Thursday, September 24, 2020
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Online car loans: Online car credit comparison and simulation.

Apply for a car loan online, make sure of the simplicity, speed and efficiency of a constantly innovating service to better meet your expectations and your financing needs. Now available remotely through their website, the offers of Belgian credit institutions are becoming more accessible and without having to travel, you can get an overview of the many possibilities available to you in the context of a car loan.

In addition, online comparators such as our online simulation tool help you to compete among banks and easily request free quotes, before you decide to continue the process by sending a request for auto financing from the financial institution of your choice and finally have the budget necessary to purchase the car of your dreams.

Online car loan: how does it work?

Online car loan: how does it work?

With online car loans, credit organizations are exploiting a new means of communication targeting thousands of Internet users who visit their sites from the comfort of their home. For their part, borrowers have a faster and easier to use way to compare car loan offers on the market, especially as the internet offer becomes popular with the arrival of the unlimited connection available on mobile phones. No matter what time and where you are, you can therefore consult car loan offers and do online simulations.

This concept is exploited by our online simulation tool where from the home page you can click on a link that invites you to immediately do your car loan simulation online. It only takes a few seconds for you to receive the amount of the repayment, the term of the credit and the interest rate.

Because it has been simplified, this simulation will not take you a lot of time and you do not have to have bases in finance or computer science to successfully do it. It is only when you have chosen to continue applying for credit online that you are going to need the files prepared beforehand so that you can properly complete the online application forms.

To provide the correct information and build a good file, gather all the documents necessary for a car loan, mainly those concerning your financial situation such as your bank account number, data concerning your outstanding loans, your account statements, your bulletins salary and any supporting documents that could be used.

Through the online simulation, the credit institution will take into account all the data such as the amount requested and the repayment period to make a precise calculation to determine all the conditions of this car loan.

Because this file will be studied by the professional who will decide whether or not to grant you this car loan online, take the time to fill out the form by clearly answering the questions asked. Especially since online banks use security systems designed to discourage jokers and it is better to demonstrate that you seriously want to take out online car credit.

Online car loan simulation and application

The first step in obtaining online credit begins with a simulation on pretauto.be. To do this, you will click on the link “simulate my car loan now” clearly visible and highlighted on the home page of the site. The information you will provide on the first page of the simulation concerns the amount you want to borrow and the repayment duration that suits you.

You will get offers on a table where you will be able to choose the most interesting of them according to the importance of the APR or annual effective annual rate, a percentage which already includes interest and costs, the repayment period and of the total cost of the loan.

Please note that the information concerning the interest rate and the repayment period are provided for information on our online comparator, so as to give you an idea of ​​departure during negotiations. Once you have decided to continue applying online, you will go to the standard form to indicate your current situation, including your marital status, your age and the reasons why you are applying for an auto loan online.

The additional parts of the form refer to the phase where you will create your “online” file. For security reasons, this online car loan application is only one step in the process, because the contract will be drawn up in the usual way in an agency.

Online car loan offers

Online car loan offers

In addition to the auto credit solutions offered by dealers, online banks allow you to make comparisons and find more advantageous offers. Thus, online car loans are available in different formulas adapted to each type of project. Whether you plan to buy a new high-end car, a beautiful used model or a more modern version like the electric car, you will be directed to the solution that will suit you best.

New car loans online

As part of a new online car loan, you will borrow to finance the acquisition of a new car or one less than 2 years old. The contract is drawn up in the form of a restricted loan, which requires the presence of a supporting document for the purchase, in this case an order form or an invoice which informs your lender of the brand, the type and all the characteristics of the car.

As for the amount granted, it is capped at 75,000 USD for the acquisition of a new vehicle and you will only have to repay the loan after receipt of the property in question. So, if you never get auto financing, it cancels the act of sale and vice versa. As for the repayment period, it is between 12 to 72 months, but it is advisable to reduce this period if you intend to resell the vehicle, because its value decreases every year and you risk ending up with a car that no longer worth much after 5 years of use.

