How do your savings strategies compare with Mr. Chatter’s?

In a blog posted today by the New York Times, our very own Mukesh Chatter, CEO and founder of MoneyAisle, shared how he built his own strategy for saving money. Chatter prefers to allocate his money amongst several 2 and 3 year CD’s. This approach gives him a variation in rates and length of each CD to hopefully protect his savings from the down-turned economy. “Mr. Chatter said the approach enables him to balance the risk of inflation with the risk of a double-dip recession.”

Mr. Chatter also states, “…in the current low interest rate environment, savings accounts, in general, don’t offer rates as high as C.D.’s.”

Are you interested in opening a savings account or CD? Either one will help you save and earn interest! Take a chance and build your own strategy and protect your hard earned money and savings in this economy. Whether you chose to manage your savings through a CD, savings account, or both, Click Here to see what rates you can get!

If you already have a savings plan, please share with the rest of us! We love to hear new strategies and what has worked for others.

Happy Savings!

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Save big with a car refinance

The Fort Worth Star Telegram in Texas discusses how the top two vehicle expenses, auto insurance and finance charges, can actually mean huge savings.
How, you ask? Research. Both auto insurance and car financing can be much less of a financial burden when you learn the best kept secrets. Using online comparison companies to learn about the lowest auto loan rates, auto refinancing and insurance rates are helping save consumers big money!
A local Arlington resident saved money on his auto insurance by doing his homework. He talked to his current home insurer who offered a discount for multiple policies, and is now saving $1,892 per year.
Bruce Dieterlen of Plano, TX, who recently refinanced his car with MoneyAisle, spoke about discovering our exclusive rates and savings.
“It was pretty simple, overall," he said. "I'm saving about $600 a year in interest.”
Our CEO Mukesh Chatter also commented on understanding the savings which result from a car refinance.
"The average savings of our customers is $948 per year and it doesn't cost them a dime."
To learn more about these two little known ways to cut back on your monthly payments, click here.

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Auto Loan rates are Falling too!

For several months now there has been a buzz around mortgage rates dropping, therefore people have been more inclined to refinance to help save money. However, refinancing your mortgage isn’t the only way to save money, auto rates are falling too, said the Associate Press in an article published yesterday:

http://articles.moneycentral.msn.com/news/article.aspx?feed=AP&date=20100825&id=11944089.

“Average rates right now range from 5.7 percent for those with the best credit scores (720 and above) to 18.5 percent for those with poor scores (below 590), according to Yahoo's Auto Finance Center.”

In the current economy everyone is looking to save money, and a great way is by refinancing your auto loan. Auto Refinancing is much easier than refinancing your mortgage and can save you close to the same amount!

If you purchased a car and received your car loan in the past few years, we advise you to revisit your auto loan rate; an extra year or two of building your credit can help your score and lower your auto loan rate.

At www.MoneyAisle.com our customers are saving an average of $79/mth and $948/year!

Happy Savings!

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MoneyAisle on KTRS's "John Brown's Mindset"

There was a great interview with MoneyAisle CEO Mukesh Chatter on the KTRS show "John Brown's Mindset" earlier today.

Host John Brown had a friend who did a car loan refinance using MoneyAisle and saved roughly $1,000 per year!

You can hear John Brown's Mindset weekdays from noon - 3pm. They frequently archive interview segments - once the segment about MoneyAisle is up we'll be sure and point you to it.

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Refinancing Your Car Loan Could Cut Hundreds from Your Payments

Some great facts about car loan refinance were featured on the Boston ABC affiliate's newscast recently.

Refinancing a car loan doesn't require a lot of paperwork, especially compared to the stacks generated by a home refinance. And for many car owners, the process is worth it.

For example, take a $22,000 car loan at 6.25 percent for 60 months. If you refinance to 2.99 percent, which is one of the best rates right now, the savings would be $1,960 for the life of the loan.

And cars can be refinanced at any point in time. However, you should only refinance the existing, unpaid balance instead of extending the term of the loan.

You can read the whole story, and see the video, by clicking this link.

And remember, if you want to see car loan refinance rates instantly (and at no cost to you), you can run a car loan refinance auction at MoneyAisle.com. Find out for yourself how much money you could be saving!

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Financial Regulation Bill Excludes Auto Dealers

The sweeping financial reforms recently passed by Congress contained a fairly important exception. From the AP:

The House bill approved last December contained an exemption for auto dealers, among others, from lending regulations issued by the proposed consumer agency. The Senate did not, but the sentiment was there. In a 60-30 nonbinding vote last month, senators called for the auto dealer loophole.

What does this mean? Well, it's more important than ever that you know the details of your auto loan. A service such as MoneyAisle, which connects you to banks and credit unions willing to give you their best available rates, is more important than ever.

As a consumer, you're obligated to empower yourself. You're going to need the best weapons to do it. Think of MoneyAisle as one of those weapons.

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MoneyAisle in Auto Finance News

MoneyAisle.com is the featured cover story in the most recent issue of the Auto Finance News. AFN interviewed MoneyAisle's President and CEO Mukesh Chatter, as well as some of our credit union and banking partners.

