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MyAutoloan is a direct-to-consumer online marketplace where they offer new and used car loans and refinancing options by allowing you to compare multiple auto lenders.
MyAutoloan is considered an auto loan aggregator, which means they collect certain information from you via an application and then “shop” your data with more than 20 lenders to get you competitive auto loan rates.
MyAutoLoan Overview
| Feature(s): | Details: |
|---|---|
| Estimated APR: | 1.99% (Auto Refinance) to 4.69% (Private Party) |
| Minimum Credit Score: | FICO Score of 575 or Higher |
| Availability: | All States besides Hawaii & Alaska |
| Loan Terms: | 24 Months - 72 Months |
| Loan Amounts: | Minimum of $8,000 ($5,000 if refinancing) and the max amount is dependent on the individual |
What Is MyAutoLoan?
MyAutoLoan is an auto loan marketplace that offers various auto financing services:
- New & Used Car Purchase
- Auto Loan Refinance
- Private Party & Lease Buyout
MyAutoLoan has partnered with a diverse group of auto lenders to provide you with affordable, competitive interest rates. Within minutes, MyAutoLoan will help you compare real-time tailored offers from 4 different lenders.
This helps you save money, time, and energy as you find the best solution to meet your auto needs.
How does myAutoloan work?
The applicant will fill out an application on myAutoloan.com. This process is straightforward and easy. Once you have filled out the application and submit it, myAutoloan will run a “soft inquiry” to match you with up to 4 lenders.
Running a soft credit will not affect your credit score but rather gives myAutoloan an approximate range where you fall within the credit score realm.
However, once you select one of the 4 lenders, that lender will most likely run a “hard inquiry“, which does have a negative impact, short term, on your credit score. This is no different than any other bank or lender loaning you money.
MyAutoLoan Services & Features
Currently, MyAutoLoan offers five different auto finance services. Let’s review the details of each service.
New Car Loan
On their platform, MyAutoLoan will help you lock-in a new car loan that is not a rip off. In real-time, you can compare up to 4 different new car loans.
This includes reviewing the starting APR, terms, and additional features added.
Used Car Loan
Are you buying a used card? MyAutoLoan will help you compare various Used Car Loans in minutes. It is advantageous to arrive to a dealership with financing in hand, and it gives you more negotiating power.
Refinance Your Existing Loan
Chances are your current auto loan is ripping you off, especially if it is from a dealership. MyAutoLoan offers auto loan refinance, so you can lock-in a competitive rate and lower your monthly payment.
Lease Buyout
Are you currently leasing your vehicle? MyAutoLoan will help you buyout your current lease and make your dream of car ownership a reality.
Private Party Car Loan
MyAutoLoan can help you arrange a safe, convenient, and fast person-to-person auto loan. This is also known as a “private party car loan.”
MyAutoloan Application Process
- Fill out a short and secure two-minute offer form
- myAutoloan then matches you to up to four vendors
- You then receive an online certificate or a check within 24 hours
- Use your check to buy the car you want within certain guidelines (see below).
Four vendor results, now what?
Once you are matched with the four vendors, you will learn rate ranges, how much you can borrow, and available loan terms.
You will not have final terms until you select a vendor and they run your credit score. It is your decision on if you would like to accept one of the offers or not. You normally have 30 days to make this decision before having to reapply.
If you accept one of the lender’s offers, you could receive a check within 24 hours. Once you receive your check, you can then take this check into any dealership or use it to refinance your existing vehicle loan.
It is worth noting that although you are presented with four vendors, myAutoloan uses your information from your application and sends it out to over 20 vendors, so be prepared to be contacted by other vendors than the four that were presented to you.
What to Know Before You Apply on MyAutoLoan.com
You must be 18 years old or older and live within the lower 48 states. Hawaii and Alaska residents are currently not allowed to apply.
And you must have an income of at least $21,000 per year unless you are refinancing, you need an income of $18,000, and you cannot have any open bankruptcies.
Having an idea of the type of vehicle you want is also a good idea because, with myAutoloan, the vehicle cannot be 10 years or older and must have less than 125,000 miles to qualify for the loan.
Should You Use MyAutoloan Prior to Talking with a Dealership?
Absolutely! Having finance approval before talking with a dealership will help with both negotiations and will reduce the time spent at the dealership.
