Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Online Car Loans and other Auto Loans topics.
When you are in the process of shopping for car loans, you should use the Internet to your advantage to find the lowest interest rate. You can go from one lender's website to another lender's website comparing the interest rates and loan terms, but it is far easier to go to an interest rate comparison website such as BankRate.com or LendingTree.com. These sites will list all the available interest rates in your geographic area and may also list any associated fees or required down payments for auto loans.
You should take care, however, when applying for a car loan with a lender with which you are not familiar. You may be fortunate enough to already have a financial relationship with a lender that offers low interest rates and no unnecessary fees, and if this is the case with your bank or credit union it will probably be easier to apply with them. If you find a lender with a fantastically lower interest rate, though, then go ahead and apply with them as long as they are a reputable lender and there are no application fees or prepayment penalties tacked on to the loan.
|Jennifer Mathes, Ph.D.|