Finance Roll

Many consumers are completely unaware of the fact that they can find their new car online. That's right, a majority of big lot car dealers like to post all of their vehicles online and many popular search engines have special auto searching features that can line a buyer up with the car of their dreams.

How does this work? Well, it is similar to the popular MLS features on many realtor sites that allow the consumer to enter the basic search criteria and then wait for the results to be returned. It is the same thing with online auto locators. You can enter a specific make or model, or you can simply indicate the type of vehicle, like a truck or sedan, and the maximum price range you'll be able to afford. Many dealerships make both new and used auto information available and this is a great bonus for those looking for good deals and who also have limited budgets or poor credit.

What if the car I want is in another state? Well, there is the possibility of acquiring that car through a local dealer. It is a good idea to print out any information about the distant vehicle and bring it with you to the dealership. Be aware that they may tack on extra fees for this service and it may make it a less desirable purchase, but as the old saying goes "it doesn't hurt to ask", and this is especially true in the current economy.

Can I find out about financing as well? Absolutely! Many modern auto dealers are making a pre-approval application available at their websites and the consumer can find out what their total available purchase amount will be. This is a great way to get the ball rolling on the purchase of a new car, but it helps to know if you have a decent credit report and credit score in advance. Why is that? This is for several reasons. If you make a few applications across a number of dealerships you may actually be hurting your credit score because inquiries can often be viewed as a negative against the overall score. Secondly, if you know your credit score you will know what kind of vehicles and what kind of price range you will be able to get a loan approval for. This saves a shopper lots of time that might be spent looking at and test driving cars that are out of their purchasing class.

Another good thing about online financing is that if a shopper is really set on a particular brand of vehicle they can also have their application sent to affiliated lenders and dealerships who may be able to pull together a financing package with better terms. This is particularly true of people with bad credit and larger auto dealerships. This is a process known as auto leads, and the dealers look for people who are ready to buy and may have some financing challenges. So, not only can you find a car online you can find the best loan rates as well!