The used car loan

Still in the category of online car loans, you now have the possibility of applying for financing for the acquisition of a second-hand vehicle. This concerns all models older than two years that you will pay on credit thanks to an installment loan formula whose interest rate, repayment term and amount of a monthly payment are fixed in advance by the credit agreement, which allows you to always include this payment in your monthly budgets and avoid any risk of over-indebtedness.

Credit for electric cars

Because of their ecological characteristics and their innovative performance, electric cars are increasingly attracting consumers who want to reduce their environmental impact. Credit institutions are contributing to this cause by offering online auto credit deals specially designed for electric cars. This is often a personalized offer with considerable advantages that you will find among the offers available on our online car loan comparator.

Apply for a car loan online

Apply for a car loan online

In principle, the online auto loan application process is easy and will only take a few minutes to provide the information necessary to create your file. However, you must prepare by knowing in advance the price of the new or used vehicle you want to buy, the model that appealed to you, the name and address of the dealer and the number of the order form if it ‘is for a new car, or the contact details of the individual if it is a used vehicle.

After analysis of your file and acceptance of it by the credit organization, you will get your answer in principle that you will sign and send by mail. On average, the car loan money will be paid into your bank account within 8 days of signing the loan contract offer, subject to acceptance of your online car loan application.

The best way to ensure the success of an online car loan application is to gather the file in advance, so that you can quickly and easily fill all the boxes on the form. By doing so, you make sure that you answer the questionnaires and provide clear and precise information that will help increase your chances of obtaining this auto financing because the person who will decide whether or not to grant you this car loan online must take the time to study your financial situation and the nature of your project through the information you will have provided by filling in the online application form. This stage is imposed by the law relating to consumer credits which foresees any risk of over-indebtedness.

Can we trust online car loan offers?

Can we trust online car loan offers?

Compared to classic car loan offers, those offered by online banks have the advantage of being cheaper while responsiveness remains a considerable advantage for people looking for an urgent solution who prefer to avoid the usual long procedures. in an agency.

Especially since the rates are much cheaper at online banks than at traditional financial institutions. Regarding the security of the data recorded in the context of an online car loan application, you have nothing to worry about, because online banks are essentially subsidiaries of traditional banking groups which use the internet to avoid the costs necessary for managing an agency while young clients are more easily targeted.

Thus, the remote relationship operated by Belgian auto credit organizations makes certain services free, while setting up a primordial security intended to reduce to nothing the efforts of possible hackers.

The online car loan contract is written exactly like that of a classic offer that you could have obtained in an agency. Indeed, the characteristics of the loan are the same and you will have as much to worry about interest rates, as is the case with the APR, the annual effective annual rate that you will necessarily find on each car loan offer online and which informs you of the overall cost of this loan, taking into account the nominal interest rate, the application fees and related costs.

As of the online simulation, you will know all the details concerning your car loan, whether it is the amount borrowed, the fixed interest rate, the repayment term and the total cost of this loan. You will find this information on your auto financing contract, in addition to specific data such as the possibility of payment modulation and prepayment.

Do not forget either that online car loan offers are affected by the consumer code which gives you the right to a withdrawal period of 14 calendar days, even if you have already signed the prior offer. You thus have a period of retreat to rethink the consequences of this car loan which commits you to pay monthly payments over a predefined period.

By opting for an online car loan, you therefore speed up the process for obtaining financing on advantageous conditions. Indeed, you reassure your credit organization which would be more inclined to grant you a more advantageous rate, since you present a purchase order or an invoice which certifies that the funds delivered will really be used to buy a car, a useful good whose value will be sufficient to replace the rest of the payments if you ever find yourself in a difficult financial situation that would prevent you from continuing to honor your debts.

Finally, do not forget to always use competition between Belgian credit institutions to find the most advantageous online car loan offer.

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