Why Memorial Day Weekend Is Best Time to Buy a Car

The start of summer is a time for cleaning up, starting fresh, and saving big. Think neighborhood yard sales, beach vacations, and block party picnics! Hands down, it’s also the best time to buy a new car. Could summer be any more awesome?!

Memorial Day weekend, along with the month of June, is the absolute best time to buy a car. Find out what makes this time “the best time to buy a car” and how you can maximize your savings on a new car purchase.

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When It’s the Best Time of Year to Buy a Car…

Leverage the Dealer Inventory

Just like you feel the need to clean out the garage and comb through the attic at the start of summer, in a way, so do car dealers. Auto dealership need to clear inventory to make space for next year’s models, which come out around August. Memorial Day weekend is early enough in the year that there’s also leftover inventory of brand new vehicles from the previous year.

Inventory levels are in your favor through June. You can not only get a new car, but also a huge discount and sometimes a warranty that starts at the time of purchase.

Look at cars that are being phased out or replaced with newer models, as they’re more likely to be deeply discounted.

According to TrueCar data via CNBC, May proves to be one of the best months to get a great deal on a car, especially if you’re looking to buy a family-oriented midsize SUV.

Be an Informed Car Shopper

Walk into the dealership equipped with knowledge (and auto financing). You’re in control when you know the incentives and rebates, and already have your financing secured. Dealers will look at you like a powerful cash buyer. Plus, auto manufacturers love showcasing some of their best deals over Memorial Day weekend. If you’re flexible on the make and model of your new car, you can maximize your savings by narrowing your search to only these vehicles.

According to U.S. News & World Report, the best Memorial Day new car deals include:

  • 2018 Buick Enclave – Lease deal of $389/month for 39 months with $2,989 due at signing; the deal includes total of 32,500 miles
  • 2018 Nissan Sentra – Lease deal  of $149/month for 36 months with $3,249 due at signing; the deal includes 12,000 miles per year
  • 2019 Jeep Cherokee – Purchase deal of up to $2,000 cash bonus
  • 2018 Fiat 500X – Purchase deal of up to $1,750 cash back
  • 2018 Ford Focus – Purchase deal of $4,000 cash back
  • 2018 Toyota Avalon Hybrid – Purchase deal of $5,000 cash back
  • 2018 Chevrolet Cruze – Purchase deal of $2,000 cash back

Call ahead and check with your local dealership to confirm that these deals are available in your area. Manufacturer-backed lease deals and cash back offers offers can vary around the country.

Secure Financing Ahead of Time & Don’t Give Up!

Can’t buy a car at the best time of year? There’s still plenty of savings to be had, especially if you secure auto financing before you arrive at the dealership. With financing in hand, you’re ready to get the best pricing on your new or used car. You’ll know how much you can afford and how your purchase is going to fit into your budget. Plus, you’ll be treated like a powerful cash buyer.

Other great times to buy a new car include:

  • The week between Christmas and New Year – Look for sweet deals on leftover models and large rebates on all remaining models
  • January and February – Consider the most recent models, as manufacturers tend to raise prices as the year goes on
  • President’s Day, 4th of July, and Thanksgiving weekend also top our list for great times to buy a car

Move fast to make your Memorial Day dreams of buying a new car a reality. Summer will be over before you know it! Get the auto financing you need, fast, with help from myAutoloan. Whether you want to buy a new car or a used car, you can submit one car loan application and compare up to four offers today. Don’t miss out on one of the best times to buy a car!

 

When to Buy Your Leased Car

You probably didn’t think about buying your car when you first leased it. Perhaps you enjoyed the low monthly payment, the opportunity to drive a luxury car, or not having to worry about major repairs 100,000 miles down the road. With only a few months left on your car lease, though, you’re considering buying out your lease. How do you know if it’s time to buy your leased car or time to walk away at the end of the lease? myAutoloan is here to help. There are actually a few scenarios when buying out your lease makes the most financial “cents!”

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When Should You Buyout Your Lease Car?

When your buyout amount is less than or close to its private-party value

First things first: Buying out your lease has to make financial “cents,” or sense if you want to get serious. Start by finding out your residual amount, or the buyout amount. You can find this number on your online account, monthly statement, or by calling the bank that holds your lease.

Compare this amount to the private-party value of your car. You can easily plug in the vehicle details on Kelley Blue Book to get this amount. If your buyout amount is pretty close to (or fingers crossed, less than) the private-party value, it might make financial sense to buyout your car lease.

