• Bank Auto Loans: Tips for Applying Online

    Bank auto loans are the most common types of auto loans, and may be secured from many different banks (Bank of America, Union Bank, et cetera) even if you do not hold an account with that bank. It can save a good amount of time for both parties if you begin the process of getting a car loan by applying through the Internet. This online process can get you pre-approved and ensure all the preliminaries are out of the way before you visit the bank in person.

    Tip 1: Keep it Local

    You have to visit a branch of the bank you’ve chosen in order to finalize and sign your loan, so make sure there’s an easily accessible branch near you prior to applying. You won’t be able to get your loan if you can’t get to the appropriate bank. To see whether or not there’s a branch near you, visit the bank’s website and look for a link to “Locations” or something similar.

    Tip 2: Familiarity Is Good

    You will likely get the best rates from banks if you currently hold an account with them. Discounts may be given if you allow the bank to automatically deduct the appropriate amount of money from a checking account each month, plus you won’t accidentally forget about a payment. There’s no problem in applying to multiple banks, especially if the first bank rejects your application, but use connections you already have if possible.

    Tip 3: Look for Phone Numbers

    You should be able to easily and instantly contact banks for questions and clarification. Make sure the support staff is up to par, and only apply for loans if you’ll be able to contact the bank with no issue.

    Tip 4: Have Your Information Ready

    You won’t want your session to time out in the middle of filling out a form, so make sure you have all your information ready to go before you begin the application process. You may be informed as to what you’ll need before you begin, which is convenient. If not, assume that you’ll need your social security number; driver’s license; employer’s name and address; information about the car you are purchasing; and current mortgages or loans outstanding.

    Tip 5: Go to the Right Place

    Students searching for auto loans may be confused by two seemingly viable options: auto loans and student loans. Auto loans are the ones you’re looking for, since student loans are for educational purposes.

    Tip 6: Remember Special Considerations

    If you are a veteran, student, active in military service, et cetera, you likely qualify for some type of discount or special perk. If there isn’t a place to make note of this on the application itself, make sure you mention it when you visit in person. You will need to bring with you proof of your claim, for example: an up to date, signed academic transcript for students.

    These 6 tips are all helpful to keep in mind as you apply for a bank auto loan online.