Guest Contributor

The Pros and Cons of Financing a Car Online

By | McKenzie Jones

Are you getting ready to buy a new car? One of the best ways to do so maybe to buy it on the web. This is a way that cuts out a lot of hassle. You don’t have to take time off from your job or school to drive to a lot. You can do it all in a matter of minutes. However, there will be some pros and cons to keep in mind.

Pro #1: The Web is Convenient

A quick search on Google will easily turn up cars for sale online. It’s the easiest place to find what you are looking for. You don’t have to get out of your bed or take time off from work or school. You don’t have to get dressed. You don’t have to deal with a fast-talking car salesman. A few clicks can get you what you need.

If you do your research in advance, you can easily find the deal that you are looking for. Many car dealerships offer web services. This makes it easy for you to do a quick round of comparison shopping. You can compare rates, delivery times, lender arrangements, and many other details.

Con #1: Your Selection May Be Limited

One of the first cons that you may notice is that you can’t always get the vehicle you are looking for. This is because the selection of cars available for sale on the web may be limited. You may be able to get the first choice on a car when it comes into stock. But you may have to wait a long time for it to do so.

Pro #2: You Can Get Great Rates

One of the best things about buying a car online is the fact that you can often get better loan rates. Much of this is because most online lenders don’t have physical locations. The lack of overhead means that they can afford to give you good rates. You can also get approved for a loan faster on the web.

Con #2: You Don’t Always Get Good Customer Service

Another major con that you may need to keep in mind is the fact that customer service on a website can be limited. You may have any number of questions that you want to ask about a certain vehicle. But if it’s after hours, all they may have is an FAQ section. You may have to wait days for a reply to your email.

Pro #3: Your Approval Will Come Much Faster

When you buy a car on the web, all you need to do is click a few buttons. Once your method of payment is approved, the car is yours. This is also the case when it comes to getting approved for a car loan. Since it’s all done via the web, the process is automated. You’ll know quickly if you got approved or not.

Con #3: Online Loans May Not Be Customized

A drawback that often occurs with loans on the web is that they are not customized. This means that it will be harder for you to find a loan that fits your basic needs. Much of this is because you aren’t there in person to talk to a lender. The deal you get is pre-fab and often very generic.

Some things are better-handled face to face. It may be best for you to go to a brick-and-mortar location. This is the place where you can negotiate directly with a lender. It may be the only way for you to get a deal that takes your unique needs into full account.

The Time to Make Your Selection is Now

Now that you have many of the pros and cons in front of you, it’s time to make your choice. Buying cars on the web is a great way to save time and energy. But if you don’t know what you are doing, it can also result in a lot of hassle. The key will be to come fully informed in advance so that you can get the best deal.

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