Advertiser Disclosure

Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others.


Dig Deeper


Become a Money Crasher!
Join our community.

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.

David Bakke
David started his own personal finance blog, YourFinances101, in June of 2009 and published his first book on ways to save more and spend less called "Don't Be A Mule..." Since then he has been a regular contributor for Money Crashers. He lives just outside Atlanta, GA and most all of his free time is taken up by his amazing three year old son, Nicholas.

What Do You Want To Do
With Your Money?