Category Archives: New & Used Auto Loans

A Better Way to Finance a Car Loan

INTRODUCTION 

When consumers like you are looking to get an automobile loan or automobile financing, they will often rely on a car dealership to get it.  Things have changed and you need to be aware of some of the positive changes that have taken place to improve your chances to get a great car loan.  At car dealerships, consumers will be able to conveniently get a car loan but generally at a higher overall financing cost.  They will usually have to pay a higher interest rate (APR%) as the dealership is a middleman to the finance company.  They make money and you pay more for the convenience of doing it all at the dealership.  

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However, with direct auto loan lenders, consumers like you can avoid this situation and save a considerable amount of money.  Apply at your home using a lending website like myAutoloan.com and obtain up to four real loan offers that you can choose from.  All you will need to do is fill out a simple application and it’s possible to get up to four auto loan options to choose from.  Choice is a good thing you know!  By taking advantage of this direct to consumer method, consumers will be able to make the process of getting auto financing much easier and with less overall cost.

FAST APPLICATION PROCESS

One of the reasons to use a direct lender when seeking an automobile loan or a refinance automobile loan is because it offers a fast application process and choice.  Consumers will not have to spend up to three hours filling out an application and waiting for someone to make an offer by the salesman’s manager – it’s part of the “wear them down” strategy that puts you into a waiting situation.  By working with an online lending platform website, it will enable you to save a considerable amount of money.  Anyone who is looking to get an auto loan from a direct lender will have the opportunity to get the funding they need within minutes and then use those funds to make the purchase as a cash buyer.  As a result, one of the best reasons to use a direct lender is by taking advantage of an application process that is faster than dealerships.  Getting multiple loan offers gives you choice on rates and terms that fit your needs.

DIRECT AUTO LOAN – IT’S EASY TO DO

A key reason why using direct lenders is very beneficial is due to the simplicity of the application and process.  When you go to a dealership, you may need to fill out a number of forms for the loan.  As a result, this can take up a lot of time.  It may also consist of questions that may be difficult or time consuming to answer.  However, a direct auto lender will allow you to just fill out a very short form and then submit it online.  

If you would like to get a better understanding of the process check out one of the guides for getting the best loan offers for you – Choice is what happens as you may get to choose from more than one offer.  Another tool that can help you see what payments and different terms can do for you is a rate estimator and loan offer payment estimator.  As a result, you will not have to worry about filling out lengthy complex forms in order to get a decision on your auto financing options.  With simplicity offered by a direct lending platform, consumers will be in position to get auto financing more easily and have a choice in the selection of the best loan.

VARIETY OF OPTIONS

When looking to get an auto loan, having a variety of options will allow you to get the type of financing you need.  Going to a dealership limits you to the lender they want – they pick the lender, not you.  As a result, you will usually have to accept the offer or go to another dealership.  However, direct lenders can offer you a list of numerous loan options to choose from.  This allows you to get a better idea of what you qualify for and what options are available in terms of getting a new or used car loan.  Using these options can allow you to review which loan package will allow you to get the car you want.  Consumers will have a choice of interest rates, loan amounts and loan terms.  With a number of different options, you will be able to get an auto loan that will be the best match for your car financing needs.

CONCLUSION

Getting an auto loan can be a stressful process.  While you can go to a dealership, their process can be both time consuming and restrictive. However, you can avoid this situation by using a direct auto lending platform that will give you the option to choose one from up to four offers.  This type of lending website like myAutoloan.com will allow you take advantage of a number of options in terms of loan amounts, terms and interest rates.  The website will also provide you with an application process that is fast, easy and free.  Therefore, if you are in the market for an auto loan, then using a direct auto lender is one option that you can take advantage of and save some money.  The direct auto lender will provide you with what you need to get your car financed on favorable terms that you choose – It’s just that easy.

Basic DIY Car Maintenance You Can Learn to Do at Home

Struggling with a streaky windshield? A heater that smells stinky or dim headlight bulbs? You got this. We’ll walk you through easy DIY car maintenance you can do at home in the comfort of your own driveway or garage–and mostly without tools. You’ll save money on simple auto repairs and drive into the sunset feeling accomplished!

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Replace windshield wipers.

