Instructions
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Independent Finance
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Visit websites of banks (local or nationally based) to review auto loan information and determine where you want to apply for a loan. Some people prefer to use an institution they already have an account at. Review interest rates and terms--most should be advertised on the site's home page.
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Find the option on the website to apply for a loan. Gather your personal information, such as Social Security number, approximate gross annual income, driver's license number and exact dollar amount from all sources of income. Input all requested information.
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Input any cosigner or joint information, if applicable. Input the requested loan or vehicle information amount if prompted or available. Submit your information and wait for your approval--this can be almost immediate, or take several days.
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Clarify approval requirements by calling the bank you are using, once you are notified of approval. Some may have vehicle age, mileage or loan amount restrictions. Once you clarify, shop until you find the vehicle you want to buy.
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Call or visit the bank, if possible, to provide the vehicle information for the car you want to buy. Provide the bank representative with the vehicle's year, make, model, level, VIN (vehicle identification number) and price. Note that any extra options on the car--such as leather, alloy wheels, sunroof or towing package--all increase the vehicle's value.
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Provide the bank with your proof of insurance through fax or in person, if possible. Sign and date all contract information--you can receive this by mail or in person. Your loan check will arrive within a few days by mail, or you can receive it more quickly if financing locally.
Dealer Finance
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Go to the website of the dealership you want to obtain a loan through. Review all small print, rate and term information before you apply. Find the option to apply for a loan.
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Provide and input all personal information as requested by the loan application and submit. Your approval from a dealer may be almost immediate through email notification, or may warrant a phone call from a manufacturer's bank or from a dealer representative, depending on where your application is directed after it is submitted.
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Go to the dealer who approved your loan and shop for your car. The dealer takes care of all financing details and paperwork. Provide insurance coverage for the vehicle and sign all requested documents.
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Tips & Warnings
Read all fine print on a dealer's website before applying. Attractive interest rates for as low as zero percent often require a short term. Use an auto loan calculator, such as the one at Edmunds, to determine whether or not the rate will work for you.
Do not guess your gross annual income--it must be accurate. Incorrect information can result in a cancellation of approval.
References
Resources
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