Applying for Blank Check Auto Loans Online

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January 27, 2012

Blank check auto loans are a good choice for anyone who is still in the process of car shopping but has an estimated price range in mind. With a blank check loan, the convenience of car loans online is combined with the on-site benefits of car shopping. You can get a blank check as part of a credit union car loan or a bank car loan, and it is frequently possible to apply for them online. If you are in the market for a car and are considering different loan options, this guide will give you some important information about online blank check auto loans and how to apply for them.

Blank Check Auto Loans

Blank check auto loans are loans where you get approval up to a certain amount, but you don't know yet what the actual amount of the loan will be. The lender will issue you a blank check and the authority to fill it out up to some maximum amount which is predetermined. You can then bring the check to the car dealership from which you are purchasing your car; negotiate the price of the car, and write the check for that amount. The amount you fill out the check for becomes the amount of the loan, and it is that number plus interest which you will be expected to repay.

Advantages of Blank Check Loans

Blank check auto loans mainly offer convenience and flexibility. By being pre-approved for a loan up to some amount, you will save time at the car dealership since you won't need to go through the whole loan approval process after choosing your car and negotiating price. Applying for a blank check loan is also easy and, since application is online, can be done from the comfort of home.

Disadvantages of Blank Check Loans

The main disadvantage of a blank check auto loan is that you don't know ahead of time what the exact amount of the loan will be. This means that you won't know your exact monthly payments until you submit the loan amount to the lender which issued you the check. However, you can calculate monthly payments ahead of time so that you know the maximum loan amount you can safely take. The other disadvantage to blank check loans is that, by having your loan pre-approved before entering a dealership, you might miss out on special dealer incentives which would have been a better deal than your blank check loan.

How to Apply Online

You can find lenders which give blank check auto loans by typing appropriate keyword phrases, such as "blank check loan application," into your search engine of choice. Look for legitimate websites such as official bank websites so you don't give your personal information to scam sites. The application process may vary by lender, but the website should guide you through the process.

The information above may help you decide whether or not a blank check auto loan is right for you and take you through the first step of finding a lender.

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