Category Archives: New & Used Auto Loans

Car Loan & Car Buying Tips

Get the best price and best car loan on your next car

The auto finance world is changing and finding a competitive loan is getting a bit tricky.  If you’re like many people, you may find the car buying and car loan process confusing and intimidating.  Sometimes the dealer rep is a bit aggressive, and they may use car buying and car loan terms you’re not familiar with.  It just gets difficult to see what is the best for you so we put together a list of car buying tips that will help you make a smart choice when you start shopping.

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Understand Your Car Loan Options

We have all been to dealerships that often treat the financing of an auto loan as an afterthought.  They would much rather sell you a car first and then discuss the terms later.  Happens all the time.  

However, that approach puts you at a disadvantage and it often results in buyers agreeing to finance terms that aren’t right for them.  So here are some tips for getting the right car loan for you.

1. Determine Your Budget & Car Loan Payment Limits 

Before you apply for a car loan, it’s essential to know exactly how much you can afford to borrow, and what your monthly payments will be.  To make it easy to determine your budget, myAutoloan.com offers two convenient tools: A Car Loan Payment Calculator and a Car Loan Rate Calculator. By using these car loan calculators, you can easily determine what kind of car you can afford and have a good idea of the loan payments with your trade in.

2. Understand the Components of Your Car Loan

The key components of any car loan are:

  • Vehicle Price
  • Down Payment
  • Interest Rate
  • Length of Car Loan (Term)
  • Monthly Payment Amount
  • Fees: Taxes (government fees)

Frankly, understanding these components and knowing that only the Government Fees are not negotiable is important.  Everything is negotiable as it relates to the vehicle and add-ons.  For an overview of how to get a good deal, check out this finance guide – knowledge is power so check it out as you prepare to finance your car.  

Whether you get a car loan through myAutoloan.com or through a dealership, always review and understand each point on this list.  Don’t become so preoccupied with your interest rate or monthly car loan payment that you agree to a higher vehicle price or additional products such as service contracts or other “back-end” products that you may not want or need.

3. Shop around for a Car Loan Before Going to a Dealership

Car financing options are available to consumers – having a choice is a powerful thing.  At myAutoloan.com, you can get up to four loan offers from which you can choose the best one for you.  You are not limited to loans offered only through auto dealers.   Having your financing approved before you go to the dealer gives you more leverage when you start negotiating on the price of an auto you are interested in.  Being a “cash buyer” is a great way to keep your costs low on financing and negotiate a great price for the auto you want.

Today, there are many car loan sites offering a range of new and used car finance solutions.  Online car loan companies like myAutoloan.com offer some of the most competitive APR’s in the market, because their loans are not “marked-up” like dealership car financing.

4. Negotiate Your Price & Get Your Car

Okay—you’ve secured your car loan, done your research, and found a car that fits both your budget and your practical needs. It’s time to get yourself to a dealer, find the car you want and begin negotiating a sale price. Many auto dealerships have internet departments that will provide a price quote via e-mail.  Start by contacting a local dealer and request a price quote or, go directly to a local dealer’s website.

You’ll find it’s possible to save hundreds if not thousands of dollars from the MSRP before ever stepping foot into a dealership showroom.  Next, go to the dealership, take a test ride, with your financing already taken care of you can then drive home in your next new or used car!  

By using these resources mentioned above, you can and will find competitive financing and save on the car that you decide upon.  Good luck and happy shopping.

The Coolest Car Tech for 2019

It wasn’t long ago that having an auxiliary cord port in your car made you feel quite cool and connected. But nowadays? New car tech has set the bar high. Touchscreens, internet connectivity, and push-button starts don’t feel like a big deal anymore. And features like automatic emergency braking and automatic climate control are now standard on many well-priced sedans. Can upcoming car technologies set the bar even higher? Oh yeah. myAutoloan is here to give you the inside scoop on the top car tech you’ll see (and want) in 2019.

