Financing a Car: How We Help

When You Have Bad Credit

It may seem that financing a vehicle is an activity reserved for people with high credit scores and superior financial situations. While they may have a host of options available when it comes to getting that loan, you are not precluded from a financing plan due to a  low credit score.  Instead of creating a lot of frustration in your vehicle search or purchasing a sub-par vehicle, know that our company helps you to find a competitive vehicle finance loan for the car you want to finance.

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Understand Credit Scores and Vehicle Financing

In order to really understand the process, you should know some more about credit scores and vehicle financing.  Financing a car is essentially taking a loan out on the vehicle, and using the vehicle as security for a lender.  Being able to obtain vehicle financing before you ever go to the dealer is a really smart thing to do.  Getting multiple offers and having a choice of which one you want is even better!  If you have taken out loans in the past, you likely have gone through this process of “Waiting – more waiting – and wait a little more before anyone finally gives you an approval.  The lending entity evaluates your financial situation to determine if you present a risk when taking out a loan.  You just sit and wait.  People who have bad credit scores are sometimes denied loans because they are determined to be a higher risk.  However, www.myAutoloan.com  understands that situation can occur but that these situations do not have to define you.  What if you could get more than one offer, even if your credit is not the best?  What if you could choose a lender that would work with you and is competitive in rates that they offer?  You get where we are going.

Know Where to Turn

Applying for a loan at just any lender might not be the best idea because you may find that you cannot get approved or that you do get approved with extremely high interest rates because of your credit situation.  Filling out multiple applications also take a lot of time and is not efficient.  Instead of taking this potentially damaging path to vehicle financing, apply with one application and know that we have lenders available for people with bad credit.  How great would it be if you could get up to four offers within minutes?  We already know and understand that some individuals are not in the best credit situations, and we have numerous lenders ready to approve and offer you a competitive loan rate that will help you re-establish your credit.  You need not to worry about the fear of rejection – your chances are very good that we can find lenders willing to work with you for vehicle financing.  

Reduce the Fees

Even if you are working on getting your financial situation into better shape and have made progress, you probably don’t want to take any steps backward.  Getting a loan from a car dealership could mean that you end up paying all kinds of additional fees.  Instead of just paying back the loan and the interest, you have numerous fees added on so that the dealership is able to make extra money.  Going through this process is unnecessary when you can get up to four offers for auto financing – Having choice means that you can get a lower rate loan and put that extra money towards bettering your current financial situation.  Our business is not out to make things difficult, and you would see that if you apply.   We want to help you get a vehicle finance plan that works for your financial situation with competitive rates.

See the Options

With most online lenders, you may only receive only one vehicle finance option due to your credit situation, but by working with our company, our goal is to get you up to four offers that provide you with choices.  Think about it – You may receive up to four potential offers!  Then, you can take the time to review the offers to see which one fits best with your needs.  At myAutoloan, we work to provide you with an experience that someone with great credit experiences.  You should have the same great experience by working with us. You deserve to feel as though you are being treated just like everyone else and thus, having a positive experience is something that you can look forward to.

Better Your Credit

Taking out a loan also means that you have the opportunity to better your credit situation.  For example, by paying your monthly payments in full and on time each month, you can see your credit score go up and up.  You might worry that procuring a loan on a car is going to make your credit situation even worse, but it actually improve your credit status and builds your credit score each and every time that you make on time payments.  

If you have bad credit, you don’t need to delay looking for a car loan.  Instead, work with lenders who want to work with you.  Read more about the process and how to make it work for you by checking out this vehicle finance guide.  Good luck and make it happen!

Should I Buy a Convertible or a Coupe?

You’re not a fan of crossovers or SUVs. Definitely not a fan of minivans. You’re in the market for a new car and you know exactly what you want to buy: a sports car. More specifically, a performance car that makes you feel downright amazing. And hey, we don’t blame you! There’s science to back up the emotional and psychological power of performance cars.

