An auto loan is a service that has been provided by credit organizations for more than a decade.
Advantages of getting an auto loan
- Speed of funding. Often a large sum is needed very urgently, but the bank considers a loan application for several days or even weeks. When getting an auto loan online, the client is informed about the decision on the loan amount within 10-15 minutes after inspecting the car. The whole procedure, as a rule, takes no more than half an hour, and you receive the money on the day you apply;
- There is no need to report on the purpose of getting a loan;
- Credit history. The overwhelming majority of banks pay attention to it, and if not everything is “smooth” with it, the chances of getting a loan are significantly reduced. With an auto loan online, you can have a bad credit history;
- Proof of income, guarantors. Banks have different conditions, but using our online service, you will do minimum paperwork;
- Terms for getting a loan. As a rule, banks have standard packages with a certain interest rate and strict conditions and a schedule of loan payments. Our approach is more individual – the term of the agreement can be extended several times, the schedule can be more flexible;
- There are no penalties for early loan repayment;
- Hidden fees. The overwhelming majority of banks have hidden fees: insurance premiums, account maintenance, depositing and withdrawing money, etc. And their size often exceeds the interest on the loan. With online auto loans, the full amount of the payment is indicated in the agreement. The interest overpayment will be exactly the same as indicated in the document.
What should be considered when getting an auto loan online?
- And some lenders have their own “pitfalls”, which they do not seek to advertise;
- Clear out possible payments that the lender did not announce to you. Is there an inspection fee? What is the cost of paperwork? Is there a fee and what is the payment for cash services? And if you get an auto loan, of course, you should find out whether you need to pay for security and what are the guarantees for the safety of the car;
- Find out if it is possible to repay the amount ahead of schedule and without any additional commissions;
- Inquire about the possibility of extending the contract, and whether any additional percentage is taken for its extension;
- Ask the size of the interest in case of late payments.