When you're financing a new car, you're always looking for the best deal. Since we're doing almost everything else online nowadays, you can finance your car online too. Should you be concerned about internet loan dealers, and can you still get better deals off-line by haggling or negotiating with dealers in person? Or are online car loan calculators the way to go? To help you decide, we've gathered the advantages and disadvantages of each so you can make up your mind.
1. You can use online car loan calculators
Online car loan calculators, like the one available from Canada Car Loans, are a great way to determine what you can get for your money. They provide an easy and clear calculation of your rate and repayments based on your deposit and credit check. Try them out, they are a great way to get started on finding your financing.
2. It can save you time
Obviously, applying online can save you a lot of time and effort. You can do it from the comfort of your own home, and can compare deals from lots of online providers simultaneously so you can get the best deal possible.
1. No opportunity for negotiation
Buying online means you can't negotiate your deal, which can be a bad thing. Taking the deal as it comes might be good if it fits your requirements and is in your price bracket, but this might not be case.
2. It can be confusing
With so many online dealers and websites to choose from, where do you start? It's difficult to get a foothold in the sheer number of dealers and this can be confusing, especially if you're financing for the first time. Also, you don't have the opportunity to ask any questions about the policies, which can be frustrating and lead you to not buying anything at all, or not getting what you want.
1. You can haggle
Financing you car in person means you can haggle, which is always a good thing. Haggling and negotiating is a great way to keep the price down and get the best deal possible.
2. Your deal Is explained and you can ask questions
When you buy in store, you can ask as many questions as you like. This is massive plus for first time financiers who aren't aware of the terminology or processes involved in taking out and repaying loans. Your deal is also explained in depth face-to-face, which can help you to understand any confusing terms or clauses in the contract.
1. It takes time
Of course, it can be time consuming going from dealer to dealer on foot or by car. If you need finance quickly or you live in a remote area with not many dealers, online might be the way to go.
2. You can be bamboozled
If you go into the wrong dealership, you can become a victim. Dealers like to bamboozle you when they get in person. Don't let this happen, or stay online if you're unsure. There you have it: the advantages and disadvantages of online and offline car financing. At the end of the day, you're likely to make up your own mind and do what's best for you, but hopefully this will have helped you come to a decision. Remember, financing a car doesn't have to be difficult!