Why You Should Use The Internet To Secure Your Auto Loan
In the past, when a consumer had bad credit and needed an auto loan
, it was very common to go to the dealer and find a car that they liked and then fall prey to some very non-beneficial lending terms back in the financing office. Since the buyer already found a car that they fell in love with, and did not want to start the process all over again, they would find themselves taking whatever the finance manager offered, which is directly compensated more favorably when they write a more advantageous loan for the dealer and/or lending institution.After finding a car that they like, few people then wanted to go around 5+ dealerships to see what others would offer them. Without the Internet though, what choice did they have? The other problem was that it is much harder for most people to negotiate in their best interest when they were eye to eye with their adversary. Now the Internet is so commonly used, both of these problems can be avoided.
The Internet has become full of many specialty sites that try to help consumers with these problems. Whatever someone's credit history is like, there will more than likely be at least a couple of websites that can help them. So, those with a bad credit history, or no credit history at all, are no longer excluded from buying a new car at favorable rates.
Consumers need to be careful when looking around at all the different sites. Some sites that look legitimate and helpful have actually only been set-up for other reasons. Rather than offering a genuine service to consumers, some are only interested in creating a mailing list or implementing bait and switch tactics.
One of the tricks used by many of the sites becomes very clear when a person is filling out the loan application. At first, it appears to be a relatively short form, and this entices the consumer to go ahead and fill out the form. The problem is when they hit enter (thinking they are finished) then it takes them to a second part of the form, and then even a third or fourth part of the form.
If in this process other ads for secured credit cards, payday loans, and other un-tactfully targeted ads are popping up, then this is probably not the legitimate site the consumers are looking for, and they should probably stop the application process right there and then. A legitimate site that is truly involved with a network of lenders is not going to risk ruining the chance of making the loan by throwing all of these distractions to legitimate customers.
Some of the better sites we have seen are now starting to offer additional services. Some of these services could be credit repair software, three in one credit reports, credit repair guides, information about loan consolidations, and much more. It is really just a case of using some common sense, and listening to your gut instinct. If something feels wrong, then click the back button on your web browser. Used wisely, the Internet can secure you a great deal deal on your auto loan; you just need to proceed with caution.
by: Mark Walters