Category Archives: Auto Refinancing

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!

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.

Lower Monthly Payments With Car Refinancing

Car refinancing is an excellent option for almost anyone. The majority of people have no idea that it is possible to refinance their vehicle, and they also have no clue how the process actually works. If you want to do it, refinancing your vehicle is not a very complex process. In most cases, it will only take a period of 24 hours to get your car refinanced. You can apply with us online, and you will have a response in a very short amount of time.

Refinancing your car loan is as simple as filling out an application. You will need to find out the payoff amount and APR that you currently have for your loan. This information can be obtained through your lender. You should find out if your vehicle has retained value since you first purchased it. You do not want to end up paying a lot more money than your vehicle is worth when you choose to refinance it.

When you fill out your application with us, you should make sure that the APR we are offering is lower than what your current APR is. You might even be able to skip a month of payment if you choose to refinance your vehicle. One of the top reasons to refinance your vehicle is because it can lower the amount of money that you must pay monthly for your vehicle loan.

This is great for people who are struggling to make their monthly payments. Refinancing your vehicle can also help you to lower your interest rate, so you can pay off your vehicle loan in a much shorter period of time. When you refinance your vehicle you can get a rate that is fixed, which will ensure that you never have to worry about the monthly payments going up. By choosing to refinance, you could potentially save thousands of dollars depending on the overall amount of your vehicle loan.

A lot of people with larger vehicle loans have saved many thousands of dollars by refinancing. Refinancing your vehicle with us will allow you to potentially save a huge amount of money that you can spend on other purchases that you need. In a struggling economy, it is a perfect time to refinance your car loan. A sad fact is that a lot of people actually get suckered into a horrible vehicle loan.

In most cases, people are led to believe that they are getting an excellent deal on their vehicle when they really aren’t. Many people do not understand the true value of the credit score that they have. A person might be offered 28 percent APR for their vehicle loan, and they might believe that this is actually a deal because their credit score is low or there is not enough credit history to get a better APR.

Car refinancing through us is an excellent way to potentially get out of a high APR vehicle loan that you thought was a great deal. Refinancing a vehicle loan can help you out when money is tight, and you want to obtain a lower monthly payment.

Pay Less For Your Vehicle With Car Refinancing

Many people are choosing car refinancing because they need extra cash. Vehicle refinancing can be used in various positive ways; however, it can also be used in reckless ways if a person is not careful. When you refinance your vehicle, you are essentially transferring the ownership of your vehicle to a different creditor. If you are still paying money for your vehicle loan, then you can refinance it.

Most people choose car refinancing once their credit core rises a bit. Some people will refinance their vehicle after their credit core has increased 50 points or more. Choosing to refinance with us will likely give you a better interest rate than you currently have. The process to actually refinance your loan is incredibly simple.

You will get a check from us, which you will use to pay off the old lender. You will begin paying us for your refinanced loan after that. There are two main advantages that you can benefit from when refinancing your car loan. You can lower your monthly payments, and you can lower the total amount of money that you will need to pay for your vehicle. You could save hundreds on your monthly payments, and you could potentially save thousands on the total cost that you will pay for your vehicle.

Some people like to secure an interest rate that is lower than the rate they are currently paying. However, they will continue to pay the monthly amount that they have been paying, which will effectively shorten the overall duration of their loan. The majority of people who refinance their vehicle loan are looking to lower their monthly payments to save money.

There are several factors that will determine how much the monthly payment can be lowered, but most people are eligible to save at least one hundred dollars on their monthly payments. It is important to understand that it is always best to refinance your vehicle when it is new. This is because the vehicle begins to lose value as it is ageing, which will limit your refinancing options.

You will almost always be paying the highest amount of interest when you first finance your vehicle, which is why you should refinance your vehicle early on. We offer car refinancing that you can use to your advantage. By choosing to refinance with us, you have the potential to lower your monthly payments and your overall interest rate. A lot of people do not even know that they have the option to refinance their car loan.

This is something that we want to clear up, and this will let people know that they can potentially save a great deal of money on their car loan. Even if your credit score has only risen by a few points, that is reason enough to attempt a car refinance. The entire process is very simple to go through, and we will help all of our customers along the way with any questions that they might have about the refinance.