myAutoloan is an entirely online company established in 2004, which is affiliated with the top lenders for auto loans. The company is a subsidiary of Horizon Digital Finance. Formed in 2003, Horizon Digital Finance, LLC, provide direct-to-consumer auto financing and is an internet- based financing market . It helps people to take control of the finance and buy processes for auto and motorcycles. Horizontal Digital Finance provides increased efficiency to their lenders through Preferred Placement technology and processes.
Preferred Placement Means
- Qualified Applications
- Higher Loan Approvals
- Increase Funding opportunities
- More Efficient Processes
- Lower Cost of origination
- Satisfied Customers, Lenders, and Dealers
In the online lifestyle financing process, myAutoloan is a recognized dealer. myAutoloan truly excels in providing information prior to purchase. It gives the decision – making authority to their customers, in the selection of lifestyle financing. They offer loan from both dealers and financial institutions. myAutoloan rates well in terms of application, repayment and loan versatility. myAutoloan, understands the complication, confusion, and frustration involved in auto financing. So it helps to provide a quick, easy and completely free application and helps their customers to get offers from their trusted lenders. myAutoloan never pressure their clients to use their lender’s offer. They directly match their clients with their lenders, who directly fit their need through patented analysis and evaluation process. myAutoloan is BBB accredited.
myAutoloan – Types of Auto Financing
Where you are buying your car from determines what kind of auto loan you need. Whether it is a new or not new cars,from the dealer or private party;or buying your car from a lease or refinancing on existing loan. All these factors control the type of auto financing plan.
- New Car Loan: These are the common type of auto financing. There is a wide range of options,you can either approve through your car dealer or can arrange finance in advance.
- Used car loan buying from a dealer: Loans for this type of financing can come from the dealer or from a national lender. If you are pre-arranging your fund, you will have the power of choice while negotiating a deal.
Refinance your Existing Loan: If you have an existing auto loan on your current vehicle,by refinancing you can reduce your monthly payment. This is a good option to free up needed cash on a monthly basis.
- Buyout your current vehicle lease: If you are leasing a vehicle and like to purchase it, then you can opt for this one.
- Private Party Car loan: If you are looking to buy the vehicle from a private party, myAutoloan will arrange a safe, convenient and fast private party loan also known as person to person loan.
How the Process Works
myAutoloan.com is a Horizon Digital Finance LLC website property
Horizon Digital Finance works with a selected group of lenders, such as banks, credit unions and finance companies who offer loans. They don’t make an extension of credit to clients. The process begins by starting collecting information from each client through the website. They collect the information to pre-qualify the client with one or more Lenders.If they cannot pre-qualify them, they inform their clients through the website. By matching them with the lenders doesn’t mean that got approval for credit by the lenders. The lenders then process the application and return a credit decision through the website.
HDL (Horizon Digital Finance) also provide certain information about the clients to third parties. These third parties can help them in purchasing an auto and financing and refinancing from other lenders. HDL never recommend the products or offer of any Lender. The clients should decide which offer, terms, and Lender will best suits to their needs. The Lender is solely responsible for the services providing to the clients. The clients can directly notify the Lenders if they no longer want to receive their communications or e-mails. HDL does not charge any fee for the service they provide. They receive marketing fee and in certain cases lead fees as a compensation from the Lenders. They receive these remunerations for the goods and services provided by them and it varies by product.
Car Buying tips of myAutoloan
- First, think which car you want to buy and how much you can spend. By doing a proper research you will feel less pressure in buying a car. This will help get a better deal.
- Check the features and prices of the specific car, in publications or on the Internet.
- Check the best possible price by comparing cars in ads and at dealer showrooms. Also contact with car buying services and car broker buying services to make comparisons.
- Try to negotiate with the dealers on the cars price. They may be willing to bargain between 10 and 20 percent. This is the difference between the car’s suggested price and the car’s invoice price.
- Whether you pay cash or finance your cash price is the main factor. So try to negotiate and save money.
- Sometimes you may not find the car you want to buy on the dealer’s lot. Dealers may want to sell the car in the lot quickly. So there is an option to negotiate a good deal if you buy the car in the lot.
- The car’s invoice price is higher than the dealer’s final cost. So try to negotiate down from there.
- Base price is the cost of the car without options ,but it includes standard equipment and factory warranty. This price is printed on the window sticker.
- You can see the car ‘s Manufacturer Suggested Retail price in the label called Monroney Sticker. This label is required by Federal Law. This is removed only by the car buyer.
- The car’s Dealer Sticker price is the MSRP sticker price plus the retail price of dealer options. Keep this in mind while negotiating.