When coming across online auto loan lending companies, you might be surprised to learn that very few are actually direct lenders. Many of these online entities are brokers or companies who sell applicant data to other brokers or direct lending companies who can issue a loan.
Here at myAutoloan.com, our stance has always been, “Why have a middleman?” We feel that direct lending gives our applicants more informed options when choosing the right loan for them. Worried about direct lending having a difficult or lengthy application? Don’t be – the direct lending application is very similar to indirect lending and takes just as much time.
How It Works
For direct lending, a loan application is completed by an applicant online. The application is then transmitted to the direct lending company’s automated application processing system. From there, a credit bureau report is accessed and a credit score is computed.
Based on this information, the direct lending company’s proprietary automated underwriting system can then approve or decline the applicant. The applicant is then notified of the direct lender’s assessment and can determine if they need to find another lender or wish to continue with the rate they’ve been offered.
All credit decisions made via the direct lending company’s automated application processing system are valid for a 45-day period. Declined applicants will receive proper notification indicating their declined application.
Want to Apply?
Get started on your new myAutoloan.com car loan today. With just a couple clicks, you can be on your way to owning the car of your dreams. Apply with our direct lending application today!