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To obtain a car loan, we do not have to go through the dealer or the bank who may offer a rate higher than what we can actually get. Online car credit, like ordinary online credit, can avoid being left with too high a rate. In fact, being able to carry out simulations on the internet allows you to test the best offers on the market before committing.
Indeed, subscribing to an online loan takes place in 4 steps:
- Online auto credit simulation
The simulators can be offered by the financial subsidiaries of car manufacturers like Diac for Renault, by credit organizations or by comparators. Carrying out a car loan simulation online can identify the amount of a monthly payment for a given loan or, conversely, define a maximum amount to borrow.
- Complete an application
In the context of an online car loan, this will consist of filling out a quick online credit questionnaire for a given offer and obtaining an immediate answer in principle.
- Build a file
Whether you go through your bank, the dealer or an online car loan organization, you will need to provide supporting documents (identity, salary slip, and tax notice, address, minimum bank statement) to build the credit file. An online credit without proof does not exist, in concession either.
- Final validation of the file
The last step is the one for which the financial institution will check the file and supporting documents. After this stage, we obtain the final agreement for the financing of the vehicle.
It takes about ten days between the constitution of the file and the final decision, which is always less than the withdrawal period of 14 days for credit.
Get the best auto credit rate online
To find the best car loan rate, going through a comparator is probably the best idea. However, you have to be a little wary. Indeed, many of our competitors offer rankings that appear to be real online car credit comparisons but are not. Their only ranking criterion is the commission they will receive on the clients they send to their partners.
A real online auto credit comparator performs a classification based on the APR rate. This is the legal rate for consumer credit. This rate includes credit charges but also administration fees if there are any. We classify auto loans online based on this rate. For this, we regularly take note of all offers overall durations and all amounts from the largest organizations, such as Cetelem or Sofinco. Using an APR-based comparator increases your chances of leaving with cheap credit.
Used car credit online
In online auto credit, the most requested is clearly used auto credit. The reasons are simple, dealers and banks offer almost no second-hand credit and most sales are now made directly from the individual to individual without going through concessions.
And in this case, there are not 36 options to find your credit, you have to go through an online car loan application with credit agencies or through a comparator. Because even if the used car loan online is a little more expensive than that for new cars (the car has more value in the event of seizure), one should not neglect the savings which one can make of credit to each other.
Take the example of a second-hand car loan of 8,000 USD over 36 months:
|Fixed taeg rate||monthly||cost of credit|
|Cheapest organization||2.70%||231,48 $||333.28 $|
|Most expensive organism||6.58%||244,79 $||812.44 $|
And there is no point in trying to apply for an online car loan for a new car if it is a used car that you want to buy. Indeed, to obtain a new car loan, you must provide proof of purchase. This is the order form.
Online car credit for a new car
For a new car loan, there is more competition. Banks and dealers can compete online for auto credit. We will see in the next paragraph how to be sure to get the best credit online by putting all players in competition easily. Concerning the new car loan, it will be necessary to provide proof of purchase of the car to the credit organization or to the bank in the final file.
On the other hand, it seems important to us to remember that for the car loan, it is necessary to be wary of two commercial traps:
- Promotional rates too low
They are not shady, it’s just that only about 1% of customers will get them. Indeed, these rates put forward to bring customers are only offered on ultra-short durations, generally 12 months. In this case, the monthly payments to be reimbursed are enormous. For our example of 8000 USD, it’s more than 650 $ / month!
- Auto credit 0%
This credit makes you want to subscribe but you should know that this commercial offer corresponds to a discount of 5% on the price of the vehicle. Sellers can take advantage of this offer to make smaller discounts and ultimately, the customer may pay more.
Negotiate your car loan online
In general, the bank does not offer good consumer credit rates except to its best, oldest and wealthiest customers. They generally do not offer online car credit on their websites. But to try to get the best rate with his bank or the dealer, our advice is to come to the negotiating table with the best online car loan rate in your pocket.
For that, it’s simple, just perform a car loan simulation online from our comparator. Thanks to our exclusive system, each client can obtain the best rate suited to their file. And above all, everyone gets a formal proposal without obligation. This proposal obtained in the form of a prior credit offer is received by email or by post. And this proposal is the best asset for a negotiation.
Indeed, it only remains to meet the dealer or the banker to find out about his best offer. At this point, you can get the best auto loan offer online. Either they can do better or you already have the best deal.
Good to know: our comparator is registered with ORIAS. It is the national register of intermediaries in banking operations. This legal basis allows us to compare credit offers transparently, legally.