If you are in the market for a new car, then you are probably looking at financing options. When it comes to finding the best way to finance your next vehicle purchase, many people automatically assume that they will be getting an auto loan from their bank or credit union. However, there are other ways to get a car loan without having to step foot inside of a brick and mortar bank branch such as the online platform Driva. In this post we will discuss three different strategies that can save you money on your online car loan!
If you are buying a new or used vehicle, then it is important to shop around for financing options. There may be several different banks and credit unions that offer online car loans at rates that can save you big dollars. You should consider checking out what your bank offers, but never stop shopping around! This will help you get the best deal possible on your vehicle purchase.
You’ll also want to consider where you make your actual purchase. If you are buying a new car, then the dealership may be able to offer you new car finance that saves you big bucks compared to what other banks and credit unions will charge. When it comes down to it, not all dealerships offer discounted online car loans, but if you are flexible on where you buy your vehicle then this may be an option for you.
If you’re wanting to buy a used vehicle, you can check out used car dealerships, online marketplaces or even car auctions.
Choose a longer term
When it comes to financing options, online car loans are typically offered in terms of 36 months or 60 months . However, there is nothing wrong with looking at 84 month (or even 96 month!) offers when shopping around for an auto loan. If rates are low, then you have nothing to lose by choosing a longer term online car loan.
Bear in mind that extending your loan term will mean that you’ll spend more money in the long term, as you’ll be paying interest for longer. However, you’ll be paying less each month in your monthly repayments, which can help improve your short term cash flow situation.
Make a larger deposit
Paying more upfront is another way for you to save money on your online car loan. If you have a larger deposit, then the amount of interest that you pay will be lower over the course of your finance contract. The downside with this strategy is that if something goes wrong with the vehicle, then it could end up being a very expensive mistake!
Finally, if you are looking for more information on online car loans, then feel free to check out our useful comparison tool. This will allow you to search through the latest offers available from different lenders and choose a great deal that can help save money today!