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January 23, 2005 06:18 AM

It Pays To Surf For Auto Loans Online


Excerpt: Thanks to a new wave of online offerings, you could land the auto loan you want without setting foot in a bank or credit union or squaring off with the finance manager down at the dealership.

　 　

Looking for a no-fuss auto loan with a rock-bottom interest rate? Hop online.

Thanks to a new wave of online offerings, you could land the auto loan you want without setting foot in a bank or credit union or squaring off with the finance manager down at the dealership.

And you've got quite a selection of online loans to choose from. Like E-Loan and Capital One Auto Finance (Formerly PeopleFirst), many banks and credit unions now offer auto loans over the Web. Major banks that allow customers to apply for auto loans online include Chase Manhattan, Wachovia, Wells Fargo, SunTrust, PNC Bank and Union Bank of California.

But the auto loans popping up on the Web are far from equal. Online applications, rates and customer service all vary widely. You'll need to shop carefully. Let's get started.

Better rates, quicker results
The biggest things online loans have going for them are low interest rates.

The national average for 48-month new-car loans is 7.52 percent and 8.39 percent for 36-month used-car loans, according to Bankrate.com.

Hop online and you'll find auto loan rates far lower than that. To nab rock-bottom rates, the customer must apply for the loan online and agree to automatic, electronic loan payments. If you apply for a loan by phone, fax or mail, your interest rate could edge up a quarter percent or so. Pass on the automated loan payments and your rate could jump another half percent.

Wherever you finance your auto loan, it's a good idea to ask about interest rate reductions for automatic payments. Here's another tip. When shopping for auto financing, don't overlook the financial institution that handles your mortgage or checking account. Some banks and credit unions offer interest rate discounts to auto loan customers with additional accounts.

While surfing the Web for auto loans, it's important to realize that not all online lenders offer rock-bottom rates. Some banks offer the same interest rates offered in the branch to customers that apply online. So being Web-savvy may not make much of a difference to your auto loan rate.

Watch out for fees. Application fees, paperwork fees, administrative fees, all kinds of fees can turn up on an auto loan contract. Be sure to ask about fees before you apply for an auto loan over the Web.

Another thing that people like about online auto loans is the quick response time. Filling out a five-line application and getting an approval within minutes feels great.

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5 Tips: Buying A New Car (January 15, 2005)
You may not be one of the "gear-heads" in Detroit this week for the Annual North American International Auto Show, but you're still gawking at the hot wheels. Why not start the year in a new driver's seat? Getting the best deal can be tricky ...
Reinventing The Wheel (And The Tire, Too) (January 03, 2005)
THE first automobile to use air-filled tires was a racecar built by André and Édouard Michelin in the early 1890's. More than a century later, the French company founded by the Michelin brothers is so identified with pneumatic tires that its mascot, Bibendum, is a ...

Read all 11 posts in the same category of Car:

5 Tips: Buying A New Car - Jan 15, 2005
Reinventing The Wheel (And The Tire, Too) - Jan 03, 2005
Largest Used-Car Dealer? You'll Be Surprised! - Dec 27, 2004
Cutting Auto Costs With Car Sharing - Dec 27, 2004
Holiday Car Shopping - Dec 22, 2004
8 Top Auto Maintenance Myths - Dec 19, 2004
Buy a New 2004 or a 2005? - Dec 17, 2004
Bargains On Stranded Cars - Dec 02, 2004
Tips For Saving Fuel - Nov 26, 2004
Leasing Demystified - Nov 26, 2004







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