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Online shopping for: Loans and credit cards
 Obtaining
a loan has never been faster or easier than it is via the Internet.
Financial institutions, money lenders and virtual brokers who will
shop for a loan for you have quickly embraced the savings in time,
man-hours and paperwork that online loan application and approval
affords. In some cases, they even pass that savings on to you in
the form of better rates.
Whether you apply for a loan online or merely shop
for the best terms and price to use in negotiating with your bank
or agent, a Web search for loan information has become a common
first step for many credit-seeking individuals.
Auto loans and leasing
The Internet has revolutionized the way we research
and buy vehicles today. In just a few minutes online, you can compile
a virtual history of any used vehicle simply by knowing its vehicle
identification (VIN) number, or get quickly up to speed on new models
by checking out performance ratings, safety testing, car critic
reviews and consumer feedback.
The same is true with auto loans and leases.
Whether you buy from a franchise, a used car dealer or a private
individual, you have numerous loan options online that can take
as little as five minutes from application to approval. In many
cases, you'll have cash in hand within 24 hours, a definite plus
when negotiating for your new wheels.
Experts agree that consumers lose more money by not
understanding their automobile lease than on any other form of auto
financing. A consumer
brochure on leasing is available online from the Federal Reserve
Board.
Should you buy or lease? How much will your lease
cost? Bankrate provides the calculators
as well as the Web's most up-to-date rates on new and used vehicle
loans, lease buyout and refinance terms.
Credit cards
You would have to be a hermit not to have received
a flood of credit card offers through the mail during the past few
years. But the best way to find a card with the rate and features
you want is to use the Internet.
Bankrate offer apples-to-apples comparison of dozens
of the best
card offers; you can also get a wealth of information by logging
onto the various card Web sites themselves.
Virtual banks offer some of the best credit card rates
available. In addition, some online issuers allow you to build your
own customized credit card, so you can choose a low introductory
APR that jumps higher within a short period or a fixed rate that
doesn't change. You can even put a picture of your dog or the kids
on it.
Credit card sites have become powerful buying portals,
too, enabling you to receive discounts and reward points when you
make purchases with partner companies through the credit card site.
You can also track your account and payment activity on many card
sites, or link them to your private bank site's account aggregator
and access your card information there.
Some online lenders also offer instant lines of credit
with major online retailers that sell computers, furniture, jewelry,
art and other high-ticket items. Essentially, these credit lines
act much the same as the old revolving accounts once issued by retailers.
Today, many online retailers also offer partnered cards through
the major credit card brands.
And don't forget to check with your own bank when
shopping for a loan: They may meet your best quote or sweeten the
terms just to deepen their relationship with you.
Here are some loan and credit card sites of interest:
-- Updated: March 28, 2003
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