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Steering Avoidance

Steering avoidance systems automatically swerve to move around objects in the road or to keep your car in the middle of the lane. While this is more of a safety feature than cool new car tech, it’s one that could save your life. Steering avoidance may not be pretty to look at or fun to play with, but you’ll be glad you have it in the event of a near-accident or collision.

Look for steering avoidance on these 2019 vehicles.

Semi-Autonomous Driving

Vehicle manufacturers predict fully self-driving cars to be on the road as early as 2020 or as late as 2030. It depends on which one you ask. But semi-autonomous driving features are already on the road. Driver assistance packages vary from manufacturer to manufacturer, with their primary goal being to combat human error while driving.

The Tesla Model S is one of the most well-known semi-autonomous cars and can simultaneously control steering and speed without driver intervention. Less advanced semi-autonomous features (or what the car tech industry calls Level 1) include adaptive cruise control and lane keeping assist.

Look for semi-autonomous driving features on the 2019 Volvo XC60, 2019 Audi A8, 2018 Tesla Model S, and 2018 Cadillac CT6, to name a few. You can also find semi-autonomous features on more affordable cars, like the 2018 Honda Civic and some Toyota Corolla and RAV4 crossovers.

Apple CarPlay and Android Auto

It’s time to wave goodbye to the aux cord you’ve come to know and love. Apple CarPlay and Android Auto connect your phone to your vehicle’s infotainment screen. Automakers are starting to offer it wirelessly so you can access your phone’s music, messaging, contacts, and navigation apps through the screen on your vehicle. You’ll be able to do almost anything you can do on your smartphone (like an Internet search) on your vehicle’s display. This feature isn’t as shiny and new as semi-autonomous driving, but it has come a long way since it was first introduced a few years ago.

Look for Apple CarPlay on these 2019 car models and Android Auto on these models.

360-Degree Camera

Have you come to rely on your car’s backup camera? What if you could see what’s going on around all sides of your car? The 360-degree camera makes Kelley Blue Book’s list of best automotive technologies of 2019. This new feature combines camera feeds from every side of your vehicle to give you a top-down view of your surroundings. You’ll be able to see the cars on either side of you as you pull out of a parking spot, or what’s happening on the sidewalk as you make a right-hand turn. If you’re prone to dinging and denting your car, put this feature at the top of your new car tech wish list!

Look for 360-degree cameras on the Nissan Murano SL, Infiniti Qx30 Sport, Kia Cadenza Limited, and the Hyundai Santa Fe Sport 2.0T Ultimate.

Stolen Vehicle Tracking

Auto theft isn’t a thing of the past. Motor vehicles were stolen at a rate of 237.4 per 100,000 people in 2017, reports the Insurance Information Institute.

This new technology aims to help curb that stat. It’s like the “Find iPhone” feature on an Apple smartphone, but for your car. If your sweet ride is stolen and has this vehicle tracking system, the car will be able to tell law enforcement where it’s being held.

This new car tech comes standard on many new cars, but be prepared to pay for a subscription if you want your service to continue after the free trial. Volvo and Ford offer vehicle tracking for free. Other manufacturers charge $80 to $230 per year.

Try out new car tech today!

Worried you can’t afford the coolest car technologies? Think again! Just apply for a new car loan on myAutoloan and compare up to four offers in minutes, then start test driving new cars ASAP.

A Better Way to Finance a Car Loan

INTRODUCTION 

When consumers like you are looking to get an automobile loan or automobile financing, they will often rely on a car dealership to get it.  Things have changed and you need to be aware of some of the positive changes that have taken place to improve your chances to get a great car loan.  At car dealerships, consumers will be able to conveniently get a car loan but generally at a higher overall financing cost.  They will usually have to pay a higher interest rate (APR%) as the dealership is a middleman to the finance company.  They make money and you pay more for the convenience of doing it all at the dealership.  

