MyAutoLoan Review

Caroline Banton

In a Nutshell

MyAutoLoan is a marketplace of trusted lenders where you can shop around for the best financing terms. The platform’s quick and easy application process means that you’re just a few clicks away from driving away in your dream car.

pros

  • Direct-to-consumer financing available
  • Receive up to 4 matches with lenders within minutes

cons

  • High minimum loan amount
  • Mileage and car age limits are restrictive

MyAutoLoan MyAutoLoan Visit Site

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. 

Best For?

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 best fit. Additionally, the company is experienced in helping customers with average scores but who seek alternatives before they make a final decision. 

MyAutoLoan Features

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

Application Process

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 best 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 best 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. 

Repayment Options

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. 

MyAutoLoan MyAutoLoan Visit Site

Final Word

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 best 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.

Physical Address

Horizon Digital Finance

5005 W. Royal Lane, Suite 209

Irving, TX

75063

Caroline Banton is a freelance writer of business and finance articles that have been featured in The Huffington Post, The Motley Fool, Time, MSN, PYMNTS.com, GOBankingrates.com, SaleMove, and MyBankTracker.com. Before becoming a writer, Caroline had over fourteen years of experience working at the World Bank. Caroline has an MBA from Johns Hopkins University.

MyAutoLoan customer reviews

Based on 30 reviews

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Top Reviews

Curtis, CA
8 months ago

Ease of use

Brand satisfaction

Value for money

Service quality

Great customer service and experience. Always easy to work with and quick service. Got the loan I was looking for.

Marion, OH
7 months ago

MyAutoLoan helped me get into a car that was newer and reliable for my children. I love this loan company and will be using it in the future.

Jermaine, LA
7 months ago

The searches that I performed gave me more than the information that I needed to get the vehicle loan that I needed.

David, NY
a year ago

The service is very easy to use and solves whatever issues I may have. I have nothing negative to say.

James, CA
10 months ago

It was very satisfactory. Achieved all that I desired. Everything that I wanted was given to me in the package.

Terry, MD
10 months ago

Great customer service when I needed to talk to them concerning payments and could I pay the loan early

Rebecca, GA
a year ago

They are very kind on the phone, they help you with anything you may need , rather that be help controlling anything you come across.

Andrea, ND
9 months ago

Great site offering a product that a person is able to get a loan quick and fast, and have great customer service.

AJB, WA
10 months ago

Customer service was very good, I got ahold of people quickly. Also a very reliable option for good money

Chris, TX
a year ago

Service is friendly and helpful. More affordable rates than other services I have looked into.

Charlie, NY
10 months ago

They give you the tools to get the loan you need. You can get your credit score, car values, recalls.

Debbie, CA
a year ago

Fast and efficient, easy to use. The process only took a short amount of time and I got a loan.

Karen, WI
10 months ago

I think they are a great company I like how easy it was to find and use them. I would like for them to make an app that would be great on the go

Shelley, VA
7 months ago

Easy to use and good customer service. Overall good company. The website was also easy to navigate

Shay, AZ
9 months ago

Its a good web site, but didn't get the type of loan I want, so need to check other company

Tom, OH
10 months ago

They've done everything I needed done at a very fair rate. They are easy to work with and I'm completely satisfied.

Sara, KS
a year ago

Haven't had any issues and am happy with my loan. I appreciate the terms of the loan and ease of using the website.

Antmir, CA
a year ago

They allow you to keep track of your loan and to calculate how the loan could be payed off faster or slower.

Hallie, WI
9 months ago

Had no issues with the product. it was clear an easy to use. I would recommend this to a friend looking for a car loan

Matthew, FL
8 months ago

It was very user friendly and I was able to navigate quickly and seek an auto loan and get qualified easily.

30 reviews