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Myautoloan
MyAutoLoan 2023 Auto loan review published 2023-01-01 at 00:00:00.
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase 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 committed to helping readers to take control of their finances by providing precise, well-researched and researched facts that break down complicated subjects into digestible pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing reliable and original content. We also allow users to conduct research and compare data at no cost and help you make sound 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 are from companies who pay us. This compensation can affect the way and where products are displayed on this website, for example, for example, the order in which they appear within the listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not contain the universe of companies or financial deals that may be open to you.




Reviewer's disclosures: All reviews are prepared by our staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed or accepted by any advertising company. The information, including rates and fees that are included in the review is accurate as of the date when the review first appeared. Check the data at the top of this page and the lender's website to find the most current 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 Three stars from five
The Customer Service Rating is 3.4 5 stars. 5
A rating of transparency: 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 from 4.49% based on loan type
Funds available as early as the next business day



MyAutoLoan Pros and Cons It's simple to find financing deals that are competitive on the myAutoLoan website. However, there are some cons to be considered before utilizing the platform.
PROS Flexible qualification criteria
Quick funding
Rates are published on the internet

CONS Not available in all states
Limited customer support





Do you qualify? The criteria for loan approval varies by depending of the partner myAutoLoan lender you're matched to. These requirements are strict all the way around. Be at least 18 years old Have a FICO credit score at least 575 gross annual earnings of at least $21,600 for purchases that are not refinancing. Be earning gross annual earnings of at least 18,000 when it comes to auto refinancing. Choose a car no more than 10 years old with less than 125,000 miles
What we like and what don't like Here are some of the benefits and drawbacks that myAutoLoan offers in auto loans. What we like Flexible qualifications. It is possible to be eligible for finance for a new or used vehicle if your total annual earnings are less than $11,600, and you possess a FICO score of 575 or more. Fast financing. If you're approved by the auto loan, you can get the money in as little as 24 hours. Rates are published online. The lowest interest rates in auto loan products are published every day on the site. The things we do not like accessible in all states. Borrowers from Alaska and Hawaii are out of myAutoLoan's service areas. Customer support is not accessible via telephone. There's no toll-free number to call for assistance. Instead, you'll have make an online request for someone to call you back if you need assistance. Contact me at myAutoLoan you require assistance with applying for a loan or want to speak with someone, you can use the contact online form to send over a note. An individual from the myAutoLoan team will respond to your query via phone or email.

Auto loan kinds available You can use myAutoLoan to look into competitive auto loan purchase refinance, private-party and lease buyout alternatives. Purchase and refinance loans
Quick facts about loans: From $8,000-$100,000. Terms (36 to 84 Months) APR: from 3.69%


You can request rate quotes to compare against the rates your financial institution is offering or avoid the long wait at the dealership. Plus, you'll be able to shop with confidence since you'll have the leverage to negotiate the best price with a check in hand. Refinance auto loans
Loan quick facts Amounts: Between $5,000 and $100,000. Terms 36-84 months APR: starting at 2.49%


If your car's monthly payments are far too expensive for your budget, consider refinancing your vehicle loan. You may qualify for a lower interest rate or longer loan duration, which could aid in keeping more of your hard-earned cash in your pockets now or over the course of time. Private party auto loans
Quick facts about loans: From $5,000-$100,000. Terms range from 36 to 84 month APR: beginning at 2.49%


Did you find a good deal on a car from a private seller? You can avoid fees and haggling at the dealership by taking advantage of an auto loan. MyAutoLoan can help you find a loan quick to make sure you get the most benefit from the offer when it's over. Lease buyout loans
The loan amount is $8,000 to $100,000 Terms are 36 to 84 month APR: from 2.39 per cent


If you've been in love with your lease-to-own vehicle or need to stay clear of fees and charges, you could buy it at the end of your lease. To determine if you be eligible, look up the buyout cost you agreed upon at the beginning the lease. How do you apply for a loan with myAutoLoan The process of applying for a loan with myAutoLoan is quick and easy. Begin by filling out your inquiry online. It will take you two minutes to complete and you'll receive as many as four loan offers from the lenders within the myAutoLoan network , if there's an opportunity to match. In the event that one of these loan proposals is suitable for you, submit a formal application with the lender and upload all the required documents.
Required application information Your driver's license Pay stub that shows year-to-date earnings automobile insurance Contact information for personal information


When you receive an approval final from your lender and you are able to accept on the loan documents and get the check, or certificate online within 24 hours. It is then used to purchase a used or new vehicle or refinance your existing car loan.
MyAutoLoan FAQs
Does myAutoLoan do a hard credit check? Yes, but not right away. You will undergo a hard credit check, which could briefly lower the credit score of a couple points, after you have chosen the lender.



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



Does myAutoLoan enforce a prepayment penalty? No, there will not be any charges for borrowers that repay their loans early.



What Bankrate rates myAutoLoan
Overall score
3.9
Availability
4.5
MyAutoLoan has relationships with lenders who provide loans in 48 states . They have a number of terms and loan amounts to choose from.
Affordability
3
Its maximum rate of interest is quite exorbitant at 25 percent, however the lenders offer a range of very low initial APRs for applicants with good credit.
Customer experience
3.4
Rates are available for 30 days and myAutoLoan provides a completely online experience but doesn't offer a phone number posted or a live chat function.
Transparency
4.5
MyAutoLoan only publishes a portion of its rates and charges however, it allows prospective borrowers to apply for.


Methodology Bankrate considers 18 data points when evaluating the auto loan lenders. They include credit requirements, loan amount, APR ranges, the shopping window, along with rate and fee availability. In total, Bankrate reviewed 33 lenders and gave each an Bankrate rating. It is comprised of four categories that include availability. Loan amounts, types as well as repayment choices are analyzed in this section. A wide range of options for financing results in an improved 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 hours of customer support. Providers that provide 24/7 support get the highest available scores. Transparency. This covers the disclosure of potential fees as well as the option to apply to be eligible for loan prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed nor acknowledged by any advertising company. The information such as rates and charges, presented in the review is correct up to the date that the review was written. Check the data in the upper right hand corner of the page, and the lender's site for the most recent details.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with concise, well-researched, and clear facts that break down otherwise complex topics into manageable bites.






Auto loans editor










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