Money Aisle is a unique online service where banks compete for your business in a real-time auction.
Want to get the best rate on an auto loan? Money Aisle may help you find the best auto loan rates before you even step foot into a dealership, giving you a big upper hand because you can negotiate like a cash buyer.
How It Works
On MoneyAisle’s home page, simply enter the following information:
- Loan Type – Auto refinance, new car loan, or used car loan.
- Your Zip Code
- The Car – The year, make, and model.
- Loan Details – An estimate of the loan amount and purchase price.
- Your Credit Status – Your credit score or estimated credit score range. (Don’t know? Get your credit score now »)
Click submit, and Money Aisle comes back with competing auto loan rates in about 30 seconds. On the results screen, shown above, you can compare rates and monthly payments from different lenders and for different loan terms (24, 36, 48, 60, or 72 months).
If you see a loan you like, you can click through and begin applying for the loan online.
I ran a quick search for an $18,000 auto loan for a 2010 Ford Fusion costing $22,000 with “Very Good” credit. Several lenders came back, including some credit unions, with rates as low as 3.70% on a 36-month loan. According to BankRate.com, the same-day average 36-month new loan is 6.45%. Using these interest rates, the Money Aisle loan would save the buyer $800.63 in interest over three years.
The Good News
Most people who finance a new car get fleeced. That’s because:
- They finance through a dealer and they’re so excited about their new car, when the F&I manager quotes a rate, they don’t challenge it.
- Or, they’re so afraid they won’t get approved with spotty credit, they fall victim to other online “bad credit OK” auto loan lenders that charge outrageous interest rates of 12-25%.
Money Aisle auto loans have the ability to change all that because they provide loan shoppers with competing rates from honest lenders like local banks and credit unions. (They can even help borrowers stuck in a bad auto loan with an auto refinance). If you’ve decided to finance a car the smart way, you might want to make Money Aisle part of your plan.