MoneyAisle Review – Lenders Bid for Your Car Auto Loans



best car loan ratesI recently took the time to review the website MoneyAisle. The site is basically an auction house for auto loan companies to compete for your auto loan business. They offer quotes for new car loans, used car loans, and for people who want to refinance their loan. They even have a section for bank CDs and high-yield savings accounts. If you’re in the market for getting a car loan on a new car or pre-owned car and you can’t pay for it in cash, then take a deeper look at my review of this website.

Their Edge

MoneyAisle is very unique from other online auction marketplaces by offering “buyer-centric auctions” to consumers. That is, the sellers are the ones who bid while the buyers (you) choose. They also take out the time-consuming burden of “comparison shopping” by providing their customers with free access to live, on-demand auctions, 24/7 (where all the sellers line up to bid for your business based on information you submitted regarding your loan needs, car model, and make). The comparison is presented right before your eyes. All you have to do is choose.

The Test

So, in addition to digging through the site tab by tab to provide you with the highlights, I went ahead and submitted a mock inquiry for a new car loan. I typed in that I just bought a 2010 Toyota which I paid $18,000 for. I also indicated that my credit was excellent.

Sure enough, in about thirty seconds, I had a complete breakdown of what they had to offer. The cheapest rate I could find through MoneyAisle was for 72 months at a 5.39% APR and my payment would be $244 per month. However, one thing I instantly noticed about MoneyAisle is that they show you the savings involved in shortening the term of your car loan. I could shorten the loan from six years to four, save over 1% in interest, and only raise my payment by $96.

They also provide you with a “savings” column. This savings number is based on the national average for new car loans as compared to your current projected monthly payment for the specific loan offer you are evaluating through MoneyAisle’s auction.

The Education

I also love MoneyAisle for the educational aspects that it can provide by simply clicking a few buttons. Would you like to see how much you can save by putting down more money on your next new car? Just go in and adjust the auction. I adjusted mine down to only needing to finance $5,000. I could then get a six year loan at only $72 per month. To magnify the savings, I could get a loan for a term of only two years, for only $214 per month by simply saving more before I buy a new car. On this note, check out some of my ways for how to trick yourself into saving for a new car.

Would you care to see the effect your credit rating has on what you will pay for your next new car? Again, go in and adjust your auction. I changed my credit from “excellent” to “fair,” and the results were shocking. Shocking to me at least. My payment only went up by $10 per month, but the interest increased from 5.39% to 6.8%. I am not an economist but what this means is that you will be paying a ton more in total cost for the car than you would have if you had a better rating. Don’t understimate the benefits of boosting your credit score.

The Simplicity

Another feature that I really liked about MoneyAisle was its simplicity. Everything is very easy, everything is very fast. Everything is free and nothing requires any sort of obligation.

To get my quote on my new car loan, I did not enter one bit of personal information. In the past when I have perused these sites, I have found that I had been “hooked” into providing at least my email address if not phone number. Then, shortly after my visit, my e-mail inbox was blown up with junk mail, or even worse, I was hit with a great deal of unwanted telephone solicitations. MoneyAisle has none of that and does none of that.

Therefore, you will certainly not have to worry about your inbox overflowing with spam after you submit a quote. This is a minor point, but well worth mentioning.

The Guarantee

MoneyAisle offers a guarantee which states that you won’t find a better rate than by using their site. It is a “qualified” guarantee, however.

They say that if within seven days of closing your loan you find a better rate, that they will pay 100% of the difference in your monthly payment for the first year, and also send you a check for $50.

However, the rate must be through the same bank or credit union with which you did the loan. Personally, if it were me, I would call multiple banks or credit unions that I was considering using before closing the deal on what looks to be the best rate. Because, if you were able to find a better rate, then this guarantee still does not help much if it’s through a different lender. You need to be especially good about during your homework if it is a five or six year loan because the better rate might make a world of a difference. Still though, there’s no doubt that this is a great feature.

The Bonus

I also found an additional bonus that you can take advantage of should you decide to use the services of MoneyAisle. Currently, if you choose a loan through MoneyAisle and close it within seven days, they will send you a check for $100. After reading through all of the fine print and disclaimers, this looks very legitimate. If you close the loan within seven days of accepting it through their site, you simply fill out a form, send it in, and you should receive your check within 7-10 business days. Pretty quick turnaround.

Name Your Payment

MoneyAisle also offers a “Name Your Payment” ¬†function which allow you to fill in the amount you want to pay for your car loan, and then MoneyAisle will notify you if/when they find the rate you are looking for. This might be a good tool to utilize if you just want to fill in your information and then just forget about it and wait until you hear something that fits your needs. However, I don’t think that it will cause any of these companies to compete any more aggressively for your business. Still though, it is a nice touch.

The Blog

As usual, I had to check out their blog. I found it to be informative, although most posts come off as somewhat self-serving. This aspect is not necessarily a bad thing, because they are there to promote their business and educated you. However, most of their posts are geared towards getting you to sign up for their site. They post about once every four days, and their posts are definitely on the “short and sweet” side. They are brief and to the point.

The Analysis

All in all, I enjoyed my experience checking out MoneyAisle. There are so many auction-type and comparison-type sites out there that it’s really hard to differentiate them all, but MoneyAisle seems to do a pretty good job of it and offers a pretty unique service. If you want to compare car loans from a variety of banks and credit unions simply and without hassle, then check out MoneyAisle.

If you want to be able to do this without worrying that your inbox will blow up with frivolous offers two minutes after going there, then visit Money Aisle. If you want an ultra-fast quote on a car loan, new or used, then 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, MoneyAisle will be an eye-opening experience for you. Play around with their calculator and you’ll see the importance of both.

Has anyone out there done a loan through MoneyAisle? Or another online auction site? Feel free to share your experiences below.

Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  • Liz

    I refinanced my car loan and saved $784 a year! which saves me about $65 every month. Very good experience, it was the easy to do.

    • David/moneycrashers


      Thanks for your comments!

      It is this kind of feedback that makes these types of posts even more valuable to our readers.

      Its very much appreciated.

      • Mz. Biitch

        Mz. Biitch

        I refinanced 3 cars via Money Aisle. All in all great site. Too bad they are not around. Also did the promotion to get the 100 check, which I received. Shame that check stub is a momento to a great site.

  • John

    Reading the testimonials on this site makes me wonder if they’re legit or made up. Some of them just sound ridiculous. Like 17% apr on car loan??? The site is so overeager to sell you something, makes me want to know why they’re so desperate.

  • Felix

    I went through the trouble of filling out the form and then no rates even showed up. Waste of time.

    • Fred Beene

      It was probably your credit score that prevented any offers. I was playing with it and entered a “Fair” credit score and it returned no offers. Your credit score had to be “Good” or above to get an offer, apparently.

    • Fred Beene

      It was probably your credit score that prevented any offers. I was playing with it and entered a “Fair” credit score and it returned no offers. Your credit score had to be “Good” or above to get an offer, apparently.

  • kb

    I refinanced two cars with moneyaisle. In total it saved me $2073 per year between the two. Your bad credit doesn’t make moneyaisle the culprit. That’s called consequences to actions. I would recommend Moneyaisle to anyone (and have – My Mom, father-in-law, best friend).

    • Davidbakke


      I’m glad you’ve had such luck with the site!

  • Maureen Jackson

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  • Hank

    they went bankrupt – now how good is it?