When you’ve gone over your lease mileage limits

Car leases come with a limit on the number of miles the car can be driven. This limit is typically 12,000 miles per year over a 3-year lease, but it can vary. If you’ve exceeded your lease mileage limits, buying your car might be a better financial route than returning it at the end of the lease. Why? The leasing company is going to charge you for every extra mile on the odometer. Check your lease for the penalty amount. It could be as much as $0.25 per mile. If you buy the car, you won’t be penalized for going over the allowed miles.

When the car has definitely seen better days

Did you drive your leased car like an Indy 500 racer? Like Thelma and Louise on their fatal cross-country adventure? Like any driver in one of the Fast and Furious movies? You get the point. If you put the pedal to the metal, then there’s a good chance your leased car has excess wear and tear. The bigger the damage, the bigger the penalty. If you buy your leased car, you won’t be penalized for dinging, denting, scratching, or staining the interior or exterior of the car.

When you really, really, really like your car

Not everyone makes decisions from a financial standpoint. Some people let their emotions or preferences guide their choices, and that’s okay, too. If you adore your leased car and can’t imagine letting it go, then buying your leased car makes sense. Follow your heart and keep the car!

When you don’t want to hassle with car shopping

You’re essentially starting from ground zero after you turn in your leased car. Time to start researching car models, comparing prices, planning trips to the car lot, and dealing with aggressive salespeople. With your leased car, you know exactly what you’re getting. You know your vehicle’s history including how and where it’s been driven, what it’s been used for, and how often it has been maintained. When you buy a car you’re already familiar with, you can driver easier and sidestep the many headaches that come with car shopping.

Apply for a lease buyout loan

When you love your car but not your lease, go with a lease buyout. The dealer will typically contact you about buying the leased vehicle near the end of your lease term. You can accept the dealer’s offer, decline, or negotiate a better price. Yes, you heard us. You may be able to negotiate a great low price on the vehicle you already know and love.

Review the terms of your lease contract and and when you’re ready, apply with myAutoloan to see up to four lease buyout loans in a matter of minutes!

Finance a New or Used Auto Loan Online

Vehicle Financing Online can be Fast, Easy and Secure 

The finance world has continued to evolve and to the benefit of the consumer, it’s been a vibrant digital advantage to the borrower looking for an auto loan.

If you are going to purchase a new or used vehicle, it is quite likely that you would also be looking for an online vehicle financing loan.  You will probably come across a number of unknown institutions that will all be willing to offer you financing but only as a pre-approval of the actual vehicle loan.  That means you will need to jump through some hoops before you can actually get financing.  Some will also want you to complete an application and then try to make you commit without being able to compare or shop, so just be alert.   Under these circumstances, you would do well to apply for vehicle financing online, with a lending platform with multiple lenders.  This process is not only fast, it’s also secure.  Check to see if there are any guides for getting the best auto financing and learn from those tips how to secure a competitive auto loan.

When you search for online financing, you are likely to come across several websites that will promise to help you with your vehicle financing within seconds.   And you might be tempted to deal with them without really looking into their reputation.   How do you find a credible and trustworthy lender?  Search for auto lending sites that give you multiple quotes.  This way you can compare and see what they offer in the way of rates, terms and loan amount.  Instead of completing an application for only one lender, use a lending platform that has multiple lenders from which to choose.  Check out any ratings that the lender may have and check out the BBB website for additional background info – it’s all about making sure you are working with a reputable lender when you are ready to move forward. This will take a little research on your part, which can be carried out from the comfort of your home.  However, the time spent on the research is likely to lead you towards an institution or website that can offer you a vehicle finance loan at the best possible prices.

You will not be required to visit the office of the institution that you are looking to obtain the vehicle finance from.  A trustworthy and credible online website will give you an option to submit all details about the kind of vehicle you want to purchase and a loan amount that you are interested in obtaining.  Some background info and financial details will be required to get an online approval.   You will be contacted by a representative of the lending institution to verify the details you submitted and in all likelihood will be told about whether you qualify for vehicle financing or not immediately.  Most reputable online lenders will notify you by email or on their secure website if you are approved.  Keeping your personal info secure is very important so be wary of anything that is not showing that the site is not secured.

