Category Archives: Auto Refinancing

Car Financing Tips – Auto Finance Rates

To be the smartest consumer possible when it comes to car financing, it’s important to keep several factors in mind.  First is to be able to get car financing that is competitive.   It can be the difference between being able to own a car that is affordable or one that drags you deep in debt.  Comparing rates keeps you from being overcharged for your car loan as well as giving you a choice. It’s a great feeling to be able to select the rate and terms that fit your needs.  As you shop online, understand that not all online financing offers are from a real lender.  myAlutoloan.com is a lending platform that does work with all qualified and real car finance lenders.  If you want to check out how to get a great loan offer, you might check out this guide on car financing. It is free and full of helpful tips.

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Shop Around for Best Loan Offers

Your goal is to get the best rate possible so it is important to shop.  Finding an online website that offers you multiple loan offers is very important.  It’s seems obvious when you get to have “choice” is a really good thing.  To be an expert consumer in the purchase and financing of a car, it’s wise to comparison shop.  Not all online auto finance providers actually quote firm offers.  With them, you may have to re-apply to get approval and a final interest finance rate.  Some lenders are more competitive at car financing than others.  Being able to compare side by side loan offers is a real advantage and as we have mentioned, “Choice is Empowering”, and a good thing.

Lenders on the myAutoloan.com platform are knowledgeable and helpful so make sure you ask any questions as your receive offer on the site.  They are knowledge about car finance will be able to most effectively help you decide on where and how to find the best rates for the particular car you want to buy.  When you are able to compare up to four car finance rates all at once.  You can see how the new car loan offers vary and how the length of the loan and the payment amounts are all different.  When you can choose the offer you want, you are very much in charge of the car buying process.

Bad Credit Auto Loans

Vehicle loans for car financing for individuals with bad credit can also be easily obtained through myAutoloan.com. This is where you can see side by side offers for your requested loan amount.   A down payment may be required but you don’t know until you ask.  It’s not unusual to see a higher annual interest rates from lender to lender but that is simply a part of the process to secure the loan.  So even if your credit is not the greatest, that shouldn’t at all deter you from searching for a high quality, affordable car loan for the vehicle of your dreams.

Used Car Financing

Looking to finance a used car can be a very simple matter.  Sometimes the rates for used car loans are a bit higher than for new ones, but with a little effort to compare loan rates and a down payment or trade-in, nearly every car shopper can successfully obtain a used car loan from a great lender.  It’s important to select a vehicle that’s in excellent running condition so you don’t have too many problems with it down the road.  But you’ll definitely be able to obtain that used car you want via superb used car loans that are available to a wide variety of individuals.

The lenders at myAutoloan can often give you the very best deals on about any vehicle you desire.  They have the expertise and skill sets to be able to place you with up to four lenders that best suits your specific financial requirements.  For over 16 years, myAutoloan.com has been providing outstanding lending offers to its customers.  Give it a try.  See for yourself that the lending process just gets easier when you have a choice.  Good luck and happy shopping.

The Top Benefits to Getting Pre-Approved for an Auto Loan

Nowadays, you can start and finish the whole car buying process at the dealership. You can secure financing, take care of your state registration, and sometimes get car insurance. But just because you can, doesn’t mean you should—especially when it comes to financing. You probably aren’t getting your best financing offer if you go through the dealership. Learn the real benefits of getting pre-approved for a car loan.

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Pre-approval vs. pre-qualification

Real quick – there’s a difference between getting pre-approved and pre-qualified for a car loan.

Pre-approval is more serious than pre-qualification. Pre-approval is what you need if you want to be treated like a cash buyer at the dealership. Pre-approval requires a hard credit check.

NerdWallet advises that you “wait to get pre-approval until you’re serious about buying a car and know your credit score because applying will have an impact on your credit.”

Pre-qualification is less serious. Getting pre-qualified is like “putting out feelers” to see what you might qualify for. It’s a great first step if you don’t know what your credit score is, just know that it won’t give you the negotiating power of a cash buyer. Pre-qualification requires a soft credit check.

3 Benefits to Getting Pre-Approved for Auto Financing

You’ll pay less in dealer loan markups.

We’re starting with the biggest and best benefit: pre-approval can spare you hundreds of dollars in dealer loan markups.

“Consumers paid an average of $1,791 in undisclosed fees and markups in 2018,” reports the Outside Financial Markup Index, the leading measure of dealership loan markups paid by consumers for new cars.

Undisclosed fees and markups have increased 5% since 2017 and 71% since 2010, adds the Markup Index.

How does this happen? Because car shoppers just don’t know.

Sonia Steinway, Outside Financial’s president, explains that “More than two-thirds of consumers don’t realize dealers can mark up their interest rates. Because markups on auto loans and ancillary products can vary greatly, even for the same car or product at the same dealership, the consumer is vulnerable to the extent they don’t know their options.”

But you? You’re going to be one of the shoppers that avoid dealer loan markups. You’re doing your research and learning about all of your options.

You can set a better budget.

There’s nothing worse than falling in love with a car, only to find out that it costs way more than what you can actually afford. Getting pre-approved can save you from this heartache!