MyAutoLoan Car Loan Pros and Cons
Pros:
- The application process is quick!
- You can compare multiple vendors from one location.
- There is no cost to use myAutoloan.
- There is no obligation to choose any of the lender results.
- Some lenders do not require a down payment.
- You can reapply every 30 days. This is great if you decide to repair your credit to receive better rates from vendors later on down the road.
- myAutoloan only pulls a “soft inquiry” on your credit which does not affect your credit. Please note, when accepting one of the vendor options, they are likely to pull a “hard inquiry”.
- Having a FICO score of 575 or higher is all you need to be considered for a new auto loan.
- You can have a co-signer on your loan, allowing you to see additional lenders based on your co-signer.
- Interest rates are extremely competitive.
- You do NOT have to use the full loan amount. This will allow you to stay within your monthly budget.
- You can use your loan on a new car, used car, and even with a private party, as long as the vehicle meetings the requirements of not older than 10 years and has less than 125,000 miles.
- You can trade in a vehicle. MyAutoloan states, “if your vehicle is worth more than the remaining loan balance, you have what’s called ‘positive trade equity”.
- A great rating of 4.3, out of 5.0, on Trustpilot.
- A+ rating on BBB.
Cons:
- Since myAutoloan sends your information out to numerous lenders, you will likely receive calls from more than just the four that appeared in the results.
- The loan can only be used with vehicles that are less than 10 Years Old and have less than 125,000 miles.
- Currently, Alaska and Hawaii residents do not qualify.
- There are minimum loan amounts of $8,000.
- You must have an income of at least $21,000 unless you are financing, then it is $18,000.
- Some lenders will require a down payment.
How Does MyAutoLoan Compare to Other Companies?
#1. Auto Approve
Boasting an A+ rating from the Better Business Bureau, Auto Approve specializes in helping customers find refinancing and leasing options for most vehicles.
As an auto loan marketplace, they have partnered with some of the best local, regional, and national auto lenders to bring you tailored, low auto loan rates.
>> Learn More: Auto Approve Reviews
#2. LightStream
A division of SunTrust Bank, LightStream labels itself as a cost-efficient, competitive rate, fixed-rate loan that you can use for practically anything.
LightStream has no restrictions, offers Motorcycle Loans, lease buyout services, refinance, new car loans, and more.
>> Learn More: LightStream Auto Loans Review
#3. MotoRefi
As their name states, they want to help you refinance your auto loan and save money with ease. They tout being able to get you pre-qualified “in seconds.”
Moreover, MotoRefi offers consumers additional vehicle protection products and will help you throughout the entire process from start to finish.
>> Learn More: MotoRefi Review
#4. RateGenius
RateGenius states they have a “massive lender network of over 150 financial institutions in all 50 states,” which they feel brings you the best auto loan rates when it comes to refinancing.
>> Learn More: RateGenius Review
Frequently Asked Questions on MyAutoloan
Is MyAutoloan Safe?
Yes, myAutoloan uses SSL Encrypted Data during your application process.
Is MyAutoloan Legit?
Having been in business for nearly 20 years, with an A+ rating on BBB and a 4.5 rating on Trustpilot, myAutoloan is 100% legit and easy to work with.
Does MyAutoloan pull as a “hard inquiry”?
No, myAutoloan obtains a “soft inquiry” that does not impact your credit score. However, if you select one of the lenders for a loan, they will most likely pull a “hard inquiry”, which will have a negative impact on your credit score for a short amount of time.
>> Keep Reading: Hard vs. Soft Inquiries
What Fees Do MyAutoloan Charge?
MyAutoloan does not charge any fees at any point of your application. They are paid by the lenders when you accept one of them.
What Are the Interest Rates on MyAutoloan?
Interest rates change as the market dictates, similar to mortgage rates, but current rates are as low as 1.99% and as high as 4.69%, depending on your credit.
Bottom Line: MyAutoloan Car Loan Review
MyAutoloan is a legitimate, strong, and a trusted loan aggregator for the vehicle industry. Whether you want to refinance your car loan or get a new or used vehicle, myAutoloan provides you with a list of lenders within minutes that present you with the best rates. You literally can go from the application to the dealership in 24 hours if approved!
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