Our broad lender relationships mean savings!
After you submit your auto buyer profile, we'll start building your loan application. One of our associates will contact you by phone to refine key points. For example, we may flesh out the vehicle you intend to purchase more thoroughly. Then our credit analysts take over reviewing your application to ensure we deliver a finished product that is accurate, comprehensive and conforms to our partner lender requirements.
When your application is complete, we use sophisticated systems such as CreditSmarts to compare your profile to the needs of over twenty (20) lenders. The result is a short list of lenders to whom we present your best application for auto financing. While the type of lender depends on a number of factors including your credit history, our partners include:
- Banks. Banks such as Citifinancial or Chase Auto Finance can offer our prime borrowers competitive interest rates. Other banks, such as Capital One Auto Finance loan more deeply in the credit spectrum offering competitive packages to non-prime borrowers.
- Credit Unions. These lenders have been aggressively moving into auto finance in Southern California in particular. They offer some of the best rates available and are willing to lend further into non- and subprime credit tiers.
- Auto Finance Companies. While their average rates are typically higher than banks or credit unions our auto finance company partners are often willing to lend to borrowers with limited or poor credit histories.
You'll receive your Auto Finance Report within a few days. Most clients receive more than one acceptance enabling them to compare rates, fees and terms for different lenders side by side. It's the best way to ensure you're getting the best overall auto financing terms. We also encourage our clients to shop for their own auto financing. Afterall, how will you know you're getting a great deal unless you have something to compare it to!
What we don't do is also important!
The Auto Buying Service does not mark up the interest rate on your loan. We act as an auto loan wholesaler passing the lender's rates directly on to you!
While this may not sound different, it is. Most dealers mark-up the approved interest rate before quoting it to you. Called "participation", the dealer is then entitled to a portion (for example 75%) of the value of the mark-up you agreed to. Marking up the interest rate increases the cost of your car and decreases how much vehicle you can afford. Therefore, we don't do it. If you choose to buy elsewhere, make sure you know what you've been approved for.
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Disclosure: We developed the content for The Auto Buying Service™ while working with automotive industry clients. We hope you find it helpful in making informed decisions. While we believe the information to be accurate, we do not guarantee its accuracy.
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