Over the past few years, quite a few people have found to their surprise, that it is easy to obtain vehicle financing from online lending institutions.  There are a number of lending institutions which have been accredited by the Better Business Bureau and have a vast network across the country.   Use the tools on the website to obtain more info on auto loan rates, auto loan terms, and payment calculators.  These days’ people find it easier to deal with such institutions as they do almost all of their data collection via an online secure data collection process.  There is little to no paperwork at all.  At the same time, the reputation that these institutions have built over a number of years makes them a safe option to obtain vehicle financing.  The days of running from bank to bank and credit union to credit union are over.  Things have changed, as you have already found out.  Now get started and get that loan offer online today.  

How to Refinance Your Car Loan & Save Money

If you’ve ever refinanced your home mortgage, you know that refinancing can come with plenty of headaches and paperwork. Such an experience may keep you from refinancing your car, too. Is it really worth it to refinance your car loan? In many cases, yes! Refinancing can lead to less stress and big monthly savings. Plus, it’s much easier and faster than you could ever imagine. We’ll walk you through how to refinance your car loan the simple way.

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5 Steps to Refinance Your Car Loan

1. Evaluate your current car loan situation

While there’s almost never a bad time to refinance your car loan, some moments can prove better than others. How do you know if it’s time to make your move? Look for these signs:

  • Interest rates have gone down since you originally bought your car
  • Your credit score has greatly improved
  • Your income has increased or decreased
  • You’re unhappy with your current car loan
  • You want to remove or add co-signers to the loan

If any of these reasons sound familiar to you, keep reading and follow our steps to refinance your car loan.

2. Gather your documents

Make the refinancing process go as quickly as possible by having the right information ready to go. Note that the first three pieces of following info can be found on the monthly statement from your lender. Before refinancing, make sure you know:

  • Your current monthly payment amount
  • The amount of time you have left to repay your loan (in months)
  • Your current interest rate
  • Your driver’s license number
  • Your car’s VIN number
  • Pay stubs from current employer
  • Your Social Security number

3. Apply to refinance your car loan!

Now for the fun part. (We say this because saving money is always fun!) You have a few options here. You can visit multiple websites and financial institutions, fill out multiple applications, and then separately evaluate each offer one by one.

OR, you can visit one website, fill out one application, and evaluate multiple offers side-by-side within a matter of minutes. The first option wastes valuable time. The second option gives you more time and more choice. Apply to refinance your car loan on myAutoloan and in a matter of minutes we’ll match you with up to four offers from trusted lenders. It’s one application, multiple loan offers.

4. Choose the best loan offer for you

When you refinance your car, a new loan is used to pay off your existing one. The refinanced loan is a new contract between you and the lender, with a potentially different interest rate, term, and monthly payment.

Choose the refinance loan offer with the interest rate, loan term, and monthly payment that works best for you and your current situation.

5. Wrap up the refinancing process with the lender.

Once you select the best refinance car loan offer for you, your lender may ask you to complete some additional paperwork. They may send it to you via overnight mail or make it available to you online.

The lender will complete the underwriting process on your behalf, contact your current lender (if different from your new one), and arrange a payoff of your old auto loan. Then you can consider your car refinanced!

But will refinancing save me money?

Yes, refinancing really can help you save money.

LauraKay, a myAutoloan customer, was able to save $100 a month on her car payment by refinancing her car loan. That’s thousands of dollars in savings over the course of her loan.

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“I was able to save almost $100 a month on my car payment,” says LauraKay. “Went from 16.75% due to my age and no credit history at the time to 3.10%.”

Renee was also able to drop her payments and her interest rate by refinancing.

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“I was able to get my car refinanced from 24% interest down to 10% and my payments dropped over $100. I am very pleased with my experience!”

Another myAutoloan customer was stuck in an unfortunate situation with an upside down car loan. Refinancing helped them lower their interest rate and monthly payments by almost 50%.

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“I couldn’t get a refinance on my upside down loan anywhere, I was paying a super high interest rate over 20%!!! MyAutoloan found me a financer who lowered my interest and monthly payments by almost half! The process is smooth and almost effortless in securing a refinance. I would recommend this site for anyone with a high interest car loan at least 1-2 years into the loan.”

Refinance your car loan today

What are you waiting for? Take charge of your old auto loan. Complete your refinance application online and get matched with up to four refinance offers in minutes. Don’t wait—interest rates could change tomorrow!

5 Fresh Ideas for How to Keep Your Car Smelling Good

Between the dog, the kids, their sports equipment, and all the dirty shoes that come in and out, it can feel impossible to keep your car smelling fresh and clean. Wouldn’t it be great if you could hold on to that coveted “new car smell” forever? Maybe you can. Whether your car is brand new or just new to you, here are five low-cost ways to keep your car smelling awesome for months to come. These tricks will help fight bad car odors for good!

