Online Financing Empowers Car Buyers; VirtualBank Offers Lower Rates, Arms Consumers with Negotiating Power
4 December 2000
Online Financing Empowers Car Buyers; VirtualBank Offers Lower Rates, Arms Consumers with Negotiating Power
NORTH PALM BEACH, Fla.--Dec. 4, 2000--As more and more consumers turn to the Internet to research vehicle purchases, VirtualBank(TM) (www.virtualbank.com), a technology-based financial services company focused on innovative technology and customer service, offers a unique combination of benefits that empower car buyers and give them an edge during the purchasing process.According to Forrester Research, 35% of car buyers still finance through the dealer and may end up with a rate that has been marked up to include extra profits. Consumers armed with a check in hand -- or at least a good idea of the rates offered by other lenders -- can be more confident in their purchasing decision.
"Consumers generally lack a clear view of their options for securing the best deal for auto financing," says Courtney McCashland, Executive Vice President of Marketing for VirtualBank. "It's always an uneasy feeling when you don't know what you're getting for your money. VirtualBank customers make an informed financing choice and arrive at the dealer with check in hand. You can avoid the haggle and the hassle."
The rates VirtualBank offers are consistently well below the national averages. For example, according to Bank Rate Monitor, the national average rate for used car loans was 10.00% Annual Percentage Rate (APR) on December 4, while VirtualBank's used car loan rates start as low as 8.40% APR. In addition, VirtualBank is the only online bank that will finance state sales tax.
VirtualBank also offers a direct debit, taking a half percentage point off the interest rate for customers using this service. Further, VirtualBank has no relationships with any automotive dealers, which is key to offering these low rates and unbiased customer information. Consumers researching auto loans through VirtualBank can apply for a loan online and have the check delivered the next day for purchases made from a dealer or an individual.
VirtualBank's web site also offers tips for negotiating a purchase and managing the finance process. "Consumers are discovering the potholes in traditional bank auto loans. As a result, people are turning to the Internet to compare rates and give themselves an advantage when purchasing a car," says Mike Nixon, Program Manager, Auto Finance for VirtualBank.
VirtualBank customers have 24-7 access to their loan account, allowing them to check balances and make payments online. Since the company manages the loans internally, the applicant's information stays private. As with basic account data, personal information stays in the company's private "virtual vault" and is not forwarded to third party marketers or lenders unless specifically requested by the customer. This vault provides the best security technology available in banking today in a single, central database across products. Customers never need to reenter personal or financial information when opening additional VirtualBank accounts.
About VirtualBank
VirtualBank, a technology-based financial institution based in North Palm Beach, Florida, was founded in April 1999 to leverage the Internet to fundamentally change the way people bank. Utilizing the Internet, Windows 2000 and its core proprietary technology, VirtualBank provides consumers highly personalized online banking services through a single point-of-contact for all financial transactions. More information about the company can be obtained by visiting its Web site at http://www.virtualbank.com or by calling 877.998.2265.