In fact, Ford released a study in early 2018 that found driving a sports car ranks high on the list of things that make people happy. It’s even more enjoyable than kissing and “could be a valuable part of your daily wellbeing routine,” says psychologist Dr. Harry Witchel.

But you already knew how spectacular it feels to drive a sports car. You’re ready to buy one! But which type? Will you go with a convertible or a coupe? We’ll help you weigh the pros and cons of convertibles and coupes to find your best ride. Then we’ll help you compare your best auto financing rates!

Convertible or Coupe?

Buying a Convertible

A convertible sports car has a retractable roof. The roof can be folded down or removed either partially or entirely.

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PROS

You feel it all. Enjoy the sun on your face and the wind in your hair. There’s no fixed roof or door frames to limit your visibility or your fun. Put the top down, your sunglasses on, and hit the road feeling free and open. (Just watch out for the bugs.)

You’re more connected to the personality of the car. Ross McCammon of GQ wasn’t a fan of convertibles, until he drove the Mercedes-Benz C 63 S Cabriolet. Putting the top down meant removing a physical barrier between him and the car’s personality. For the first time he could fully experience “the growl of the start-up and turbo-whine acceleration and the rumbly idling.”

“A convertible doesn’t just make the experience louder and windier,” writes McCammon, “it makes a great car less anesthetized, more awake.” Convertibles offer the ultimate driving experience.

Convertibles are versatile! Most convertibles easily transition back into a sedan with the push of a button.That means you can enjoy the wind in your hair one day and a roof over your head the next when nasty weather hits.

CONS

Convertible roofs can be complex. Convertibles come with complex machinery to bring the top down and back up. If any of these pieces or parts break, you could be in for a big repair bill. Just think–what if your convertible top got stuck in the down position during a rainy week? Do you stop driving?

Convertibles can fall prey to “chassis shudder.” A car’s fixed roof plays a major role in its structural support system. Without a fixed roof, a car can succumb to a condition called “chassis shudder” or “scuttle shake.” This condition makes any uneven road feel even bumpier. Your smooth ride becomes shaky.

Convertibles can be expensive. If affordability is important to you, you might want to think twice about buying a convertible. They tend to be $5,000 to $9,000 more expensive, on average, than comparable sedans or coupes, writes Nationwide.

Buying a Coupe

Coupes have sleek, sloping rooflines, two doors, and two functional seats up front, plus two tiny seats in the back. They have a full-on metal roof rather than a large hole behind the top of the windshield where a convertible soft-top goes.

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PROS

Amazing handling. The fixed roof and extra rigidity of a coupe leads to better handling than a convertible. Coupes are also lighter than convertibles since they aren’t carrying all the mechanisms that bring the top up and down.  

Coupes are the epitome of style. Let’s be honest. Some convertibles look less than sleek with the top up. “The coupe has style, not just because of how it looks,” writes CarsGuide, “but because of that devil-may-care absence of drudgery and practicality.”

Coupes are lithe, sleek, and muscular. “With the exception of very few convertibles, no other car will look as good as a coupe,” continues CarsGuide.

Coupes are fun to drive, rain or shine. No need to put an end to a great drive because of a little rain. Since a coupe has a fixed roof, there’s no need to pull over and raise the top when the weather takes a turn for the worse.

They’re cheaper than convertibles. For the most part, couples are cheaper than their convertible counterparts. Plus, there’s no need to worry about any complex roof mechanisms breaking after a few years.

CONS

Space is hard to come by. Don’t expect to enjoy a lot of space…anywhere in the car. In the front, sloping rooflines make coupes especially tough for tall drivers to enjoy. Rear-seat passengers have even less space. A coupe’s rear seats may work for younger children, but these seats are usually little more than a shelf with seatbelts. And cargo space? Don’t even think about packing the trunk for an extended vacation. You’ll be lucky to manage a few bags of groceries.

The top doesn’t come off. A fixed roof means the only way you’ll be feeling the sun on your cheeks and the wind in your hair is if you roll the windows down.  