Replacing your windshield wipers is one of the easiest DIY car maintenance activities you can do. There’s no way you can accidently render your car inoperable. Plus, wiper systems don’t involve a lot of pieces or technology and no special tools are required.

When your view starts to get streaky, head to your local auto parts store and tell the associate your car’s make and model. They’ll show you the wiper options for your car. You can also find this information in your owner’s manual.

To replace your windshield wipers:

  1. Consult your owner’s manual to learn how to remove the old wipers. You’ll likely need to lift the wiper arm away from the windshield, and then press down on a small tab on the underside of the wiper. The wiper blade should slide off the arm when the tab is pressed.
  2. Slide on the new wipers. Slide the new wiper blade onto the arm. You’ll hear a clicking sound when the new blade locks into place. Gently lower the arm back on the windshield and repeat this process on the other wiper.
  3. Double check your wipers. Once you’ve replaced both wipers, turn them on! Test that they’re securely installed and working properly. You don’t want to try your wipers for the first time in a downpour, only to find out that they’re loose or the wrong size.

Change your car battery.

Most of us have experienced the dreaded “click” of a dead battery on a cold morning. Avoid getting stranded by replacing your battery before it’s DOA. You’ll need pliers or a wrench for this bit of DIY car maintenance.

To change your car battery:

  1. Buy a new car battery. Consult your owner’s manual to learn which battery size and type is best for your vehicle.
  2. With the engine off, pop your hood. Detach the black (negative) battery cable from the old battery. You might need a wrench or pliers to loosen the nut.  
  3. Detach the red (positive) battery cable using the same method.
  4. Remove the battery “hold-down” clamp with a wrench.
  5. Remove the old battery. This will likely be the hardest part of the process, says Pep Boys, as batteries can be heavy.
  6. Place the new battery in the battery tray. Secure it with the “hold-down” clamp.
  7. Attach and tighten the red cable.
  8. Attach and tighten the black cable.
  9. Check that the new battery is securely attached. Does the new battery jiggle or move around? If so, you might need to tighten the “hold-down” clamp or cables.

Do not throw your old car battery in the trash. Batteries are loaded with chemicals that can harm both you and the environment. Instead, bring your old car battery to a recycling center near you. Turn to Pep Boys for an in-depth explanation of how to replace your battery.

Replace the cabin air filter.

Your cabin air filter helps keep the air inside your car clean. Its job is to filter all of the air that comes through the car’s HVAC system to prevent pollutants, such as dust, pollen, smog and mold spores from entering, says Angie’s List.

The air filter is an easily accessible part, too. You can usually access it through the glove box or just under the hood of the car.

To replace your cabin air filter:

  1. Buy a new air filter. Consult your owners manual or ask an associate at a local auto parts store. They’ll direct you to your air filter options. Cabin air filters cost about $15 to $25.
  2. Again, turn to your owner’s manual to find out how to access your air filter. You can also search online for “how to replace cabin air filter” + your car’s make and model. DIY car maintenance videos and instructions with pictures are widely available.

NAPA Filters has a great general step-by-step guide for replacing cabin air filters.

Replace headlight or tail light bulbs.

Bulbs only cost about $15 to $20, but you can expect to pay upwards of $50 if you have your headlight or tail light bulbs replaced by a mechanic. Replacing a bulb is a simple DIY car maintenance item you can take care of in 20 minutes! It’s just a matter of buying the right bulb and consulting your owners manual.

Note that on some vehicles, like various Subaru Outbacks, you have to remove the wheel to get to the headlight. If this is the case for your car, you might want to take it to a professional.

Take advantage of free car repairs and services!

If there’s a particular check or repair that you’re not comfortable doing solo, go online and start researching where you may be able to have it completed for free. Many part shops and nationwide service centers offer free inspections, tests, and repairs.

  • AutoZone offers free battery charging, oil and battery recycling, and loaner tools to complete DIY repairs.
  • Pep Boys offers free battery testing and installation, tire pressure checks, code retrieval, brake inspection, windshield wiper installation, and free tire rotation.
  • Discount Tire offers free tire rotations, flat tire repairs, and air checks–even if you purchased your tires elsewhere.
  • Firestone Complete Auto Careoffers free tire pressure checks and refills, brake checks, battery checks, and code scans.

Big or small, car repairs can quickly get annoying. Please consult a professional if you’re uncomfortable performing any of these fixes at home. And remember, 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.

