Q & A
Answers to Common Media Questions
In the following paragraphs, you will find answers to the most commonly asked media questions.
What is myAutoloan.com®?
myAutoloan.com is the user-friendly, customer focused web site designed to empower consumers with trustworthy and complete information surrounding the researching, financing, buying and driving experience.
How does the service work?
We do this by using the Internet to provide consumers with knowledge-based content, products and services in a convenient, fast and easy online community. A user-friendly approach, developed by a company that specializes in creating the ultimate in online consumer experiences, prompts consumers through a series of basic steps to pre-qualify for a loan or to provide a wide array of useful information. Our services and site are organized along the lines of the Research-Finance-Buy-Drive aspects of the vehicle ownership lifecycle.
What makes the added steps of seeking out and arranging vehicle financing valuable when consumers often can one-stop shop their financing where they purchase their car or truck?
myAutoloan.com® is about providing consumers with additional choices in vehicle financing. Individual dealers may not always have financing relationships that fit the specific needs and histories of all applicants. myAutoloan.com® is designed to access many times more financing sources than typically are available in a dealer’s financing office. Some consumers will prefer the broad selection of lenders available with myAutoloan.com®, while others will continue to finance at the dealer. Again, it’s all about choice.
What makes myAutoloan.com different from other online lenders or the web-based services provided by traditional banks or other consumer finance providers?
myAutoloan.com® specializes in general information on vehicle financing and ownership – we do not get into mortgages, non-vehicle or other types of credit or loans. Likewise, we do not focus on any particular level of credit score or candidate credit experience. We are not a bank or a finance company making loans – we facilitate the connection of prospective borrowers for vehicle purchases with a variety of companies that serve clients with widely differing credit scores and histories. Accordingly, we are in a very unique market space.
How do consumers know that the information you collect won’t be shared with spammers or contribute to the growing identity-theft problem?
First, we have a strict code-of-conduct we impose on ourselves, as well as on the companies with which we align to provide the broadest possible service set to consumers involved in some aspect of the vehicle ownership lifecycle. Second, with all of the attention of both regulators and consumers, themselves, any firm that doesn’t adhere to the highest standards of privacy and respect will rapidly be driven out of business.
How can you assure consumers that their information is technically safe with your company?
Our technical facilities are owned and controlled by persons and companies with an ownership interest in myAutoloan.com. We use the latest in security practices and processes, in both the browser-based and facilities-based aspects of our company.
Where does myAutoloan.com get the funds to lend to these consumers?
Again, myAutoloan.com® is not a bank, finance or credit company. We have created relationships with numerous national lenders that, collectively, provide consumer financing of vehicles across the entire spectrum of credit scores and histories. Think of us not as a direct financer but as a matchmaking service between lenders and borrowers, and one that can do much beyond just the financing aspects of the total vehicle ownership experience.
I was approved for a loan. If I decide I do not want the loan am I still liable for the loan?
I have 3 different cars I am considering at this time. If a choose the car that I do not need financing for and I am able to buy up front, will I still be obligated to take the loan?
No and No – no obligation or fees. You have total control of what you want to do.
I am currently financing a car with my local bank. I owe $8000. I can sell the car to a buyer for $13k cash. There is a car from a dealership that costs $13k.
I would like to purchase it but my credit sucks so I doubt I can get a loan from the bank. However, is it possible to basically switch the vehicles or do a swap on the books? That way I could just pay the loan for the new vehicle. Is this possible and are there any ways around it?
You’ve got a good handle on the process but the steps need to be taken in sequence. 1. Sell the car for $13k 2. Pay off balance of $8000 with your bank. 3. Do some shopping online to check out availability of financing – give myAutoloan.com a shot and any others that you find. When you are shopping for rates and availability, the credit bureaus count all inquiries as ONE in any 13 day period. It will not hurt or damage your already bruised credit. 4. You have $5000 cash as a down payment. Go to dealer, to purchase car and inform them you have $5000 to put down – what rates can they get you. 5. Armed with your online quote info and what the dealer can offer, select which one provides you with the best offer to fit your circumstances.
Note: No bank will switch or swap paperwork on a car loan -
I submitted an application for an auto refinance today. I received 4 offers. Does that means that my credit was accessed 4 times? If so isn’t this bad for my credit score? Thanks!
Wow, talk about timming – just a few days ago we posted this on Credit Inquiries – no, it is not “bad” and will not have an effect on your score within any 14 day period. But this should answer your questions in greater detail. http://bit.ly/julvyr
I had planned to take advantage of a low interest rate from the manufacturer for a short term for a new car purchase and put a 20% down payment.
30k car cost @ 20% = 6k down
rate = 1.9% for a 3 year term
cost of the loan / interest paid = ~$750
Now the rate is 0% for the same term length so the good news is I’ll save the $750 cost of the loan / interest paid.
The question is should I still put 20% cash down?
It seems there is no advantage to doing this *except* the notion that I’d be ‘upside down’ on the loan given the depreciation. But should I really care about that? IE the 6k could be earning something over the next 3 years……
I’m single so there won’t be a need to take out a loan for another car during the term for this one.
It’s is really a personal choice – If you plan on owning and keeping for sometime, I’d say no, keep the 20% and try to earn a return. At some point you can take the savings, payoff the auto and come out ahead. You know how it is in this litigious society, I have to say that is not financial advise, just my opinion, LOL.