Pre-approval means you’ll know how much you can borrow and at what interest rate. You can limit your search for cars that only fall within that price range. With this information, you can also use an auto loan calculator to estimate your monthly payment.

Don’t forget to factor in the cost of car insurance, gas, and maintenance, too. The total cost of owning a car is made up of more than your auto loan payment.

You can negotiate like a cash buyer.

Getting pre-approved for an auto loan gives you the negotiating power of a cash buyer. The car salesperson won’t be able to distract you with promises of a low monthly payment that’s sneakily padded with extra charges and fees that have nothing to do with the car’s actual price. Since you’ve already calculated your monthly payment and budgeted accordingly, you can focus on arriving at the lowest possible price for the car.

Our Financing Guide helps explain the negotiating power that comes with being a cash buyer.

Get preapproved for a car loan online.

Take myAutoloan (and NerdWallet’s!) advice and get pre-approved for an auto loan today. You could save money by avoiding the dealer loan markups, setting a reliable budget, and negotiating like a cash buyer. myAutoloan can help, by connecting you with up to four lenders in just a few minutes. Get pre-approved for a car loan today!

When to get an Auto Refinance Loan

You have no doubt heard of auto loan refinancing before. Or simply an auto refinance loan. The term “refinance” actually refers to a financial situation wherein a borrower finds financing to pay off an existing car loan.  Refinance loans are most often used in home buying.  In fact, refinancing is one of the most popular methods of getting less expensive financing for a home loan.  The reason is that rates change and when you can refinance and save money, it’s a smart thing to do.  This applies to auto refinancing as well.

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With auto refinance, many borrowers have gotten a long at the dealership.  Time passes and rates change and the possibility of saving thousands of dollars may exist.  Auto refinance is basically paying off one loan with a new loan.  The goal of auto refinance is to allow the borrower to save by reducing the monthly loan obligations.  And as such, it is one of the best kept secrets in the financing industry that is so easy to obtain a free look and comparison of your current loan amount.   For years now, people have refinancing their homes and saving thousands of dollars.  

However, the practice of refinancing car loans has not been publicized or communicated as much.  Why?  Perhaps the reason is that auto loans generally behave differently from home loans and people are naturally skeptical about new methods of financing.  Regardless, auto refinance is still a good choice, provided that you do a bit of checking out options.  One option is to use a site that actually give you a choice between different loan offers.  A site that shows you in a secure and confidential manner what other lenders would be willing to refinance your existing car loan for.  A site like myAutoloan.com.

Auto Refinance Loan

If you obtained your auto loan from the dealership, chances are that you can save money by looking at a refinance loan.  Interest rates fluctuate all that time and knowing that the dealer may have marked the APR a bit means that you might save by reducing the APR terms of the loan.  Auto Lending Rates and Mortgage rates tend to move with interest rates.  Therefore, as interest rates change so do the refinancing rates change.  Changing finance rates typically mean all financing rates change as well and thus there is the opportunity to save with a reduced monthly payment.  To check out how monthly rates can change use a rate calculator to get an idea of monthly payments with a new rate. 

Only few people really understand the time value of money.  Keep in mind that the longer you pay for a loan, the bigger amount of money you actually spend for it.  Thus, by the end of the loan period, you could have paid more money on interest than on the principal.  This is why auto refinance is important as it is one of the few methods that could help you minimize loan costs and maximize your savings.

Who can benefit from Auto Refinance?

Almost anyone with a loan to his name can benefit from auto refinance.  Even car buyers with bad credit can obtain auto refinance as a way for them to lower the overall costs of a car loan. 

Let’s say, for instance, you make an auto loan for $16,500 on a new Honda Accord.  You don’t have very good credit because of a few rough roads in your journey.  It happens – something bad things happen to good people.  You decide to move forward and buy the car and you agree to make payments with an interest rate of 21% APR.  Now you make on time payments for 4 to 6 months and your credit score improves and you look into getting an auto refinance loan.    

If for example, you move forward and apply at myAutoloan.com and get up to 4 offers from credible lenders.  Because your payments have been on time your ability and qualifications are attractive to the lenders, the offers vary in rate and payments.  However, this time, you decide to accept a loan rate of 6% APR.  Your current monthly payment is $446 which gives you total interest charges of $10,283 at the end of your loan period. Your auto refinance loan offers you a monthly payment of $319 with total interest charges of $2,639. Thus, by refinancing, you can save up to $7,600.

Whether you have bad or perfect credit the possibility of you saving money with a refinance auto loan is real.  Check out your costs and look into a no obligation auto refinance loan today.  Good luck and good hunting!

Can You Refinance Car with Bad Credit & Late Payments

Your credit score is a work in progress. It goes up, and then it goes down. Life always seems to get in the way of your next credit card, rent, or car payment. What if you could lower one of these bills, even a little bit? Would it help you catch up and stay ahead of the game? There might be a way you can refinance your auto loan despite bad credit and late payments. We’ll show you how.

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First, refresh your memory on what it means to refinance.

When you refinance, you essentially get a new loan to pay off the existing one. The new (refinanced) loan is a new contract between you and the lender.