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However, with direct auto loan lenders, consumers like you can avoid this situation and save a considerable amount of money.  Apply at your home using a lending website like myAutoloan.com and obtain up to four real loan offers that you can choose from.  All you will need to do is fill out a simple application and it’s possible to get up to four auto loan options to choose from.  Choice is a good thing you know!  By taking advantage of this direct to consumer method, consumers will be able to make the process of getting auto financing much easier and with less overall cost.

FAST APPLICATION PROCESS

One of the reasons to use a direct lender when seeking an automobile loan or a refinance automobile loan is because it offers a fast application process and choice.  Consumers will not have to spend up to three hours filling out an application and waiting for someone to make an offer by the salesman’s manager – it’s part of the “wear them down” strategy that puts you into a waiting situation.  By working with an online lending platform website, it will enable you to save a considerable amount of money.  Anyone who is looking to get an auto loan from a direct lender will have the opportunity to get the funding they need within minutes and then use those funds to make the purchase as a cash buyer.  As a result, one of the best reasons to use a direct lender is by taking advantage of an application process that is faster than dealerships.  Getting multiple loan offers gives you choice on rates and terms that fit your needs.

DIRECT AUTO LOAN – IT’S EASY TO DO

A key reason why using direct lenders is very beneficial is due to the simplicity of the application and process.  When you go to a dealership, you may need to fill out a number of forms for the loan.  As a result, this can take up a lot of time.  It may also consist of questions that may be difficult or time consuming to answer.  However, a direct auto lender will allow you to just fill out a very short form and then submit it online.  

If you would like to get a better understanding of the process check out one of the guides for getting the best loan offers for you – Choice is what happens as you may get to choose from more than one offer.  Another tool that can help you see what payments and different terms can do for you is a rate estimator and loan offer payment estimator.  As a result, you will not have to worry about filling out lengthy complex forms in order to get a decision on your auto financing options.  With simplicity offered by a direct lending platform, consumers will be in position to get auto financing more easily and have a choice in the selection of the best loan.

VARIETY OF OPTIONS

When looking to get an auto loan, having a variety of options will allow you to get the type of financing you need.  Going to a dealership limits you to the lender they want – they pick the lender, not you.  As a result, you will usually have to accept the offer or go to another dealership.  However, direct lenders can offer you a list of numerous loan options to choose from.  This allows you to get a better idea of what you qualify for and what options are available in terms of getting a new or used car loan.  Using these options can allow you to review which loan package will allow you to get the car you want.  Consumers will have a choice of interest rates, loan amounts and loan terms.  With a number of different options, you will be able to get an auto loan that will be the best match for your car financing needs.

CONCLUSION

Getting an auto loan can be a stressful process.  While you can go to a dealership, their process can be both time consuming and restrictive. However, you can avoid this situation by using a direct auto lending platform that will give you the option to choose one from up to four offers.  This type of lending website like myAutoloan.com will allow you take advantage of a number of options in terms of loan amounts, terms and interest rates.  The website will also provide you with an application process that is fast, easy and free.  Therefore, if you are in the market for an auto loan, then using a direct auto lender is one option that you can take advantage of and save some money.  The direct auto lender will provide you with what you need to get your car financed on favorable terms that you choose – It’s just that easy.

Basic DIY Car Maintenance You Can Learn to Do at Home

Struggling with a streaky windshield? A heater that smells stinky or dim headlight bulbs? You got this. We’ll walk you through easy DIY car maintenance you can do at home in the comfort of your own driveway or garage–and mostly without tools. You’ll save money on simple auto repairs and drive into the sunset feeling accomplished!

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Replace windshield wipers.

Replacing your windshield wipers is one of the easiest DIY car maintenance activities you can do. There’s no way you can accidently render your car inoperable. Plus, wiper systems don’t involve a lot of pieces or technology and no special tools are required.

When your view starts to get streaky, head to your local auto parts store and tell the associate your car’s make and model. They’ll show you the wiper options for your car. You can also find this information in your owner’s manual.

