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

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of using loans to buy the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to manage their finances by providing concise, well-studied information that breaks down complicated subjects into digestible pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies who pay us. This compensation could affect how and where products are displayed on the site, such as the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial offerings that could be open to you.




About our reviews . Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely those of the reviewer , and have not been checked or accepted by any advertising company. The information, including rates and fees that are included in the review are accurate as of the date that the review was written. Check the data on the right, and the lender's website to find the most up-to-date information.








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

Available Rating: 4.5 stars out of 5
Affordability Rating: 3 stars out of 5
Customer Experience Rating: 3.4 stars out of 5
Transparency Rating: 4.5 stars out of five


Check auto loan rates


About MyAutoLoan The loan amount is $5,000 to $100,000
Min. credit score 575
APR ranging from 4.49% based on loan type
Funds available in As soon as the next business day



MyAutoLoan Pros and Cons It's easy to find financing deals that are competitive on the website of myAutoLoan. There are a few disadvantages to take into consideration before using the platform.
PROS Flexible qualification criteria
Quick funding
Rates are published online

The CONS service isn't available for all states.
Limited customer support





Do you qualify? The criteria for loan approval is contingent on the myAutoLoan partner lender you're matched to. These requirements are strict across the board. Be at least 18 years old . Possess a FICO credit score of at least 575 Have an annual gross income of at least $21,600 for a non-refinancing purchase Earn a gross annual income of at least 18,000 when it comes to auto refinancing Choose a vehicle that is not more than 10 years old with less than 125,000 miles
What we love and what don't like here are some of the benefits and drawbacks associated with myAutoLoan's auto loans. We love the flexibility of qualifications. You could get financing for a new or used car if you're net annual salary is not less than $21,600 . You must also have an FICO score of 575 or more. Rapid approval. If you are approved by the auto loan you could receive the money in as little days as 24. Rates published online. The lowest rates for interest in automobile loan products are posted every day on the site. What we don't like Not offered in certain states. Borrowers from Alaska and Hawaii are not part of myAutoLoan's service area. Support for customers is not available by phone. There's no toll-free number to contact if you require assistance. Instead, you'll be required make an online request for someone to call you back for assistance. Contact me at myAutoLoan you require additional assistance while applying or would prefer to speak with someone, you can use the contact online form to drop a message. An individual from the myAutoLoan staff will respond to your query via either email or telephone.

Auto loan kinds available MyAutoLoan allows you to explore options for competitive auto loan purchase refinance, private-party and lease buyout options. Used and new purchase loans
The loan amount is $8,000 to $100,000 Terms: 36 to 84 months APR: starting at 3.69%


Get rates quotes that you can compare to the rate your bank offers or to avoid waiting in line at the car dealership. Plus, you'll be able to shop with confidence knowing that you'll have the leverage needed to negotiate the best deal when you have a cash payment. Auto refinance loans
The loan amount is From $5,000-$100,000. Terms of the loan: 36 to 84 month APR: Beginning at 2.49%


If your car's monthly payments are far too expensive for your budget, you might want to consider refinancing your car loan. You may qualify for lower interest rates or an longer loan duration, which could help you keep more of your hard-earned cash in your pockets now or over time. Private-party auto loans
The loan amount is Between $5,000 and $100,000. Terms are 36 to 84 months APR: beginning at 2.49 percent


Did you get a bargain deal on a vehicle through private sellers? Beware of fees and bargaining at the dealership by taking advantage of an auto loan. MyAutoLoan can help you find a loan fast to ensure you can take advantage of the deal prior to it expiring. Lease buyout loans
The loan amount is $8,000 to $100,000 Terms: 36 to 84 months APR: Starting at 2.39%


If you've fallen in love with your leased car -- or just need to stay clear of fees and charges, you could buy it at the end of the lease. To determine if your qualify, check out the buyout cost you agreed upon at the start of your lease. How do you apply for a loan through myAutoLoan. The process of applying for a loan with myAutoLoan is quick and easy. Begin by filling out the online inquiry form. It takes two minutes to fill out, and you'll receive at least four loans from banks in the myAutoLoan network if there's an agreement. In the event that one of these loan options is a good fit for you, fill out an application in writing to your lender and upload the required documents.
The information required for application is your driver's license Pay stub that is year-to date in its earnings. Proof of automobile insurance Contact information to use for personal information


When you receive an approval final from your lender and you are able to sign on the loan documents and will receive an online or check within the next 24 hours. It is then used to buy a brand used or new vehicle or refinance your current auto loan.
MyAutoLoan FAQs
Does myAutoLoan do a hard credit check? Yes however, not immediately. There will be a rigorous credit pull, which can briefly lower your credit score by a few points after you have chosen the lender.



Is myAutoLoan a trustworthy lender? Yes, as per the Better Business Bureau myAutoLoan receives an A+ rating based on the lender's accreditation as well as the practices it follows.



Does myAutoLoan enforce a prepayment penalty? It's not true. There won't be any fees for borrowers who repay their loans in advance.



How Bankrate rates myAutoLoan
Overall score
3.9
Availability
4.5
MyAutoLoan works with lenders that provide loans across 48 states and have a number of terms and amounts available.
Affordability
3
The maximum APR is high at 25 percent. However, its lenders have a range of extremely low starting APRs for those with great credit.
Customer experience
3.4
Rates are available for 30 days, and myAutoLoan is a 100% online service, but it doesn't have a phone number posted or live chat.
Transparency
4.5
MyAutoLoan only posts some of its rates and charges However, it permits potential borrowers to prequalify.


Methodology Bankrate considers 18 data points when rating the auto loan lenders. This includes credit requirements, loan amount, APR ranges, the shopping window, along with rate and fee availability. In all, Bankrate reviewed 33 lenders and gave each an Bankrate rating. It is comprised of four categories that include availability. Types of loans, amounts, as well as repayment choices are analyzed in this section. A variety of financing options results in a higher score. Affordability. The rates of interest as well as acceptance criteria and current fees are measured here. Customer experience. This category concerns online access as well as app availability and the hours of support for customers. The lenders that offer 24/7 support earn the top ratings. Transparency. This includes the disclosure of fees that could be charged and the possibility of applying in for loan prequalification.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not reviewed or approved by any advertiser. The information, including rates and fees that are included in the review is correct at the time of the review. Check the data on the right as well as the lender's site for the most recent information.




Written by
Rebecca Betterton
Auto Loans Reporter


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

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances with precise, well-researched and well-constructed information that breaks down otherwise complex topics into manageable bites.






Auto loans editor










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