Category Archives: Buying & Selling

Bad Credit Won’t Stop You From Getting an Auto Loan

It is possible for anyone to have a low credit score.  In many cases, an unexpected job loss or medical expense makes it difficult to keep up with mortgage, student loan or other debt payments. However, this shouldn’t automatically disqualify you from getting reliable and affordable transportation.

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We Work With Everyone Who Needs Financing

Whether you have great, average, bad or subprime credit, we can help you get the financing that you need in a timely manner. When you apply for an auto loan with us, we will return up to four different offers from national lenders that you can compare at your own pace.  Once you decide on a loan offer that fits your needs, you can finish the application process by choosing a lender that is direct to you and get the vehicle that you want or need.  Having choice is a huge benefit that can’t be overlooked.

We Look at You As a Person Instead of a Number

Your credit score is one of the most important numbers that a lender looks at when determining who to lend to.  However, our lenders all realize that you are more than just your credit score.  No one chooses to get sick or chooses to get laid off by their employer. Bad things happen to good people, and that is just a fact of life.  Furthermore, no one can predict when they will need to see a dentist or when the roof of their home will start to leak.  When you work with a direct to consumer loan provider, like myAutoloan.com, you are treated like a person who needs help to get past any prior unfortunate circumstances.

Pay Less With a Direct to Consumer Loan

When you work with a dealer or other middleman to get an auto loan, you can be sure that there is going to be markup.   You could be charged origination fees, document fees and any other fee that the dealer or other third-party can pass along to you.  This could add hundreds or thousands of dollars to your loan, which could make it harder to pay off in a reasonable amount of time.  Going direct to a work with a lender is the least expensive way to get a car loan.  Check out our calculator to see what you could afford.

Start to Rebuild Your Credit With a Bad Credit Auto Loan

A bad credit auto loan can help you get back on the path to having a good credit score.  When you make a payment, it is reported to credit agencies.  If you can string together multiple on-time payments, your score could go up to by 100 to 200 points in a matter of months.  The exact increase to your score depends on what your credit profile was when you first took out the loan.  However, as a general rule, most lenders pay the most attention to credit activity that has taken place in the last 12-24 months.  So get going and make things happen for yourself – good things buy being on time with your payments and see what happens!

There are many reasons why your credit score is lower than you would like it to be that have nothing to do with irresponsible spending habits.  By working with a direct to consumer loan provider that has multiple platform based lenders, you can get the car that you want at a price that you can afford regardless of your credit score.

Does Shopping for Car Loans Hurt My Credit?

If you’re fearful that a car loan application will hurt your credit score, then this is the blog for you. Follow along as we explain how the top three credit reporting agencies typically roll multiple auto inquiries into one inquiry on a continuous, 14-30 day cycle, and why applying for a car loan typically won’t hurt your credit.

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Car Loan Shopping Doesn’t Hurt Credit

While shopping for credit can sometimes signal bad news bears to creditors (i.e higher risk), most credit scores aren’t drastically impacted by multiple inquiries from auto lenders within a short period of time.

The top three credit reporting agencies (TransUnion, Experian, and Equifax) understand that people are typically going to shop around when searching for the right auto, home, or student loan. After all, not all financing companies and loan offers are created equal! Shoppers may find varying interest rates and payment plans depending on where they go and when they apply. It’s all about finding the right loan offer for you and sometimes, it takes more than one loan offer to get there.

Lenders also know that you’re probably not trying to buy multiple homes or cars–you’re just trying to find the best rates and terms. Credit scoring systems have evolved over time to reflect this reality.

But You May See Multiple Inquiries on Your Credit Report

While your credit score isn’t likely to take a hit when applying for car loans, you may notice multiple inquiries on your credit report. Each time your credit report is reviewed by a different lender, an inquiry will appear showing who accessed the report and why. This is technically called an “inquiry,” though you may also hear “check” or “pull.”

Inquiries include information about who’s making the inquiry, what it’s for, the date it’s made, and the type of inquiry.