Take the first step in buying a sports car

Which sports car will you buy? Convertible or coupe? We’re all about comparison shopping, which is why we provide you with up to four new car loan options to review at your leisure. Whichever performance vehicle you choose to drive, help make sure you get a great deal on financing by comparing your loan options first. myAutoloan can help you get in the driver’s seat of the sports car you want. Apply for a new car loan and compare your offers today!

5 Questions to Ask When Buying a Used Car from a Private Seller

For many drivers, buying a used car from a private party is the only way to go. You don’t have to deal with a high pressure car salesmen; there’s less paperwork to complete; and there are no mind games to play. There’s just two people hoping for a great deal on a used car. One is buying, the other selling. Simple.

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As simple as it sounds, used car buyers can often feel left out in the cold. The Internet is filled with articles on how to play hardball with a professional car salesman, but what about when you’re trying to buy a car from your neighbor, a friend, or an everyday person you’ve never met? myAutoloan is here for you throughout the car-buying process, from research to financing.

Before handing over the cash to a private seller, ask these five questions to help make sure you end up with a good deal on a great used car.

Ask These 5 Questions Before Buying a Private Party Used Car

1. How many miles are on the odometer?

Used car sellers will typically include mileage in their ad, but if not, go ahead and ask this question before seeing the vehicle. Enter the mileage, make, model, year, and presumed condition of the used car into a site like TrueCar to gauge the value of the vehicle against the seller’s asking price. Depending on the situation, you could have instant negotiating ammunition! You can also research common problems with the vehicle make and model at different mileages, then ask the seller if they’ve already addressed them or seens signs of them surfacing.

2. Why are you selling the car?

This question helps you out in a few ways. One, it helps you gauge the seller’s urgency, and thus, how much wiggle room you might have with the asking price. Are they tight on cash? Selling for sentimental reasons? Already have a new car in the driveway?

If you’re dealing with a private seller who’s honest to a fault, you could be lucky enough to learn details about the car’s condition you wouldn’t otherwise notice. The seller might divulge that the car is a gas guzzler, isn’t reliable on long road trips, or the clutch sticks when releasing.

3. Have you had the car since it was brand new?

If you’re talking to the third, fourth, or fifth owner of the car, the information you get will only go so far. The more owners the car has had, the more incomplete the current seller’s info might be.

Play detective (and protect yourself) by ordering a CarFax Vehicle History Report or more thorough VinAudit Vehicle Report. You’ll get an instant vehicle history report with 60+ problem checks from VinAudit.com, an official provider for the National Motor Vehicle Title Information System.

If you’re not talking to the first or second owner of the vehicle, follow this question with, “Who did you purchase the vehicle from?” or “Where was the car bought?”

4. Do you have service records?

Unless you’re looking for a used car to tinker with and test out your own auto repair skills on, you want a car that’s been well maintained!

A CarFax report will include some service and maintenance records, but it likely won’t include everything, especially if the owner relied on “mom and pop” auto shops around town. Ask for receipts and evidence that maintenance was performed at regular, manufacturer-specified intervals. These receipts will usually note the odometer reading at the time of service, helping you verify the car’s history.

If the seller can’t produce any service records or even remember the last time they had the oil changed, it might be time for you to find a different used car to buy. You don’t want to wind up with a used car that’s unreliable and unsafe–no matter how cheap it is!

5. Can I have the vehicle inspected by my mechanic?

You had your home professionally inspected before you bought it. Why not do the same  with a used car? Sellers with nothing to hide won’t balk at a request like this. Sellers with something to hide, however, will resist.

Finance your used car purchase today!

Buying a used car from a private seller is a great move when it comes to saving money, and using myAutoloan for auto financing is a great move when it comes to saving time! If you’ve asked these five questions and found a reliable ride you can’t wait to drive, then apply for a private party auto loan. We’re here to help you buy your used car today.

