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Online Auto Loan

The online auto loan is one of the best options for the car buyer.

The online auto loan is just another sign of how things have changed with the advent of the internet. For many computer-savvy car shoppers it has forever changed how they not only shop for a new vehicle, but how they finance that vehicle.

Prior to the advent of the internet, there were only two ways of financing a new auto. One way of obtaining an auto loan was to go through the dealership's own finance company. Almost every auto manufacturer had its preferred auto financing program that was used to finance the vehicles that their dealers sold. Unfortunately this method often cost you more for your car and earned more for the dealer because of the financing rate.

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The other way of financing a new car was to apply for a car loan at your local bank. Sometimes this was the best way because you might already have a relationship with your bank, or could take advantage of specials for bank customers. However, banks tend to charge higher interest rates, and in some cases have tougher criteria especially when financing used vehicles.

Now, an online auto loan can save the consumer not only time, but money. With a few strokes of the keys, one can fill out an application car loan online. Soon online lenders will submit their quotes. Since most of these online lenders typically offer lower APR and don't charge an application fee, the consumer can save a considerable amount of money.

Next time you go car shopping, consider applying for auto financing online. Compare the online auto loan quote with the quotes from the dealership or bank. With the lower APR usually offered by the online auto loan lenders, you can be assured that you are getting the best deal available.

Related Auto Financing Information 

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