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How to Keep Your Car Smelling Good

#1: Laundry Scent Boosters

This trick is perfect for the guy or gal who loves the smell of fresh laundry. Stob by the dollar store or your local Wal-Mart and buy a pack of sheer organza bags. You can get a pack of 10 for less than $5. These little bags are often used to hand out wedding favors, but they can pull double duty to help keep your car smelling fresh, too.

Next, fill the organza bags about halfway full with your favorite laundry scent booster, like Downy Unstoppable or Gain Fireworks. Place the bags under your seats and in the car doors for a vehicle that smells as fresh as a daisy.

Pro-Hack: Don’t have any scent boosters to spare? You can also open up a new pack of dryer sheets and stick the whole package under the driver’s seat. Then when you’re in a pinch and smell like cigarettes, the gym, or a double bacon cheeseburger, just grab a dryer sheet and rub it all over your clothes. You’ll smell like you pulled your clothes right from the laundry!

#2: DIY Fabric Refresher

Sure, you could buy a bottle of fabric refresher from the store for around $5 or $6, or you could make your own with stuff you already have at home. Try this trick to keep your floor mats and fabric car seats smelling like they’ve never seen a french fry or wet sneaker.

Make your own car-friendly fabric refresher by combining 1 part liquid fabric softener, 1 part baking soda, and 2 parts warm water in a spray bottle.

  1. Using a funnel, pour 1 part baking soda into a spray bottle.
  2. Fill with 2 parts warm water.
  3. Add 1 part liquid fabric softener.
  4. Close bottle and shake.
  5. Spray on your car seats and floor mats.
  6. Enjoy affordable freshness!

NOTE: Do not try this on leather, faux leather, or suede interiors. When in doubt, test this homemade spray on an inconspicuous area of your upholstery before you spray it throughout your car. Baking soda is a safe, natural, and effective odor absorber even when dissolved in a liquid, however, you can never be too safe when it comes to the interior of your car.

#3: Bring Out the Baking Soda

Yes, we’re still talking about baking soda! Baking soda is a rockstar when it comes to deodorizing and cleaning. It’s especially great at absorbing pet, baby, and smoke odors.Plus, a box often costs less than a $1. It’s essentially a miracle powder for frugal-minded drivers!

For fabric upholstery and carpeting, sprinkle baking soda on spots and stains. Rub into the fabric with a brush or towel. Let sit overnight. In the morning, vacuum your car and enjoy an odor-free drive for days.

#4: Candles and Wax Cubes

There are a few different ways you can use scented wax cubes or unlit candles to freshen up your ride. One option is to put scented wax cubes into a half-size mason jar. Screw on a top with holes to create a DIY air freshener that you can place under your seat or in a cup holder. Your car will smell better and better as the wax gets softer and softer!

You can also keep an unlit candle in one of your cup holders. As your car heats up, the candle will release your favorite scent, whether it’s fresh cut roses, lavender vanilla, or clean cotton!

#5: Replace a Dirty Cabin Air Filter

If you’ve never replaced your cabin air filter and you’re dealing with a stinky car… this one’s a no-brainer. It’s definitely time to replace your cabin air filter! This filter is designed to keep the air inside your vehicle’s cabin clean. It’s job is to filter the air that comes through the car’s HVAC system to prevent dust, pollen, smog, and mold spores from entering your car.

Mechanics generally recommend that you have this filter replaced every 15,000 to 25,000 miles, or once a year. Thankfully, changing a cabin air filter is a do-it-yourself project. Cabin filters are relatively cheap (around $15 to $25) and you can turn to your owner’s manual or YouTube for instructions on removing and replacing this filter.

Maintain Your “New Car Smell”

The best way to keep your car smelling good is to deal with messes as soon as possible, avoid smoking in your car, clean it on a regular basis, and deodorize as soon as a bad smell invades. Even so, knowing how to keep your car smelling good doesn’t mean it’s easy to do.

Sometimes, it doesn’t matter how clean you keep your car, how fresh it smells, or how shiny the windows are. Every car feels less than new at some point. If you’re ready to upgrade your ride, apply for a car loan on myAutoloan today. We’ll connect you with up to four car loan offers that match your needs, and we’ll do it in just a few minutes— that’s faster than you can vacuum your floorboards!