Do Instant Auto Loan Exist?

Is there really such a thing as an instant auto loan or is it simply too good to be true? The Internet has certainly changed the way we do things. We've had instant messaging, instant banking, instant credit reports, so why not instant auto loans?

An instant auto loan is really just that. A denial for an instant auto loan can take under an hour, an instant auto loan approval can take under 30 seconds, and a short-list approval can take under a minute. You never have to leave the comfort of your home, and you never have to find a parking spot, wait for a loans officer who's behind schedule, or keep phoning to see what's happening.

While the idea of an instant auto loan with immediate approval is still relatively new, it is gaining popularity. We are a society of instant gratification and the Internet has spoiled us even more. We don't want to wait for a car loan. As a result, instant auto loans are all the rage.

Currently a few national lenders are offering instant auto loan approval programs. If you have impeccable credit and are in the market for auto financing, these programs can make your life easier. The rest of us can expect to wait 24 hours for our loan to be approved. Still, this wait time is still pretty good considering you never have to leave home and can avoid the hassle of meeting with loan managers. Just point, click, fill out, and wait.

Lenders are increasingly recognizing societies demand for instant gratification. In the next few years, you can expect more lenders to offer instant auto loan program.

Automated programs are able to evaluate a loan application by comparing an applicant's application and credit report against a lenders predetermined criteria, also know as the lenders score card. An instant auto loan can be approved or denied based on this predetermined criteria. An automated program can also move an application to a pile where a human must make the final decision. These programs can approve a loan in about 30 seconds, which is a lot faster than visiting a loan officer.

Online auto loan companies do a great job of guiding consumers through the entire buying cycle from comparing autos to the loan approvals. Besides an instant auto loan program these lenders offer other services such as instant quotes, research tools, and all kinds of useful information.




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