To replace your windshield wipers:

  1. Consult your owner’s manual to learn how to remove the old wipers. You’ll likely need to lift the wiper arm away from the windshield, and then press down on a small tab on the underside of the wiper. The wiper blade should slide off the arm when the tab is pressed.
  2. Slide on the new wipers. Slide the new wiper blade onto the arm. You’ll hear a clicking sound when the new blade locks into place. Gently lower the arm back on the windshield and repeat this process on the other wiper.
  3. Double check your wipers. Once you’ve replaced both wipers, turn them on! Test that they’re securely installed and working properly. You don’t want to try your wipers for the first time in a downpour, only to find out that they’re loose or the wrong size.

Change your car battery.

Most of us have experienced the dreaded “click” of a dead battery on a cold morning. Avoid getting stranded by replacing your battery before it’s DOA. You’ll need pliers or a wrench for this bit of DIY car maintenance.

To change your car battery:

  1. Buy a new car battery. Consult your owner’s manual to learn which battery size and type is best for your vehicle.
  2. With the engine off, pop your hood. Detach the black (negative) battery cable from the old battery. You might need a wrench or pliers to loosen the nut.  
  3. Detach the red (positive) battery cable using the same method.
  4. Remove the battery “hold-down” clamp with a wrench.
  5. Remove the old battery. This will likely be the hardest part of the process, says Pep Boys, as batteries can be heavy.
  6. Place the new battery in the battery tray. Secure it with the “hold-down” clamp.
  7. Attach and tighten the red cable.
  8. Attach and tighten the black cable.
  9. Check that the new battery is securely attached. Does the new battery jiggle or move around? If so, you might need to tighten the “hold-down” clamp or cables.

Do not throw your old car battery in the trash. Batteries are loaded with chemicals that can harm both you and the environment. Instead, bring your old car battery to a recycling center near you. Turn to Pep Boys for an in-depth explanation of how to replace your battery.

Replace the cabin air filter.

Your cabin air filter helps keep the air inside your car clean. Its job is to filter all of the air that comes through the car’s HVAC system to prevent pollutants, such as dust, pollen, smog and mold spores from entering, says Angie’s List.

The air filter is an easily accessible part, too. You can usually access it through the glove box or just under the hood of the car.

To replace your cabin air filter:

  1. Buy a new air filter. Consult your owners manual or ask an associate at a local auto parts store. They’ll direct you to your air filter options. Cabin air filters cost about $15 to $25.
  2. Again, turn to your owner’s manual to find out how to access your air filter. You can also search online for “how to replace cabin air filter” + your car’s make and model. DIY car maintenance videos and instructions with pictures are widely available.

NAPA Filters has a great general step-by-step guide for replacing cabin air filters.

Replace headlight or tail light bulbs.

Bulbs only cost about $15 to $20, but you can expect to pay upwards of $50 if you have your headlight or tail light bulbs replaced by a mechanic. Replacing a bulb is a simple DIY car maintenance item you can take care of in 20 minutes! It’s just a matter of buying the right bulb and consulting your owners manual.

Note that on some vehicles, like various Subaru Outbacks, you have to remove the wheel to get to the headlight. If this is the case for your car, you might want to take it to a professional.

Take advantage of free car repairs and services!

If there’s a particular check or repair that you’re not comfortable doing solo, go online and start researching where you may be able to have it completed for free. Many part shops and nationwide service centers offer free inspections, tests, and repairs.

  • AutoZone offers free battery charging, oil and battery recycling, and loaner tools to complete DIY repairs.
  • Pep Boys offers free battery testing and installation, tire pressure checks, code retrieval, brake inspection, windshield wiper installation, and free tire rotation.
  • Discount Tire offers free tire rotations, flat tire repairs, and air checks–even if you purchased your tires elsewhere.
  • Firestone Complete Auto Careoffers free tire pressure checks and refills, brake checks, battery checks, and code scans.

