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Can I Save on Auto Loans Online?

Applying for auto loans online could save you thousands of dollars, if you do it right. This FAQ should help you get started.

Also check out our longer guide to applying for online auto loans.


Get the lowest auto loan rates:

Capital One Auto Finance offers the lowest auto loan rates in the country, for people with all types of credit ratings.

Apply with Capital One whether you are buying a new or used car, or even if you are buying from an individual. Whatever your choice, you will save thousands.

Auto loans
Click here for your quote


If you have poor or no credit, click here to apply for special financing.


Frequently asked questions about auto loans online

1. What are the benefits of applying for auto loans online?
Online application and loan processing makes for interest rates that are substantially lower than the national average. And application is fast and free. You can have a no-commitment interest rate locked in within 15 minutes

2. What are the drawbacks of applying for auto loans online?
Really, none that we can see. It's convenient and inexpensive. Even if you can find good financing elsewhere, you should compare, and it never hurts to shop for cars pre-approved.

3. How is my privacy protected when I apply for an auto loan online?
All the information you supply is encrypted and secured by the company you apply with. It won't be shared with other lenders unless you authorize it.

4. How do online auto loans work?
Same as a loan from a bank. With Capital One you'll get a "Blank Check" in the mail, which you can use at any dealership as cash. With Eloan, you can download your "E-Fund" agreement, print it, and use it right away at a dealership.

5. How will I know if I'm approved?
You'll receive an email if you're approved. Capital One lets you now within 15 minutes, and Eloan within one business day.

6. Am I guaranteed the rate I am quoted?
Yes. Your rate will be locked in for 30 or 45 days, whichever is specified by the lender. The lender may adjust it, however, if your credit or income situation alters between approval and purchase..

7. How do I buy a vehicle with an online auto loan?
You just bring the lenders contract or check to the dealership (or seller). It works just like buying with cash. You can start looking for a car now, at Autobytel.

8. Why apply with Capital One?
They're the nation's largest online funder of auto loans, and their rates are the lowest we've seen. They offer a variety of auto loan products, and the approval process is easy and fast (15 minutes!)

9. Why apply with Eloan?
Eloan offers very low-rate auto loans, and they emphasize great customer service and a transparent loan process.