Category Archives: myAutoloan

How to Safely Wash Your Car in Winter

Temperatures are dropping but spirits are high. Don’t let the last thing on your New Year’s resolution list be washing the car. If left untouched, road salt, snow, and mud can do serious damage to your car’s appearance and resale value. Moisture and road salt mix together to speed up corrosion! Keep your car in fighting shape and help protect its resale value. Learn how to safely wash away winter grime in cold temperatures.

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8 Steps to Wash Your Car in Cold Weather

Step 1: Watch the forecast.

Avoid washing your car when the temperature is below freezing. If you wash your car at home, the water will immediately freeze in your driveway and create a dangerous slip ‘n slide. Your doors, locks, and windows will freeze shut. If you drive through a car wash, the water will quickly freeze on your car and you’ll be driving around in an icicle on wheels.

Wait for the temperature to rise above 32 degrees F, preferably to the high 30s or 40s. This will help prevent pieces and parts of your car from freezing when wet, and save you from slipping and sliding away.

Step 2: Assemble your materials.

Let’s say it’s 40 degrees outside. Snow worries! If you’re headed to a touchfree car wash, all you’ll need is a microfiber towel or two to dry your car before getting back on the road. If you plan on washing your car at home, read on.

According to Meinke, you’ll need the following items to properly wash your car:

  • Multiple buckets filled with warm water; one for plain water and one for soapy water
  • Car wash soap (NOT dishwashing soap)
  • Sponge or washing mitt made of sheepskin or microfiber
  • Wheel cleaner
  • Microfiber drying towel
  • Bug and tar remover
  • Wax, either spray or rub-on (optional)
  • Polish (optional)

Read the instructions on the bug and tar remover, wax, and polish. These solutions may not work properly at certain temperatures.

Step 3: Wash the wheels first.

Your wheels will require the most scrubbing. Wash behind the mud flaps and clean between the spokes. Refill your buckets with fresh soap and water after you wash the wheels.

Step 4: Wet the entire car.

Rinse off the entire car to remove surface debris. This is a great time to use your garden hose if it’s warm enough to do so. You can spray the hose into the wheel wells and underneath the vehicle to loosen grime.

Step 5: Soap the car one side at a time.

Turn to your bucket of soapy water and get out the washing mitt! Work on one side of the car at a time. Rinse off the mitt in the clean water bucket every now and then to avoid accumulating dirt. Move the mitt in straight lines, not in a circular motion. Circular movement can creates swirl marks in your car’s paint job.

Rinse off the side you’re working on before soaping up another side. Once all four sides have been soaped up, scrubbed, and rinsed, it’s time to dry!

Step 6: Dry the car.

Properly drying your car can help prevent frost and water spots from forming. Move your microfiber drying towel in straight lines, not circular motions, to dry the car. Remember, circular movement can leave swirl marks on your car! Angie’s List even recommends leaving the doors open so that any trapped water can dry out and moisture won’t pool.

Step 7: Clean the interior.

Stepping in and out of your car is one of the most common ways to track in salt, dirt, and grime. Pull out your rubber mats and hose them off. At a minimum, wipe down rubber mats with a rag. Vacuum cloth floor mats, as well as your seats, upholstery, dash, and trunk. If your cloth mats are moist, let them dry before putting them back in the car. Doing so can help prevent mold growth.

Step 8: Keep it smelling fresh!

Want your car to smell as good as it looks? Once the interior of your car is clean, keep it smelling great with laundry scent boosters or your own fabric refresher spray. Sprinkling baking soda on upholstery and vacuuming it up can help get rid of tough pet, baby, or smoke odors.

Washing your car in winter is important, as it can help protect your car’s resale value by preventing rust and body damage. However, it’s not more important than your safety. Curl up with a cup of hot cocoa and wait for the temperature to rise if it’s simply too cold to wash your car. And if you find yourself daydreaming more about a new car than achieving your New Year’s resolutions, check out myAutoloan. Shine your ride and get it sold, then compare new car loan offers online at your convenience.

