Saving Money With An Online Vehicle Loan

As we all know, the digital age has changed so many things for the better. You shop and compare prices for everything else online, so why not auto loans? If you’ve found it difficult to get a vehicle loan in your local market, try searching online where you can find several lenders willing to offer you a vehicle loan at an extremely affordable price. Online financing is now an accepted and safe practice that has changed the car-buying experience. You do not have to leave home to apply for auto loan financing via the web, however, you do need to look for a reputable lender or a site that provides multiple quotes before you apply for financing.

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What information do I need to apply for an auto loan online?

When you apply for an online vehicle financing loan, you will be required to provide limited details about the type of car you wish to purchase, as well as details of your personal financial situation. You do not have to have perfect credit to apply. Some sites only deal with poor credit individuals while others provide multiple offers for individuals across the full credit spectrum (poor to great credit). myAutoloan.com is one such company that has multiple lenders. They also provide multiple direct loan offers for you to compare. When shopping for financing online, look for tools and calculators on rates and monthly payments as well. Now that is the best of all financing options!

But my credit isn’t the best…

What if you have had some credit issues in the past? Not to worry because you will still be able to get multiple offers when you use a multi-lender website. As we all know, APRs vary from low rates for excellent credit, to higher rates for those who have had difficulties in the past. The best thing to do is to get multiple offers so that you can compare and select the rate and terms that work best for you.

Even with a less than perfect credit score, you should find a lender who specializes in vehicle loans for individuals who have had some bad luck in the past. There might also be a financing guide for you to review that can give you some ideas for obtaining the best car price and best loan offer after reviewing the information. If you work with a multi-lender platform website, you can get up to four quotes for you to review and select from. Based on your credit history, these specialized lenders will work with you to offer you the best rates they can.

What is the online auto loan application process like?

The process is pretty simple: Fill out the application with a few details, request a loan amount that you need for the purchase of your new or used car, and submit. You can get offers right away in some cases or in an hour at most. The good thing is that you can get more than one offer that allows you to compare and select. Choice is a pretty powerful thing – at myAutoloan.com, you get to select.

I’m ready to take control and make my choice!

If you take time to compare and use the various tools that are on the site, you can get a good handle on how to be in control when you go to the dealer. What’s also nice is that you can consider an auto refinance loan after about 6 months of on-time payments. This could help reduce your rate and payment. If you are able to make on-time car payments to the lender, it is very possible for you to save on the overall cost of your loan.

So, do what thousands of others are doing these days. Shop for online vehicle financing and see for yourself how quick and safe this process is and save some money on top of it all. Good luck and good loan hunting.

How to Lower Car Payments the Fast & Easy Way

Do you make car payments every month? So do many other Americans, and most are shelling out a few hundred bucks each month.

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According to the Balance, the average monthly car payment on a new vehicle is $479.

If your car payment is starting to put a strain on our monthly budget, you don’t have to continue suffering. It’s possible to reduce your monthly car payment and save hundreds, if not thousands of dollars, over the course of your auto loan. Follow along and we’ll show you two ways you could get lower car payments.

You could reduce your monthly car payment by…

Selling your car and buying a cheaper one

Selling your current car, paying off your auto loan, and buying a cheaper car with a much smaller loan could deliver the low monthly car payments you want. This option can be a little involved, though, so do the math before you make the leap.

Add up your monthly car payment, gas expenses, and car insurance. Could you be paying less across the board by driving a different or cheaper car?

Let’s say you drive a new high-end SUV. Newer cars tend to cost more to insure than older ones and larger, more luxurious vehicles tend to carry higher insurance rates than everyday sedans.

If you sell this car and buy a smaller, cheaper, more fuel-savvy vehicle, you could reduce your monthly car expenses far beyond your car loan— you’ll spend less on fuel and car insurance! And since you’ll be making payments on a smaller loan, your monthly car payments will also be lower.

Refinancing your current auto loan

Want to hold on to the car you have? We don’t blame you! Refinancing your car loan could be your best bet at lowering your monthly car payments.

Here’s how refinancing a car works. A new loan is used to pay off your existing one, with your vehicle as collateral. The refinanced loan is a new contract between you and the lender, with a potentially different interest rate, term, and monthly payment.

“If your vehicle isn’t too old, and you don’t owe more than it’s worth, you may be able to refinance,” says Credit.com’s Gerri Detweiler via Veterans United. “This is easiest to do if you got into a higher-rate loan a year or two ago and now have improved your credit scores.”

LauraKay, a myAutoloan customer, found herself in this exact situation. She 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%.”  

Refinancing your current loan may be the right idea if…

  • Your credit rating has improved
  • Interest rates have dropped
  • Your income has changed
  • You’re not happy with your current loan terms

If you’re not ready to apply to refinance your car, try myAutoloan’s auto interest rate estimator. Using your credit score and zip code, it’ll show you what interest rates people just like you have been approved for.