Refinancing allows you to get a new loan with a different interest rate, term, and monthly payment. People refinance their auto loan for many reasons, but usually to get a more favorable interest rate and lower monthly payment.

Our goal is to help you refinance your auto loan, even with bad credit and late payments. If you can lower your monthly loan payments, you might find it easier to stay on top of them and save money in the long run.

Next, double check your credit score.

It may be higher than you think, or at least higher than when you first applied for a car loan. If so, you’re in for a pleasant surprise! This is also the time to look for discrepancies in your credit report. Make sure all of the information is correct, including accounts open/closed, judgements, and credit inquiries. Disputing any errors could give your credit the boost it needs to get beyond that “bad credit” label.

Get your credit scores and reports from all three credit bureaus within seconds.

Talk with your current lender.

If your credit score is higher than when you first applied for a car loan, call your current lender! This is a great time to ask them about refinancing, especially if you can prove that your credit has improved or your situation has changed for the better.

Like with most things in life, you never know unless you ask. And what do you have to lose? Lenders don’t like losing customers, since losing customers means they’ll also miss out on interest payments. They may work with you to modify your current loan or help you refinance, despite your credit or payment situation.

When you talk to your lender, ask if they’re going to run a hard credit check. Then be prepared to apply for refinancing elsewhere. Hard credit checks can lower your credit score by a few points, but you can avoid multiple “dings” by applying for auto refinancing within a short timeframe. The major reporting agencies roll multiple auto inquiries into one inquiry on a continuous 14-45 day cycle.

Or, turn to a company that understands you.

We believe that refinancing isn’t a luxury that’s reserved for people with perfect credit scores; however, this belief isn’t shared by everyone in the industry. It may not even be a belief that’s shared by your local bank.

You’ll save yourself time and frustration if you turn to a lender that works with everyone who wants financing and offers you options from the very beginning.

myAutoloan has a proven history of working with people who have bad credit. Just check out our customer reviews!

Direct Online Automobile Loan

Direct Car Loans: The Process

Taking out a car loan for the first time can feel overwhelming.  You might also feel some uneasiness if you are using the web to search for an auto loan.  It is different but it is also much simpler and less stressful than going to a dealership for financing to get a new car.  We will try to provide you with some more information about the process so that you see that this online process is easier and takes far less time than you might think.

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Evaluate Your Finances

With a direct from lender process for obtaining automobile financing, you can find opportunities available across the full financial credit spectrum. Still though, it is good to know what to expect.  Take a look at your credit score to get an idea of where you fall. Also, you should start considering how much of a loan you will need.  By searching online for cars in which you’re interested and figuring out how much money you can pay down on the vehicles will help you to determine how you want to proceed.  Keep in mind that while the process is designed to help you get an automobile loan, higher credit scores and a higher down payment can assist you in obtaining a higher priced vehicle.

Know that Opportunities Exist 

As you’re taking a look at your financial situation, you might start to feel as though you won’t qualify.  Remember that myAutoloan.com offers potential lenders for people in all different financial situations.  Even if you have a low credit scores, you can apply with us for a loan.  The point is it does not matter what your score is, we will have a lender that can help.   Be it excellent credit or damaged credit, we have an answer for you.  Knowing that opportunities exist for you to obtain an automobile loan, we sincerely hope that you will be encouraged to fill out the application and see how great a feeling it is to have a choice of lenders.

Review the Possibilities

You might think that you’ll get only one offer presented to you – that’s what happens at a dealership.  Fortunately, myAutoloan.com works to provide you with up to four direct loan offers from national lenders and specialty lenders willing to finance your car purchase.  Once the offers are presented to you online an within minutes, take the time to review the components – (rates, months, and APR%).  Thoroughly reading through each offer lets you know more about how to utilize the choices that are being presented.   Also, make a note of any questions that you have.  All of our lenders call to verify the application is from you and it gives them the chance to answer any questions that you might have.  Speaking with a direct loan representative to fully understand the loan offer is a smart decision.

Get Your Loan

A major benefit of an online lending platform like myAutoloan.com to finance your automobile loan is that you do not need to go through the dealership. You can actually go car shopping with your financing already in hand.  You just finalize the loan amount at the time of closing.  In a long term, you can save your valuable time by doing so.  Also, you can save money by using the online direct loan process.   When you get a car loan from the dealership, remember that the dealership has to make money too. You are likely to encounter fees that you wouldn’t if you were to take out a loan directly from one of our direct lenders.  Being directly connected with the lender in charge of the automobile loan gives you empowerment!  It’s very good thing to have when you are shopping for a new or used car.

Pay Your Loan

Once you have accepted an offer of financing from a direct lender, you will know the terms of the agreement and make the payment date any day of the month.  Opting for a direct auto loan is actually a great way to build up your credit score.  You might be working on bringing you score up or just building your score to improve your credit worthiness.  By paying back a loan, with on time payments, means that you’re adding to your credibility as a borrower. In addition to getting a new vehicle that you love, you also have the opportunity to improve your credit rating – It’s a great win for you!

Give us a try!  That’s also a smart move if you like choice!  Good luck and good hunting.