Category Archives: New & Used Auto Loans

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!

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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!

Saving Money With An Online Vehicle Loan

As we all know, the digital age has changed so many things for the better. You shop and compare prices for everything else online, so why not auto loans? If you’ve found it difficult to get a vehicle loan in your local market, try searching online where you can find several lenders willing to offer you a vehicle loan at an extremely affordable price. Online financing is now an accepted and safe practice that has changed the car-buying experience. You do not have to leave home to apply for auto loan financing via the web, however, you do need to look for a reputable lender or a site that provides multiple quotes before you apply for financing.

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What information do I need to apply for an auto loan online?

When you apply for an online vehicle financing loan, you will be required to provide limited details about the type of car you wish to purchase, as well as details of your personal financial situation. You do not have to have perfect credit to apply. Some sites only deal with poor credit individuals while others provide multiple offers for individuals across the full credit spectrum (poor to great credit). myAutoloan.com is one such company that has multiple lenders. They also provide multiple direct loan offers for you to compare. When shopping for financing online, look for tools and calculators on rates and monthly payments as well. Now that is the best of all financing options!

But my credit isn’t the best…

What if you have had some credit issues in the past? Not to worry because you will still be able to get multiple offers when you use a multi-lender website. As we all know, APRs vary from low rates for excellent credit, to higher rates for those who have had difficulties in the past. The best thing to do is to get multiple offers so that you can compare and select the rate and terms that work best for you.

Even with a less than perfect credit score, you should find a lender who specializes in vehicle loans for individuals who have had some bad luck in the past. There might also be a financing guide for you to review that can give you some ideas for obtaining the best car price and best loan offer after reviewing the information. If you work with a multi-lender platform website, you can get up to four quotes for you to review and select from. Based on your credit history, these specialized lenders will work with you to offer you the best rates they can.

What is the online auto loan application process like?

The process is pretty simple: Fill out the application with a few details, request a loan amount that you need for the purchase of your new or used car, and submit. You can get offers right away in some cases or in an hour at most. The good thing is that you can get more than one offer that allows you to compare and select. Choice is a pretty powerful thing – at myAutoloan.com, you get to select.

I’m ready to take control and make my choice!

If you take time to compare and use the various tools that are on the site, you can get a good handle on how to be in control when you go to the dealer. What’s also nice is that you can consider an auto refinance loan after about 6 months of on-time payments. This could help reduce your rate and payment. If you are able to make on-time car payments to the lender, it is very possible for you to save on the overall cost of your loan.

So, do what thousands of others are doing these days. Shop for online vehicle financing and see for yourself how quick and safe this process is and save some money on top of it all. Good luck and good loan hunting.

Car Loan Financing

A lot of people who need to buy a new or used car find themselves in an interesting position.  When the financial markets crashed back in 2008, things changed quickly.  It made getting an auto loan a lot more difficult.  Most families cut back on what they considered “like to have” and held onto their money.  Others just didn’t understand how to get a car that they could afford and ended up with either too high of a monthly car payment or a car that was much more expensive to own than they could afford.

The recession was tough on families.  Millions of people ended up without a job.  Although things have gotten better, they are not where they should be.  Interest rates have dropped and there is an opportunity to improve your transportation situation by getting a current car.

The biggest mistake that many people make when they are trying to get a car loan is that they don’t think realistically about what they can really pay each month.  This is what happens when you let emotions carry you away because the car salesman oversells you on what you need.  So what you need to do is think and plan in advance, before going to the dealership.

The best way to begin the car financing process is to go in with a particular price that you can afford and use a payment calculator to provide you with an estimate of what your maximum out-the-door price should be.  You can then research the cars available at this price which will make your shopping smarter.  You will know ahead of time which vehicles are worth taking home and which ones are either poorly made or overpriced.  This is an essential step.

