I have taken the time to view the KwartaLoanLender website. The site is basically an auction house for car loan companies to compete for your car loan activities. They offer quotes for new car loans, used car loans and for people who want to refinance their loans.
They even have a section for bank CDs and high-yield savings accounts. If you are looking for a car loan for a new car or second-hand car and you cannot pay in cash, take a look at my review of this website.
KwartaLoanLender is very unique from other car auction markets by offering “buyer-oriented auctions” to consumers. That is, the sellers are the ones who bid while the buyers (you) choose. They also eliminate the time-consuming burden of ‘comparison shopping’ by giving their customers free access to live on-demand auctions, 24/7 (with all sellers offering to bid on your business based on information you have) with regard to your loan needs, car model and brand). The comparison is presented right before your eyes. All you have to do is choose.
So, in addition to searching the tab of the site by tab to give you the highlights, I went ahead and submitted a fake investigation for a new car loan. I typed in that I had just bought a 2010 Toyota for which I had paid $ 18,000. I also indicated that my creditworthiness was excellent.
And indeed, in about thirty seconds I had a complete overview of what they had to offer. The cheapest rate I could find through KwartaLoanLender was 72 months at an APR of 5.39% and my payment would be $ 244 a month. However, one thing I immediately noticed about KwartaLoanLender is that they show you the savings that come with shortening the term of your car loan. I could shorten the loan from six years to four, save more than 1% in interest and only increase my payment by $ 96.
They also offer you a ‘savings’ column. This savings number is based on the national average for new car loans compared to your current expected monthly payment for the specific loan offer that you evaluate through the KwartaLoanLender auction.
I also love KwartaLoanLender for the educational aspects that it can offer by simply clicking on a few buttons. Do you want to see how much you can save by spending more money on your next new car? Just go inside and adjust the auction. I have adjusted mine to only finance $ 5,000. I could then get a six-year loan for just $ 72 a month. To increase the savings, I was able to get a loan for just two years, for just $ 214 a month by simply saving more before buying a new car. In this context, read some of my ways to let yourself be tempted to save for a new car.
Would you like to know what effect your creditworthiness has on what you pay for your next new car? Again, go inside and adjust your auction. I have changed my credit rating from ‘excellent’ to ‘reasonable’ and the results were shocking. At least it shocked me. My payment only went up by $ 10 a month, but the interest rate rose from 5, 39% to 6, 8%. I’m not an economist, but what this means is that you pay a ton more in total costs for the car than you would have if you had a better rating. Don’t underestimate the benefits of improving your credit score.
Another feature that I really liked about KwartaLoanLender was the simplicity. Everything is very easy, everything is very fast. Everything is free and nothing requires any kind of obligation.
To get my quote for my new car loan, I have not entered any personal information. In the past, when I viewed these sites, I noticed that I was “addicted” to providing at least my e-mail address if this was not a phone number. Then, shortly after my visit, my email inbox was blown up with junk mail, or worse, I was hit by a lot of unwanted phone calls. KwartaLoanLender has none of it and does nothing about it.
That is why you will certainly not have to worry that your inbox will overflow with spam after you have submitted a quote. This is a minor point, but it is worth mentioning.
KwartaLoanLender offers a guarantee that you will not find a better price than by using their site. However, it is a “qualified” guarantee.
They say that if you find a better rate within seven days of taking out your loan, they will pay 100% of the difference in your monthly payment for the first year and also send you a $ 50 check.
However, the rate must be through the same bank or credit union with which you took out the loan. If it were me, I’d call multiple banks or credit unions that I was considering to use before the deal was made about what seems to be the best rate. Because, if you were able to find a better price, this guarantee still doesn’t help much if it’s through another lender. You should be particularly good at your homework if it is a five or six year loan because the better price can make a world of difference. Yet there is no doubt that this is a great feature.
I also found an extra bonus that you can use if you decide to use the KwartaLoanLender services. Currently, if you choose a loan through KwartaLoanLender and close it within seven days, they will send you a check of $ 100. After reading all the fine print and disclaimers, this seems very legitimate. If you close the loan through their site within seven days of acceptance, simply complete a form, send it, and receive your check within 7-10 business days. Pretty fast turnaround.
Give your payment a name
KwartaLoanLender also offers a “Name Your Payment” feature that allows you to enter the amount you want to pay for your car loan, and then KwartaLoanLender will notify you if / when they find the rate you are looking for. This can be a good tool to use if you only want to enter your details and then just forget about it and wait until you hear something that meets your needs. However, I do not think this will result in any of these companies competing more aggressively for your company. Yet it is a nice touch.
All in all, I enjoyed my experience with checking KwartaLoanLender. There are so many auction types and similar sites that it is really difficult to distinguish them all, but KwartaLoanLender seems to do pretty well and offers a fairly unique service. If you want to compare car loans from different banks and credit unions easily and hassle-free , check out KwartaLoanLender.
If you want to be able to do this without worrying that your inbox will go with frivolous offers two minutes after you arrive, go to kwarta loan lender. If you want a super fast quote on a car loan, new or used, this is a great option. And finally, if you want to see the impact that a good credit rating can have on your next car loan, and how saving money for your next down payment will affect the terms of your loan, KwartaLoanLender will be an eye-open experience for you . Play with their calculator and you will see the importance of both.