Best Car Color to Buy: Your Car Color & Its Value

Roses are red.

Violets are blue.

Which color car

Is the best one for you?

Didn’t think we’d write you a poem, huh? As much hassle as buying a car can be, it can also be fun. You can bring your dog along to find a pet-friendly ride, test drive coupes and convertibles, and even pick from a rainbow of car colors, especially if you’re looking to buy a new car. Choose the color wisely and you could even help maintain your car’s long-term value.

So, what’s the best car color to buy?

If you’re shooting for resale value, the best car color to buy is the one that’s currently most popular. The more popular the color, the more attractive your car will be to potential buyers down the road. Of course, we know you don’t want to sell your car right now. But according to Kelley Blue Book (KBB), it’s safe to assume that today’s most popular car color will remain in demand for at least five years.

Researchers at automotive paint powerhouse PPG report that monochromatic colors such as white, gray, silver, and black continue to dominate globally. They’re crowd pleasers across the board.

Consumers will likely stick to the established trend for the remainder of 2018 and into  2019, finds coatings supplier BASF, with shades of gray, blue, and green emerging as favorites. According to BASF, these colors appeal to people because they replicate the aesthetics of digital gadgets and technology.

Some of the most popular colors in BASF’s library of hues include “metal’s mettle,” a shade of metallic gray, “kleur,” a deep red, and “centripetal blue,” a subdued dark blue color.

Buy the most popular car color in your state

It’s safe to say that neutral car colors like white, silver, gray, and black are good bets whether you live in Florida or Oregon, Italy or Spain. Other car colors, like orange and purple, are risky bets… unless you happen to live in an area where these colors are highly coveted or hold some level of symbolism.  

If you plan on living in the same general area for a while, you might want to consider buying a car that’s one of the most popular colors in your city/state.

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For example, if you live near James Madison University in Virginia, you can’t go wrong buying a purple car. The city of Harrisonburg, VA has the highest percentage of purple cars in the country. And in Tennessee, orange is the car color of choice. Almost the entire state shows that orange cars are the most popular color cars, likely in support of the University of Tennessee Volunteers.

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Explore car sales trends by color and state using CarMax’s interactive map. What color car is most popular in your state?

Buy the most popular car color for your vehicle type

If your city/state isn’t known for any particular car color or you know you’ll be moving in the near future, consider buying a car color that’s popular for the vehicle type you want, like an SUV, sedan, or sports car.

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According to KBB, the top five colors for SUVs, minivans, and trucks are:

  1. White – 19.3%
  2. Silver – 18%
  3. Black – 12.4%
  4. Medium Dark Blue – 11.4%
  5. Medium Dark Gray – 7.5%

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Silver also tops the list for luxury vehicles, followed by white and dark blue. And while black used to be the most popular color for luxury cars, KBB says black has hit its lowest market in years.

  1. Silver – 32.1%
  2. White Metallic – 17.7%
  3. White – 11.8%
  4. Medium/Dark Blue = 8.6%
  5. Black  – 8.5%

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If you’re shopping for a sedan, wagon, or hatchback, keep an eye out for silver cars, too. Drivers just can’t get enough of silver colored cars!

  1. Silver = 28.1%
  2. White – 11.8%
  3. Light Brown – 11.6%
  4. Black – 11.2%
  5. Medium/Dark Blue = 9.5%

Buy your favorite car color

Green, yellow, red, and blue! Which car color is right for you? In the end, the best car color to buy is the one that makes you happy. You spend about 300 hours a year in your car, so you might as well like what you drive! Shop around and when you’re ready, apply for a new car loan through myAutoloan. We make it easy to compare car loans just as easily as you compare car colors!

