For a maximum number of car buyers, financing a car from a dealer appears to be more economical and convenient. It is because right on the spot, a customer can wrap up the car buying and car financing plan without thinking of going to a bank for the purpose. An auto loan is easily available at these dealerships and you don't need to shell out hundreds and thousands of dollars to get a loan approved on time – the process of loan approval itself is quick.
Online shopping for cars has become a popular trend. A number of dealers have a website where they keep on informing the customers about the new offers or discounts on the purchase of new as well as used cars. Besides, a potential customer will get relevant information about the company and its lending procedure by simply scanning through a dealer's site. Many dealers that give auto credit loan also offer incentives on applying for the loan online.
A dealership financing includes a certain rate of interest plus the down payment that all dealers charge from a car buyer. Compared to a bank, a dealer usually charges a low interest rate on a specific lending amount. The car loan industry is customer driven, hence be rest assured that the dealers will not charge anything excessive that an average potential buyer won't be able to pay.
Unlike a bank, a dealership will not reject your car loan application. Rather he will call you to fix an appointment for further discussion purpose. The sales team will try to understand your exact requirement based on which you would be told about a specific loan plan.
A number of advantages is associated with applying for a car loan from a dealership. Let's figure them out.
1. Instant Approval of Bad Credit Loan No matter what your current financial condition is, your loan application form will not be rejected. People with a bad or no credit score will get an auto loan easily and quickly to realize the dream.
2. Low Interest Rate and Down Payment The rate of interest charged for a lending amount is usually low compared to a what a bank or similar financial institution charge. Down payment refers to a certain percentage of the car price charged by a dealer at the time of purchase of the same. The car sellers might charge a lower down payment depending on the financial condition of the concerned buyer. A kind of flexibility is noted in the case of a dealer which is never to be found when applying for a car loan from a bank.
3. No Checking of Credit History A customer will not be embarrassed by telling him to show his credit reports. A car dealership will instantly approve a loan without going deep into the employment history, salary package, debt issue related to the borrower.
A potential auto loan applicant can always use a calculator found in most dealers' sites to accurately measure the amount of money he or she has to pay as the interest rate. The person needs to simply type in the lending amount, select the number of days as the contract tenure, and select the interest rate to calculate the amount.
