Earlier this week we looked at how you can save money with an auto refinance loan. We were happily surprised to come across MoneyAisle, a company founded in 2008 to provide consumers with free access to rates on refinanced, new, and used auto loans by having banks and credit unions compete in live, real-time, instantaneous auctions for the consumer’s business. So we thought we’d give MoneyAisle a closer look.
Using an innovative technology called neoSaej, MoneyAisle is different than other online auctions in that it puts the buyer in the driver’s seat. The seller’s provide their bids (rates) based on the buyer’s specifications, i.e., in the case of an auto loan the sellers would look at the consumer’s location, the car model/make loan needs and credit history. It is then the buyer’s decision with which lender to work. According to MoneyAisle’s website, customers save $1,412 per year on average refinancing car loans. Below is a screen shot of the page that greets you when you go to the MoneyAisle web site:
Having spent some time on MoneyAisle’s website, it is relatively easy to navigate. The home page provides the consumer with the choice of receiving bids on an auto loan, bank CD or savings account. Depending on which product you choose, you must respond to a series of questions. In order to see just how this was done, I created a hypothetical scenario in which I was looking for a savings account to park $15,000. I was asked a few questions including initial deposit amount, state of residence and zip code. Then the following screen was displayed:
Before viewing the bids, I was asked to register which was a quick, painless process. Following my registration, the top three bids were displayed and I was told that I had 27 minutes to select a financial institution. It is bound to take much longer at the bank. The same can be done with auto loans and CDs as lenders compete by trying to provide you with best rate.
The beauty of this site is that you can continue to revise the answers to the questions to see how it will change the loans you are being offered. For instance, if you want to see the effect that putting more money down on your car loan will have on your loan offers, or how your credit score will impact your rates, it is a one-step process. In addition, the website can serve as an excellent reference for those who want to educate themselves on refinancing car loans or news about car loan refinancing. The website also provides the opportunity to chat online with a MoneyAisle representative if any questions arise.
MoneyAisle also offers a guarantee, which is a great comfort. If you accept an auto loan offer through MoneyAisle, and you learn that the same bank or credit union will offer you a better rate for the exact same loan, then, within seven days of closing, MoneyAisle will pay 100% of the difference in monthly interest payments for the first year of the loan as well as send you a check for $50 (documentation is required, of course).
Another ingenious thing about the MoneyAisle website is that it does not require too much personal information to obtain quotes from lenders. In the above case, only a name, email address, user name and password were required to register. Although it is not known how much further information would be needed to move forward with a bid, the initial process was a “breeze.”
It is important to mention that MoneyAisle’s business model is such that the company makes a commission if you go with a lender found through their site. However, the company doesn’t allow lenders to advertise which differentiates the company from other lending intermediaries. The website also offers access to a blog to which interested readers can sign up. The blog provides interesting articles on financial topics and non-financial topics. I have to say that I was very impressed with the site’s ease of use as well as the company’s business model. So if you are in the market for a car loan, savings account or CD, check out what MoneyAisle has to offer.
Published or updated October 12, 2010.
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