Online Car Loan Applications

Written by Jeremy Horelick
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With online car loan applications it's easy for refinancing candidates to learn exactly how much they may qualify to borrow. By entering a few important details, customers can find out in a matter of hours whether or not it's sensible for them to lower their interest rates and save money or leave their current loan in place. Companies are now making it easier than ever before to expedite this process.

Thanks to the speed of online correspondence, there's no longer a need to send in "official" documents by mail and wait for your reply. Instead, applicants need only file their credit scores, their monthly income, and any recurring expenses they face. The loan company then crunches this information and determines how much of a risk each candidate poses.

Restrictions

While online car loan applications are meant to streamline the process of refinancing loans, there are a few restrictions and other conditions that enter the picture. Some loan companies demand a minimum monthly income that scales alongside its customers' credit scores. Those with superb scores (say, 700 or better) face less stringent guidelines. Still, they may be required to carry a minimum balance in their checking or savings accounts to help offset the lender's risk.

It's fairly standard for loan companies to set age minimums for online applicants as well. If you're over the age of 18, you should have no trouble meeting this criterion, but that doesn't automatically approve your loan either. Even if you show a high balance in your checking or savings account and receive outstanding credit scores, you may be required to discharge any bankruptcies and clear up other past credit problems before proceeding with the application process.


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