3 Key Advantages of Direct Car Finance

Are you looking for affordable car finance options?  Do you want to avoid dealer loans that have a high markup or added extra fees?  Learn 3 key advantages of direct to consumer auto loan financing and how it can save money in the long run.

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Do You Need a Car Loan?

Are you struggling to keep money in your pockets? Besides your food, clothing and rent, you might also have a myriad of other expenses to deal with.  All it takes is one natural disaster or accident to put you behind the eight ball.

Unfortunately, bad things happen to good people. And, you might have gotten more than your share of bad luck.  But, let’s say you need an automobile loan.  Most families have multiple cars to provide them with transportation for work and play.  What are your best options for vehicle financing?

Fortunately, if you want to finance a car, there is a site that makes the process very easy for you.  The site is myAutoloan.com.

Why Working With a Direct Lender is Smart

Most dealers have a captive audience.  Some people want to go the dealer for everything since that has been the process in the past. Dealerships figure that since you are looking at their cars, you will simply get financing from them too.  But why should you?  Dealerships charge higher prices because they cater to those who have no alternative.  Fortunately, direct to consumer car loan financing through a lending platform that has many lenders is a viable alternative.

1. Compare Car Financing Options

We are a direct to consumer lending platform that provides you with the opportunity to compare auto finance offers from up to four different lenders.  This way, you can select the best lender that best fits your needs.  Avoid the dealer for financing since you will not be able to compare rates and terms.

Gain real empowerment with a higher level of control over your new or used auto finance needs.  With more choices, you win.  You become an empowered consumer.  You have freedom of choice with our auto finance direct to consumer lending platform.

2. Up to 4 Loan Offers

Not all car loans are created equal.  With only one option from the dealer for a new or used car financing loan, you might feel stuck.  You need a car loan but you don’t want to agree to unfavorable terms or conditions.  Auto finance is an important commitment.  It will tie up a portion of your future earnings.  That is why you must find the best car loan that fits your budget.

With our direct loan lending platform, you could get up to 4 loan offers.  That should provide you with plenty of room to maneuver.  Choice is a wonderful thing – You can see what is available and select which is best for you.

We empower you with the means to get the transportation, you need.  How many people have perfect credit today?  There are so many groups trying to siphon off your funds; we understand that good people might have bad credit.  Our loans cover the full credit spectrum.

3. More Affordable Loans

Economics 101 teaches that those with a monopoly can charge higher prices.  The dealer has the advantage when you find the car you want to finance.  Why should he offer you cheap car financing when you are in a hurry to make the purchase and move on?

Many dealerships believe you won’t go anywhere else.  You might go to the dealer lot and figure you can get car maintenance and car financing in the same place.  But, that might be too costly, especially on the finance side of things.  When you have 4 different car loan offers, you get to choose!  What could be better than that?  You choose which lender is going to meet your needs best.  

Unlike the dealer, getting up to 4 direct financing offers allow you to select who you want to work with.   Since the lenders are competing for you business they know that they must be more efficient and provide competitive financing options. They must offer an affordable loan to seal the deal.  At myAutoloan.com, with our direct auto finance options, you are likely to find a more affordable loan and one that works best for you. If you want a cost-effective process, we offer it.  We are in 48 states and empower the consumer.

Cut out the middle man markup. Direct car financing on our lending platform provides you with car financing at an affordable price.  Don’t be afraid to try it yourself.  It’s easy and fast with no obligation.  Why not save some cash when you can choose the car loan that is best for you?  Try it. Get the best deal with our direct auto financing for new, used and even auto refinance loans.

When NOT to Cosign an Auto Loan

To cosign, or not to cosign. That is the question. While cosigning an auto loan for a friend or family member can help them get a car they might not be able to afford on their own, you could be taking on undue risk. As the cosigner, you’re agreeing to pay the amount due and perform all the agreements stated on the contract if the borrower fails to meet contractual obligations. You’re on the hook for the loan payments if the other person stops making them for any reason. Even if they die.

