Category Archives: Auto Financing

Can You Refinance Car with Bad Credit & Late Payments

Your credit score is a work in progress. It goes up, and then it goes down. Life always seems to get in the way of your next credit card, rent, or car payment. What if you could lower one of these bills, even a little bit? Would it help you catch up and stay ahead of the game? There might be a way you can refinance your auto loan despite bad credit and late payments. We’ll show you how.

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First, refresh your memory on what it means to refinance.

When you refinance, you essentially get a new loan to pay off the existing one. The new (refinanced) loan is a new contract between you and the lender.

Refinancing allows you to get a new loan with a different interest rate, term, and monthly payment. People refinance their auto loan for many reasons, but usually to get a more favorable interest rate and lower monthly payment.

Our goal is to help you refinance your auto loan, even with bad credit and late payments. If you can lower your monthly loan payments, you might find it easier to stay on top of them and save money in the long run.

Next, double check your credit score.

It may be higher than you think, or at least higher than when you first applied for a car loan. If so, you’re in for a pleasant surprise! This is also the time to look for discrepancies in your credit report. Make sure all of the information is correct, including accounts open/closed, judgements, and credit inquiries. Disputing any errors could give your credit the boost it needs to get beyond that “bad credit” label.

Get your credit scores and reports from all three credit bureaus within seconds.

Talk with your current lender.

If your credit score is higher than when you first applied for a car loan, call your current lender! This is a great time to ask them about refinancing, especially if you can prove that your credit has improved or your situation has changed for the better.

Like with most things in life, you never know unless you ask. And what do you have to lose? Lenders don’t like losing customers, since losing customers means they’ll also miss out on interest payments. They may work with you to modify your current loan or help you refinance, despite your credit or payment situation.

When you talk to your lender, ask if they’re going to run a hard credit check. Then be prepared to apply for refinancing elsewhere. Hard credit checks can lower your credit score by a few points, but you can avoid multiple “dings” by applying for auto refinancing within a short timeframe. The major reporting agencies roll multiple auto inquiries into one inquiry on a continuous 14-45 day cycle.

Or, turn to a company that understands you.

We believe that refinancing isn’t a luxury that’s reserved for people with perfect credit scores; however, this belief isn’t shared by everyone in the industry. It may not even be a belief that’s shared by your local bank.

You’ll save yourself time and frustration if you turn to a lender that works with everyone who wants financing and offers you options from the very beginning.

myAutoloan has a proven history of working with people who have bad credit. Just check out our customer reviews!

Direct Online Automobile Loan

Direct Car Loans: The Process

Taking out a car loan for the first time can feel overwhelming.  You might also feel some uneasiness if you are using the web to search for an auto loan.  It is different but it is also much simpler and less stressful than going to a dealership for financing to get a new car.  We will try to provide you with some more information about the process so that you see that this online process is easier and takes far less time than you might think.

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Evaluate Your Finances

With a direct from lender process for obtaining automobile financing, you can find opportunities available across the full financial credit spectrum. Still though, it is good to know what to expect.  Take a look at your credit score to get an idea of where you fall. Also, you should start considering how much of a loan you will need.  By searching online for cars in which you’re interested and figuring out how much money you can pay down on the vehicles will help you to determine how you want to proceed.  Keep in mind that while the process is designed to help you get an automobile loan, higher credit scores and a higher down payment can assist you in obtaining a higher priced vehicle.

Know that Opportunities Exist 

As you’re taking a look at your financial situation, you might start to feel as though you won’t qualify.  Remember that myAutoloan.com offers potential lenders for people in all different financial situations.  Even if you have a low credit scores, you can apply with us for a loan.  The point is it does not matter what your score is, we will have a lender that can help.   Be it excellent credit or damaged credit, we have an answer for you.  Knowing that opportunities exist for you to obtain an automobile loan, we sincerely hope that you will be encouraged to fill out the application and see how great a feeling it is to have a choice of lenders.

Review the Possibilities

You might think that you’ll get only one offer presented to you – that’s what happens at a dealership.  Fortunately, myAutoloan.com works to provide you with up to four direct loan offers from national lenders and specialty lenders willing to finance your car purchase.  Once the offers are presented to you online an within minutes, take the time to review the components – (rates, months, and APR%).  Thoroughly reading through each offer lets you know more about how to utilize the choices that are being presented.   Also, make a note of any questions that you have.  All of our lenders call to verify the application is from you and it gives them the chance to answer any questions that you might have.  Speaking with a direct loan representative to fully understand the loan offer is a smart decision.

Get Your Loan

A major benefit of an online lending platform like myAutoloan.com to finance your automobile loan is that you do not need to go through the dealership. You can actually go car shopping with your financing already in hand.  You just finalize the loan amount at the time of closing.  In a long term, you can save your valuable time by doing so.  Also, you can save money by using the online direct loan process.   When you get a car loan from the dealership, remember that the dealership has to make money too. You are likely to encounter fees that you wouldn’t if you were to take out a loan directly from one of our direct lenders.  Being directly connected with the lender in charge of the automobile loan gives you empowerment!  It’s very good thing to have when you are shopping for a new or used car.

Pay Your Loan

Once you have accepted an offer of financing from a direct lender, you will know the terms of the agreement and make the payment date any day of the month.  Opting for a direct auto loan is actually a great way to build up your credit score.  You might be working on bringing you score up or just building your score to improve your credit worthiness.  By paying back a loan, with on time payments, means that you’re adding to your credibility as a borrower. In addition to getting a new vehicle that you love, you also have the opportunity to improve your credit rating – It’s a great win for you!

Give us a try!  That’s also a smart move if you like choice!  Good luck and good hunting.

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.