3 Simple Ways to Use Your Phone to Help Secure a Car Loan

In today’s world, it is not uncommon to whip out your phone and use the internet to access anything from your bank account to a car loan. Here are three ways you can use your phone to secure an auto loan.

1) Loan Application

Most car dealerships offer a way for you to fill out your loan application on your phone. It can save you time if you have all the details about how much money you want to borrow and the term of your loan ready to go. This can show lenders that you are serious about buying a car. This can also show lenders that you are serious about using a pre-qualified loan, which can save you time.

You can also use your phone for bank or credit union auto financing. You can fill out an application right there and then on your phone and sign electronically through DocuSign. If you have already filled out a paper application, you can email it directly to the lender, and they will get back to you almost immediately by text, email, or phone call.

Lastly, you can check your loan status online through your lender’s website. You can also check your credit score and other loan terms online. Since it takes roughly a month or two to get a car loan, you can see if you qualify for that long right away. This way, you know whether you even want to spend time going to a dealership.

2) Buying Your Car From Your Phone

One of the best ways to use your phone to secure a car loan is by buying your car on your phone on credit. Sometimes dealerships let their customers choose the specific car they want from their website and then have them meet a salesperson at the dealership.

You can do the same thing by going to a car manufacturer’s website, selecting your car, and then sending that information to the dealership. You will still meet a salesperson to sign all of your loan documents over your phone or other electronic devices.

3) Using Apps

Some companies have created apps that allow potential customers to find cars for sale on their phones and even select automatic financing simultaneously. These apps usually require you to join the app and then sign up for automatic financing at a point in the purchase process.

You can check out competitors’ and your credit score at the point of purchase. Then pick your payment amount, term, and interest rate.

Many car dealerships expect you to submit any necessary documents electronically as well. This can save time and help streamline the process. Some auto finance companies these days offer you flexible payment plans to have a little more money available to buy a used car if you need it.

If you do not have a credit score considered the best, this may be an option for you.

These are three simple and easy ways to use your phone to secure a car loan. You can use your phone for your car loan in many ways, and it is convenient, fast, and easy to do.