Experian, for one, will list each inquiry that is made in your file for two years, but these inquiries will only be counted as one inquiry when calculating your credit score.

That said, you want to apply for credit wisely. Don’t spread out your loan applications over a long period of time, as this will spread out the credit inquiries, too. As long as inquiries are made within about 14 days, they are counted as just one when your credit score is calculated. Space them out too much and you run the risk of having them be counted as separate inquiries.

And Certain Inquiries CAN Impact Your Credit Rating

A single hard credit inquiry typically won’t play a major role in whether or not you’re approved for financing. Lenders understand that most people compare loan options when buying something as big a house or car.

Still, it’s not a good idea to apply for a bunch of different credit cards and loans at one time. Multiple hard inquiries for different types of credit in a short period of time can signal to lenders that you’re in a financial pickle. They may assume you’re having trouble paying bills, getting ready to rack up debt, or that you’re short on cash—all signs that you could be a risky loan recipient.

Examples of hard inquiries include applications for a mortgage, auto loan, credit card, student loan, personal loan, or apartment rental credit checks.

The lesson? Only shop for one type of loan at a time and don’t drag out your financing applications over a long period of time. If your credit has been hurt in the past, work to build a healthier credit score by paying your bills on time, having a low balance on your credit card, maintaining a long credit history, and applying for new credit sparingly.

Go the Easy Route, with myAutoloan

myAutoloan is one of the fastest routes to smart auto financing. There’s no need to submit multiple applications in order to view multiple offers, and no need to navigate to different websites. Just submit one application and view up to four offers in a matter of minutes. Our applications are free, fast, and easy, and we’ll never pressure you to use one of our lenders’ offers or loans. Apply worry-free to buy the car you want. When you have nothing to lose, why wait?

Ideas on Getting the Best Used Car Finance Rates

Ways to Get the Best Used Car Finance Rates

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Getting financed for a used car can sometimes seem like an overwhelming and daunting task, but it doesn’t have to be. Finding the best used car finance rates can only occur when you take the time to research and understand the various advantages and disadvantages of different financing alternatives. There are a number of things to take into consideration when searching for financing solutions:

Credit Score

This is an important factor to take into consideration when searching for used car financing options. Many times, your credit rating will be the determining factor in whether or not you are approved for financing. Getting used car finance approval will likely be made difficult if your credit score is less than satisfactory, which means that you have had late payments, missed payments or underpayments on past credit cards or loans. Essentially, the financing agent will use the credit score to determine how likely you are to make payments on time based on your previous credit history. If approved, this may also determine how high your payments are and how long you are able to be financed. It’s not likely but It is also possible that you may be required to have a co-signer in order to be approved.

Income

Another vital consideration in used car financing options is your income. The financing provider will take into consideration what your monthly income is before determining a proper payment plan. The lower the car payments, the longer the period of financing will be. To get the best used car finance rate, try to stick with a car that you can have paid off within 12 to 18 months. Yes, that is not always possible but it’s worth the effort to see if this is something that you could make work for you. This will help to insure that you do not face additional or higher rates, yet the loan period is sufficient time to dramatically improve your credit rating. If you are required to have a co-signer to obtain used car financing, keep in mind that his or her income will likely be included in determining the finance rates.

Research

As you know, some car dealerships have their own financing agency on the lot, others go through an outside bank to finance the auto loan for their customers. Those that finance on the lot are often easier to obtain financing through because they focus more on income and less on credit scores, a valuable trait to the customer who has a blemished credit history. You might want to learn more about how this process works so it might be beneficial if you take time to review a Guide on Auto Financing. The key to finding the best financing rates is taking the time to search around before making a decision. Purchasing the first car that you qualify for is not always a good idea because it could leave you with higher rates than you would have faced if you had done a bit more researching before making a purchase.

Getting a good auto financing rate is challenging but not hard. Learn as much as you can and understand the process of auto finance. Make the effort and you will come out ahead when you move forward to buy and finance your next new or used auto loan. Good luck and good shopping!

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!