If you are looking to purchase a new car but do not have the time to spend visiting lenders in person then you may wish to take advantage of the convenience of online lending. These days there are many companies who can provide you with a personal auto loan online and there are many benefits of getting your finance this way.Perhaps the biggest thing that attracts people to online lending is that it is fast, easy and convenient. Getting a personal auto loan over the internet can be done at any time of the day or night, at work or home. When people are limited for time, getting a personal auto loan online can make life a lot easier.A major benefit of obtaining your personal auto loan online is that you will be able to access a larger number of lenders than you normally would if you were to apply in person. This means that you will have a better chance of getting your personal auto loan at a good rate. Not only do many of the major lenders have their own websites where you can get information about the type of personal auto loan that they provide, but there are also many legitimate non-bank lenders who offer great products and very competitive interest rates.Because there are so many companies on the internet today who can provide you with a personal auto loan, it means the industry is much more competitive these days. It also means that lenders are doing all they can to attract your business and can often offer added incentives and special deals on your personal auto loan.When looking for car finance on the internet it is important that you do your research on the lenders, particularly if you are looking to go with a non-bank lender or one that is not familiar to you. While you are shopping around, take the time to look at some review sites or read any feedback that may be available from past customers. This will give you an indication of the quality of the lender. You can also access the Better Business Bureau online who will be able to provide you with the business rating of different companies.The process of applying for car finance online is straight forward. Once you have selected a lender to obtain your personal auto loan through, you will be directed to the application page of their website. All you will need to do to lodge your application is complete the appropriate online form and submit it. You will need to read up on any supporting documentation that you may need to send through to your lender and ensure that you do this promptly so that your loan can be processed in the shortest possible time.Getting a personal auto loan online allows you to take your time when it comes to selecting car finance. This means that you will be entering into your loan contract with peace of mind knowing that you are making the right decision for you.
Co-signing an auto loan may allow you to help a friend or family member get a car. Where this can be a kind and wonderful gesture, there are some things you may want to know before going into the deal. This article will point out some helpful tips so that you can preserve your relationship with the person you are co-signing for.What is a co-signer?A co-signer is someone who signs the loan papers along with the car owner and assumes the responsibility of the loan should the owner default.Co-signing an auto loan can be a great help to someone with less than perfect credit and help them obtain an auto loan. Another reason to co-sign an auto loan may be to help someone that has not had the chance to develop a credit history, maybe a son or daughter.With assuming the responsibility of the loan, the auto loan will appear on the co-signers credit report. This loan will affect the co-signers credit in the event the person they are signing for doesn’t make the payments. Knowing this can help you make a wise choice about co-signing for an auto loan or not.What is required of a co-signer?Co-signers should have an excellent credit score to be considered as a co-signer. In addition, your income to debt ratio will be considered. The lender is going to want to be sure that you will be able to make the monthly payments should the auto owner default.Legally, the co-signer is accepting full responsibility of the auto loan. All late payments will show on their credit report, which could damage their credit score should the owner fall behind on payments.Also, with this loan appearing on their credit report, it may prevent them from getting any other loan should they need one in the future. A potential lender may consider the co-signer high risk because of the additional loan, even if the owner is making the payments in a faithful manner.Things to consider before co-signing an auto loan.Sit down and look over the person’s finances with them. Make sure that this person has enough income to make the car payments and can afford the car. Consider all the person’s financial responsibilities and make sure the person you will be co-signing for is not over-extending themselves.Know their payment history. If they have borrowed money from someone in the past, did they pay it back in a timely manner? Is the person financially responsible?Ways to protect yourself.Ask the lender to include you in all correspondence. This way, you will have first-hand knowledge should the owner begin falling behind on the payments. This way you can make the payments if you need to in order to protect your credit.Obtain on-line access to the auto loan. You will want to be able to monitor the payments frequently and can keep yourself abreast of any issues before they arise, again protecting your own credit history.Helping a friend or family member get a car by co-signing an auto loan can be a loving gesture, however it is a business transaction and you do want to protect yourself.