Is Online Car Shopping Better Than A Loan Specialist?

Is Online Car Shopping Better Than A Loan Specialist?

Posted on April 19, 2021

We do most things online now. We buy insurance. We buy cars online. We buy clothes, gifts and groceries, so why not have an online car shopping experience too? There’s nothing wrong with online auto loans in principle but they may not offer the best possible deal.

While we may be biased, we think our Woodstock auto loan experts do a much better job of finding competitive loans than a website can!

Let’s outline the various pros and cons of online auto loans so you get a clear picture of what’s what.

Pros of online car shopping

There are definite benefits to online auto loans. They include:

Convenience – You can check out and apply for auto loans from your couch. As long as you know your income and outgoings, can check your credit score and assess affordability, you can do everything from your home.

Wide range of lenders – Many auto loan websites will offer finance from a range of lenders covering a good portion of the market. You can usually accurate compare each of them for the best terms, fees, conditions and interest rate. It’s certainly a wider comparison than approaching each individual lender.

Competitive rates – Many auto loan comparison websites are competitive markets so will attract competitive auto loans. Many of these websites require special deals or discounts to make the website competitive with its own rivals.

Cons of online auto loans

There are also downsides to online auto loans.

A binary process – Websites are clever but they are still one dimensional. There’s no explaining context, there’s no understanding of nuance or of where particular income comes from or why you can afford repayments even when it really doesn’t look like it.

If your application ticks the relevant box, you’re good. If it doesn’t fit, you’re not. While most auto loans are then checked by hand, the site can reject you long before that.

Not usually whole market comparisons – Many comparison websites will have a selection of companies that feature. Very few websites are ‘whole market comparison websites’ that invite all lenders from all over Canada to feature. You’ll get a decent selection but it will be far from every lender possible.

You’ll never had heard of some of the lenders – Some online auto loans will be from companies you have never heard of. While there’s nothing wrong with that, it does add an element of uncertainty to the process. All lenders will be regulated but areas such as customer care may not be up to the same standards you’re used to.

Woodstock auto loan experts

We’re not exactly impartial here but we think working with humans on something as important as an auto loan is the way to go.

We can work with you to understand your situation. You can explain income, we can better assess self employed income, gig work and other situations where many online auto loans simply couldn’t cope.

Plus, we’re a friendly bunch who are always willing to go the extra mile to ensure you’re completely happy with the service and the auto loan you receive. No website will do that!

When you’re ready for a car loan, get in touch with the Woodstock auto loan experts at Northway Ford for great deals on auto finance.

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