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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 with the ways and pitfalls of borrowing money to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to control their finances by providing precise, well-researched and researched facts that break down otherwise 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 choices by offering interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies who pay us. This compensation may impact how and where products are displayed on this site, including the sequence in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. This compensation, however, does affect the information we provide, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial deals that may be open to you.
About our reviews . Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely the opinions of the reviewer and have not been checked or approved by any advertiser. The information, including rates and fees provided in the review are accurate up to the date when the review first appeared. Review the data at the top of this page as well as the lender’s site for the most current information.
A look 3.9 Rating: 3.9 stars out of 5
Bankrate Score
Rating of Availability: 4.5 stars out of 5
Affordability Rating Three stars from five
Customers Experience Score: 3.4 five stars from five
Transparency Rating: 4.5 stars out of 5
Check rates for auto loan rates
About MyAutoLoan Amount of loan $5,000 – $100,000
Min. credit score 575
APR from 4.49% based on loan type
Funds available in As soon after the day of the following business
MyAutoLoan advantages and disadvantages It’s easy to find financing deals that are competitive on the website of myAutoLoan. Still, there are cons to be considered before utilizing the platform.
PROS Flexible qualification criteria
Quick funding
Rates published on the internet
ConS is not available to all states.
Limited customer support
Do you qualify? Particular loan approval varies by depending on the myAutoLoan partner lender you’re matched to. These requirements are strict all the way around. At least 18 years old . Possess an FICO credit score at least 575 an annual gross income of at least $21,600 for non-refinancing purchases Have gross annual earnings of at least 18,000 when it comes to auto refinancing. Select a vehicle that is not older than 10 years with less than 125,000 miles
What we like and what don’t like here are some of the benefits and drawbacks of myAutoLoan auto loans. What we like Flexible qualification criteria. It is possible to qualify for financing for a brand new or used car if you’re total annual earnings are less than $11,600, and you possess an FICO score at least 575 or better. Fast financing. If approved by the auto loan, you can get the funds in as few days as 24. Rates posted online. The lowest rates for interest on auto loan products are updated 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 isn’t available via phone. There’s no number to call for assistance. Instead, you’ll need fill out an online form for someone to contact you if you need assistance. Contact myAutoLoan if you require additional assistance while applying, or prefer to speak with someone, fill out the form on the site to leave a message. An individual from the myAutoLoan staff will respond to your inquiry via phone or email.
Auto loan types offered Through myAutoLoan, you can explore competitive auto loan purchase, refinance, private party and lease buyout options. New and used purchase loans
Loan quick facts Amounts: $8,000 to $100,000 Terms: 36 to 84 months APR: Starting at 3.69 percent
Get rates that are comparable to the rate your bank is offering or avoid the long wait at the dealership. Better yet, you can shop with confidence since you’ll be able to negotiate the best price with a check in hand. Auto refinance loans
The loan amount is From $5,000-$100,000. Terms 36-84 months APR: beginning at 2.49 percent
If your monthly car payments are too much in your financial budget, you might want to consider refinancing your car loan. You may qualify for lower interest rates or an extended loan term, which can allow you to keep more of your hard-earned cash in your pocket now or over the course of time. Private-party auto loans
Quick facts about loans: From $5,000-$100,000. Terms: 36 to 84 months APR: starting at 2.49%
Did you get a bargain price on a car through private sellers? Beware of fees and bargaining at the dealership by taking advantage of a private party auto loan. MyAutoLoan can help you find an loan quick to make sure you are able to take advantage of the deal prior to it expiring. Lease buyout loans
Quick facts about loans: $8,000-$100,000. Terms are 36 to 84 month APR: starting at 2.39%
If you’ve found yourself in love with the leased car or want to avoid fees and penalties — you can buy it at the end of your lease. To determine if your be eligible, look up the buyout cost you agreed upon at the beginning on your lease. How to apply for a loan with myAutoLoan The application process with myAutoLoan is fast and simple. Begin by filling out an online request form. It takes two minutes to complete and you’ll receive at least four loans from banks within the myAutoLoan network if there’s a match. If one of the loan proposals is suitable for you, you can submit an application in writing to your lender and upload all the required documents.
Information required to apply for your driver’s license Pay stub that is year-to date in its earnings. Proof of auto insurance Contact information to use for personal for reference
When you receive an approval final from your lender after which you will be able to accept your loan documents and receive an online or check within the next 24 hours. It can then be used to purchase a 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 check, which could briefly lower you credit rating by several points after you have chosen an lender.
Is myAutoLoan a trustworthy lender? Yes, according to the Better Business Bureau myAutoLoan receives an A+ based on the lender’s accreditation as well as practices.
Does myAutoLoan enforce a prepayment penalty? There will not be a charge for borrowers who make payments on their loans in advance.
How Bankrate rates myAutoLoan
Overall score
3.9
Availability
4.5
MyAutoLoan collaborates with lenders who offer loans in 48 states . They provide a range of terms and loan amounts to choose from.
Affordability
3
The maximum APR is high at 25 percent, but the lenders offer a range of very low initial APRs — if you have great credit.
Customer experience
3.4
Rates are available for 30 days and myAutoLoan offers a fully online experience, but it doesn’t have a phone number posted or a live chat function.
Transparency
4.5
MyAutoLoan only posts some of its fees and rates however, it allows potential customers to apply for.
Methodology Bankrate considers 18 data points when evaluating the auto loan lenders. These include credit requirements, loan amount, APR ranges, shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and awarded each one an Bankrate rating. This consists of four categories: Availability. Loan amounts, types and repayment options are all considered in this section. A variety of financing options leads to an improved score. Affordability. The rates of interest as well as acceptance criteria and current fees are taken into account. Customer experience. This section is about online access as well as app availability and the hours of support for customers. Providers that provide 24/7 support get the top marks. Transparency. This includes the disclosure of potential fees and the ability to apply in for loan prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees provided in the review is accurate up to the date when the review first appeared. Look over the information on the right and the lender’s website 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 in navigating the details of borrowing money to purchase the car they want.
Editor: 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 confidence to control their finances with clear, well-researched facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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