Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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Being approved for a loan online is much like being approved for a loan when you visit the physical location of a lender. You fill out the necessary paperwork and wait to see if you’ve been approved.
After the lender agrees to finance your loan, it’s time to walk into a dealership and start negotiating for a car. You’ll already know how much you can borrow and the interest you’ll have to pay, so you won’t have to rely on the dealer to give you a good rate.
Before you apply, you generally to know how much you can afford to borrow and have and what type of car you’re looking to finance. You can use our monthly payments calculator to find out how much you have to put forward month-to-month
If you’re qualified lenders can offer you a pre-approval that lasts up to 30 days. This gives you time to search for a car and solidify your choice before committing to the loan and starting payments. Otherwise, you can often have the funds deposited into your account by the next business day.
Car loans are offered by banks, credit unions and independent lenders. With so many options on the market, it can be hard to know which one to choose or where you should start. Review these tips to help you find a loan that suits your individual needs.
Every lender is different, but these are the basic steps you’ll need to follow when submitting a loan application:
Most lenders will be able to tell you if you’ve been approved within a few minutes. You can view the interest rate and potential fees before you sign the loan contract. This makes it easy to compare loans.
Once you’ve decided on a loan, sign the necessary documents and submit. You’re ready to step into a dealership with financing to back you up.
Finding approval online doesn’t have to be a time-consuming process. With a few clicks, you could be well on your way to financing your next auto purchase. Before you do, compare multiple auto loan offers and read up on what you should expect.
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