The plan to buy a new car is still in the pipeline since your loan amount has not been passed. Well with the slow process of loans and the amount of documentation it takes months for the amount to reach you. By that time the car you had set your eyes on would not remain in the market at all. This makes the scene all the gloomier. But with the fast auto loans times seem to be changing.
It is fast as the name suggests and the amount gets transferred into your bank within hours of approval.
The approval just takes minutes. Fast auto loans are secured loans where the new car is pledged as a security. Normally you can also pledge your house or some similar asset as a security instead of the car. There are two ways to go in for the loan, the short term loan and the long term loan. Short term auto loans need you to repay the loan in approximately 5 years time and the interest rate is high while for the long term loans you can pay back in 20 years and the interest rate is low. You can apply for this loan online. You just have to fill out a form and submit it. The approval takes only a few minutes. The money is electronically transferred to you bank and you can buy your new car before it moves out of the stands. Now that is called fast! But then don't make a fast and hasty decision on the lender. Choose you lender with utmost patience and choose the one that suits your pockets best in terms on interest rate and also the repayment period should be suitable to you.