Take 2 minutes and you could save $2,000 or more

Apply for auto refinancing with myAutoloan to see if your monthly car payments could be lower. The process takes about 2 minutes to complete, and within seconds we’ll have you matched with up to four lenders with loan offers ready to review. That’s right! Actual loan offers from nationally recognized lenders. It’s your choice to move forward from there. Offers are fully transparent, interest rates are never marked up, and you’re never obligated to use one of our lender loans.

The Right Way to Handle an Upside Down Car Loan

Your car loan is “upside-down” when you owe more on your vehicle than it’s worth. This is also called being “underwater” or having negative equity. It’s an unfortunate situation to be in, but you’re not alone. Around 60% of people looking to trade-in their car face the same problem, says U.S. News & World Report.

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But, is trading in your car the right way to get out of an upside down car loan? The only way? We don’t think so. Check out our top tips for dealing with an upside down car loan and decide for yourself.

Am I upside down on my car loan?

First off, how do you know if you’re one of the many people with an upside down car loan and if so, by how much? Here’s how to tell:

  • Look up the trade-in value of your car. Kelley Blue Book is a great resource for this. Enter in your car’s make, model, mileage, and condition to see it’s trade-in value. For this example, let’s say your car’s trade-in value in $10,000.
  • Check the balance of your current car loan. Review your last loan statement or contact your lender. How much is the remaining balance of your car loan? If you have a $13,000 car loan remaining and the trade-in value of your car is $10,000, you’re upside down by $3,000.

How do you handle an upside down car loan?

You have a handful of options available to you, all with their own upsides and downsides. The right solution will depend on your situation and whether or not you want to keep driving your current vehicle.

Option 1: Keep your car until you have equity.

“Keep the car until you’re at a point where you have equity in the vehicle — where the loan balance has declined below the current market value of the vehicle,” recommends Greg McBride, chief financial analyst for Bankrate. “If you keep the car until the loan is paid off, there’s no risk you’re going to be upside down, because you don’t owe anything on the car.”

  • Upside: You could have equity to work with when you’re ready to buy a new car.
  • Downside: You can’t buy a new car right now. If your car has excessive wear and tear, your equity could be limited in the end.

Option 2: Sell your car to a private party.

If you don’t want to keep the car until your loan is paid down or paid off, you can try to sell it to a private party. Selling to a private party can often get you more money than if you traded it in at the dealership. Here’s the catch: you still have to come up with the funds to pay for the negative equity on your loan if you can’t convince the buyer to pay more than the car is worth. Very few buyers, if any, will be willing to do that.

  • Upside: You say “sayonara” to your car and car loan.
  • Downside: There’s no saying “sayonara” to your negative equity. You still have to come up with the cash to cover it. The amount will depend on how much you can make selling your car to a private party.

Option 3: Trade in your car and roll-over the current debt.

Let’s say you can’t wait another second to buy a new set of wheels. You can trade in your current car, drive off the lot in a new one, and roll your existing debt into a new car loan.

  • Upside: You get to drive a new car! Everyone loves that new car smell, right?!
  • Downside: Your old debt doesn’t disappear. It’s rolled into the purchase of the new car, leaving you even more upside down.

Option 4: Refinance your current car loan.

Review your current interest rate and loan term. If your car loan carries a high interest rate, it’ll take you longer to pay down the balance. That leaves you upside down, longer. If you can refinance the loan at a lower interest rate, you may be able to pay it off sooner and save more money in the long run. You could also look into refinancing with a shorter-term loan. Your monthly payments will be higher, but you’ll have your head above water sooner.

  • Upside: Refinancing your car loan can make paying it off more manageable and save you money in the long run.
  • Downside: Your monthly payments could increase depending on your circumstances and refinancing terms.

Apply to refinance through myAutoloan

You don’t have to keep gasping for air if you’re underwater on your car loan. There are a variety of roads you can take to alleviate the financial stress sooner, and myAutoloan can help with the right refinancing solution for you. You may be able to refinance your car loan for a shorter term or get a better interest rate so you can pay off your car loan faster. Explore your refinance options on myAutoloan to see how you can get out from under an upside down car loan today!

How to Use Your Tax Refund to Buy a Car Now

Wondering if you can use your tax refund to buy a car? The short answer is, yes. You can! You may not realize it, but your tax refund is actually the perfect amount of money to get you into the driver’s seat of a brand new or new-to-you car. Follow along and we’ll show you exactly how to use your tax refund to buy a car in a few simple steps.

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Ready to Buy a Car with Your Tax Refund?

Consider your down payment.

Putting some thought into your down payment will help you determine which car to buy and how much financing you’ll need. Unless the car you’re looking to buy is on the cheaper side, your tax refund will likely only cover a portion of the purchase – the down payment.

The down payment is the part of the purchase price that you (the buyer) pay in cash and do not finance with a loan. Some lenders do not require a down payment, but most do. Even if your lender does not require a down payment, it can still be in your best interest to make one. The more you put down upfront, the less you need to borrow. A smaller loan means smaller payments!

Plus, a large down payment can help get you approved if you’re applying for a car loan with poor credit. You’ll be borrowing less (so less risk for the lender) and will show the lender that you’re serious!