Shopping for Used Cars? Consider Buying a Rental

If you’re in the market for a used car, don’t discount buying a rental car. One of the biggest perks of buying a rental car is that you can get a newer model for less than you would at a typical dealership, plus transparent (and complete) maintenance records and zero haggling. While buying a rental car is a lot like buying a used car from a dealership, there are still some benefits you might not be aware of.

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Rental cars are like new

Rental cars aren’t brand new, but they’re pretty close to it. Rental companies buy brand new cars to rent out to consumers and then sell the vehicles when they’re about a year old. Enterprise vehicles spend an average of 12 months in the fleet. Some rental cars are so new that they’re still under manufacturer warranty.

To keep inventory up-to-date, rental companies will auction off some cars or sell directly to dealerships and consumers every year. If you shop at a used car dealership, you might test drive a former rental car and not even know it!

Yes, rental cars tend to clock more mileage than a similar used car of the same age. But with many cars lasting well over 200,000 miles nowadays, mileage shouldn’t be your biggest concern if the vehicle has been cared for properly. It’s all about maintenance over mileage!

Rental cars are well maintained

If you buy a rental car from a big company like Enterprise, Hertz, or Avis, you can count on a transparent track record of preventative maintenance and regular service.

At Enterprise, each vehicle receives regular maintenance and scheduled service while it’s in the fleet. Before heading to a Car Sales dealership, a vehicle must pass a rigorous inspection – all performed by an ASE-certified technician.

Avis vehicles for sale receive the same treatment. They undergo factory-recommended preventative maintenance and must pass a thorough multi-point inspection process completed by certified mechanics, including ASE-Certified and ASE Master Technicians. Avis won’t sell a vehicle with an open recall or safety campaign, which is a benefit you won’t typically find if you buy a used car at a local lot or from a private seller.

Rental cars are priced low, with no haggle pricing

Not looking forward to playing the “hurry up and wait” game at your local dealership? Forget about negotiating tricks and tips when buying a rental car. Rental car companies offer no-haggle pricing and generally price their vehicles below market value.

For example, a 2017 Hyundai Sonata 2.4L with 41,557 miles is priced at $14,198 at Enterprise.* That’s $543 below Blue Book value. Even popular cars like the Nissan Rogue are priced below Blue Book value.

A 2017 Nissan Rogue FWD S with 49,751 miles is priced at $15,698 at Enterprise, which is $1,599 below Blue Book value. That’s over $1k in savings, and all without negotiating!

Rental cars are easy to buy

With the biggest rental companies, you can shop rental cars for sale online or in-person. Enterprise, Aviz, and Hertz all have intuitive online platforms that make it easy to view prices, pictures, and vehicle details, and to schedule a test drive. Purchases can sometimes be made by mail or completely online.

Avis even offers an “Ultimate Test Drive.” You get to drive the car for up to two hours for free. If you want the test drive to last longer, you can keep the car for up to three days for a small fee.

Smaller rental car companies, like Fox, also offer an online inventory, but their technology is out-of-date. Fox lists little more than the car’s make, model, color, year, and price – no pictures. For this reason, you might want to stick with the larger, more well-known rental companies.

Ready to buy a rental car?

While car rental companies usually provide financing options, it’s a good idea to shop around and compare loan options (just like you do when shopping for cars). Rental companies will only provide you with one financing offer. myAutoloan, however, can provide you with up to four financing offers at one time. You compare at your leisure and pick the best one for your needs.

Buying a rental car is a great move when it comes to saving money. Using myAutoloan for auto financing is a great move when it comes to saving time. Apply for a used car loan today and compare your financing options!

*Prices may vary based on zip code and time of search.

Getting the Best Deal on a Used Car

Used Car Financing

The decision to buy a used car is one that can positively affect you in numerous ways.  Instead of driving the old, unsafe or unpleasant vehicle that you currently own, you can travel to work, school and social outings in style.  Even though you’re purchasing a used car, you don’t necessarily need to pay for the vehicle out-of-pocket.  Instead, by applying with an online lending platform like myAutoloan.com you can experience a positive car loan lending process and obtain the best deal on used car financing.

