You'll need to know how much you need,

what kind of loan it is (person-to-person,

dealer or lease buyout) and whether you

are applying individually or with your

spouse. If you're trying to get a loan for a

business or commercial vehicle, then you

may find that most online lenders won't

finance it.

FIGURE OUT SOME SPECIFICS FOR YOUR

CAR LOAN

2

Research different companies that offer

online car loans. Some large financial

institutions have an online branch while

other lenders work only on the Internet.

Check for application fees before you

apply for a car loan online. Most financial

institutions will mail you a check for the

loan amount, so they do not need your

banking information right away.

RESEARCH DIFFERENT COMPANIES

3

Fill out an application to get a car loan online. Some companies offer

a service to refer you to another lender if you are declined due to

your credit history.

Wait to receive a quote on your car loan. Many of the largest online

lenders can mail you their decision in a matter of minutes if you submit

your application during business hours.

Ask for a hard copy of the terms of your online car loan to be mailed

to your home. You may also want to get hard copies of your monthly

statements, even it you prefer to pay your bills online.

FILL OUT AN APPLICATION

4

Ask for a hard copy of the terms of your

online car loan to be mailed to your

home. You may also want to get hard

copies of your monthly statements, even

it you prefer to pay your bills online.

ASK FOR A HARD COPY OF THE TERMS

5

• Get quotes from several online lenders before you make a final decision.

• The check that an online lender sends you does not impose any obligations on you

until you use it.

• Some online lenders use a simple interest plan that calculates interest based on the

number of days between your payments rather than being compounded monthly.

• If the loan is in two names, then both people must sign the check for it to be valid.

• Have a secure Internet connection before you submit any personal information like

your address or social security number.

• Be aware of how long you have to use your loan check before it expires.

• Don't accept an online car loan if your quoted price is not set. Instead of giving you

the quoted rate, some vendors allow interest rates to change each day.

TIPS AND WARNINGS

6