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Myautoloan
MyAutoLoan 2023 Auto loan review Published 2023-01-01 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to take control of their finances through providing concise, well-studied data that breaks complex topics into manageable bites.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare data at no cost and help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews you read on this site. We do not contain the vast array of companies or financial deals that may be available to you.




Reviewer's disclosures: All reviews are prepared by staff. Opinions expressed therein are solely the opinions of the reviewer and are not checked or accepted by any advertiser. The information, including rates and fees, presented in the review is correct at the time that the review was written. Review the data at the top of this page and the lender's site for the most up-to-date details.








At a first glance 3.9 Rating: 3.9 stars out of five
Bankrate Score

Available Rating: 4.5 stars out of 5
Affordability Rating Three stars from five
Customer Experience Rating: 3.4 five stars from 5
A rating of transparency: 4.5 stars out of five


Find out about auto loan rates


About MyAutoLoan The loan amount is $5,000 to $100,000
Min. credit score 575
APR starting at 4.49% depending on loan type
Funds available as early on the business day following.



MyAutoLoan advantages and disadvantages It's simple to find financing deals that are competitive on myAutoLoan's website. However, there are some cons to consider before using the platform.
PROS Flexible qualification criteria
Quick funding
Rates published online

ConS is not available to all states.
Limited customer support





Do you qualify? The criteria for loan approval varies by depending of the partner myAutoLoan lender you're matched with. These requirements are strict all the way around. At least 18 years old Have an FICO credit score at least 575 gross annual earnings of at least $21,600 for purchases that are not refinancing. Earn a gross annual income of at least 18,000 for auto refinancing. Choose a car no more than 10 years old with less than 125,000 miles
What we like and what do not like. Here are a few of the advantages and drawbacks associated with myAutoLoan's auto loans. We love the flexibility of eligibility criteria. You could get finance for a new or used vehicle if your gross annual income is at least $11,600, and you possess a FICO score at least 575 or better. Fast approval. If you are approved by the auto loan, you can get the money in as little than 24 hours. Rates posted online. The lowest rates for interest for auto loan products are published daily on the website. What we don't like Not available in some states. Borrowers in Alaska and Hawaii aren't part of myAutoLoan's service area. Customer support isn't available via phone. There's no number to contact if you require assistance. Instead, you'll have to submit an online request for someone to contact you in case you require assistance. How to contact myAutoLoan If you need additional assistance when applying or would prefer to speak to someone, fill out the online form to send over a note. A member of the myAutoLoan team will respond to your inquiry via phone or email.

Auto loan kinds available You can use myAutoLoan to investigate options for competitive auto loan purchase refinance, private parties and lease buyout choices. Purchase and refinance loans
The loan amount is $8,000 to $100,000 Terms (36 to 84 Months) APR: Starting at 3.69 percent


Get rates that are comparable to the rates your financial institution is offering or avoid the long wait at the car dealership. Even better, you can shop with confidence knowing that you'll have the leverage needed to negotiate the best deal with your check in hand. Auto refinance loans
Quick facts about loans: $5,000 to $100,000 Terms of the loan: 36 to 84 month APR: starting at 2.49%


If your car's monthly payments are too much to handle, think about refinancing your car loan. You could be eligible for lower interest rates or an extended loan duration, which could allow you to keep the money you've earned in your pocket now or in the future. Private party auto loans
The loan amount is Between $5,000 and $100,000. Terms: 36 to 84 months APR: beginning at 2.49 percent


Did you get a great deal on a vehicle through private sellers? Beware of fees and bargaining in the dealer with the private party auto loan. MyAutoLoan will help you locate a loan quick to make sure you get the most benefit from the deal prior to it expiring. Lease buyout loans
The loan amount is $8,000-$100,000. Terms range from 36 to 84 months APR: from 2.39 percent


If you've been in love with your leased car -- or simply need to stay clear of fees and penalties , you can purchase it at the end of your lease. To determine if you qualify, check out the purchase price you agreed to at the start of your lease. How do you apply for a loan through myAutoLoan. The process to apply for a loan through myAutoLoan is fast and simple. Start by submitting the online inquiry form. It will take you two minutes to fill out, and you'll receive as many as four loan offers from the lenders within the myAutoLoan network , if there's an opportunity to match. If one of the loan offers works for you, fill out a formal application with the lender and upload all the required documents.
Required application information Your driver's licence Pay stub which reflects year-to-date earnings Proof of car insurance Contact details for personal for reference


Once you receive an approval final from your lender and you are able to accept on the loan documents and will receive your check or online certificate within 24 hours. It can then be used to purchase a used or new vehicle or refinance your existing auto loan.
MyAutoLoan FAQs
Does myAutoLoan do a hard credit check? Yes but not immediately. You'll be subject to a thorough credit pull, which can temporarily drop your credit score by a few points once you select a lender.



Is myAutoLoan a trustworthy lender? Yes, according to the Better Business Bureau myAutoLoan receives an A+ rating based on the lender's certification and the practices it follows.



Does myAutoLoan enforce a prepayment penalty? No, there will not be any fees for borrowers who make payments on their loans early.



What Bankrate rates myAutoLoan
Overall score
3.9
The availability
4.5
MyAutoLoan has relationships with lenders who offer loans across 48 states and provide a range of terms and amount options.
Affordability
3
Its maximum rate of interest is steep at 25 percent. However, its lenders have a range of very low APRs as a starting point -- if you have great credit.
Customer experience
3.4
Rates are good for 30 days and myAutoLoan offers a fully online experience, but it doesn't have a phone number posted or live chat.
Transparency
4.5
MyAutoLoan does not publish all of its fees and rates However, it permits potential customers to apply for.


Methodology Bankrate considers 18 data points in assessing the auto loan lenders. They include the requirements for credit, loan amount, APR ranges, the shopping window, as well as rate and fee availability. In total, Bankrate reviewed 33 lenders and assigned each a Bankrate rating, which consists of four categories: Availability. Types of loans, amounts, as well as repayment choices are considered in this category. A variety of financing options results in a higher score. Affordability. The interest rates, acceptance criteria and the current fees are taken into account. Customer experience. This section is about online access as well as app availability and hours of customer support. Lenders with 24/7 support carry the highest available ratings. Transparency. This includes disclosure of fees that could be charged as well as the option to apply in for loan prequalification.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed nor approved by any advertising company. The information that is included, including rates and fees that are included in the review is accurate up to the date of the review. Review the information on the right, and the lender's website for the most current information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances with concise, well-researched, and clear data that breaks otherwise complex subjects into digestible pieces.






Auto loans editor










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