As the Internet continues to grab hold of all corners of commerce, traditional bank loans are beginning to feel the heat of online auto loan companies. These smaller and more flexible lenders offer a variety of loan types to borrowers ranging from those with super prime 800+ credit scores to those with subprime scores that sometimes fall even under 600. With these companies sprouting up on a yearly basis, the power has truly shifted from the banks to the borrowers.
Applying for a loan through an online company is also very convenient. Gone are the days of leafing through hundreds of pages regarding your loan and answering prying financial questions. A simple application and about five minutes of your time are often all these companies need to get you pre-approved.