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Get Approved 
You might be planning to purchase a used car instead of a new one because you’re trying to save some money.  It’s possible that your financial situation isn’t the best right now, but our lenders are waiting for your application so that they can get you approved.  Used car financing is a possibility because the loan amounts can be very reasonable compared to a new car.  For example, an online lender platform offers loans for people with all different types of credit and credit scores.  A low credit score doesn’t equal an automatic rejection.  Knowing that you have a higher chance of a competitive car loan approval than you would with other lead providers can give you confidence as you begin this journey.  You might find it helpful to review a short guide on financing – check it out.

See Options 
Some customers also worry that they won’t have much of a choice when it comes to their used car finance agreement.  In other words, they think that they’ll be presented with one loan offer and, essentially, forced to take that option if they want a car loan.  At myAutoloan.com we offer up to four different possibilities, from up to four real lenders, thereby allowing you to select one that makes sense for your financial situation.  As you’re browsing the options available, you may realize that you can afford more than you originally thought.  Try using a simple loan calculator to help determine what that number might be.  That’s what having a choice can do for you.

Deal Directly 
When you go to a car dealership to search for a used car and take out a loan, you are generally also paying additional financing fees to the dealership.  Instead of going straight to the lender, you are working with an intermediary or a middleman finance manager.  By using a direct lender site like myAutoloan.com, you can get a used car finance offer directly from the lender.  Saving on fees could potentially allow you to take out a larger loan amount.  Also, you may simply be able to keep more money in your bank account or put these funds toward other endeavors since you won’t have to pay additional fees each month.  The real savings come when you don’t have to wait for 3 hours of back and forth chatter to get an offer that you must take or walk.

Check out Certified Pre-owned 
As you start to review your loan options and recognize that the dealership fee has been eliminated, you can begin to recognize that an online used car financing option is very simple.   In other words, you may have previously thought that you could only afford a later model used car but with your savings from dealing directly with the lender you have more choices.  Now, because you have a choice it may allow you to look for a newer car.  Maybe it could allow you to examine the certified pre-owned selection at the dealership.  Someone may have returned a vehicle after leasing it for three years, and you are able to purchase it at a competitive price.

Have a Safe Vehicle 
When you feel financially constrained but are in need of a car, you might just pick out the first one for which you qualify.  Knowing you have options can be a real benefit that you did not know existed.  You could pick out the car you want and choose the loan offer that makes it all happen.  Choice is a great thing to have.  Working with a direct lender from myAutoloan.com gives you options – choice is empowering.  It’s a great path to take.

myAutoloan.com is a leading online automotive finance marketplace where consumers with fair, good and great credit get real loans from real lenders without a lot of nonsense.

Getting a Car Loan?

Here are a few ideas to help you save money!

When you are looking to purchase a car, the one of the first things to do is apply for and get pre-approved.  That means looking at financing before you step on the dealers’ lot.  The loan process can seem challenging but it’s really much easier than you think. Here are a few ideas to assist you to get pre-approved for a car loan.

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1. Check Your Credit

When shopping for a car loan, check your credit report. The better your credit, the cheaper it is to borrow money.  With a higher credit score, you may be entitled to lower loan interest rates and APR%, and you may also qualify for lower auto insurance as well.  There are now free credit reports available just by going to any of the credit bureau’s online site and requesting one.  It is just that easy!

Review your credit report to look for unusual activity.  There are a number of companies that provide your credit score for free in addition to the bureaus – many credit card companies now provide them so just be aware.  Dispute errors such as incorrect balances or late payments on your credit report.  If you have a lower credit score and would like to give it a bit of a boost before car shopping, pay off credit card balances or smaller loans.  Be sure to make on time payments for all you credit balances.

If you have a low credit score don’t worry about it.  A low score won’t prevent you from getting car loan financing.  But depending on your score, you may end up paying a bit higher interest rate but it’s certainly not a deal breaker.  You do what you need to do to get your credit back in line.  If you have a low credit score and want to shoot for lower interest rates, take some time to improve your credit score, and make sure you have on time payments before you apply for the car loan.  You might also read a guide on auto financing – it can really help you understand the process and things that are important in obtaining a car loan.

2. Establish a Budget

Having a budget and knowing how much car you can afford is essential.  You want to be sure your car payment fits in line with your other financial goals.  If you don’t already have a budget, start with your monthly income after taxes and subtract your usual monthly expenses.  It’s easy to jot the expenses down so that you can easily come up with a total.  For bills that don’t come every month, such a credit card fee, take the yearly charge and divide it by 12.  Then add the result to your monthly budget.  If you’re worried you spend too much each month, find simple ways to whittle your budget down.

