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.
New baby on the way? Congrats! If you’re like most expecting parents, a new family car may be in the cards. At Shift, we have a number of new parents in the office, which got us thinking, what exactly makes a car family friendly or not? We asked them to find out. Continue reading “8 Must-Consider Factors for Every Family Car”
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.
When you’re buying a car, you want to know exactly how much you’re paying and whether you’re getting a deal. Both of those things are a lot easier with two new updates to Shift’s vehicle pages: a market comparison tool from CarGurus and an improved price calculator. Continue reading “At Shift, Used Car Prices that Bare it All”
“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)”
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”