What Are Instant Car Loans?

Instant car loans are extended within a few hours of application. They are often advertised as "guaranteed car loans" or "pre-approved" because most people will be able to get the loans. They use a simple formula based on a few financial factors to determine interest rates and limits. 

Advantages of Instant Car Loans 

Borrowers seek this type of loan because it can be achieved very quickly with little hassle and may be available to those with poor credit. It is easy to shop quotes for these loans because the application process is generally very short. In fact, many instant car loans are offered through online lenders.

Disadvantages of Instant Car Loans

The main complaint with instant car loans is the lack of time to ask questions and negotiate terms. When the loan is executed in haste, a person may find later that certain terms were not clarified or are unfavorable. If you have the time and patience, you can typically get a better deal and a more confident feeling by approaching lenders in person and discussing options before signing a contract.

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