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How to Get a Blank Check Auto Loan Online
A blank check auto loan is a type of preapproved car loan offered by banks and other lenders before you choose your vehicle. If you have good credit, securing a blank check auto loan is simple. If you do not have good credit, the process is still straightforward; however, you may not be able to get the loan from your bank or credit union, but a subprime lender instead.
Step 1: Know your credit
Knowing and understanding your credit is the first step in securing a blank check auto loan. When looking for any loan it is good to know your credit before you approach prospective lenders. Most blank check auto loans, like traditional bank auto loans, are for people with a credit sore in the 700’s or higher. If you do not subscribe to a credit monitoring service, it is advisable for you to get a merged credit report showing both your credit history and FICO score for all three major credit bureaus. This can be done online. Many states have laws requiring consumers to have access to a free copy of their credit report at least once a year; however, the free copies do not include a copy of your credit score.
If you do not have a solid credit history, there are companies that offer blank check auto loans to consumers with bad credit. These companies offer instant auto loans and other easy credit options to assist people with blemished credit in getting a car. Often the interest rates and term on these types loans usually are not in the customer’s best interest. As with any loan, research your options before you make a commitment.
Step 2: Know the Rules
In addition to meeting credit requirements, most blank check auto lenders place stipulations on the type of vehicle you can purchase. For example, you may not purchase commercial or recreational vehicles. Furthermore the vehicle you want must cost at least $7500; it must be less than seven years old and have fewer than 70,000 miles on the odometer.
It is also important for you to understand the interest rates and other conditions and terms of the loan, especially if you have bad credit or little credit. If the terms are not acceptable, do not accept the loan.
Step 3: Know the Car You Want to Buy
Though blank check auto loans are designed to give customers time to visit several dealerships and research their options, it is advisable to have a general idea of what you want and how much you are willing to pay before you talk to a salesperson. Do not announce that you have a blank check until you have negotiated the price including, taxes and other fees. This will allow you to get the best deal.
If the terms and conditions are favorable, securing a blank check auto loan may be in consumers’ best interest because they control the car buying process, not the dealer.
