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An auto loan company is a firm that specializes in the finance of the purchase of cars. Auto loan companies range in size from small local lenders that help independent dealers to giant companies such as General Motors Acceptance Corporation which work with millions of car buyers.

Most auto loans will be underwritten by one of the giant national lenders such as GMAC, Citi Financial Group or the finance companies associated with automakers like Ford, Toyota and Chrysler. These companies have websites that enable dealers to apply for and approve loans when people come into by cars.

A good way to think of an auto loan company is that an auto loan company is a firm that underwrites auto loans. Many auto loans are created by a dealer, a broker or a lender and sold to auto loan companies after they have been put together. Some dealers will keep the best loans, those most likely to be paid back; for themselves and sell the others.

How an Auto Loan Company Can Help You

It is often advantageous for a person to deal directly with an auto loan company rather than get an auto loan from a dealer. A person can usually apply directly for an auto loan online by going to an auto loan company’s website.

The reason a person should do this is that it is usually possible for a person to get a much better deal on an auto loan by dealing directly with the auto loan company. Another reason to do this is that a person can get approved for a loan before going car shopping.

Once you are approved for a loan you can know what you can buy in a car. This can help you get a better deal on a car and avoid the hassle of trying to get approved for a loan at the dealer. A person who is approved for a loan can spend less time at the dealer and drive away with a better car.

How to Find an Auto Loan Company

Almost every auto loan company has a website where they make loans directly to the public. Simply typing the words auto loan company can help a person locate these websites.

Most of these websites allow applicants to apply for auto loans directly online by filling out a few forms. These websites also contain loan calculators that show a person how much they will pay for an auto loan. Using these websites can tell a person if they can get a good deal on an auto loan or not.

Even if a person doesn’t use the auto loan company to get a loan, visiting their websites can help that individual determine if they are getting a good deal when they go to the car lot. The individual will know how much they should be paying, what interest rate they should get and how much they can borrow. This way a person will be able to evaluate a loan offer.

Other Sources of Car Loans

There are sources of car loans that an individual can take advantage of besides car loan companies. Local banks and credit unions, especially those that a person has account at; make car loans. Credit unions in particular can give a person a much better deal on a car loan than dealers or car loan companies.

An individual who has an account at a credit union or bank should always check out their offers on auto loans before going car shopping. This information should be available on the bank or credit union’s website. Like an auto loan company a bank or credit union should be able to approve a loan before hand and make the car shopping process easier.