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Wed, Oct 5th - 3:19AM

Tips to Compare Online Auto Quotes

Commuting every day to work in crowded buses or traveling in jam-packed metros is a nightmare. It is for this reason that cars are being given a serious thought. If you own a vehicle, you can go places and get your work done faster. Cars are beyond doubt an essential element of every home!

Driving a car is an amazing experience, but buying it is a great pain. Why? Well, affordability is the main reason. Even used cars have become very expensive these days. One can buy a car only with an auto loan. And is getting loans, easy? I wish it was.

Walking down to every lender, filling up several forms, waiting for loan approval, too much, eh? Want to turn this awful experience into a fabulous one? Want to make it more quick and easy?

By the end of this article; you will be having an exact idea of getting that auto loan which has been so far elusive.

"Any Sufficiently Advanced Technology Is Indistinguishable From Magic" - Arthur C. Clarke

Truly, internet is magic. There is no denying that. It has ushered in an age of quick solutions to everyday problems. It has made the tedious auto loan process very simple. The era of waiting has long gone. So, without wasting any time, let's comprehend the entire process of getting online auto loans.

To Do It the Right Way, It Is Important To Know It Well

When you have to avail instant loans, it is important that you do your homework. You will have to consider how much you can afford to pay and also take care of your credit score.

Money Matters

No matter what any lender tells you, never go for a loan when you cannot afford it. Lenders have the habit of luring you into their schemes and when you cannot pay they just take away your car.

So, please consider how much you can pay and then go for a loan.

What's Your Score?

Your credit history has a lot to do with your loan approval ratio. Avail your free credit score from Check for any errors and make sure you know your exact credit score. This is important because you will at least know where to apply.

Are You Ready For an Online Shopping Experience?

Get online to search for reliable lending companies. Online companies partner with several institutions to help you avail instant loans.

Different Companies Work In Different Fashion

Few companies work with a particular network of dealers. If a dealer approves your loan, you will have to go him in order to choose your car. Now, if you don't like any car, you can move on to the next dealer who offered you the next-best deal.

Then, there are companies who do not work with any specific dealer group. Such companies will approve an amount for you, which can be used at any dealer. This method is more common than the previous.

Online lenders will have one common thing in their websites. It is the "Get a Quote" option. When you click on that option, you will get a loan application form. You will have to fill in your personal details like your SSN, employment history, income, existing mortgage, current loan payments, etc. If you have already chosen your car, the car's VIN is asked. Also details about the dealer will be requested.

Be sure to complete the application form and don't give any deceiving information. A small difference in income or employment date can cause major changes in your interest rate.

Once you fill the form, the site will send your quote to several affiliated lenders. These lenders will send it to the local lender (of your area). After the local lenders compete for your application, you will receive a list of lenders who are keen to offer you loans.

It may happen that your application is accepted by several lenders and you will have the option of choosing any one. It is also a possibility that you may only be given the name of the lender who offered you the best deal.

Whatever the procedure, you shouldn't really settle on any company without due deliberation.

Compare Quotes

You must compare quotes and not rely on any one online lender. Make use of the "Compare Quotes" option. With it, you will be able to make a side by side comparison of quotes.

It is important to have a broad perspective and understand every aspect before signing the dotted line. So when you compare your quotes, you must keep the following factors in mind:

1. Be Cautious

You need to realize that there are several loan sharks lurking to trick you. You should be alert while dealing online. Ascertain the company's reputation. Read its privacy policy. You shouldn't decide on a company if it asks to pay a huge up- front fee.

Also check the security of the website. If the URL doesn't begin with HTTPS ( ), it is not secured. Never share your personal details on such a site.

2. The Total Cost

There are several costs that are not obvious but form an important part of your loan. You will have to pay origination/processing fees and several other charges to the lender. Be aware of all the hidden costs associated with the loan.

Make sum of all the monthly payments, fees and charges. Once you do that, it will be very easy to compare auto loan quotes.

3. APR

Lower the APR, the Better It Is!

The Annual Percentage Rate includes interest rate and all the fees and charges. It is shown in percentage and reveals the real yearly cost of the loan. If APR is lower, you will have to spend less on the loan.

When you compare APR, you will come to know that it is not always true that lower interest rates are beneficial. They are good when coupled with lower fees. So, don't go for a loan just because it is available at lower interest rates.

4. Loan Term

Stay Away From Longer-Term Especially When Buying a Car

Any car depreciates as soon as you drive off the lot. A longer-term loan will be dangerous as you will be carrying more risk of owing more than the value of your car. You will have more chances of getting stuck with an upside down loan.

