If you need a car in a hurry, instant auto loans may be something to consider. Getting fast auto loans instead of waiting several days or even longer for auto loan approval is doable, and will let you get a car immediately if you have an emergency (or are just impatient). If you’d like to find an auto loan lender to expedite the auto loan process and get an instantaneous loan, here are 5 things you should know as you search.
You Should Know: You Can Look Online
The Internet makes pretty much anything (within reason) easy to find, and instant auto loans are no exception. By simply using your favorite search engine to look up “instant auto loans” or something along those lines, you should come up with plenty of website results and sponsored ads for your consideration.
You Should Know: Your Credit Matters
Instant auto loans generally require you to have an excellent credit rating. This is because people with great credit are in high demand with lenders, and so many lenders have set up an automated system to give people within a certain credit range instant approval. If your credit score doesn’t fall into the bracket required by a lender’s system, you will probably have to wait up to 24 hours for approval like everyone else.
You Should Know: It’s Not the Norm
In general, instant auto loans are fairly uncommon, so you should only get one if your situation requires it. Instant loans should be thought of as an “in case of emergency” option and not as a normal way to purchase a car. Unless you need a vehicle immediately and have no other choice, it might be a better idea to get your loan approved in a regular, slower fashion.
You Should Know: Choose with Caution
The reason instant auto loans are fairly uncommon is that they tend to be less advantageous for the person borrowing than a regular loan. Before committing to an instant loan, look carefully at all of the stipulations contained within it, and make sure you know what they mean. If you do have an emergency and can’t wait for a regular loan, it may be a good idea to take out the instant loan but refinance it as soon as possible.
You Should Know: Not Just for Cars
If you’re in a bind and need cash immediately, you can get an instant loan even if you’re not using it to purchase a car. Instant approval for amounts around $1000 is fairly easy to get and can be of use in an emergency. Don’t take instant loans lightly, though, and always pay them back as quickly as possible because they often come with exceedingly high interest rates.
These 5 things to know will give you a basic overview of instant car loans. By following the advice above, you’ll be better equipped to find the best loan available for you.