MoneyAisle.com has launched the first online auction that allows banks and credit unions to compete for auto loans by bidding for the business of consumers. The website currently has over 75 lenders and they are actually looking for people to offer auto loans and auto loan refinance opportunities to.
About MoneyAisle.com
MoneyAisle.com is a free service provided to consumers who are looking to acquire an auto loan but don’t necessary want to visit site after site to track down a lender. In this real-time, interactive environment, consumers can find a lender in their city who is actually looking to finance a car and is willing to bid for the chance to do so.
The website has secured popularity since 2008 for offering similar auctions to compete for savings accounts and bank CDs. With the new addition of auto loans and auto loan refinance, more consumers will have a chance to loans business from lenders.
How the Auction Works
In order to get in on the auction, consumers enter borrowing criteria, including zip code, car year, make and model, loan amount, purchase price of vehicle and credit score range. As soon as those data points are entered, banks will immediately begin bidding for the opportunity to finance the loan.
If the consumer wants to proceed then they will be given the opportunity to work directly with the bank or credit union to apply for the loan.
MoneyAisle.com also allows consumers to sign up for alerts so that if a lender decides take them up on the bid, they can start working to apply for the loan.
The Benefits of Financing with a Bank or Credit Union
MoneyAisle.com, like Go Banking Rates, offers opportunities for consumers to work directly with banks and credit unions to acquire auto loans, something that can help save a lot of money over the duration of the loan term. Car dealers customarily have markups and other hidden fees that increase the total cost of the car.
By working with a separate lender that doesn’t have ulterior motives, you may have a fair chance of receiving a lower interest rate.
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