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A car loan broker can help you find and apply for car loans, saving you time and money (or some lending expertise if you’re new to the game). And since many brokers are fully-online, you might not even need to get dressed. But you’ll still want to do some quick research to make sure you’re working with someone you can trust.
A broker acts as an intermediary between you and the “direct lenders” (the companies that actually fund loans), so you don’t have to fill out multiple forms online with different companies in order to compare your options.
A broker can be useful if you want a good deal but don’t have the time to get quotes from multiple direct lenders. A good broker works with multiple lenders to find its clients the best rates and terms they’re eligible for. They find loans from banks and other lenders that can meet your needs.
Warning: late repayments can cause you serious money problems. See our debt help guides.
An online car loan broker can help you in a variety of ways.
Choosing the right broker can help make the car-financing process smooth. Find out what sets these companies apart and what important information to look for before choosing one.
An online car loan broker is quite impersonal. You might never go to a physical office to discuss your loan options, and much of your business may be conducted over the phone or online. If you like meeting a lender face-to-face and want personal interactions, an online broker may not be the right decision for you.
Getting all the right information is vital when deciding which broker you’re choosing. It’s okay to ask questions before agreeing to go with a car loan broker. Having a list of your loan requirements will go a long way in showing the broker what you’re looking for.
The main risk is brokers that don’t have your financial interests in mind, that will effectively sell your inquiry to the highest bidder, regardless of whether or not it means you end up with a decent rate. Some brokers might not be upfront about how carefully they scour the market on your behalf, in which case you can send them packing.
The process can vary depending on the broker, but will typically follow these steps:
If you’ve already chosen your car and dealership, provide information about the seller and the car make and model. The further you are in the car-buying process, the better your chances of being approved by a lender.
Documents needed to prove your identity, address, etc, can usually be verified electronically through your credit record (we know, it’s a bit spooky, right?).
Buying a new car can be exciting, but before you commit to a loan, keep these points in mind:
When it comes to financing your next car purchase, an online car loan broker can be a great option if you want to avoid filling out multiple applications and waiting to hear back from each individual lender. Make sure to spend some time checking out the broker you choose though and don’t forget to compare your other car loan options.
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