Get a better car loan at

Get a better car loan at MoneyAisle.comFinding the best rate on a car loan has always been a time consuming task. While it was easy to see the super-prime rate of 0.0% at dealers and a range of rates on bank and credit union websites, finding your rate took more work.

More specifically, it took filling out an application at several institutions so that they could check your credit. Finding the best rate on a car loan could easily take an afternoon, if not most of your day. That's soon to change. MoneyAisle wants to flip the car lending marketplace and have lenders bidding on car loans like Lending Tree has them bidding on home loans.

MoneyAisle offers three types of loans: a new car loan, a used car loans and an auto refinance loan, so even if you aren't looking for a car right now you may be able to get a better interest rate and save big on your monthly payments. The average savings based on recent auctions is $97 a month, which Mukesh Chatter, the CEO of MoneyAisle points out, is almost like getting your auto insurance for free.

No matter what type of auto loan you are looking for, MoneyAisle works the same way. You tell the website where you work or live, the amount of the loan, the type of car, purchase price and mileage, add your credit score, and start the auction. From here the lenders will bid on your car loans, separating out those you don't qualify for, and ultimately giving you several car loans to choose from with different interest rates and loan lengths.

MoneyAisle works with credit unions to provide these loans, and currently has 89 institutions lending through it, but they aren't all available in every location. In my location I was only presented with one bank but was still able to cut my interest rate almost in half, and depending on the length of the loan, save up to $972 a year. When I tried the same refinance in Massachusetts I had offers from three credit unions at a variety of interest rates and loan lengths that could save me up to $1,308 a year on the same loan.

To get the highest per year savings, it is in many cases necessary to extend your loan out for a longer term. Chatter explained to WalletPop in a phone interview that this is a popular option for individuals who have come on hard times and need to cut back to the cheapest monthly payment in order to keep their car, adding that they can refinance or pre-pay without penalties when their situation improves.

Personally, I was excited to see that if we refinanced my wife's car through MoneyAisle we would be able to save $408 a year without adding any time to our current loan. There was also the option to refinance at a lower rate, increase our payment $60 a month and have the car paid off a year earlier, but that isn't in our budget right now.

In addition to refinancing, having MoneyAisle in your back pocket during dealer negotiations is like having an ace in the hole. You can use MoneyAisle to get a loan at a great rate before you go to the dealer and avoid the, "What can you afford?" games.

After you accept a bid on MoneyAisle, the bank will contact you within an hour to fill out its online form and in 10 minutes you can be accepted and be on the way to the dealership to pick up your car.

If you know what you're doing and can get a deep discount on the car by financing through the dealership without a prepayment penalty, you can get your initial financing through the dealer for upfront car savings and then refinance with MoneyAisle later. If you plan to go this route you should read the loan carefully to make sure there is no prepayment clause, otherwise you could eat into your savings fast.

For now, MoneyAisle may not have a large number of lenders in your area, but it hopes to add another 110 lenders within the next three to six months so that you can get even better rates. If you are curious, go give MoneyAisle a try. You can get auto loan bids in about a minute and you don't need to sign up or provide any personal information to see what types of car loans you could get.
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