 

When it comes to financing a car, it’s most convenient to go online.  If you want to compare rates and terms that best fit your needs, there is no better way to do so than to investigate your options before you go to the dealership.  Without a doubt, you are going to find the most affordable payments on the internet, especially at myAutoloan.com which does the shopping for you.   With just one application you can get up to four loan offers to choose from.  Enjoy the convenience of doing your financing research online and find out how easy it is to make a good choice that works for you.

Interest Rates and Your Credit Profile

Interest Rate Estimator

What Your Interest Rate?

FAQ’s on Interest Rates
The most often asked question we hear from our customers applying for an auto loan or refinance auto loan is, “If I apply what interest rate will I be approved for?” Interesting question with so many answers. First, you have to actually apply before we or any lender would really know. No reputable lender can answer that question without you actually applying and pulling your credit report and credit score.

At myAutoloan.com we’ve built a tool to help answer this question. Our Interest Rate Estimator tool calculates probable auto loan interest rate outcomes based on four quick questions. This tool returns a range of interest rates from Lowest APR to Highest APR along with the Average APR for your credit type all based on recent data. With this Interest Rate Estimator tool you will have a good understanding of where you stand with us and the many lenders represented on our marketplace lending platform. Additionally we publish our Today’s Lowest Rates chart that provides you with the lowest possible interest rates segmented by loan type and by loan term that you can obtain when applying at myAutoloan.com.

Second most often asked question is, “I know my credit score, what will my interest rate be if I apply?” Credit score also known as FICO score is not indicative or directly related an interest rate. Most lenders today utilize custom score cards, meaning they analyze your application attributes along with your credit report and historical customer behavior data to calculate their own score. This custom score is directly related to the interest rate, loan term and conditions a lender may use to decision your loan. Once again our Interest Rate Estimator takes a similar approach and provides you with a range of possible interest rate outcomes.

We hope you find this information helpful. Remember you can apply online at myAutoloan.com at any time online 24/7.

Buy A Pre Owned Car With Used Auto Loans

If you are looking to purchase a used car, you need to research well to get a good deal. While used cars are cheap, you may end up with a poor deal if you are not careful. Before you apply for used auto loans, find out the type of vehicles that you preferred lender can finance. Some lenders do not finance the purchase of used trucks and motor homes or vehicles that are more than 5 years old.

You can never be sure of the performance of a used car until you take it on the road. Never buy a car before you get behind the wheels to ascertain its performance. If you are looking for a used vehicle that is guaranteed to offer high performance, consider purchasing certified pre owned vehicles. These are vehicles that have been repaired and certified by the manufacturers to be in good condition. Moreover, they also have the manufacturer’s warranty.

Before you apply for a used car loan, find out the total cost you will incur. Check the interest rate and other fees that you will pay. You should shop around and compare the rates charged by different lenders to get a loan that you can afford. Other things you should consider when looking for used auto loans include the term of the loan and the monthly installments. You should also go through the terms and conditions of a lender before you apply for a loan.

Refinancing Your Used Car Loan
If you feel you are paying too much for your current used auto loan, you can refinance it to save. A more manageable loan will help you avoid defaulting on your payment and can also help to improve your credit score. Below are some tips you should consider when you want to refinance your current loan.

1. Low interest
Look for a loan with a lower interest rate. If you have been paying your current loan on time, your credit score may have improved and you may qualify for financing at a lower rate. Any savings that you qualify for on interest rate will be worth pursuing.

2. Low fees
Check the fees charged for the used car loan. You want a loan that comes with minimal monthly fees. Go through the terms and conditions of the lender to know of all the fees you will have to pay. Check late penalty fees, early exit fees, set up fees, and other fees before you apply for a loan.

3. Higher payments
Opt to make higher payments for the loan to reduce your total debt. For example, you can provide a down payment for the used vehicle loan. This will substantially reduce your debt and the lender may also reduce your interest rate. Another option would be to make higher monthly payments. However, check that the lender will not charge you early exit fees.

Before you refinance used auto loans, research and compare the types of financing that you qualify for. Go for a loan that comes with monthly installments that you can easily pay off.