There are two ways to speed the process for
an auto loan
. The first is to apply for the loan through the auto dealership. There, they have the financial department on the premises and you can find out immediately the terms of the loan and the interest rate. As long as you have good credit, the entire process can take a day. Conversely, if you decide not to go that route, you can always apply for a payday loan.
How Will a Payday Loan Speed the Auto Loan Process?
Let’s assume you intend to lease a car. You can find out from the dealership how much you need to put down and apply for a Payday Loan to meet that down payment. You can apply online and within seconds you will be matched to a lender who could have the funds in your bank account within one business day. Conversely, let’s also assume that you intend to purchase a new car. Again, assuming you discussed with the dealership both leasing and buying options, you would have asked for the interest rate and down payment amounts beforehand. Once you have that information, you can apply for a Payday Loan, make the down payment, and drive away in your new car within a day.
Will I Pay More Interest Through a Payday Loan than Through an Auto Loan?
If you have good credit and a good credit score, the dealership may offer you a low interest rate and down payment schedule. On the other hand, when applying for a payday loan you will be matched with a lender who will determine the interest based on your income – but, there is no credit check involved. So if you have bad credit, you will still qualify for the loan, however, the interest may be higher. But consider that a payday loan can be paid with your next paycheck and doesn’t have to result in an ongoing monthly payment if that is what you desire. With an auto loan through the dealership, it may take more time to find one that offers a lower interest rate – again, depending on your credit standing.
The Auto Loan Process Depends on Many Factors
One recommendation we would like to offer is to first check with the three credit report agencies to find out your credit score. Then begin researching several dealerships. You can do this online or in person. Find out what the down payment is and what the interest rate would be based on your credit score. Once you have this information you can determine the best course of action; apply for a Payday Loan without any hassles, or negotiate with the dealership. With a payday loan, you can receive up to $1000. Certainly, this would be sufficient for a down payment. At the very least, you could get an auto loan through our payday loan companies within a day. At the most, you can get a loan through a car dealership within five days.