When trying to finance a car – especially when doing so online – the application process is relatively simple, even down to receiving your auto loan package. What is the auto loan package, you ask? It is the money you will receive that you must then take to the dealership that you’re interested in working with to purchase your vehicle.
Typically, receiving a check is the more common way you will receive your auto loan package. To see how this works, let’s take a look at the entire process.
The first step in financing a vehicle online is completing an application process. Usually the process only takes a few minutes to complete. And you may have to enter details such as the year, make and model of the vehicle you want to buy, the mileage (if used), the MSRP (if new), your SSN, DOB, and employment/salary information. During the process, you also enter the loan amount you would like to request. It’s a good idea to request an amount that’s higher than the price of the car you’re considering when applying for an auto loan. This way, you’ll already be approved and can ensure that you can cover the cost of the car in total. And if the car ends up costing less than the loan amount, you will only be financing your car for the purchase price. If you request to receive a check to finance a car, then the financial institution you worked through will likely overnight a blank check to you. Once you’ve received the check, you have the freedom to take it to the dealership that holds the vehicle you want. You simply fill out the blank check for the amount of the car in total. This is symbolic of paying for the car in cash; however, you really have released yourself from any relationship with the dealer, and instead will pay back the loan amount you owe to the financial institution that sent the check. Completing the car loan application process online is a convenient way to verify your loan amount and effectively finance a car. And because you can receive your package in the mail via a blank check, you have the freedom to choose the vehicle that will truly suit your needs.