Outside Financial Quoted by NerdWallet in an Article about Auto Financing

Consumers have numerous options available to them when it comes to financing their next auto purchase. Unfortunately, some financiers utilize what could be considered predatory practices by sneaking relatively small fees into loan contracts without explicitly explaining them to consumers.

A relative newcomer to the auto finance industry known as Outside Financial aims to change this by properly educating consumers and encouraging them to obtain their loans before even stepping foot onto a dealership’s lot. The company has been so well-received that it was recently featured by NerdWallet, a finance and credit resource center for consumers, in a guide to obtaining affordable, fair, and transparent auto loans.

NerdWallet’s Helpful Advice

The helpful NerdWallet article titled 5 Reasons to Line Up a Loan before Visiting a Car Dealer echoes Outside Financial’s stance on obtaining financing. While many consumers are rightly afraid of a car salesman pulling the wool over their eyes, the real damage is done when consumers allow the dealership’s finance team to set up their loans. The two companies are also in agreement on another very important point – consumers will almost undoubtedly save money by arranging their financing before they start shopping for a car.

The NerdWallet article also reminds consumers that while car dealerships may appear to be looking out for their best interests by asking questions such as, “What monthly payment would fit your budget?” Unfortunately, these questions are very rarely designed to benefit buyers. By answering this question, consumers are forced to talk about the numbers instead of the actual car they want to buy, which not only increases the odds that those consumers will overpay, but also improves the chances that they might drive away in a car that is not right for them, whether it is new or used.

Outside Financial’s Stance

NerdWallet interviewed Sonia Steinway, the Outside Financial President, who feels much the same way about securing financing before going shopping at any dealership. Per Steinway, “It helps keep the different car-buying transactions separate.” Every consumer’s goal should involve getting the best possible car at the best possible price, but Steinway points out that “Buying the car, financing, and trade-in are three separate things. If you combine them, chances are that you won’t get the best deal on any of those things.” Processing each of these transactions separately by obtaining financing from an unbiased third party is key.

To learn more about Outside Financial and their goal of making the auto lending industry more transparent, be sure to visit their website, which is packed with vital information that can help you make better decisions. You can even use their short form to prequalify for an auto loan before you go shopping, which is sure to save you hundreds (if not thousands) on your new purchase.

About the Company: Outside Financial focuses on providing consumers with valuable information about the auto finance industry, allowing them to better understand how auto loans work and helping them avoid unnecessary fees and charges. The company consists of legal, financial, and tech experts who have essentially reinvented the auto loan, making it more transparent, easier to understand, and above all else, more affordable. The company is headquartered in Midlothian, Virginia, and while they currently serve only a handful of states, they are expanding their services and the helpful information found on the Outside Financial website benefits car buyers across the country. For more information please visit https://www.outsidefinancial.com.