How do you know if your tax refund is enough for a down payment?

  • For a used car loan…you generally want to make a down payment of 10%. For a car with a purchase price of $15,000, you’d put down $1,500 and finance the remaining $13,500.
  • For a new car loan…you’ll want to make a down payment of 20% or more. So if the purchase price of the vehicle is $20,000, you’d put down $4,000 and finance the remaining $16,000.

The average tax refund is about $3,120, reports the IRS. How much is yours? If you receive the average amount, you could easily buy a car with your tax refund! Put down $3,120 on a used car with a purchase price of $15,000 and you would only need to finance $11,880.

Apply for auto financing before visiting the dealership.

It’s often best to secure your financing before going to the dealership. Car dealers make a profit by referring you to their preferred lender, marking up interest rates, and even inflating the price of service contracts and other vehicle insurance products. Once you’ve been pre-approved, you can confidently walk into the dealership knowing that your financing is good to go.

Apply for an auto loan online once you receive your tax refund check. Since some lenders require down payments and others don’t, it’s often best to apply and do some comparison shopping.  Apply through myAutoloan and we’ll match you with up to four offers in a few short minutes. No obligations and no hassles. Choose your offer and then receive an online certificate or check within 24 hours. Use your check to buy the car you want, where you want! Can you say the same for dealership financing?

During the application process, you’ll be asked for the estimated purchase price of the vehicle and your estimated down payment. With your tax refund check in hand, this last number should be easy!

Now buy a car with your tax refund!

Time for the fun part! With financing in hand, you’re ready to get the best pricing on your new or used car. You know how much you can afford, the type of car you want, and how you’re going to pay for it. The car salesman wants to sell you a car and you’re ready to buy. You’re a serious buyer with financing in hand – it’s time for a test drive!

And even if you don’t need a new car? You can still spend your tax refund wisely by…

  • Paying down an existing car loan or getting ahead on payments
  • Putting your refund towards the principal of an existing loan and applying for a better interest rate on the remaining balance (a.k.a refinance)
  • Take care of important car repairs and maintenance services

This year, put your tax refund towards something that’s useful and you’ll appreciate for years to come – a reliable car that you’re proud to drive! Apply now and compare up to four offers in just minutes. If you’re still waiting on your refund, learn more about auto financing from the pros at myAutoloan.

How To Get A Bad Credit Online Auto Finance Loan

These days, it can seem difficult to impossible for good people that have had bad things happen to them to get an auto loan.  It’s important because to get anywhere without a vehicle is just not practical. At the same time, the economic situation is turning very positive and it might be easier to get a new auto loan or an auto loan refinance, so it’s a smart thing to try and obtain an auto loan.  The majority of people with a vehicle usually want to need to finance it so finding a good source is not only smart but important.

Unfortunately if your credit is not the best it can be difficult to get your credit score high enough to qualify for a low interest auto loan.  Fortunately, there are companies that have many lenders on their website that offer online auto financing to auto loan seekers with poor to great credit.  Finding the right lender for you is a simple and quick process if you can find a company like myAutoloan.com – and there is no cost to get multiple loan offers!

You will not have any difficulties finding online financing on this website prepared to offer vehicle loans if you have bad credit.  Fortunately, there are several lenders specifically looking to help provide vehicle financing for less than perfect credit individuals.  Be aware thou that you may face a problem when you try to deal with unknown lenders who could try to take advantage of your situation at a site that you have never heard of.

Be careful when you do a search engine look-up for bad credit auto loan especially with websites that you may never have heard of before.  One very good thing for you to do is take a look at the reviews of the site before you apply.  Is it an outside source supplying the review?   Remember there are a lot of unscrupulous websites that prey on people that promise to give them a bad credit auto loan – many with crazy high interest rates.   Only deal with reliable website but a credible lending institution when looking for vehicle financing.

Take note – If you search online for online financing, you may come across a number of advertisements that claim a guaranteed approval – be very careful about these sites.  Working with a well-respected company is the only way to combat all the false claims made online.  In some instances, these advertisers are not really providing you an approval, but are simply passing you on to a referral third-party vendor that is not a licensed auto finance company.

Applying with such a site will not get your any approvals but get you on a host of non-related emails that have nothing to do with auto loans at all.  Avoid using these services and look for a website that has multiple auto loan lending institutions that work directly with the applicants.  You will find it easier to get a loan when dealing directly with a lender that you have been matched up with on a credible and well respected site.  Want to see what kind of rates you might get?  Try using an auto loan calculator before you apply to see what rate you might be able to obtain.

Let’s review – When looking to apply for a bad credit auto loan, look for credible websites and lenders that have been in business for some time.  It might be helpful to review a guide on online auto loans before you get started.  Having a bad credit score can be a problem that can quickly get out of hand when dealing with unscrupulous websites.  You can still get a bad credit auto loan, but be sure to look for a reputable website with reviews by an independent third party.  Ideally they will understand your problem and will offer you multiple offers so that you can choose a loan that works best for you.  Good luck and good hunting.