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May 23, 2008, Newsletter Issue #79: Online Auto Loans
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Tip of the Week
Applying for online auto loans is usually quick and easy, but there are other benefits as well. Many lenders have started offering special Internet-only interest rates on car loans which are lower than the rates offered to applicants who walk into a branch to apply, or apply over the telephone. The reason why lenders offer these special Internet interest rates is to entice applicants to apply online.
Using automated lending systems, an online application may not require the attention of a customer service representative until after it has already been approved or denied, resulting in labor cost savings for the lender. Lenders also understand that more and more potential customers are surfing the Internet to find auto loans, and by offering attractive interest rates online a lender may be able to attract new borrowers. Applicants should pay special attention to the terms of the lower interest rates, however. Applicants interested in an Internet-only interest rate may not be able to call a customer service representative for assistance in completing the application over the phone. Applicants applying over the phone will receive a slightly higher interest rate than the Internet-only rate. If the Internet-only rate is much lower, it is definitely worth it to apply online.
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