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Online Car Loan Lenders

You can hardly go a page or two online without seeing an advertisement for low interest rate car loans or auto loans for buyers with bad credit histories. However, before you start applying for every loan you find, check out the following advice to be sure you’re dealing with a reputable lender.

These days, you don’t actually have to set foot in a bank in order to have access to all the financial services you need. You can sign up for an online brokerage account or a checking account, or you can apply to receive car loan funds – all from the comfort of your own home. Unfortunately, our electronic society has paved the way for an increasingly large number of fraud cases – many from users who thought they were dealing with a legitimate company. Before you apply for a billiga billån online, check out the following advice on ensuring your lender is legit.

Name drop

One of the first key signs that you’re dealing with a reputable lender is whether or not you recognize the name of the company. Bank of America, Capitol One and many other players in the offline banking industry all have websites that allow visitors to apply for accounts and loans – and these are generally considered to be the safest bets in the online world. Just be sure you’re dealing with the real thing. Anyone can put up a site that looks like Capitol One’s – even if it’s a fraudulent phishing site. Turn on your browser’s phishing filter and check the address in the browser’s status bar. If it changes when you hover over links, you’re probably on a fraudulent site.

Check with the BBB

Unfortunately, if you have bad credit or no credit at all, you may not qualify for a loan with one of the big names in the banking industry. But should you trust those sites that scream “Guaranteed Car Loans – Regardless of Your Credit History!”? Well, yes – in some cases. Just like the offline world, there are some legitimate online lenders who give out loans to high risk cases at much higher interest rates. Of course, there are also scam sites that prey on uneducated buyers with poor credit histories.

So how do you tell the difference? Well, there are a few key things to look for. First, check the site for a telephone number and actually give it a call. Scammers are typically too lazy to set up phone lines for their sites, so calling and reaching a real person is a good sign that you’re dealing with a legitimate company. You can also check with the Better Business Bureau (BBB) to see if any complaints have been filed against the company. Legitimate sites often feature a sticker from the BBB proclaiming them to be real, trustworthy businesses, so keep an eye out for this as well.

Always read the fine print

You should always read the fine print whenever you enter into a legal transaction, but this advice is especially true when you apply for loans online. Read the company’s privacy policy (they should have one) and what they’re allowed to do with the personal information you provide. If there’s any clause about selling it to related businesses, move on. You could be giving the company the right to sell your Social Security number, in addition to other identifying information.

If you have any questions about your loan documents, give that phone number a call again. If the representative you speak with isn’t willing or able to answer all your questions, don’t go through with the loan. If you run into any problems before your loan is up, you’ll want to know you have a helpful source of information to turn to.

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