back to articles | January 01, 2020 | Dale Peterson
Categories: Tips & Insights For Car Buying Auto Loans & Financing
Online Auto Financing
Buying a new vehicle is one of the most important decisions you will make in life, but it can also be among the most stress decisions. Along with researching and finding the right vehicle to meet your needs, you also need to make sure you find the right auto financing.
Buying a new vehicle is one of the most important decisions you will make in life, but it can also be among the most stress decisions. Along with researching and finding the right vehicle to meet your needs, you also need to make sure you find the right auto financing. At one time, that meant either going to your local bank or relying on the financing offered by the dealership. Fortunately, you have many other options available to you today. The ability to research auto financing options online has completely revolutionized the way you finance the purchase of your next vehicle.
The ABC’s of Financing a Vehicle
Financing a vehicle can often seem overwhelming. This is particularly true if you are a first-time buyer. Regardless of the fact that the purchase of a vehicle is one of the largest purchases most people will make, with the exception of buying a home, financing a vehicle doesn’t have to stress you out.
First, keep in mind that financing a vehicle will add to the overall cost of your purchase. This is due to the fact that you are paying for the cost of the loan or financing in addition to the actual vehicle cost.
There are three major factors that should be taken into consideration when choosing a financing offer. These factors include the amount of the loan, the annual percentage rate, and the term or length of the loan. Interest rates tends to be higher for used car loans as opposed to new auto loans. Therefore, it’s important to shop around to find the best rate. At myAutoloan.com, we can help you in this department by providing you with offers from multiple lenders.
Additionally, it’s a good idea to look for a loan offer with no prepayment penalty. In the event you decide to pay off your auto loan early or you opt to refinance your loan, this will save you money in the long term.
When it comes to the term of your loan, bear in mind that the longer you finance the vehicle, the higher the overall cost of the loan. While your monthly payments may be less because you are spreading out the cost of the loan over a longer period of time, ultimately you will pay more to finance your vehicle. By comparison, a shorter loan term will result in higher monthly payments but will drive down the cost of your auto financing in the end.
Ideally, it’s best to make as large of a down payment as you can afford to reduce the overall amount of your loan, but do not stretch your budget too far. After all, you want to make sure you have enough in your budget to cover gas!
At myAutoloan.com, we are pleased to make auto financing quick and easy. Toward that end, we offer a vast array of products and services that are designed to simply your search for auto loan financing. With us by your side, you have everything you need for auto research, financing, and buying.
The Auto Loan Application Process
Applying for an auto loan is easy. Simply select the loan offer type you prefer and then complete our application process. It’s fast, secure, and completely confidential. Within minutes, you will receive a financial decision. For every offer you receive, you can choose the offer that is right for your specific needs. Next, provide any additional required information to receive a final lending decision. Keep in mind, you are never obligated to use an offer from one of our lenders. Each lender making an offer will provide you with information regarding their funding method. It is entirely your decision as to whether you wish to accept that offer. Choice is a great enabler – who wouldn’t prefer having a choice verses getting only one that the dealer provides?
In addition to being fast and easy, our applications are also free. You can count on us to never pressure you into using one of our lenders’ offers or loans. We ensure you stay in the driver’s seat with the freedom to choose the loan offer that is best for you. With such freedom of choice, you remain in control. Our job is to match you with the auto financing lenders that meet your unique needs. In order to do that, we use a patented analysis and evaluation process. As a result, you never have to worry about wasting time by sorting through irrelevant information that does not even apply to your situation.
Why Choose myAutoloan?
We understand how important it is that you choose the right auto loan. Whether you are looking for a new auto loan, used auto loan, private party loan, it’s important that you find the right financing for your specific situation. Getting approved for your next auto loan through myAutoloan helps to save you not only time but also money. Good luck and great shopping!