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As the cosigner, you’re essentially the loan company’s Plan B.

Sometimes, the risks of cosigning for someone don’t outweigh the rewards, even if the person is your [insert relationship here!]. Here’s when you should think twice about cosigning an auto loan.

Think twice about cosigning a loan when…

You’re planning on making a major purchase soon.

Considering renovating your home, buying an investment property, or purchasing anything that might require credit? Then be careful. Being a cosigner could ding your credit in two ways.

First, if the other person fails to make their auto loan payments on time, your credit could be damaged right along with theirs.

But let’s say they never miss an auto loan payment. There’s another risk to consider, too.

Cosigning an auto loan will increase your debt-to-income ratio, which is the percentage of your debt payments in relation to your income. Any auto loan you cosign for will show on your credit report, even if the financed car isn’t yours and you never get to drive it. New lenders will review your debt-to-income ratio when you apply for financing, and they might not be too excited when they learn you could be on the hook for someone else’s auto loan.

“Because you’re liable for [the loan’s] balance in the event of a default, being a cosigner can decrease your ability to get new credit,” says Money Crashers.

It doesn’t matter if the other person makes their payments on time. “Cosigning a loan can also lower your credit score because the amounts you owe makes up 30% of your FICO score,” adds Money Crashers.

According to Smart Assets, a debt-to-income ratio of 36% is generally accepted as good. The closer you get to 36%, the more your credit score could drop and the more hesitant a potential lender might be. Keep your debt-to-income ratio low for less stress and more credit opportunities.

Your relationship with the borrower is rocky.

You may feel tempted to cosign for a loved one to show them you care, to help them out of a tough time, or because you feel guilty for things that happened in the past. These feelings are completely normal and understandable.

Keep in mind, however, that cosigning a loan could make your relationship worse, not better. When you turn a personal relationship into a financial relationship, you put a lot of undue stress on the personal relationship.

“You’re putting your relationship in real jeopardy,” Megan McArdle, business and economics editor for The Atlantic, told NPR.

McArdle explains, “If you become this person’s primary creditor, which is what’s going to happen if they default, that really damages the relationship. And even if you don’t, you know, as Dave Ramsey, the financial guru, likes to say, Thanksgiving dinner tastes different when your father-in-law is asking – is looking at you across the table and wondering why you couldn’t pay off your car loan and yet you have a TV or whatever. Keeping those kinds of decisions outside the family, outside of relationships is usually better for everyone in the long run.”

There are libraries of information about the psychology of money, and especially around money and family. Don’t put your most important relationships at risk by cosigning a loan.

Remember that cosigning a loan means:

  • You’ll be responsible for the loan.
  • Your credit could take a hit.
  • You’ll have difficulty financing your own purchases.

Are these risks you’re ready to take?

You can help in another way.

Having a friend or family member cosign is one way many drivers are able to get car loans with little to no credit, but it’s not the only way. You can help a loved one get behind the wheel of a new or used car by:

  • Helping them build better credit. Can you help them set a budget, stick to it, and improve their own credit situation? It might not take as long as you think. Teach your loved one how to build their own credit and you’ll be doing them a favor for years to come.
  • Gifting them money for a bigger down payment. Making a bigger down payment means they’ll need to borrow less, and this could make a car loan easier to get with poor or no credit.
  • Comparing auto financing options. Their first option might not be the best financing option, especially if they’re trying to get a car loan with minimal credit. Different lenders offer different loan terms and interest rates. Encourage them to shop around. Another lender may not require a cosigner!

If you have a friend or family member asking you to cosign a loan with them, there’s a chance they simply haven’t done their research. Have they compared all available loan options? Have they researched how to qualify for an auto loan? We can help. Encourage your loved one to try myAutoloan, where we present applicants with up to four auto loan offers at once. We even work with applicants who have bad credit… which could help keep you out of a bad cosigning situation.