Category Archives: New & Used Auto Loans

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!

 

How to Refinance Your Car Loan & Save Money

If you’ve ever refinanced your home mortgage, you know that refinancing can come with plenty of headaches and paperwork. Such an experience may keep you from refinancing your car, too. Is it really worth it to refinance your car loan? In many cases, yes! Refinancing can lead to less stress and big monthly savings. Plus, it’s much easier and faster than you could ever imagine. We’ll walk you through how to refinance your car loan the simple way.

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5 Steps to Refinance Your Car Loan

1. Evaluate your current car loan situation

While there’s almost never a bad time to refinance your car loan, some moments can prove better than others. How do you know if it’s time to make your move? Look for these signs:

  • Interest rates have gone down since you originally bought your car
  • Your credit score has greatly improved
  • Your income has increased or decreased
  • You’re unhappy with your current car loan
  • You want to remove or add co-signers to the loan

If any of these reasons sound familiar to you, keep reading and follow our steps to refinance your car loan.

2. Gather your documents

Make the refinancing process go as quickly as possible by having the right information ready to go. Note that the first three pieces of following info can be found on the monthly statement from your lender. Before refinancing, make sure you know:

  • Your current monthly payment amount
  • The amount of time you have left to repay your loan (in months)
  • Your current interest rate
  • Your driver’s license number
  • Your car’s VIN number
  • Pay stubs from current employer
  • Your Social Security number

3. Apply to refinance your car loan!

Now for the fun part. (We say this because saving money is always fun!) You have a few options here. You can visit multiple websites and financial institutions, fill out multiple applications, and then separately evaluate each offer one by one.

OR, you can visit one website, fill out one application, and evaluate multiple offers side-by-side within a matter of minutes. The first option wastes valuable time. The second option gives you more time and more choice. Apply to refinance your car loan on myAutoloan and in a matter of minutes we’ll match you with up to four offers from trusted lenders. It’s one application, multiple loan offers.

4. Choose the best loan offer for you

When you refinance your car, a new loan is used to pay off your existing one. The refinanced loan is a new contract between you and the lender, with a potentially different interest rate, term, and monthly payment.

Choose the refinance loan offer with the interest rate, loan term, and monthly payment that works best for you and your current situation.

5. Wrap up the refinancing process with the lender.

Once you select the best refinance car loan offer for you, your lender may ask you to complete some additional paperwork. They may send it to you via overnight mail or make it available to you online.

The lender will complete the underwriting process on your behalf, contact your current lender (if different from your new one), and arrange a payoff of your old auto loan. Then you can consider your car refinanced!

But will refinancing save me money?

Yes, refinancing really can help you save money.

LauraKay, a myAutoloan customer, was able to save $100 a month on her car payment by refinancing her car loan. That’s thousands of dollars in savings over the course of her loan.

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“I was able to save almost $100 a month on my car payment,” says LauraKay. “Went from 16.75% due to my age and no credit history at the time to 3.10%.”

Renee was also able to drop her payments and her interest rate by refinancing.

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“I was able to get my car refinanced from 24% interest down to 10% and my payments dropped over $100. I am very pleased with my experience!”

Another myAutoloan customer was stuck in an unfortunate situation with an upside down car loan. Refinancing helped them lower their interest rate and monthly payments by almost 50%.

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“I couldn’t get a refinance on my upside down loan anywhere, I was paying a super high interest rate over 20%!!! MyAutoloan found me a financer who lowered my interest and monthly payments by almost half! The process is smooth and almost effortless in securing a refinance. I would recommend this site for anyone with a high interest car loan at least 1-2 years into the loan.”

Refinance your car loan today

What are you waiting for? Take charge of your old auto loan. Complete your refinance application online and get matched with up to four refinance offers in minutes. Don’t wait—interest rates could change tomorrow!

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!

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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!

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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.