Category Archives: Auto Refinancing

Financing a Car: How We Help

When You Have Bad Credit

It may seem that financing a vehicle is an activity reserved for people with high credit scores and superior financial situations. While they may have a host of options available when it comes to getting that loan, you are not precluded from a financing plan due to a  low credit score.  Instead of creating a lot of frustration in your vehicle search or purchasing a sub-par vehicle, know that our company helps you to find a competitive vehicle finance loan for the car you want to finance.

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Understand Credit Scores and Vehicle Financing

In order to really understand the process, you should know some more about credit scores and vehicle financing.  Financing a car is essentially taking a loan out on the vehicle, and using the vehicle as security for a lender.  Being able to obtain vehicle financing before you ever go to the dealer is a really smart thing to do.  Getting multiple offers and having a choice of which one you want is even better!  If you have taken out loans in the past, you likely have gone through this process of “Waiting – more waiting – and wait a little more before anyone finally gives you an approval.  The lending entity evaluates your financial situation to determine if you present a risk when taking out a loan.  You just sit and wait.  People who have bad credit scores are sometimes denied loans because they are determined to be a higher risk.  However, www.myAutoloan.com  understands that situation can occur but that these situations do not have to define you.  What if you could get more than one offer, even if your credit is not the best?  What if you could choose a lender that would work with you and is competitive in rates that they offer?  You get where we are going.

Know Where to Turn

Applying for a loan at just any lender might not be the best idea because you may find that you cannot get approved or that you do get approved with extremely high interest rates because of your credit situation.  Filling out multiple applications also take a lot of time and is not efficient.  Instead of taking this potentially damaging path to vehicle financing, apply with one application and know that we have lenders available for people with bad credit.  How great would it be if you could get up to four offers within minutes?  We already know and understand that some individuals are not in the best credit situations, and we have numerous lenders ready to approve and offer you a competitive loan rate that will help you re-establish your credit.  You need not to worry about the fear of rejection – your chances are very good that we can find lenders willing to work with you for vehicle financing.  

Reduce the Fees

Even if you are working on getting your financial situation into better shape and have made progress, you probably don’t want to take any steps backward.  Getting a loan from a car dealership could mean that you end up paying all kinds of additional fees.  Instead of just paying back the loan and the interest, you have numerous fees added on so that the dealership is able to make extra money.  Going through this process is unnecessary when you can get up to four offers for auto financing – Having choice means that you can get a lower rate loan and put that extra money towards bettering your current financial situation.  Our business is not out to make things difficult, and you would see that if you apply.   We want to help you get a vehicle finance plan that works for your financial situation with competitive rates.

See the Options

With most online lenders, you may only receive only one vehicle finance option due to your credit situation, but by working with our company, our goal is to get you up to four offers that provide you with choices.  Think about it – You may receive up to four potential offers!  Then, you can take the time to review the offers to see which one fits best with your needs.  At myAutoloan, we work to provide you with an experience that someone with great credit experiences.  You should have the same great experience by working with us. You deserve to feel as though you are being treated just like everyone else and thus, having a positive experience is something that you can look forward to.

Better Your Credit

Taking out a loan also means that you have the opportunity to better your credit situation.  For example, by paying your monthly payments in full and on time each month, you can see your credit score go up and up.  You might worry that procuring a loan on a car is going to make your credit situation even worse, but it actually improve your credit status and builds your credit score each and every time that you make on time payments.  

If you have bad credit, you don’t need to delay looking for a car loan.  Instead, work with lenders who want to work with you.  Read more about the process and how to make it work for you by checking out this vehicle finance guide.  Good luck and make it happen!

Ideas on Getting the Best Used Car Finance Rates

Ways to Get the Best Used Car Finance Rates

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Getting financed for a used car can sometimes seem like an overwhelming and daunting task, but it doesn’t have to be. Finding the best used car finance rates can only occur when you take the time to research and understand the various advantages and disadvantages of different financing alternatives. There are a number of things to take into consideration when searching for financing solutions:

Credit Score

This is an important factor to take into consideration when searching for used car financing options. Many times, your credit rating will be the determining factor in whether or not you are approved for financing. Getting used car finance approval will likely be made difficult if your credit score is less than satisfactory, which means that you have had late payments, missed payments or underpayments on past credit cards or loans. Essentially, the financing agent will use the credit score to determine how likely you are to make payments on time based on your previous credit history. If approved, this may also determine how high your payments are and how long you are able to be financed. It’s not likely but It is also possible that you may be required to have a co-signer in order to be approved.

