There are a few things to look out for when reviewing online loans. Make sure that you read all of the fine print before signing up with an online car loan company. In some cases, they will not allow you to have a specific type of car, so make sure that the one you want to purchase can be financed through the lender.
It is also important to check out all of the fees that are incurred when financing a car online. Simply because a company claims that they are offering the best rate and the lowest prices, it does not mean that it is the best one to go with. Some companies hide fees within the small print of the contract, so that it actually ends up costing you more money than another loan. This is a tactic to help the online auto loan companies make their profit elsewhere, so make sure you find out what the end cost of the vehicle will be.
Compare, compare, compare. Do not just apply and take the first online auto loan that comes to you. Apply for and check out more than one loan. When you are comparing them, make sure that you are making an apples to apples comparison - check the fees of each company to find out what their charges are for processing, administration, completion, etc. It is also important to ensure that your interest rate is a fixed rate and not a floating one. Sometimes, an online car loan will offer a low introductory interest rate that looks like a great deal, but after three or six months, the rate is subject to change, likely to a higher one.
Online auto loans can save you thousands of dollars on a car if you do your research properly, but it could also end up costing you thousands of dollars if you do not first understand the contract and terms of the loan.