Is an Online Credit Application Safe?

Recent news has been more than a little startling. The Equifax data breach affects millions of North Americans and poses quite the disruption in current lending! Not only is it going to change the way data is handled at one of the largest credit bureaus in the world, but it definitely makes a person wonder if their information is safe online. So is an online credit application safe, or is there a better way?

The Good News about Online Credit Applications

An online credit application is more secure than you think. If you perceive it as putting your personal credit card number, social security number, phone number, address, and other personal information directly in the hands of hackers, you’re wrong. It’s not like that at all.

When you submit an online credit application, it goes directly to a financial manager at the dealership. “Do not pass go, do not collect $200.” There are no detours, just directly into the hands of a seasoned, trusted person who only requests the information they need to secure your financing. At that point, no one else – not Equifax, lenders, or even other dealership staff – have access to it, and rarely do they ever.

What Happens Next?

After determining your needs with you, your credit report is checked. And if you’re concerned about something like the Equifax data breach, you don’t need to be. That hole in the ship has been plugged.

After your credit score and financing abilities are determined, the car loan you’ve chosen is carefully matched to the best lender for your needs. In many cases, it’s Toyota Financial Services. In others, it’s a lender that offers a competitive rate for the term you need.

And Finally…

You drive away with your new Toyota from Jay Wolfe Toyota. The information from your online credit application never goes any further. It is never sold, or given to anyone else. We know that your trust is something that is earned and is not taken lightly. As such, we commit to protecting your information to the best of our abilities!