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How Is Technology Affecting How We Apply for Car Finance?

Do you know that you can now get car financing through your smartphone? Technology and car finance both have changed tremendously over the past two decades alone. We now have faster internet connections and smartphones that can function like computers. With these improvements, car finance is also easier, simpler, and faster. 

How Car Finance Used to Be

Before the internet was widely used and mobile phones were only used for calling and texting, car buyers had to go to lenders, banks, and other financial institutions to apply for car finance. This meant filling out lots of documents, going through a complex and daunting application process, and waiting for days or even weeks for the results. The process alone discouraged many car buyers. 

Limited Information

It was also difficult to get a hold of important information about the different car finance deals being offered. Car buyers may only see some details on television or newspaper ads. But if they wanted to find out more, they’d have to go to the lender’s office and talk to a representative. 

Too Much Hassle

Imagine if you’re shopping for the best car finance company in the UK, you’d have to contact every car finance company so you can get a quote and ask them about their car finance agreements. It would be such a hassle that it simply discourages people from getting car finance to buy the vehicle they want.

No Customer Reviews to Check

Most car buyers rely on the suggestions of family and friends on where to get car financing. It may not always be the best option because each car buyer has their own unique financial situation and personal preference. There were no honest customer reviews that could help you decide. As you can see, this was how things were a couple of decades ago.  

Car Finance and Technology Today

When technology got more advanced, car financing also became easier for car buyers. Financial institutions saw how they could use technology to streamline the application process for people who wanted to get car financing. 

Online Search

A person who wants to know the best UK car finance companies only have to do a quick online search and they will get thousands of results in a fraction of a second. Car finance companies made sure they have listings where car buyers can read about their services and their application process and requirements. 

Unlike before when people had to visit offices and talk to representatives, now they only need to use their computer or mobile devices to search for car finance companies online. Car buyers can even use car finance calculators to get an idea of how much they need to pay every month. Some lenders even offer 24/7 chat support in case you want to ask them anything about their car finance deals. 

Comparisons and Reviews

If you want to compare different deals, you can read comparison articles written by experts. It will help you have a more informed decision when choosing the right car finance company for you. Along with that, you can also read reviews from previous customers in various online review forums. You will have the chance to read honest pros and cons about different car finance companies

Smooth Application Process

Today, it’s no longer necessary to go to the lender’s office to submit your car finance application in person. Everything can be done online, either through your computer or smartphone. All you have to do is fill out the online application form and submit scanned copies of the required documents. 

A phone interview with a representative is not even necessary anymore. You don’t have to wait for a call from the lender and waste your time answering questions from the representative. Since you’ve provided all the necessary information, car finance companies also process your application online. 

Buying a Car Online

Once your car finance application is approved, you’re now ready to buy the car you want. The great thing about today’s technology is that you can shop online and buy a car over the internet. Car finance companies and car dealers are also online and they have virtual showrooms where you can view different vehicles. 

When you’ve found the car you like, you simply have to follow the directions provided on the car dealer’s website such as providing your name and address and other essential information. You have the option to get the car from the dealership or they can send it to you. You can get car financing and buy a car without ever leaving your house. 

Carmoola Car Finance

All these great advantages of today’s technology have made a positive impact on the way car buyers get car finance. Carmoola takes things a step further to make things much easier for you to buy your dream car. 

You can also use the car finance calculator first so you will have an estimate of how much you’ll pay every month. While it may just be an estimate and may differ from the final amount, it will help you plan out your budget. 

Using just your smartphone, you can apply for car finance. Start by downloading Carmoola and entering your personal details. Be sure to prepare your driver’s licence as well to verify your identity. You’ll get the result of your application instantly. Within a few minutes, you’ll know if you can get financing from Carmoola. When you’ve been approved for car finance, you’re now ready to buy your dream car!

Takeaway

Car financing has benefited greatly from the many advancements in technology. Financial institutions can provide better services to car buyers and make the process much easier. Car buyers today are no longer daunted because everything is now smoother and faster. They are better-informed when it comes to car finance applications, how to choose a lender, and how they can plan their budget. 

If you’re ready to get car finance, take out your phone and download Carmoola now. We’d love to see you drive home the car you’ve always wanted. 

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