Steer Clear Of Instant Auto Loans?

Answer 1

The anticipation of getting a new car causes some people to become so excited they overlook the most important part of their purchase - the loan terms. There are currently many new lenders appearing across the country, offering instant auto loans. These loans, as they say, can be completed online or mostly online. Some lenders guarantee instant approval and affordable monthly payments.

There is a catch to these loans. Not all of them are the same. There are usually many unfavorable hidden terms and conditions. Depending on the state they originate in, some of the terms may be very unfriendly to the buyer. For example, the loan payments may be low, but the company could charge an outrageous origination or processing fee - in some states, they could name the fee whatever they want to. It is best to avoid these loans altogether. Waiting an extra week or two to get approval for a credit union or bank loan is much smarter. When the loan is over, the consumer will pay less money total than they would have with an instant auto loan.