One of the advantages of an instant car loan is that the consumer becomes armed for automobile shopping. Once they are pre-approved, the consumer can walk into an automobile dealer's establishment already knowing what kind of loan they are approved for and how much they can spend. This process reduces the hassle that a consumer has to deal with in terms of financial dealings and negotiation of a new or used vehicle.
Before applying for an instant car loan, consumers need to determine what kind of vehicle they plan to purchase, and if they want a new or used one so they can apply for the appropriate principle of the loan. They will also need to consider what model vehicle they would like and what dealer they plan to go to so they have an idea of what the vehicle will cost. This additional research, conducted before applying for a loan, pays off in the long run because the consumer will know exactly how much money they need to get the car they want.
After the application has been submitted, the consumer is usually notified within an hour if they have been approved or not. If they are approved, and no additional paperwork is required, then they will receive the loan via regular mail in the form of a check. The check can be deposited into the consumer's personal account and used to purchase the vehicle or they can give the check directly to a dealer.
The advent of the Internet has made getting an instant car loan a simple process. All a consumer needs to do is to apply online, provide the lender with the appropriate information, and if they qualify they will receive approval the same day.