myAutoloan.com and Social Media

We’re often asked about Social Media and where can myAutoloan.com be found? Certainly there are a lot of social media outlets, currently we focus on three of these while still maintaining a presence on several others. Our focus is with Twitter (currently over 30k Followers), Facebook (currently over 11.4 Likes) and Pinterest. facebook 2014 bOn all three we provide relevant auto finance and refinance lending information such as current interest rates and loan terms. We present specific vehicles consumers may be interested in buying and financing with the estimates sales price, a price that any franchised automobile dealer may sell the vehicle for. We connected this to table showing results of various interest rates, loan terms and payment amount outcomes. Additionally, we share consumer related industry news, trends and events. This information is relevant and can help any consumer negotiate a great auto finance or refinance deal.

On the lighter side, we run across “things” that just make us laugh out loud. We can help but share, hope you enjoy!

 

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.

Credit Checks for Auto Loans Are Not A Bad Thing

When applying for an auto loan, having your credit checked does not hurt your credit.

It comes up again and again from auto loan applicants that they are concerned about having their credit checked. Why the concern? Because it’s been promoted for years that shopping for auto financing and multiple credit checks for auto loans will to hurt your credit. That’s simply not true! There is an old saying – “smart people shop for the best rates and terms.” Shopping for rates is a good thing.

Auto finance shoppers are saving on average, an estimated $1757 in finance charges by getting a direct loan through myAutoloan.com and having a choice on terms, payments and APR. Mark-ups on financing are common at dealerships and consumers are starting to understand that finding out what they can afford and what rates they are eligible for before they go to the dealership saves them time and keeps them out of having to wait 2 or 3 hours in the “finance penalty box”. Auto Credit Reports are necessary to get the rates that are best for you without any markups. Walking into a dealership with your financing already established is a powerful feeling – now work on getting the best price for your trade-in and auto purchase.

Buy A Pre Owned Car With Used Auto Loans

If you are looking to purchase a used car, you need to research well to get a good deal. While used cars are cheap, you may end up with a poor deal if you are not careful. Before you apply for used auto loans, find out the type of vehicles that you preferred lender can finance. Some lenders do not finance the purchase of used trucks and motor homes or vehicles that are more than 5 years old.

You can never be sure of the performance of a used car until you take it on the road. Never buy a car before you get behind the wheels to ascertain its performance. If you are looking for a used vehicle that is guaranteed to offer high performance, consider purchasing certified pre owned vehicles. These are vehicles that have been repaired and certified by the manufacturers to be in good condition. Moreover, they also have the manufacturer’s warranty.

Before you apply for a used car loan, find out the total cost you will incur. Check the interest rate and other fees that you will pay. You should shop around and compare the rates charged by different lenders to get a loan that you can afford. Other things you should consider when looking for used auto loans include the term of the loan and the monthly installments. You should also go through the terms and conditions of a lender before you apply for a loan.

Refinancing Your Used Car Loan
If you feel you are paying too much for your current used auto loan, you can refinance it to save. A more manageable loan will help you avoid defaulting on your payment and can also help to improve your credit score. Below are some tips you should consider when you want to refinance your current loan.

1. Low interest
Look for a loan with a lower interest rate. If you have been paying your current loan on time, your credit score may have improved and you may qualify for financing at a lower rate. Any savings that you qualify for on interest rate will be worth pursuing.

2. Low fees
Check the fees charged for the used car loan. You want a loan that comes with minimal monthly fees. Go through the terms and conditions of the lender to know of all the fees you will have to pay. Check late penalty fees, early exit fees, set up fees, and other fees before you apply for a loan.

3. Higher payments
Opt to make higher payments for the loan to reduce your total debt. For example, you can provide a down payment for the used vehicle loan. This will substantially reduce your debt and the lender may also reduce your interest rate. Another option would be to make higher monthly payments. However, check that the lender will not charge you early exit fees.

Before you refinance used auto loans, research and compare the types of financing that you qualify for. Go for a loan that comes with monthly installments that you can easily pay off.

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.