MoneyAisle.com Launches Auto Loans and Refinancing with Live, On-Demand Auctions

BURLINGTON, Mass., May 4 /PRNewswire/ -- MoneyAisle.com has launched the first online auction place for consumer to get great rates for auto loans and refinancing.  With a rapidly growing network of banks and credit unions -- currently over 75 -- competing for auto loans, MoneyAisle.com's website allows consumers to watch as lenders actually bid in real time for their business. The service is free for consumers and yields substantial savings.

Because of the real time competition among banks and credit unions, MoneyAisle.com removes the "burden" of comparison shopping from buyers – and shifts the burden to the sellers to compete for the business.  Since 2008, MoneyAisle.com's popular certificates-of-deposit and high yield savings account auctions have been run by consumers nearly a million times. Now MoneyAisle.com has expanded to offer this service for auto loans refinancing.

Loans obtained at car dealers customarily have a markup, and by eliminating this, rates offered via MoneyAisle.com average between a half a percentage point to three percentage points better than loans obtained at a dealer.  Such savings can add up to thousands of dollars over the course of a three to five year loan.  

At more than $850 billion, American consumers have more auto debt than credit card debt, so millions can be saved with lower interest rates. The timing of this new service could not be better, as interest rates are eventually expected to rise and auto sales are increasing in 2010.

Consumers who already have loans at higher interest rates, or whose credit scores have improved since their initial loans, can take advantage of MoneyAisle.com's network of banks and credit unions to refinance and lower their monthly payments.

For example, a consumer in Florida can lower their original APR from 5.99% to 3.14% with MoneyAisle.com's refinancing option for their 2010 Acura TSX resulting in a savings of $1,232.82 over the lifetime of the loan. A Massachusetts consumer can get a used car loan for his 2007 Toyota Camry at a 2.5% APR.

Savings from refinancing car loans can add up to a couple of thousand dollars or more over the life of the loan. The refinancing process is simple, fast and hassle free, requiring minimal paperwork. MoneyAisle.com auctions can be initiated at any time, 24/7, and the best rate among participating banks and credit unions is discovered in less than a minute, as these institutions are bidding in real-time for the loans. 

MoneyAisle.com also offers the option to sign up for auto loans rate alerts. After running a live auto loan auction, consumers can sign up for an alert on the results page and MoneyAisle.com notifies consumers when rates that match their desired bids are available.

"Now that MoneyAisle.com can offer refinancing of car loans, consumers can win," said Mukesh Chatter, president and CEO of MoneyAisle.com. "If the average consumer was to save even $14 a month on their car loans, in five years, the savings would be the same as getting a year of auto insurance premiums for free. A savings of $45 a month in five years would equal three years of free insurance premiums to the average consumer."

How MoneyAisle.com's Auto Refinance & Loans Auction Works

MoneyAisle.com's easy-to-use interface is continuously available and allows consumers to anonymously establish a live, secure auction that fits their specific criteria at any time. To initiate an auction, buyers simply input a set of basic data points – from zip code to car year, make and model and then start the auction. Immediately, banks and credit unions bid in real-time for the consumer's unique set of needs and in less than a minute, the consumer sees a list of options.  Should they want to proceed, MoneyAisle.com simply introduces them to the bank or credit union, and they apply and go through the loan process directly through that lender.

About MoneyAisle.com(SM)

MoneyAisle.com is the next-generation e-commerce auction marketplace offered by neoSaej Corp. that provides consumers with great rates on auto refinancing, auto loans, CDs and high-yield savings accounts while helping banks and credit unions rapidly attract new customers. MoneyAisle.com's methodology is simple: banks and credit unions competitively bid for every customer in live auctions. neoSaej's patent-pending MoneyAisle.com technology creates a safe, transparent platform for consumers to secure great deals on financial services and products. Unlike other "seller-centric" online auction marketplaces, MoneyAisle.com empowers consumers by providing free, on-demand, "buyer-centric," live auctions.

About neoSaej, Corp.

neoSaej is a leading developer of online auction marketplaces focused on utilizing the advantages of the Web to empower consumers. MoneyAisle.com, neoSaej's first marketplace, provides consumers with great rates on auto refinancing, auto loans, CDs and high-yield savings accounts.

SOURCE neoSaej, Corp.