We have good news for you: it is indeed possible to get a car loan online. You can obtain a loan through the internet for both used and new vehicles. While there is an undeniable appeal to completing this process from the comfort of your home, there are some important facts to consider before making any decisions.
Accessibility
Physical banks and credit unions are open only during business hours. There are no time constraints to apply for a loan online. All you need is an internet connection.
With this immediate accessibility comes a trade-off: no personal experience. In a physical branch, you can work with a personal loan officer, who knows you by name. Online your contact is relegated to a chat medium or email correspondence, however this might just be more convenient for you.
Bargaining Power
You can get pre-approved online for your loan. This means you have more bargaining power when going to the dealership to purchase your prospective vehicle.
If you go to the dealership and they broker the loan for you, they have the ability to hike the interest rate on you. This ability secures them a nice profit at your expense. Being pre-approved by Eastex deprives them leverage over you, plus you know exactly how much you can spend on your new or new-to-you car.
Our auto loan rates are as low as 2.95% APR. Whether you want to apply online or face-to-face, Eastex is here to help you through every step of the loan process. At the end of the day, you’re doing your business with a lender you know. Feel free to contact us and we’d be delighted to discuss getting you the best deal for your car loan.
