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Car shoppers can benefit by researching vehicles online, exploring opportunities with HLIB

Posted on Monday, June 10, 2013 at 11:56:33 AM

It seems like new technologies are being introduced to the automotive industry everyday. Consumers can now shop for auto parts anywhere at anytime, using mobile applications. While individuals are not able to physically inspect items before purchasing, researching components online can afford them a significant number of advantages.

"Benefits are many," said Christine Dikdan, auto lending representative at Home Loan Investment Bank. "[Online shoppers can enjoy] more selections of in-stock items available for immediate shipment, competitive pricing through an easy, at-your-fingertip comparable shopping experience and no time wasted driving to different places looking for out of-stock-items."

However, buying vehicle parts online comes with a number of associated considerations.

"If you are purchasing a high ticket item, please be sure to also check return policies," Dikdan added. "Sometimes there is no return available - or a restocking charge - and shipping charges are usually on the sender."

A trusted source of auto financing for decades, HLIB has helped countless clients to make multiple repairs to their cars both large and small, and it always looking for ways to increase its offerings to customers.

"Presently, HLIB offers purchase money automobile/motorcycle loans and straight refinance of automobile/motorcycle loans," Dikdan continued. "HLIB does not presently refinance existing auto/motorcycle loans for vehicle repairs. However, this is a product that I would love to be able to offer in the future. Also known as a 'cash out' loan, this product enables potential borrowers with title in hand (no money owed) to borrow money against the title to have vehicle repairs completed. This could also work for a borrower who has an existing loan on a vehicle and wants to refinance and 'cash out' to accommodate needed vehicle repairs. In both cases, equity in the vehicle versus loan amount is a key factor. A bank always has to look at risk. A vehicle/ motorcycle is continually depreciating, so therefore credit worthiness and vehicle equity are of important consideration. HLIB welcomes private party sales."