Category Archives: myAutoloan

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.

4 Ways for Getting Out of a Car Lease (Plus One to Avoid!)

Life is full of changes… and surprises. Maybe the spacious, gas-guzzling SUV you’re currently leasing isn’t well suited for the long commute to your new job. Or, your slick two-seater sports car doesn’t have room for a car seat. While leasing a car can come with plenty of rewards, it’s not the most flexible way to have a vehicle.

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So, when life throws you a curveball, can you terminate your car lease? You have options for getting out of a car lease, including paying the penalty to cut the lease outright, buying out your lease, finding someone to take over your lease payments, and transfering the lease to a new vehicle. We’ll walk you through the pros and cons of each.

Option 1: Pay the penalty and cut your car lease short.

Every lease agreement includes an early termination clause. The clause outlines how you can terminate your car lease on the leasing company’s terms. Contracts vary, but in general, the termination clause outlines:

  • Fees for early termination, mileage, and wear and tear
  • How your security deposit will be applied to the termination
  • How you’ll need to satisfy payments still owed on the vehicle

On the upside, terminating a car lease early by following this process is less damaging to your credit than defaulting (when you stop making payments altogether). If a financial hardship is the reason you need to get out of your car lease early, however, paying all of the car lease termination fees is going to be hard.

Option 2: Get a car lease buyout loan and then sell the car.

Most lease agreements include a buyout amount in case you want to buy your leased car. The buyout amount decreases as you make payments.

A lease buyout can help save you money and protect your credit. Contact your leasing company to find out the buyout amount and ensure that it includes any additional fees, if applicable. With this amount in mind, you can get a car lease buyout loan and pay off the leasing company. You now own the vehicle and can sell the car at or near the payoff amount. After you sell the car, you can turn around and pay off your loan.

This option for getting out of a car lease requires some elbow grease and a little financial finagling. It’s not a quick fix, but it will help safeguard your credit.

Option 3: Find someone else to take over your lease.

If your lease agreement allows for it, you can transfer your leased car and its payments to someone who’s looking to lease a car. This process is called a lease assumption or lease swap. The process is simple, but requires some work on your end.

First, check your leasing paperwork to ensure lease assumptions are allowed. Some contracts forbid it. If your lease agreement says lease swaps are A-OK, then check out a website like SwapALease.com or LeaseTrader.com.

You’ll pay a fee to list your vehicle on the site. You’ll then build an ad just like you would if you were selling your car. Add pictures, a description of the vehicle, and information about the mileage and usage. Be enticing! If someone wants to take over your lease, you’ll pay a fee to the website to facilitate the transaction. You may also have to pay a lease transfer fee to your leasing company.

Option 4: Transfer your lease to a new vehicle.

Transferring your lease to a different vehicle can be a smart move if you’re not dealing with a financial hardship—for example, you originally leased a luxury convertible but would now prefer a 4WD SUV or truck.

Contact your leasing company to learn more about rolling your current lease into another one. You’ll still pay early termination fees, but they’ll be added to your monthly payments for the new car.

Option 5: Stop making car lease payments. (Avoid this one!)

Do your best to avoid this option for getting out of a car lease. If you stop making your car lease payments—which is called defaulting—your credit will take a nosedive, the car will be repossessed, and you could be sued. Yikes. Contact your leasing company if you can’t afford to make your payments anymore. They may be able to work with you to lower your monthly payments by extending the lease.

As you evaluate these options for getting out of a car lease, consider how much longer you have left on your contract. Are the fees and finagling worth it? You may be better off finishing out your lease if it’s only a matter of months.

How to Safely Wash Your Car in Winter

Temperatures are dropping but spirits are high. Don’t let the last thing on your New Year’s resolution list be washing the car. If left untouched, road salt, snow, and mud can do serious damage to your car’s appearance and resale value. Moisture and road salt mix together to speed up corrosion! Keep your car in fighting shape and help protect its resale value. Learn how to safely wash away winter grime in cold temperatures.

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8 Steps to Wash Your Car in Cold Weather

Step 1: Watch the forecast.

Avoid washing your car when the temperature is below freezing. If you wash your car at home, the water will immediately freeze in your driveway and create a dangerous slip ‘n slide. Your doors, locks, and windows will freeze shut. If you drive through a car wash, the water will quickly freeze on your car and you’ll be driving around in an icicle on wheels.

Wait for the temperature to rise above 32 degrees F, preferably to the high 30s or 40s. This will help prevent pieces and parts of your car from freezing when wet, and save you from slipping and sliding away.

Step 2: Assemble your materials.

Let’s say it’s 40 degrees outside. Snow worries! If you’re headed to a touchfree car wash, all you’ll need is a microfiber towel or two to dry your car before getting back on the road. If you plan on washing your car at home, read on.

According to Meinke, you’ll need the following items to properly wash your car:

  • Multiple buckets filled with warm water; one for plain water and one for soapy water
  • Car wash soap (NOT dishwashing soap)
  • Sponge or washing mitt made of sheepskin or microfiber
  • Wheel cleaner
  • Microfiber drying towel
  • Bug and tar remover
  • Wax, either spray or rub-on (optional)
  • Polish (optional)

Read the instructions on the bug and tar remover, wax, and polish. These solutions may not work properly at certain temperatures.

Step 3: Wash the wheels first.

Your wheels will require the most scrubbing. Wash behind the mud flaps and clean between the spokes. Refill your buckets with fresh soap and water after you wash the wheels.

Step 4: Wet the entire car.

Rinse off the entire car to remove surface debris. This is a great time to use your garden hose if it’s warm enough to do so. You can spray the hose into the wheel wells and underneath the vehicle to loosen grime.

Step 5: Soap the car one side at a time.

Turn to your bucket of soapy water and get out the washing mitt! Work on one side of the car at a time. Rinse off the mitt in the clean water bucket every now and then to avoid accumulating dirt. Move the mitt in straight lines, not in a circular motion. Circular movement can creates swirl marks in your car’s paint job.

Rinse off the side you’re working on before soaping up another side. Once all four sides have been soaped up, scrubbed, and rinsed, it’s time to dry!

Step 6: Dry the car.

Properly drying your car can help prevent frost and water spots from forming. Move your microfiber drying towel in straight lines, not circular motions, to dry the car. Remember, circular movement can leave swirl marks on your car! Angie’s List even recommends leaving the doors open so that any trapped water can dry out and moisture won’t pool.

Step 7: Clean the interior.

Stepping in and out of your car is one of the most common ways to track in salt, dirt, and grime. Pull out your rubber mats and hose them off. At a minimum, wipe down rubber mats with a rag. Vacuum cloth floor mats, as well as your seats, upholstery, dash, and trunk. If your cloth mats are moist, let them dry before putting them back in the car. Doing so can help prevent mold growth.

Step 8: Keep it smelling fresh!

Want your car to smell as good as it looks? Once the interior of your car is clean, keep it smelling great with laundry scent boosters or your own fabric refresher spray. Sprinkling baking soda on upholstery and vacuuming it up can help get rid of tough pet, baby, or smoke odors.

Washing your car in winter is important, as it can help protect your car’s resale value by preventing rust and body damage. However, it’s not more important than your safety. Curl up with a cup of hot cocoa and wait for the temperature to rise if it’s simply too cold to wash your car. And if you find yourself daydreaming more about a new car than achieving your New Year’s resolutions, check out myAutoloan. Shine your ride and get it sold, then compare new car loan offers online at your convenience.

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!