Remember those old Lending Tree ads who promised to get banks and other lenders to compete for your business resulting in a better rate on your mortgage? MoneyAisle.com is a new online service who says they can do the same thing for your auto loan – and that you can save a bundle on the interest built into your deal.
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MoneyAisle.com is a fully automated online auction marketplace where consumers can get some of the lowest rates on auto loans and refinancing. Almost all of us need cars and borrowers who need cars the most often pay the highest rates based on their credit scores. MoneyAisle.com may be able to cut their rates by two-thirds or even more. Many borrowers are reportedly paying way more than what MoneyAisle.com's network of banks and credit unions can offer.
In comparison to Yahoo’s National rate average, even those with the worst credit can save nearly 5 percentage points on their auto loan through the service. Those with high credit ratings can save over 2 percent on their interest rate. Over the 60-month life of the average loan, that can add up quick.
MoneyAisle.com users simply fill out 7 simple fields of non-personal information, and instantly receive bids for auto loans rates from over 160 banks and credit unions competing for auto loans. Lenders bid in real time for their business and the entire process takes less than a minute.
No private information is required and you don’t have to fill out long application forms at several financial institutions for comparison. More than 4 million auctions have been held in the past year and the service is free for consumers.
According to MoneyAisle.com, consumers can save $1,243 a year on the refinance of the average amount of a $16,097 loan.
Most manufacturers are reporting significantly improved if not record setting sales this year and as lending increases across the board, the service MoneyAisle.com provides might be time well spent – resulting in less money spent better.
That Mini Rocketman sure did look good… hmmm.
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