5. Payment Liberties

You can always benefit by making few extra payments. See if you can negotiate and have pre-payment privileges. Compare loans on the basis of number of extra payments allowed.

Also check for any pre-payment penalty. There are lenders who will impose a penalty for paying off the loan early. You shouldn't agree on such a term as it is of no benefit to you.

If you consider all the factors, it will be useful to eliminate those scam websites. The internet is useful only when you are guarded.

Get online, stay vigilant and you will find that affordable auto loan within just few clicks.

Choose wisely and don't forget to compare!

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Wed, Oct 5th - 3:17AM

Think Smart; Buy Online - The Mantra for Buying a New Car

The plush leather seats, the new alloy wheels, power windows, a powerful engineÖ. Just the talk of new car gets adrenaline pumping.

Buying a NEW car is simply splendid! But you need to be sure while making the purchase. You donít want to buy something that doesnít go with your style, something that doesnít meet your expectations.

So, you must research before buying your dream car. Doing research for the perfect car can be quite appalling. But as they say hard work pays well.

So, letís start with some easy tips to help you through this equally exciting and maddening process of buying a car.

Itís All about MONEY

Itís true that money makes the world go round. When you buy a car, it is essential that you have enough financial standing to buy your dream or at least to get your loan approved.

You must sit and calculate the estimated expenditure you want to incur.

Donít think that your expenses end with buying a new car. You will have to pay for registration, taxes, insurance, maintenance, fuel, etc. Donít forget the car loan that you will need to pay off. So, take your time and then decide the budget. You will also have to determine the down payment amount. You must know that the higher you pay, the lesser you will have to shell out for loan and interest.

If you have a pre-decided budget, it will be easy to narrow down your search.

Information Helps You to Take Correct Decisions

You shouldnít buy a car just because your friendly neighbor gave great reviews about it. It is always better to first scrutinize information and then to form an opinion. By doing this, you will be ensured of buying a perfect car.

Different Individuals - Different Reasons

If youíre a city guy/gal, you will need a small and compact car to help you drive on the crowded streets.

If you have a family, you will need a car that has advanced safety features and enough space for everyone.

If you are the adventurous type and constantly search for thrill, SUV is perfect for you.

So, decide whatís best for you and then search for brands in that category. Make use of internet to get a detailed analysis of several brands and models. Also study articles and reviews about their features.

Once you are through with it, write down the standard options that should be fundamental in your car and also a list of other additional factors you may pay for.

A Picture Speaks A Thousand Words

Once you choose your favorite cars, view their images. You will get inside-out pictures. This will give you a perfect idea of how the car looks.

You must also read safety ratings by Government authorities. Check for any recalls by the manufacturer.

Once you have knowledge about brands and model, you will have more power to negotiate.

Rebates and Incentives

With the present economic condition of the automobile sector, companies are attracting consumers with the help of rebates and incentives. This is where you can save. Choose a car that offers a higher rebate amount and incentives like 0% down payment.

Resale Value

When you decide on the car, you should also consider its resale value. As soon as you start your car, it loses some value. You obviously donít want to buy a car that has a low resale value. So, go for a car that earns money even when you sale it.

Buy a New Car at the Click of Mouse

Internet is the best thing that has happened to us in the last century. Before its advent, almost the entire car buying process took place at the car-lots. But with online options available, you can buy your car without leaving the four walls of your home.

Several online companies will help you buy your dream car in no time. All you have to do is fill in your preference and select the car from the given options.

Research Filters

Companies provide you with online form. There are several browsing categories available. You can search on the basis of price, model, make, style, year of production, fuel economy, popularity, etc.

Test Drive

Donít forget to test drive the car you want to purchase. You should also check other models and finally select a car that lives up to your expectation.

When You Get Everything Online, Why Not Loans?

Once you decide the car, you will have to think about finance. You can easily avail loans with the help of internet.

Many companies have websites where you just have to fill the form and get your loan approved. If you have a good credit score, availing auto loans would be very easy. In a situation of bad credit score, you can always go for bad credit car loans.

You shouldnít opt for the very first online company that offers you a quote. Shop around, compare car loan quotes, check the companyís credibility and ensure that the agreement terms suit you.

Trade-In Your Old to Buy a New

When you have a brand new car, you donít need the old one. So, why not put it to good use? Trade-in and reduce the payable amount of your new car.

Make Your Offer

Once you have completed your search and have come down to your favorite one, make the offer. If the dealer doesnít agree to your terms, donít go for anything that is unaffordable.

I always believe that unless and until you have that Eureka moment for the car, donít buy it. You are spending your hard earned money. So, donít let it go waste. Buy only when you feel it.

Hope you find your dream car soon!

All the best!

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