How Quick Car Loans Work

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January 27, 2012

There are many sources for quick car loans on the Internet, and applying for such a loan can be quick and convenient. This guide tells you a little bit more about quick car loans and how they actually work and are processed.

The Application Process

If you have good or excellent credit, quick car loans are an easy and convenient option for getting an auto loan. The application process is very easy and can usually be completed in less than 10 minutes. Applying for a quick car loan on the Internet usually involves filling out a short application that asks for basic information such as name and address, employment, housing and income information, and your social security number.

Also, you will usually be asked to enter a requested loan amount. You should always ask for enough to cover the cost of the vehicle as well as taxes and other potential fees or costs. Once you type in all of the required information, you simply click the "Submit" button. That's it -- the application is finished.

If you submit your quick car loan application during business hours, you can usually expect to receive an approval in less than an hour. Online auto loan sites usually have many potential loan lenders at their disposal and can quickly match your application requests with the appropriate bank or lender. Since this task is completely automated, application decisions can be made in minutes - not days.

Getting Your Check

After your application has been approved, you will normally receive your check within 24 to 48 hours. Usually checks are sent via FedEx, UPS or express mail to enable you to make your purchase quickly. Once you have your check in hand, you are basically a pre-approved buyer and can proceed to go and purchase your new vehicle.

Buying the Car

With check in hand, you're now ready to purchase the vehicle you want. Your approved loan enables you to make purchases from either a car dealership or an individual. You simply enter the name of the dealership or individual and fill-in the amount of the purchase price -- plus any additional taxes, fees or costs.

The lender that approved your car loan application will have also have sent you other paperwork to complete at the time of purchase. Therefore, you will need to make sure all of the documentation is properly filled out and signed by both the buyer and seller of the automobile.

Finalizing the Deal

Upon completion of your new or used car purchase, you will then need to send the signed documentation back to the lender. In many cases, the lender will have provided a pre-paid envelope or shipping pack to make this process simple, quick and convenient.

After the lender has received all of the signed documentation, the lender will then finalize all necessary loan documents, and forward copies to you as well as a payment book. When you receive your payment book, you're finished. You can now send your monthly payments to the online lender just as you would any normal bank or finance company.

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