Financing a Car: Why It Can Be So Difficult

After multiple years in the industry, customers continue to tell us that one of the biggest hurdles to buying their next set of wheels is getting a loan for it. So why exactly is financing a car so difficult?

For starters, it’s not an easy pill for financial institutions to swallow. To banks, used cars are pretty risky. The bank doesn’t have the knowhow or the time to verify that the condition of a car is worth the loan its underwriting. So, if they needed to seize a car they made a $10k loan for, only to find out it’s one breakdown away from the scrapyard, they don’t want to be left holding the bag.

Whereas banks can be relatively certain that a new car will retain a large amount of its value, there’s no such certainty with a used car.

To make a used car purchase easier, we knew we had to provide some solution to this problem. Our answer? Inspect the cars we sell to make sure they’re in great shape, and use that to forge our own relationships with banks. Then, bake a seamless financing experience right into our product.

If you’re in the market for a used car and need a loan, you’re no longer out of luck. Check out our inventory and click “Start financing” to get the process started. Happy driving!

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Two New Financing Options for Shift Customers: Ally and Santander

Starting this month, Shift customers will now have more options and a better chance at getting a low rate when financing their car. We’re happy to announce that Ally and Santander are joining Shift’s network of banks that will compete on your loan application. Continue reading “Two New Financing Options for Shift Customers: Ally and Santander”

Mind the Gap: Gap Insurance Now Offered on Shift

Plain and simple: being underwater on an asset you own sucks. Unfortunately, becoming underwater—owing more than a car is worth—on a car is a reality. Cars are driven. Things happen. Values depreciate.

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To help our customers protect against ever becoming underwater on their car, we’re working with Ally to now offer gap insurance on all cars sold through Shift. Continue reading “Mind the Gap: Gap Insurance Now Offered on Shift”

Used Car Financing Just Got Much Simpler (Finally)

“Boy, that was an easy auto financing experience” isn’t something you often hear. At its best, auto financing today is a cumbersome process. At its worst, it’s a predatory nightmare. The financing difficulties we’ve experienced firsthand were a major “aha” moment that’s informed Shift from day one.

Ever since, improving the process has been high on our priority list. Working with our team and partners, we’ve made a lot of progress on this front and today we’re happy to highlight the major improvements we’ve made to make auto financing smoother and simpler than it’s ever been. Continue reading “Used Car Financing Just Got Much Simpler (Finally)”

Improved Search now Available on the Web and iOS

Ever since we started listing cars on Shift, the primary way to sort through cars had always been via the filters on the left-hand toolbar. But based on your feedback, (“hey Shift, where’s the search bar?”), we’ve completely overhauled how you find a car with a simple and powerful search bar at the top of the browse views in the web and mobile apps. Continue reading “Improved Search now Available on the Web and iOS”

Shift’s Giveaway Picks: Isabel’s Surfin’ 2015 Subaru Outback 3.6R

In case you haven’t heard, Shift is giving away a car. Even though Shift employees can’t win, we can still dream, right?

 

Meet Isabel. She works on our Business Intelligence team. If she won the giveaway, what car would she pick? Continue reading “Shift’s Giveaway Picks: Isabel’s Surfin’ 2015 Subaru Outback 3.6R”