Online Used Car Loans

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Are online used car loans the best?

Surfing the web has become a way of life in America. So much so that an internet enabled P.C is just as common as cable T.V in our homes. Our increasing reliance on this tool is illustrated by our willingness to pay premium rates to have broadband connections. Between 2001 and 2003 the number of high speed connections in the United States increased by 12.5 million! The range of information available online has enabled us to become informed consumers, and what greater illustration is there than the increasing popularity of online used car loans!

Before the advent of the internet the choices made available to us for a used auto loan was limited. Banks could get away with charging higher interest rates just because the car was used. They also refused to lend on some cars because of their age. This left some of us high and dry! The internet has changed this as specialist lenders have been able to advertise their online used car loans alongside such companies and push rates for the autoloan down.

The pros and cons of online used auto loans listed below will help you to decide whether an online used car loan is for you.

Pros

1. As the online used car loans market is so competitive you will find that you will be able to come up with a deal that is just about as good on APR as if you were buying a new car.
   
2. There are a plethora of providers of online used car loans that you can trawl through.
   
3. Once you have short listed a few online used car loans, you can compare them online too using an auto loan calculator. This calculator will enable you to determine what is the most suitable APR, term of loan and monthly repayment plan for you.
   
4. It's very easy to get pre approved for online used car loans before you even think about searching for a car. This will give you much better bargaining power.

Con's

1. If you rely solely on online used car loans there may be some other deals out there that you qualify for that you could be missing.
   
2. You need to be prepared to put aside a few hours of your time to search through all of the online used car loans to find the best deal.
   
3. You are not leveraging any relationship you may have with your bank or credit union to see if you can get a better deal through them than with an online used car loan.
   
4. There are unscrupulous companies online, just as there are in the real world. You have to sort out the good from the bad.