In a Nutshell
- Direct-to-consumer financing available
- Receive up to 4 matches with lenders within minutes
- High minimum loan amount
- Mileage and car age limits are restrictive
MyAutoLoan at a Glance
As a lender marketplace, MyAutoLoan offers some of the most competitive interest rates and terms. Thanks to an efficient and precise prequalification process, you will only see offers from lenders who are likely to approve you based on your credit standing. Moreover, you can view up to four potential matches after your initial application is approved.
As well as offering new auto loans, MyAutoLoan provides loan options for private party purchases, pre-owned cars, and several types of refinancing. These options offer low APRs if you have excellent credit, but myAutoloan also has competitive rates if your credit is less than stellar.
If you need some time to decide, keep in mind that offers remain available and open for 30 days. This gives you time to fully assess your situation, needs, and alternatives before finalizing your decision.
MyAutoLoan’s partners offer some of the lowest rates available on the market, which is attractive to customers regardless of their credit score. Because of the competition-based model where lenders must vie for a borrower’s business, customers can compare loan options to find the right fit. Additionally, the company is experienced in helping customers with average scores but who seek alternatives before they make a final decision.
MyAutoLoan boasts an easy pre-qualification process, which entails completing a simple application. Once completed, MyAutoLoan will quickly match you with up to four potential lenders and will guide you through the approval process to secure your funds. You can receive your funds in as little as one business day, and all deposits are direct giving you the freedom to use your funds as necessary when purchasing a vehicle.
Some highlights include:
- Applications are automatically submitted to up to 20 different lenders
- Funds are received in as little as 24 hours
- Favorable terms regardless of your credit score
- Excellent financing options
- Streamlined and effortless application
- Highly competitive interest rates
- Instant matching with up to four viable lenders
Applying for auto refinancing or an auto loan with MyAutoLoan is straightforward and painless. The prequalification application is a single page and requests only the information essential to match you with the right lender. This information includes basic contact details and questions regarding income, residence, and financial stability. MyAutoLoan does require that you provide your Social Security number. Unlike many competitors, it performs a “hard” credit pull, which marginally lowers your credit score. This is why MyAutoLoan is so successful at matching customers with the top available loan opportunities.
Minimum requirements include:
- Borrowers must be 18 years or older
- Minimum income of $21,000 for purchase, private party, and lease buyout loan types; $18,000 for refinancing
- No ongoing or open bankruptcy proceedings
- Borrowers must reside in any of the states MyAutoLoan offers services (these include the lower 48 states, but not Alaska or Hawaii)
- Minimum loan amount of $8,000 for purchase, private party, and lease buyout loan types; $5,000 for refinancing
- A credit score of at least 575
Borrowers can expedite the application process by having the following ready:
- A valid form of identification
- Proof of residence such as a lease agreement, utility bill, or deed
- Proof of employment such as a tax return or pay stubs
- Details regarding the vehicle being purchased
Loan Types and Terms
For customers looking to purchase a new car, the lowest rates available through MyAutoLoan’s partners start at 2.75% for loan terms that are less than 36 months if you have excellent credit. Even at longer terms, the low end of the spectrum for new auto loan rates is 4.44% for terms over 60 months. Pre-owned cars have slightly higher rates because of the elevated risk these vehicles carry. Rates can start as low as 3% reaching upwards of 18%.
Refinancing offers competitive rates, making it a solution for borrowers seeking more favorable terms. The company’s partners can offer rates as low as 1.99% for refinancing terms lower than 36 months, and their highest rates reach up to 9%.
How Safe is It?
MyAutoLoan takes customer data security seriously and employs various layers of protection. The company’s website is secured with HTTPS encryption, guaranteeing that pages are not malicious. MyAutoLoan also uses secure sockets layer (SSL) encryption when transmitting and storing all customer data using robust 128-bit encryption. Finally, MyAutoLoan employs industry standard security measures at its data centers. The information it collects and how it is used are transparent. While MyAutoLoan does share some customer information with its partners, it is clear about the data it shares and lets you opt-out of providing certain information.
If you accept a loan from MyAutoLoan’s network of partners, you have several repayment options. You can choose from terms as short as 24 months to upwards of 84 months and a variety of repayment alternatives, including automated payments directly from your checking account. Automated payments will give you a lower interest rate than other payment methods, although this may vary from lender to lender.
Help & Support
You can contact MyAutoLoan via an email ticket on the website. However, there is no toll-free number or live chat feature. MyAutoLoan’s site hosts an informative FAQ section that answers some of the most common user questions.
Thanks to a variety of services and competitive rates, MyAutoLoans offers an excellent alternative for vehicle buyers. The marketplace model means you can find the right financing solution available with favorable rates. Additionally, the company’s educational resources and superior customer service make it an ideal partner if you are looking to finance the purchase or your dream car.
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