The article isn't available online, but here's a quick excerpt:

"The customer offer is unique to their personal profile," Chatter said. And the best part, he added, is that the process is quick. Car shoppers simply estimate their credit scores, ranging from "poor or no credit" — a score less than 580 — to "excellent" — 740 or higher.

Unlike LendingTree, a similar site, MoneyAisle is completely automated, Chatter said. Plus, MoneyAisle applicants "have a choice to pick an institution or decline them all without having to receive aggressive broker/lender calls," he added.

You can try out MoneyAisle for a refinanced car loan, new car loan, or used car loan right now - it's free, and as the Auto Finance News says, the process is quick and painless.

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MoneyAisle.com Signs 100th Credit Union to its Network to Offer New and Used Auto Loans and Refinancing

Credit Unions and Banks join MoneyAisle.com network for Access to Consumers Nationwide

July 8, 2010 Burlington, MA - MoneyAisle.com, a free, fully-automated on-line reverse auction site, has signed their 100th credit union to the network of credit unions and banks that help consumers find great rates for auto loans and refinancing. Launched in June 2008, MoneyAisle.com has offered auto loan rates since May 2010.

Credit unions and banks are pleased at how easy it is to join MoneyAisle.com's network. After setting a few parameters on MoneyAisle.com's fully automated auction platform, network members enjoy access to the customer that would not have been reached before and at no additional expense.

Consumers are delighted with MoneyAisle.com since they save an average of $918 every year on new auto loans and car refinancing, resulting in thousands of saved dollars over the lifetime of a loan.

Boyd Gustke, COO of Connexus Credit Union, said, "We are pleased to become part of the MoneyAisle.com network of institutions. We want to rapidly grow our auto loan business and MoneyAisle's model allows us to pay only if we book new loans. The acquisition cost is much lower than other advertising as well."

More credit unions are joining the network every day and MoneyAisle expects over 200 financial institutions in the auto loan network by the end of 2010.

Tom Becker, Vice President of Lending for Hanscom Federal Credit Union, explains, "Being in the MoneyAisle.com network is a win-win situation for us. This powerful platform allows us to compete without any front-end expense on equal footing with large institutions with mega advertising budgets. Our customers win because we can offer highly competitive rates, better than most out there."

On MoneyAisle.com, after entering only eight fields such as loan size, car type and credit score estimate and no personal information, consumers can watch banks and credit unions bid for their business. The entire process takes less than a minute and is completely automated, requiring no extra time or man power on the part of the network members.

"MoneyAisle.com is committed to helping consumers win," says Mukesh Chatter, CEO and President of MoneyAisle.com. "At the same time, we are able to offer credit unions and banks an innovative platform that enables them to have pro-active risk monitoring and complete control on their loan acquisitions."

About MoneyAisle
MoneyAisle is the next-generation e-commerce auction marketplace that provides consumers with great rates on auto refinancing, auto loans, CDs and high-yield savings accounts while helping them rapidly attract new customers. MoneyAisle's methodology is simple: banks and credit unions competitively bid for every customer in live auctions. This patent-pending 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 empowers consumers by providing free on-demand 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, neoSaej's first marketplace, provides consumers with great rates on auto refinancing, auto loans, CDs and high-yield savings accounts.

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Saving Money on Your Car Loan Payments

"With more and more Americans looking for ways to save money, many experts say that auto refinancing is a new trend that's here to stay." - MSNBC

It's true: by not refinancing your car loan you're just leaving money on the table, or - if you prefer - in the driveway. Don't just take my word for it: here's what Bill from Nashua, NH had to say after he refinanced his car loan using MoneyAisle:

"The loan I found through MoneyAisle cut my interest rate in half from 8.9% to 3.9% with the same loan term length. This will save me over $1000 over the life of the loan! The refinance process was very simple and done over the phone and through e-mails in less than a week."

Pretty impressive, eh? With that $1000 savings, Bill could help pay for a family vacation, pay off his yearly auto insurance, or put the savings away for a rainy day. If you had an extra $1000, what would you do with it?

Listen to what the U.S. Chronicle has to say:

"For example, if a person purchased a vehicle six months ago, and the person had a car loan for $25,000 at 13% for 5-years, the person would pay about $570.

If that same person was able to refinance his car loan, and reduced his payment to $450, he would save about $7,200 for the entire life of the loan."

If you like having more money as much as I do, it's a no-brainer. After all, don't you think you'd make better use of that extra cash than the institution you're paying it to now?

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Credit Unions and Banks: What's the Difference?

One of the questions we occasionally get asked here at MoneyAisle HQ is "What's the difference between banks and credit unions?" - we've got both of them bidding to give you great rates in our auctions, and our customers will often see credit unions pop up among the winning bidders (particularly for car loans and car loan refinances.)

If you're wondering what the distinction is, here are the two most important differences with a credit union:

• Credit unions are member-owned. If you have an account at a credit union, you're a part owner in the enterprise.

• Credit unions are not-for-profit. Any profits credit unions do make are distributed as dividends to their members.
  

What about the FDIC?

Some of you may be wondering if money in a credit union deposit account is federally insured. The answer is yes - there's an organization called the NCUA which functions like an FDIC for credit unions. Your deposit accounts are insured up to $250,000 per institution just like with an FDIC-insured account.

Any more questions about credit unions? Leave it in a comment below. We'd love to hear from you!

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