Why online auto loan is cheaper than a conventional auto loan?

Believe it or not, you will pay less for the same car just by applying to an online auto loan program. As most lenders are using new time-efficient services such as online auto loan calculators, online application processing and the automated payment options, they are able to pass on some savings to the consumer.

The online auto loan rates quoted by most companies apply only to online applicants who have an automated payment option. For example, if the rates range from 7.75% for a 12-36 mos. to 8.75% for a 61-72 month term, the same quote is 0.25 percentage points higher for telephone, fax, or mail applications and 0.50 percentage points higher with the invoicing option.

The online auto loan features low interest rates, no fees or closing costs, credit decision is made within hours, and has a next-day check-draft option. Such programs apply to new and used online auto loans; to refinance your existing loan; and to use home equity to either purchase or refinance your vehicle.

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