Category Archives: New & Used Auto Loans

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.

The Shocking Truth About Used Car Loans

What is so shocking about used car loans that you probably do not realize? You will be getting a reliable vehicle car for much less. You do not have to commit to buying a car new at the new sticker price. Also, you can possibly purchase the same quality car, gently used, from a dealer. Used car loans give people broader options when buying vehicles. Additionally, having a great company to help you with your loan, like myAutoloan.com, is one way to get started.

Using a BBB accredited company

Most users will want to shop around in order to find the best loan for their money. But, it is easier to find a company that is already in good standing with the Better Business Bureau (BBB). This saves you time from having to search through thousands of companies online. Additionally, a company that proudly puts their BBB accreditation on their homepage, like myAutoloan.com, is confident they can provide the used car loans you need, and the additional services that are required.

All the tools you need

It is disappointing when you find used vehicle loans through companies who cannot give you everything you need on their website. For example, myAutoloan.com provides its current and potential consumers with an interest rate chart. This helps you determine what the lowest rates are for you. There is also an interest rate estimator, which can help you find the rate you will be approved for before you apply. Then, there is the payment calculator. Once you discover your interest rate, you can use the payment calculator to find out just how much those monthly payments will be.

Multiple choices available

If purchasing a used vehicle is not what you seek, you may want to look at the website’s other choices. MyAutoloan.com has other options available for you. Some people may be interested in purchasing a new car instead. Additionally, users have the option of refinancing a current vehicle, private party loans, and insurance. You do not have to look at another auto loan site for these options. They are all conveniently compiled on their website for easy and fast access.

Connecting with customers

Social media today allows businesses to be directly connected to their consumers. Moreover, consumers have the ability to comment, review, and ask questions to these businesses. A company such as MyAutoloan.com has social media connections through the biggest names. You can find their contact information, latest updates, and sign-up for enticing contests through these social media channels. Knowing that the company is just a click away when you have questions is relieving for any consumer.

Spending hours online or even in physical loan offices is tiring. Because myAutoloan.com conveniently has everything you need to get started, you will not have to go anywhere else. In addition, if you have any questions or concerns regarding a loan, myAutoloan.com offers its consumers an FAQ to answer their immediate questions. Moreover, if you need to speak to a representative, you can contact them through their easy to use contact form.

How To Find The Best Used Car Loans

Getting an auto loan for your car can be difficult if you do not know what to look for.  The best thing for you to do would be to find used car loans that fit into your budget and are easy to receive.  At myAutoloan, you will be able to receive a variety of different loan offers within minutes.  This is what sets this company apart from many others that happen to be available.  You do not have to settle for just one loan because you will be presented with a variety of them at your own convenience.

The site is also completely confidential and will keep all of your data private so that you can make your own decisions without worrying that you are going to be attacked with too many loan offers.  You simply get sent the offers you have requested, and you will be well on your way to making a smart decision for your car in no time at all.  That gorgeous used car that you have been wanting is going to be your own in no time because of the amount of loans that happen to be offered to you by myAutoloan.

The best thing for you to do would be to send in some additional information about yourself and get the loans you need.  You will have to put in just some basic information and you will receive some loan offers within a matter of minutes.  You can make a quick and instant decision when it comes to the loan that you need.  This means that you can easily buy that car that you just saw in the dealership without worrying that you are going to have to risk waiting days just to get the money that you need to buy it for yourself.

If you have any questions at all, myAutoloan will also be more than willing to help you out with whatever you need.  You just have to send in your question and you will have a professional there to talk with within seconds.  You will not have to worry that there is no one there to help you when you need it most.  This makes the entire process a lot easier because you will not have to deal with the headaches that come with having to get information about a loan before you make the final decision to apply for it.

You will find that it is easy for you to get the loan that you need when you make use of myAutoloan for all of your needs.  You will notice that this company is a lot different than others because they present you with loan applicants and do not force anything on you.  This is why you may want to consider applying for your loan so that you can get that gorgeous car that you have always wanted with the used car loans that are right for you and for the budget that you are currently working with at home.