4 Things You Must Do After You Buy a Used Car

Congrats on your new-ish car! You got a used car loan and a great deal on an amazing ride, but are you ready to hit the road? Keep those shiny rims where they are for just one second. There are a handful of must-do tasks you need to take care of before you can drive with ultimate peace of mind.

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After You Buy a Used Car…

1. Update Your Important Accounts and Paperwork

First things first — you need to stay legal! No matter what state you’re in, you can’t drive on public roads unless your vehicle is registered. If you buy a used car at a dealership, they’ll usually help you with the paperwork so you can drive with temporary registration before leaving the lot. They may charge a small fee, but it’s worth it if you just can’t wait to get in the driver’s seat.

In some states, like Maryland, Massachusetts, Indiana, and Michigan, to name few, you can complete the whole vehicle registration process at the dealership.  

This is also the right time to contact your car insurance company and update your policy. You may need to adjust your level of coverage. For instance, if you’ve been driving an old beater around for the last few years, there’s a good chance you didn’t have Comprehensive and Collision coverage on your policy. Sometimes it doesn’t make financial sense to pay for these two coverages on an older model vehicle. However, if you’re now driving a used car that’s only a few years old, you might want to include Comprehensive and Collision, as they could help pay for repairs to your sweet new ride in the event of accident or collision.

If you bought the car used from a private owner, you may also want to call the vehicle manufacturer and let them know you’re the current owner. That way you’ll be quickly notified if any safety recalls are issued. The manufacturer’s customer service phone number can be found in your owner’s manual or online. The manufacturer will record your name and address, along with your car’s VIN, in their database for further communication.

You’ll also want to update any parking permit information tied to your car (like for campus parking or a work garage) and vehicle specific roadside assistance memberships.

2. Invest in a Thorough Tune-Up

This step may not be essential if you bought a certified pre-owned car (CPO) since these cars have to meet age and mileage requirements, as well as go through an inspection at the dealership.

For example, Edmunds.com reports that Toyota requires dealers to put used vehicles through a 160-point inspection process. If a car passes inspection, it’s awarded an extended warranty and deemed “certified pre-owned.”

Buying a used car from a private party is different. You may not have all the service records, you don’t know how truthful the seller is being about the condition/history of the car, and there may be a hidden problem lurking under the hood. Avoid unexpected car troubles by bringing the car to a mechanic you trust and investing in a basic mechanical inspection and tune-up. Ask the mechanic for a rundown of services you need to drive safely right now, and a list of services you should prepare for in the future.

At a minimum, top off essential fluids, change the oil, change all filters, and rotate the tires.

3. Check for Open Safety Recalls

A vehicle safety recall is issued when a vehicle, type of vehicle equipment, or part of a vehicle, does not meet Federal safety standards. According to CarFax, more than 47 million vehicles have at least one open safety recall. That’s about one in five vehicles out on the road today!

Check to see if your car has an open safety recall, especially if you bought it used. SaferCar.gov offers a convenient tool for looking up this information. All you need is the car’s VIN number and an internet connection.

Regardless of whether or not you’re the original owner, you still qualify to have your recalls repaired free of charge (even recalls that were announced before you bought the car). According to the National Highway Traffic Safety Administration, the statute of limitations for no-charge recall repairs is 10 years from the original sale date of the vehicle.

4. Clean and Accessorize the Car

Now for the fun part! Wash, vacuum, and wipe down the interior of the car if it wasn’t detailed before you bought it. Pick out new floor mats, seat covers, and a sun shade to express your personality.

After you buy a used car, you may also want to personalize it by:

  • Adding a phone mount
  • Organizing the trunk with bins or baskets
  • Upgrading your rims
  • Designing a custom license plate cover
  • Keeping it smelling fresh with your favorite scents

Now that everything is in order, it’s time to make the most of your used car! Take a road trip, hit the highway, and enjoy the ride. You deserve it. And if you’re still trying to sell your old car to make room for a new one? Check out our four simple steps to increase the resale value and appeal of your car.