Are you wondering how to get approved for a car loan? Basically, you have two primary options: online and in-person. We obviously encourage the first method, as our team is dedicated to helping people get approved for auto loans online. However, we should review both options in-depth, so that you can make the choice that’s right for you.
- Option 1: In-Person.
Before the internet, car shoppers in need of financing had to go to local banks, dealerships, and auto finance companies to apply for auto loans in person, typically by filling out a paper-based credit application. The loan officer would:
- Process the application.
- Check the consumer’s credit.
- Verify their income and employment records.
- Notify them whether they could get approved for an auto loan through their lending institution.
Obviously, this was (and still is) a laborious, time-consuming process. This is especially true if your credit is less than perfect, as you may have to go to quite a few potential lenders before you find one willing to approve you for financing at a rate you can afford. However, this method does have the advantage of a one-on-one personal interaction from the very start. Typically, consumers with excellent credit scores of 750 and higher prefer this method, as they have no trouble qualifying for low interest loans from their local banks or even 0% financing deals from dealerships in their area. However, for the average consumer, this option can be a real hassle.
- Option 2: Online.
Today, industry forerunners such as the team behind GetApprovedforaCarLoan.com have revolutionized the auto financing process by taking auto loan approvals online. This makes getting approved for an auto loan exponentially faster, easier, and often more affordable. Our team has built relationships with a vast network of banks, credit unions, dealerships, and auto finance companies that have the technology to approve or decline auto credit application online. Here’s how it works:
- You submit your application.
- We ping our network of auto lenders to find one whose approval criteria match your needs.
- We notify you within hours as to whether your application has been accepted or not.
- Your car lender contacts you to finalize your car loan details.
As you can imagine, this makes for a much more convenient, much less time consuming process. When you apply online, you’re giving yourself a serious advantage: a team of experts dedicated to getting you approved for the car loan you need.
Can I Get Approved for a Car Loan with Bad Credit?
Let us be straight with you: bad credit does make it harder to get approved for an auto loan, and it does make your APR rate higher. Marketers who say otherwise are just misleading you. However, we can say with complete certainty that our system makes it easier to get approved. That’s because you can apply submit your application a single time, and often find the right lender for your credit profile. In this way, we take the “trial and error” out of the process.
Any time you have subprime credit, there are a large percentage of lenders who will decline your application, because they simply don’t approve people with poor credit. Fortunately, we work with car loan companies across the nation who do want your business, and who do approve auto loans for people with bad credit.