You’ll also want to plan ahead for new car expenses, such as auto registration, auto insurance, and regular car maintenance, such as oil changes and basic repairs.  If you purchase a new car many dealerships now provide free maintenance for the first 2 years or 25,000 miles.  Be sure to check that out when you shop.  By knowing your budget and what to expect, you can easily see how much room you have for a car payment.

3. What Can You Afford

Once you understand where you are financially, you can decide on a reasonable monthly car payment.  A good rule of thumb is to not spend more than 10% of your take-home income on car loan financing.  In other words, if you make $50,000 after taxes a year, you shouldn’t spend more than $500 per month on a car.  But depending on your budget, you might be better off with a lower payment so consider extending the length of your loan term.  It might work out that 72 months is better for you than 60 months of payments.  It’s important to try and understand how the number changes if you can afford a higher down payment.

With a possible payment in mind, you can use an auto loan calculator to figure out the largest loan you can afford.  Simply enter in the monthly payment you’d like, the interest rate, and the loan period.  Again you must be aware that making a larger down payment can reduce your monthly payment.  You can also use an auto loan calculator to break down a total loan amount into monthly payments.

You’ll also want to think about how long you’d like to pay off your loan.  Using a car loan estimator might be beneficial to you.  Car loan terms are normally three, four, five, or six years long.  With a longer loan period, you’ll have lower monthly payments.  But beware—a lengthy car loan term can have a negative effect on your finances.  First, you’ll spend more on the total price of the vehicle by paying more interest.  Second, you may be upside down on the loan for a larger chunk of time, meaning you owe more than the car is actually worth.  Knowing this actually helps you in determining how much to borrow and what type of auto you can afford.

4. Get Pre-approved – Real Offers

Before you ever set foot on a car lot, you’ll want to be pre-approved for a car loan. This can be done by using an online lending platform that permits you to see real loan offers that you can choose from.  As you research potential loan options, compare the terms, lengths of time, and interest rates to find the best deal.  A great place to shop for a car loan is at myAutoloan.com where you have a choice.

The loan with the best terms, interest rate, and loan amount will be the one you want to get.  Just know that pre-approved loans only last for a certain amount of time, usually around 30 days, so it’s best to get pre-approved when you’re nearly ready to shop for a car.  Note that most lenders will run a credit check – but know that multiple credit checks for an auto loan only count as one if within 14 days.  That’s right, keep your process within a two week time frame as you shop for the best car loan provider – that way all inquiries count as one.  Smart people shop for the best rates and credit bureaus know that.

Let me say that differently – when you apply to get pre-approved, up to four lenders evaluate your application and it’s possible to get four offers.  Now you get to decide who of these lenders is making you the best deal on APR% and terms.  They’ll present to you what interest rate you qualify for, and the maximum amount they will lend so you’ll know what you have to work with before you even walk into a dealership.  Selecting an offer from the myAutoloan.com lending platform means you do not have to go through the penalty box of car financing.  You are already approved and you know for how much you can go when dealing with the salesman at the dealership.  Depending on the car you buy, your cost of the car loan could be less than what you were pre-approved for.  You don’t have to use it all so it actually reduces your payment each month.

In most cases, if you are pre-approved, you shouldn’t have any problems getting a final loan.  It’s never a deal until it’s a done deal.

5. Go Shopping

Now you’re ready to look for a new ride.  Put in a little time for research, and find cars that are known to be reliable and fit into your budget.  

You’ll also want to consider size, color, gas mileage, and extra features.  Use resources like Consumer Reports to read reviews and get an idea of which cars may be best for you.

Once you have narrowed down the car you are interested in, investigate how much it’s worth so you aren’t accidentally duped.  myAutoloan.com can help you figure out the going rate for your ideal car.  Check out the free tools for rate and payment calculations.   After you’re armed with this information, compare prices at different dealerships in your area.  And don’t forget to check dealer incentives and rebates to get the best possible price.

By following these steps, you’ll be ready to make the best financial decision when getting a car loan.  Even if you aren’t ready to buy a car right now, it doesn’t hurt to be prepared. Good luck and happy shopping!