Category Archives: Tips & Insights

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.

blog image

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!”

blog image

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.  

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!

blog logo

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!

10 Telltale Signs It’s Time to Buy a New Car

You vowed to drive ol’ Bessy until her bumpers rusted and her wheels fell off, but after your last visit to the mechanic…you’re not so sure any more. When is it no longer economical to pay for auto repairs? When is it really time to buy a new car? Watch for these 10 signs and you’ll know!

blog image

Consider buying a new car when…

1. Your safety is at risk. This is the most obvious sign it’s time to buy a new car. Anything can happen on the road. If your car isn’t properly equipped to handle it, you and your family are at risk. The problem could be with your airbags, seat belts, brakes, engine, or other essential part of the car. Wherever the problem stems from, it’s time to buy a new car if you fear your car will break down and leave you stranded at a moment’s notice.

2. Repair costs are getting out of hand. It’s usually cheaper to keep fixing up an old car rather than buy a new one–until it isn’t. Think about the math for a second. In most cases, it doesn’t make sense to spend $3,000 to repair a car with a Kelley Blue Book value of $2,000.

Consider how long your next pricy repair will extend the life of your vehicle. If it’ll add years to its lifespan, it might be a good investment. If you’ve been paying for the same repair every few months, be honest with yourself about the reliability of your ride. How much is the car really worth compared to the price of the repair?

3. The parts are expensive or difficult to find. Unless you’re restoring a classic or antique car, your car parts shouldn’t be too difficult to track down. If you find yourself relying on friends, rental cars, or public transportation for weeks at a time while waiting for the right part to arrive, the repair may not be worth your time or money. Time to buy a new car.

4. Your car doesn’t pass emissions. Some older model cars do not have the “drive clean” technologies they need to pass state smog and emissions requirements. This equipment comes standard on newer model vehicles, improving the tailpipe emissions and preventing harmful damage to the environment. Depending on the age of your vehicle and your state laws, you could be required to spend money on expensive technology to A) bring your emissions up to code so you can B) get your license plate and tags renewed!

5. Breakdowns are becoming a way of life. Car troubles should not cause you to consistently be late for work or miss out on important events with friends and family. If it’s not due to minor troubles (like a flat tire or dead battery), consistent breakdowns are a sure sign it’s time to buy a new car.

6. It doesn’t match your lifestyle. You’ve got three kids, two dogs, a schedule full of activities…and a 4-door sedan. Cramped? We thought so. There are plenty of lifestyle changes that could cause you to re-evaluate your current car. Perhaps you take a job across town and need a car with better MPG; your kids move out and you no longer need a spacious minivan; you start a career as a real estate agent and need a nicer vehicle to escort clients; or you’re welcoming a new family member and need room for a baby car seat!

7. You spend big at the pump. Are you at the gas station more than twice a week? Does the cashier know you by name? Older cars are typically less fuel efficient than newer ones. New car technology comes out every year, with each new car model becoming a little more fuel efficient than the last. If you drive a car from the 1990’s, chances are you’re spending a lot more at the pump than your neighbor who drives a car from the 2000’s. Upgrading to a newer vehicle (even if it’s used) could help lower your overall operating costs and save at the pump.

8. Your friends and family refuse to ride with you. This one might sound superficial, but hear us out. Do your loved ones always offer to drive or say, “Hey, we’ll meet you there!” If no one wants to ride shotgun with you, it might because the springs in your car seats poke through, the doors sound rickety, and you have a habit of showing up late due to “car problems.” Free rides are great. Dangerous rides? Not so great.

9. Your car makes you sad. American drivers spend an average of more than 17,600 minutes behind the wheel each year, according to a survey from the AAA Foundation for Traffic Safety. That’s equivalent to seven, 40-hour work weeks at the office. If you’re spending 17,600 minutes every year in a car you can’t stand, it’s time to buy a new car. Your mental health and happiness will thank you!

10. You want one and you can afford it. With today’s resources, there’s almost always a way to get what you want, when you want it. myAutoloan is one of those resources. Calculate how much you could borrow with the myAutoloan loan amount calculator and apply for an auto loan online.

Nothing lasts forever, including your car. If all signs are pointing you in the direction of a new car, check out today’s new car loan rates and apply for a car loan today. myAutoloan will connect you with multiple auto loan offers in just minutes!