If you're among the 107 million people in America who are funding their cars, then you're bound to be driving your next car through some kind of financing.
Whether it's a new or used car, buying it can be a big financial decision for you, and leasing is always the best option, even if you already have that much money saved with you.
You may want to spend the money in appreciating assets such as a home or land rather than a vehicle that depreciates by about 20% in the first year alone.
That's why you might still want to fund your car even though you've got a lot of money.
You may have your self-loan pre-approved by a bank or a financial institution, or you may choose to apply your credit application to your lender.
You might get better rates with your dealer, or you just don't want to race for a vehicle for a few men.
Nowadays, however, many dealerships allow you to fill out a credit application form online rather than a traditional paper form.
Although this system has its own benefits (which we would be addressing in the next section of this post), we fully understand that you may be concerned about the security of your financial information (because the dealership is not a licensed borrowing institution).
Let us discuss the security of the credit application process on the dealership website.
Today, when you're considering lending with your broker, most of them would tell you to fill out your credit application online.
You may be concerned about the safety of your digital financial data being hacked by computer hackers.
Not only that, you might also be worried about how the data would be used by the seller.
All of your questions are completely genuine, but there's nothing much to think about.
Many dealers now follow standard protocols to protect the data from being hacked once it has been posted online.
We can not use the information in an immoral or irresponsible way, either.
Nevertheless, to your convenience, let us instruct you on what you need to do to ensure the security of your financial information.
Let's continue with some of the basic things we need to test to ensure the security of the credit application on the dealer's page.
Is the dealer's website secure or protected with an SSL certificate?
The best way to check that your data is secure is to guarantee that the dealer's page is stable. A stable page is secured by a Stable Sockets Layer or SSL certificate.
SSL is the default technology used to create an encrypted connection between the internet and the browser. This encrypted connection guarantees that all information exchanged between the web server and the user remain private and secure. Even if someone breaches the database, the information would be shown to them in an encrypted form that would render them unable to use it unethically.
A easy way to check if the page is safe is to look for a green padlock in the search bar above the domain name.
For fact, you can also search for an "s" directly after the http in the URL.
This means that the site is suitable for the transmission of data. If you upload any sensitive information to any page, you must test the site's SSL certificate. And of course, you should also review it when you upload a credit application to the dealership site.
If you do not see a green padlock or if the padlock is black, you should never send any sensitive data to that website.
Is the site legitimate?
Often criminals try to disguise visitors of popular sites by making a slight variation in the domain name…
For example, they may change the letter "o" with zero or something similar.
This way you might be thinking that you're submitting your data on a trusted site of your trusted dealer.
However, it might be a completely different site hosted by scammers with no connection with the dealership.
Therefore make sure that the site you're submitting your data is a legitimate site of the dealership trusted by you.
Many a time, you may not have met the dealer or its representative in person. You may have come across the dealership for the first time online and you may be even submitting the credit application without verifying the physical address of the dealership.
In that case, you may want to first verify if the dealership is legit and then submit the application.
Is the dealership reliable?
Many times, a business may be one hundred percent legit, but it may not be as reliable as a professional dealership should be.
Therefore, you first want to make sure that the dealership is reliable and will give you a great service once you submit all your financial data.
You don't want to be in a compromising situation after disclosing your financial information.
And that's why you seriously don't want to place your data in the hands of unprofessional.
A simple way to check the reliability of the dealership is to check for its reviews online.
If you find a large no. of people commenting on their reliability, it's better to stay away from such a dealership ( especially when it comes to giving them your financial information).
Although the site may be safe and the information has very little risk of being hacked, there is a good chance that the data may also be misused and sold by the dealership.
Now, it's time to know what the pros are for uploading your credit application online to the dealership.
Convenience is one of the most important benefits of filling out a credit application electronically.
You don't have to bother with all the papers. The electronic credit application system is very easy and convenient.
In fact, you are also spared from the constant pressure of the finance member. You will complete the process with ease and convenience.
What are you supposed to do if you're still not sure about safety?
When you find the entire electronic credit application process too overwhelming and insecure, you can apply for pre-approval.
If you apply for pre-approval, you're asked for basic information, and through this process, you can get an idea of what to expect from the credit department when it's time to actually buy the car.
That was some basic information about the safety of filling out a credit application electronically with a dealership.