Financing a car, or getting a car loan, is a way in which many drivers can obtain the vehicle they want without having to pay for it completely upfront. With a loan, the bank will pay for the car, and you end up paying the bank back in installments. If you already have an auto loan, you also have the option to refinance if payments become too expensive. This process lets you take out a new loan to pay off your existing loan and thus reduce your car payment amounts.
Unfortunately, there are a lot of misconceptions surrounding auto financing and who is eligible for car loans. Many prospective car buyers think that auto loans are out of their reach because they have bad or no credit, when – in fact – financing options are available to almost anyone.
There are three common misconceptions that prevent many drivers from buying or leasing a new or used car, as well as refinancing their existing vehicle to lower their loan payments. Don’t make these mistakes and leave money on the table. Get approved for an auto loan quickly and easily from the comfort of your home.
Misconception #1: Financing a car is difficult and takes a long time.
The auto-financing process can seem intimidating to those who have not gone through it before. Some drivers may think applying for a loan requires filling out countless forms and providing stacks of personal and financial documents. Other drivers may believe that it takes a long time to apply for a loan and even longer to get a response from a lender. In reality, getting an auto loan is as simple as entering some basic information about yourself and the vehicle you wish to finance into a trustworthy online portal. Getting approved for auto financing or refinancing can be fast and easy. DMV.com recommends that you get quick loan approval online, so that you save yourself hours waiting at the dealership for lender approval.
Misconception #2: You cannot get a loan with bad credit or no credit.
Perhaps the biggest misconception many drivers have regarding auto financing is that they cannot obtain a loan if they have no credit or bad credit. While many traditional lenders, such as banks, may not approve you for a loan, that does not mean you have run out of options. Millions of dollars in loans are available online.
Regardless of your credit history, you can still get approved for an auto loan or refinancing quickly and easily by applying here.
Misconception #3: You have to contact many lenders to get the best loan quote.
Many drivers may also believe that they must spend hours or days calling different lenders or even traveling to various offices to get financing quotes. If this is what is preventing you from financing or refinancing your vehicle – stop right there.
DMV.com recommends you save yourself the hassle of visiting locations in person by getting free quotes online. By applying online, you can get matched to the best lender quickly and conveniently and know that you are getting the best possible rates for your needs.