Preapproved Auto Loans Make Car Buying Fast and Easy
Contributed by Julia Emerson
Pre-Approved Auto Loans Make Car Buying Fast and Easy
A Fast Auto Loan. It sounds like a conflict of terms. It's not what you remember from the last time you bought a car: after finally picking out your vehicle, you filled out paperwork at the dealership for an hour then waited another hour for approval. It seemed to take forever, and you thought to yourself, "There has to be any easier way."
There is. Many lenders are now offering fast auto loan approval via the Internet. You can fill out the required forms online and receive approval in minutes.
Anatomy of a Fast Auto Loan
Fast auto loans work much the same way as traditional auto loans. You fill out a form with your personal and employment information, then submit it for approval. However, unlike a traditional loan, the entire loan application process takes place online in only a few minutes.
Response times vary from as little as two minutes to overnight, depending on which lender you choose. Once you've been approved, the lender will mail a physical check that you use to pay for your vehicle.
Some lenders offer a blank check option, where the car buyer receives an uncompleted check that is valid up to the approved amount of the loan. You take this check with you and fill in the dealer name and exact amount when you purchase your vehicle. Other lenders work directly with your car dealership and submit the check directly to the dealer.
Fast Auto Loans for Slow Shoppers
Even if you're not in a hurry to buy your new car, you can still benefit from a pre-approved auto loan. Once you know your approved loan amount, you can save shopping time by looking only at cars in your price range.
