Category Archives: Auto Financing

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.  

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!

How to Skyrocket Your Car’s Resale Value

Selling your car is no easy task, but you don’t want to rush into the first offer you get. Follow these four easy steps to increase your car’s resale value. Then use your hard-earned cash to make a bigger down payment on your next car! Ready to drive?

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4 Simple Steps to Increase Your Car’s Value

1. Invest in easy repairs

Minor fixes can seriously increase the resale value of your car. Why? Because used car shoppers are looking for two things: a great deal and a reliable ride. A problem as small as a broken tail light could cause them to worry that there’s something much bigger going on, like an electrical issue. Don’t give them a reason to walk away. Give them peace of mind right out of the gate by taking care of minor fixes, like:

  • Illuminated dashboard lights
  • Cracked windshield
  • Broken windshield wipers
  • Low windshield wiper fluid
  • Low coolant
  • Broken interior/exterior light bulbs
  • Squeaky brakes
  • Overdue oil change
  • Small dents, dings and scratches
  • Flat or leaking tire
  • Noticeably weak car battery

“The value of a ‘mid-range’ car can be increased by $2,000 or more when selling it privately by just sprucing it up and making minor, easy repairs,” says Lauren Fix, an auto care expert for the Car Care Council.

Whatever you do, keep the receipts and records for any service performed. Being able to brag about new brake pads, tires, or windshield wipers can help you close the deal faster, and for more money.

2. Take care of open recalls

More than 47 million vehicles that people are driving, buying, or selling in the U.S. have at least one unfixed safety recall, reports CarFax. Your car could be one of them and you don’t even know it!

Taking care of open vehicle recalls is free and can set you apart from other people selling used cars, especially used car dealers. That’s because there are no federal laws banning dealers from selling used cars with safety recalls that have not been addressed.

Enter your VIN on SaferCar.gov to see if there are any open safety recalls for your vehicle. Recall repairs are free and covered by the car’s manufacturer at no charge, regardless of whether or not you bought the vehicle new. While it’s certainly not required to fix an open recall in order to sell a used car, it shows a potential buyer that you care and it may increase your car’s resale value more than you know.

3. Clean it inside and out

First impressions matter, especially when you’re trying to sell a used car. Don’t scare off a potential buyer with strange smells, fast food bags, or stained upholstery. A little cleaning can go a long way in increasing your car’s resale value! By how much?

“You could probably negotiate an extra $300 to $500 if it’s properly cleaned,” says Alec Gutierrez of Kelly Blue Book.

At a minimum, you’ll want to:

  • Wax on, wax off: Refresh a faded paint job with a good wax and polish.
  • Shine headlight covers: Many used cars have dingy plastic headlight covers. Make your headlight covers bright and shiny with a special headlight cleaning product.
  • Shine the wheels: Clean the dirt, dust, and grime out of your wheel rims. Apply a tire shine spray to the tire sidewalls to make your wheels look luxurious and new!
  • Wash the floor mats: If you can, shampoo the floor mats to get rid of any stains or smells. If you’re questioning their condition, you may be better off replacing them. A new 4-piece set on Amazon costs around $50.
  • Clean the interior: Vacuum every nook and cranny, clean the glass, and clean the fabric/leather. Pay special attention to the area around the driver’s seat, as this is where your potential buyer will get a feel for your ride!

4. Prep your paperwork

A long track record of regular services can seal the deal with a potential buyer and increase the overall value of your car.

If you don’t have one already, put together a folder of your car’s maintenance records. Can’t find them? Call your mechanic or the various auto repair shops you’ve visited. There’s a good chance they have your service records on file.

“Besides providing evidence, an orderly folder packed with repair and maintenance records shows you really cared about your car and that’s what a potential owner wants to know,” says CNN.

You can also print out a free vehicle history report on CarFax. Potential buyers will probably do the same, so why not save them a step? This report contains information about the vehicle’s registration, odometer readings, total loss accident history, recall information, vehicle usage, and whether there’s ever been any frame/structural damage.

Sell your used car!

Keep in mind that there’s only so much you can increase your car’s value. Some factors are out of your control, like the used car market in your city, the vehicle’s mileage, the time of year, etc. Run your make, model, and zip code through TrueCar to get an idea of how much similar cars are selling for in your area. Then get your ride ready to sell and start preparing to buy your new car! After all that hard work, you certainly deserve it. Apply through myAutoloan and compare up to four auto loans in minutes.