3 Things You Need to Know Before Applying to Loans Online

3 Things You Need to Know Before Applying to Loans Online

With the internet we can do almost everything from the comfort of your home — including purchase a car! The number one piece of advice that everyone you know and almost all car buying guides will tell you is that it’s important to do a lot of research before buying a vehicle.

So if you’re on this page, you’re on the right path to making a smart decision.

Applying for vehicle loans online can turn one of the hardest steps into one of the easiest. But not making sure that your information is protected can easily turn your smart decision into a headache.

Here are three things you need to look for before submitting your personal information online:

1. Check if the Company Values Your Security

When you visit the company’s website there are two ways to check if they are taking extra measures to secure your information. The first is to check whether they have the secure lock beside their url, and the second is if the website still loads if you type https:// before the url.

Both of these tests tell you that you’re on a site where the information between their servers and their clients are encrypted with Secure Sockets Layer (SSL) protocols. If they don’t have SSL in place, it means that they’re sending information in plain text, leaving it unprotected.

2. Know Your Rights

In Canada, there is a strict act called the Personal Information Protection and Electronic Documents Act (PIPEDA) that outlines the rules that businesses have to follow when dealing with personal information online. This act protects you and your privacy.

As a consumer, you also have the full right to know what information of yours they have, how accurate it is, and how they are using it.

Businesses are only allowed to use the information you gave them for the purpose that you agreed to. If they want to use it for something else, they need to get consent again.

3. Read their Privacy Policy

Honesty is the best policy. Trustworthy companies will always be upfront about their process and how they are using your information. Read the company’s privacy conditions and terms of use (even though it can be long and detailed) so that you’re aware of what you’re allowing them to do with your information.

With these guidelines in mind, you should feel confident about submitting vehicle and financing applications online. You’re one step closer to getting the vehicle of your dreams!

Apply for financing with Direct FS.