BURLINGTON, Mass. – MoneyAisle.com has launched what its officials call one of the first online auction places for consumers to get competitive rates on auto loans and refinancing.

With a rapidly growing network of banks and credit unions, currently more than 75, competing for auto loans, MoneyAisle.com's Web site can allow consumers to watch as lenders actually bid in real time for their business. The service is free for consumers.

Since 2008, MoneyAisle.com officials said their 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.

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, according to executives.

For example, a consumer in Florida can lower their original APR from 5.99 percent to 3.14 percent 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 percent APR, according to the company.

Official describe the refinancing process as "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 can be discovered in less than a minute, executives claimed.

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 chief executive officer 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," he continued.

How does the process work?

MoneyAisle.com's 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 the consumer can apply and go through the loan process directly through that lender.