Should I Get A Car Loan Online In Oakville?

Should I Get A Car Loan Online In Oakville?

Posted on May 10, 2021

You can do everything online. You can order groceries, find a date, buy a car and even get a mortgage or car loan. But is leaving important financial decisions such as an Oakville car loan to a web form really a good idea?

Applying for a loan from the comfort of the couch or armchair sounds ideal. Little effort, you can stay in the warm and begin buying a new car from home. But do you always get the best deal?

Our Oakville car loan team explains the pros and cons of online car loans.

Pros of online car loans

There are definite upsides to applying for an Oakville car loan online.

Wide range of lenders – Many finance websites will use a panel of lenders to provide quotes on car loans. Some of which you may not be able to access from anywhere else.

Competitive interest rates – One key benefit of an open market is competition. The financial services industry is massively competitive and that keeps rates low. The more competition out there, the lower the rates.

Convenience – What could be more convenient than applying for an Oakville car loan from your couch or armchair? You can do it in your pajamas, with no makeup and no having to do your hair!

Cons of online car loans

The downsides of online car loans include:

Rates vary widely – While interest rates can be competitive, they can also vary massively. The same is true whether you apply online or not but some lenders seem to approach the internet more speculatively than others.

Low profile lenders – The internet may offer a wider range of lenders but you will likely never have heard of some of them. That’s fine of they are established and have a good track record but research will be in order to find out.

No shades of grey – Web forms usually leave little for the grey that form part of our lives. Forms will have required answers and a set criteria for those answers. That’s fine if you fit nicely into a category but for anyone else, it’s less than ideal.

Formulaic advice – By their very nature, websites have to cater to the widest possible audience. That means any advice or information will be largely generic and won’t necessarily be specific to your needs.

No second opinion – Online car loans don’t offer advice or that raised eyebrow when you tell it how much you want to borrow. It won’t ask you to consider the application or ask yourself if you can afford it like a real person would.

While the vast majority Oakville car loans are now processed online, having a real person to help you on the road is invaluable. They can offer advice, help you frame the application, offer alternative solutions to situations and even ask you to reconsider a risky application.

While websites are good, they aren’t that good and we think that’s the key difference. That human touch can make all the difference. Especially when you’re dealing with a big ticket item like a new car and a car loan that you could be paying for the next five years!

Contact Unique Chrysler for help, advice and competitive Oakville car finance and leasing.

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