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.