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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 has a specialization in helping readers with the ins and outs of securely taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers feel confident to manage their finances through providing precise, well-researched and researched information that breaks down otherwise complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive tools and financial calculators as well as publishing reliable and original content. This allows you to conduct your own research and compare data at no cost – so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies that compensate us. This compensation could affect how and where products are displayed on this site, including for instance, the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage home equity, mortgage and other home lending products. But this compensation does affect the content we publish or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that may be accessible to you.
About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the opinions of the reviewer and are not evaluated or accepted by any advertising company. The information such as rates and charges that are included in the review is accurate up to the date that the review was written. Check the data in the upper right hand corner of the page as well as the lender’s website to find the most current information.
At a glance 3.9 rating: 3.9 stars out of 5
Bankrate Score
Availability Rating: 4.5 stars out of 5
Affordability Rating 3 stars out of 5
The Customer Service Rating is 3.4 stars out of five
Transparency Rating: 4.5 stars out of five
Find out about rates for auto loan rates
About MyAutoLoan Amount of loan $5,000 – $100,000
Min. credit score 575
APR from 4.49% depending on loan type
Funds available as early on the business day following.
MyAutoLoan Pros and Cons It’s easy to find financing deals that are competitive on the myAutoLoan website. There are a few disadvantages to be considered before utilizing the platform.
PROS Flexible qualification criteria
Rapid financing
Rates published on the internet
ConS is not available to all states.
Limited customer support
Do you qualify? The criteria for loan approval varies by depending on the myAutoLoan partner lender you’re matched to. The following requirements are firm across the board. At minimum 18 years old. Have an FICO credit score at least 575 an annual gross income of $21,600 for a non-refinancing purchase Be earning gross annual earnings of at minimum 18,000 for auto refinancing. Choose a car no older than 10 years with less than 125,000 miles
What we like and what don’t like Here are some advantages and disadvantages associated with myAutoLoan’s auto loans. What we like Flexible qualifications. It is possible to get financing for a brand new or used vehicle if your gross annual income is at least $21,600 . You must also have an FICO score of 575 or higher. Rapid funding. If you are approved by the auto loan, you can get the funds as fast as 24 hours. Rates are published on the internet. The lowest interest rates for automotive loan products are published every day on the site. We don’t like the fact that they are not available in some states. Borrowers in Alaska and Hawaii are out of myAutoLoan’s service areas. Customer support isn’t available via telephone. There’s no number to call for assistance. Instead, you’ll have to submit an online request for someone to call you back in case you require assistance. Contact me at myAutoLoan you need additional assistance when applying, or prefer to speak with someone, you can use the contact online form to send over a note. The myAutoLoan staff will respond to your request by email or phone.
Auto loan kinds available You can use myAutoLoan to explore the most competitive auto loan purchase refinance, private-party and lease buyout choices. New and used purchase loans
The loan amount is $8,000 to $100,000 Terms for 36 to 84 months APR: from 3.69%
Get rates quotes that you can compare to the rates your financial institution is offering or avoid the long lines at the dealership. Even better, you can shop with confidence since you’ll have the leverage to negotiate the best price when you have a cash payment. Refinance auto loans
Loan quick facts Amounts: $5,000 to $100,000 Terms: 36 to 84 months APR: starting at 2.49 percent
If your monthly car payment are way too high for your budget, think about refinancing your auto loan. You could be eligible for an interest rate that is lower or extended loan term, which can help you keep the money you’ve earned in your pocket today or in the future. Private party auto loans
The loan amount is Between $5,000 and $100,000. Terms range from 36 to 84 month APR: starting at 2.49 percent
Did you find a good deal on a vehicle through a private seller? You can avoid fees and haggling in the dealer with a private party auto loan. MyAutoLoan can help you find an loan fast to ensure you get the most benefit from the offer before it’s gone. Lease buyout loans
Loan quick facts Amounts: $8,000-$100,000. Terms are 36 to 84 month APR: starting at 2.39%
If you’ve fallen in love with your lease-to-own vehicle — or simply want to avoid fees and charges, you could buy it at the conclusion of the lease. To determine if your be eligible, take a look at the purchase price you agreed to at the start of your lease. How to apply for a loan using myAutoLoan The process of applying for a loan with myAutoLoan is quick and easy. Start by submitting your inquiry online. It will take you two minutes to complete, and you’ll receive at least four loans from banks on the myAutoLoan network , if there’s a match. In the event that one of these loan proposals is suitable for you, you can submit a formal application with the lender and upload the necessary documents.
Information required to apply for your driver’s license . Pay stub that shows year-to-date earnings automobile insurance Contact information for personal for reference
Once you receive an approval final from your lender after which you will be able to accept on the loan documents and will receive your check or online certificate within 24 hours. It is then used to purchase a new or used vehicle or refinance your existing car loan.
myAutoLoan FAQs
Does myAutoLoan do a hard credit check? Yes but not immediately. There will be a rigorous credit check, which could temporarily lower the credit score of a couple points after you have chosen a lender.
Is myAutoLoan a reputable lender? Yes, as per the Better Business Bureau myAutoLoan receives an A+ grade 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 that repay their loans in advance.
How Bankrate rates myAutoLoan
Overall score
3.9
Accessibility
4.5
MyAutoLoan has relationships with lenders who offer loans across 48 states and offer a variety of terms and amount options.
Affordability
3
The maximum APR is quite high at 25 percent, but the lenders offer a range of extremely low starting APRs for applicants with great credit.
Customer experience
3.4
Rates are good for 30 days, and myAutoLoan is a 100% online service but doesn’t offer an address or phone number, nor live chat.
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 auto loan lenders. These include the requirements for credit, loan amount, APR ranges, window for shopping together with fee and rate availability. In total, Bankrate reviewed 33 lenders and gave each a Bankrate rating. This consists of four categories that include availability. The types of loans, loan amounts and repayment options are all considered in this section. A broad range of financing options results in a higher score. Affordability. The rates of interest, acceptance criteria and present fees are analyzed here. Customer experience. This section is about online access as well as app availability and hours of customer support. The lenders that offer 24/7 support earn the top marks. Transparency. This includes the disclosure of potential fees and the ability to apply for loan prequalification.
Disclaimer The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review is accurate as of the date of the review. Review the information on the right and the lender’s website for the most up-to-date 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 ways and pitfalls of borrowing money to purchase a car.
Edited by 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 readers gain the confidence to manage their finances by providing concise, well-researched, and clear facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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