Income

Another vital consideration in used car financing options is your income. The financing provider will take into consideration what your monthly income is before determining a proper payment plan. The lower the car payments, the longer the period of financing will be. To get the best used car finance rate, try to stick with a car that you can have paid off within 12 to 18 months. Yes, that is not always possible but it’s worth the effort to see if this is something that you could make work for you. This will help to insure that you do not face additional or higher rates, yet the loan period is sufficient time to dramatically improve your credit rating. If you are required to have a co-signer to obtain used car financing, keep in mind that his or her income will likely be included in determining the finance rates.

Research

As you know, some car dealerships have their own financing agency on the lot, others go through an outside bank to finance the auto loan for their customers. Those that finance on the lot are often easier to obtain financing through because they focus more on income and less on credit scores, a valuable trait to the customer who has a blemished credit history. You might want to learn more about how this process works so it might be beneficial if you take time to review a Guide on Auto Financing. The key to finding the best financing rates is taking the time to search around before making a decision. Purchasing the first car that you qualify for is not always a good idea because it could leave you with higher rates than you would have faced if you had done a bit more researching before making a purchase.

Getting a good auto financing rate is challenging but not hard. Learn as much as you can and understand the process of auto finance. Make the effort and you will come out ahead when you move forward to buy and finance your next new or used auto loan. Good luck and good shopping!

When to Buy Your Leased Car

You probably didn’t think about buying your car when you first leased it. Perhaps you enjoyed the low monthly payment, the opportunity to drive a luxury car, or not having to worry about major repairs 100,000 miles down the road. With only a few months left on your car lease, though, you’re considering buying out your lease. How do you know if it’s time to buy your leased car or time to walk away at the end of the lease? myAutoloan is here to help. There are actually a few scenarios when buying out your lease makes the most financial “cents!”

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When Should You Buyout Your Lease Car?

When your buyout amount is less than or close to its private-party value

First things first: Buying out your lease has to make financial “cents,” or sense if you want to get serious. Start by finding out your residual amount, or the buyout amount. You can find this number on your online account, monthly statement, or by calling the bank that holds your lease.

Compare this amount to the private-party value of your car. You can easily plug in the vehicle details on Kelley Blue Book to get this amount. If your buyout amount is pretty close to (or fingers crossed, less than) the private-party value, it might make financial sense to buyout your car lease.

When you’ve gone over your lease mileage limits

Car leases come with a limit on the number of miles the car can be driven. This limit is typically 12,000 miles per year over a 3-year lease, but it can vary. If you’ve exceeded your lease mileage limits, buying your car might be a better financial route than returning it at the end of the lease. Why? The leasing company is going to charge you for every extra mile on the odometer. Check your lease for the penalty amount. It could be as much as $0.25 per mile. If you buy the car, you won’t be penalized for going over the allowed miles.

When the car has definitely seen better days

Did you drive your leased car like an Indy 500 racer? Like Thelma and Louise on their fatal cross-country adventure? Like any driver in one of the Fast and Furious movies? You get the point. If you put the pedal to the metal, then there’s a good chance your leased car has excess wear and tear. The bigger the damage, the bigger the penalty. If you buy your leased car, you won’t be penalized for dinging, denting, scratching, or staining the interior or exterior of the car.

When you really, really, really like your car

Not everyone makes decisions from a financial standpoint. Some people let their emotions or preferences guide their choices, and that’s okay, too. If you adore your leased car and can’t imagine letting it go, then buying your leased car makes sense. Follow your heart and keep the car!

When you don’t want to hassle with car shopping

You’re essentially starting from ground zero after you turn in your leased car. Time to start researching car models, comparing prices, planning trips to the car lot, and dealing with aggressive salespeople. With your leased car, you know exactly what you’re getting. You know your vehicle’s history including how and where it’s been driven, what it’s been used for, and how often it has been maintained. When you buy a car you’re already familiar with, you can driver easier and sidestep the many headaches that come with car shopping.

Apply for a lease buyout loan

When you love your car but not your lease, go with a lease buyout. The dealer will typically contact you about buying the leased vehicle near the end of your lease term. You can accept the dealer’s offer, decline, or negotiate a better price. Yes, you heard us. You may be able to negotiate a great low price on the vehicle you already know and love.

Review the terms of your lease contract and and when you’re ready, apply with myAutoloan to see up to four lease buyout loans in a matter of minutes!

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!