Big or small, car repairs can quickly get annoying. Please consult a professional if you’re uncomfortable performing any of these fixes at home. And remember, nothing lasts forever… including your car. If all signs are pointing you in the direction of a new car, check out today’s new car loan rates and apply for a car loan today. myAutoloan will connect you with multiple auto loan offers in just minutes.

Shopping for Used Cars? Consider Buying a Rental

If you’re in the market for a used car, don’t discount buying a rental car. One of the biggest perks of buying a rental car is that you can get a newer model for less than you would at a typical dealership, plus transparent (and complete) maintenance records and zero haggling. While buying a rental car is a lot like buying a used car from a dealership, there are still some benefits you might not be aware of.

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Rental cars are like new

Rental cars aren’t brand new, but they’re pretty close to it. Rental companies buy brand new cars to rent out to consumers and then sell the vehicles when they’re about a year old. Enterprise vehicles spend an average of 12 months in the fleet. Some rental cars are so new that they’re still under manufacturer warranty.

To keep inventory up-to-date, rental companies will auction off some cars or sell directly to dealerships and consumers every year. If you shop at a used car dealership, you might test drive a former rental car and not even know it!

Yes, rental cars tend to clock more mileage than a similar used car of the same age. But with many cars lasting well over 200,000 miles nowadays, mileage shouldn’t be your biggest concern if the vehicle has been cared for properly. It’s all about maintenance over mileage!

Rental cars are well maintained

If you buy a rental car from a big company like Enterprise, Hertz, or Avis, you can count on a transparent track record of preventative maintenance and regular service.

At Enterprise, each vehicle receives regular maintenance and scheduled service while it’s in the fleet. Before heading to a Car Sales dealership, a vehicle must pass a rigorous inspection – all performed by an ASE-certified technician.

Avis vehicles for sale receive the same treatment. They undergo factory-recommended preventative maintenance and must pass a thorough multi-point inspection process completed by certified mechanics, including ASE-Certified and ASE Master Technicians. Avis won’t sell a vehicle with an open recall or safety campaign, which is a benefit you won’t typically find if you buy a used car at a local lot or from a private seller.

Rental cars are priced low, with no haggle pricing

Not looking forward to playing the “hurry up and wait” game at your local dealership? Forget about negotiating tricks and tips when buying a rental car. Rental car companies offer no-haggle pricing and generally price their vehicles below market value.

For example, a 2017 Hyundai Sonata 2.4L with 41,557 miles is priced at $14,198 at Enterprise.* That’s $543 below Blue Book value. Even popular cars like the Nissan Rogue are priced below Blue Book value.

A 2017 Nissan Rogue FWD S with 49,751 miles is priced at $15,698 at Enterprise, which is $1,599 below Blue Book value. That’s over $1k in savings, and all without negotiating!

Rental cars are easy to buy

With the biggest rental companies, you can shop rental cars for sale online or in-person. Enterprise, Aviz, and Hertz all have intuitive online platforms that make it easy to view prices, pictures, and vehicle details, and to schedule a test drive. Purchases can sometimes be made by mail or completely online.

Avis even offers an “Ultimate Test Drive.” You get to drive the car for up to two hours for free. If you want the test drive to last longer, you can keep the car for up to three days for a small fee.

Smaller rental car companies, like Fox, also offer an online inventory, but their technology is out-of-date. Fox lists little more than the car’s make, model, color, year, and price – no pictures. For this reason, you might want to stick with the larger, more well-known rental companies.

Ready to buy a rental car?

While car rental companies usually provide financing options, it’s a good idea to shop around and compare loan options (just like you do when shopping for cars). Rental companies will only provide you with one financing offer. myAutoloan, however, can provide you with up to four financing offers at one time. You compare at your leisure and pick the best one for your needs.

Buying a rental car is a great move when it comes to saving money. Using myAutoloan for auto financing is a great move when it comes to saving time. Apply for a used car loan today and compare your financing options!

*Prices may vary based on zip code and time of search.