MyAutoloan 2021 auto loan review: is it reliable?
MyAutoloan connects borrowers with a network of lenders to find new and used car loans as well as loan refinancing opportunities. If you have a FICO score of 575 or higher, you can get up to four loan offers in minutes at myAutoloan.com. But is myAutoloan the best car financing service, or should you look for an alternative?
Our myAutoloan review takes a closer look at provider loan rates, loan terms, the application process, and customer reviews. We will help you decide if you should give the website a try or if you can find the best car loans elsewhere.
To go ahead and start comparing car loan options, visit myAutoloan.com.
In this article:
For over 15 years, myAutoloan.com has been helping car buyers find low interest loan deals. Based in Irving, Texas, the company offers a wide range of products and services, including new and used vehicle loans, as well as lease buyouts, refinance loans and personal loans.
MyAutoloan is owned by Horizon Digital Finance, LLC, which also owns OneHourFinance.com and Preferred-Dealer.net.
|MyAutoloan.com Advantages||Disadvantages of MyAutoloan.com|
|Offers Loans For Drivers With Low Credit Rating||Not available in Alaska and Hawaii|
|Offers loans for private purchases||Not available for drivers with credit scores below 575|
|Good reputation for customer service
and an A + rating from the Better Business Bureau (BBB)
MyAutoloan loan details
Whether you get a new car loan, a refinance loan or a personal loan, all myAutoloan products work the same. If approved, you receive a check for the loan amount and you can then apply it to the vehicle you want to buy or refinance.
Some lenders offer car buying services or require you to visit a specific dealership. MyAutoloan allows you to go to the dealership of your choice because they give you the money first.
Since myAutoloan.com connects customers to loan offers from a number of different lenders, some loan details may vary. There is a minimum loan amount of $ 5,000 for refinancing and a minimum loan of $ 8,000 for purchase loans and lease buy-out loans.
The other details of the loan are described in the table below.
|MyAutoloan.com loan details|
|Loan amount range||$ 5,000 to $ 8,000 minimum|
|term of the loan||24 to 84 months|
|Annual percentage rate (APR)||2.14 to 4.69% and more|
|Late payment fees||Varies depending on the lender|
|Penalty for early repayment||Varies depending on the lender|
Interest rates can vary depending on the type of loan as well as the length of the loan. The chart above shows the lowest interest range available, but your rates may increase depending on your credit score. If you have a particularly strong credit rating, you may want to look to another provider that offers rates even below 2%.
To get a clear idea of ââwhat your monthly payments may be, myAutoloan.com has an interest rate estimator and payment calculator on its website.
You can find the following loan products on myAutoloan.com:
- New car loan: Qualified applicants can get an offer and get financing within 24 hours to purchase a new car from any dealership.
- Used car loan: This is a process similar to a loan for a new car. The car must be less than 100,000 miles and be 8 years or older.
- Auto refinance loan: Get up to four deals, choose the best one, then get financing to refinance an existing car loan.
- Ready for private party: You can get a loan to use for the purchase of a private car and come to the negotiating table with a check in hand.
- Lease buyback: Get a loan to pay off what is owed on your current lease so that you can own the car.
- Motorcycle loan: You can get loan offers for sports bikes, touring bikes, cruisers and more through myAutoloan.
Be aware that these loans have different APR ranges. For example, new auto loans start at 2.14% APR while personal loans start at 2.49% APR.
MyAutoloan also offers various loan calculators that you can use to estimate your interest rate, monthly payments, etc.
- Interest rate estimator: Enter your loan amount, credit score range, and zip code to calculate an average interest rate.
- Loan amount calculator: This shows your total amount paid based on your payment amount, APR, and loan term.
- Payment amount calculator: This shows the payment amounts for different loan terms based on the principal amount and APR.
MyAutoloan.com loan application process
To apply for a loan through myAutoloan.com, you must complete a prequalification form, choose a loan offer and finalize the loan. The prequalification form asks for personal information, employment information, and loan information that you desire.
Be prepared with the following information:
- Basic personal information (name, address, phone number)
- Residence status and monthly housing payment
- Employment status and income
- Vehicle information (year, make, model, mileage, lien holder)
Be prepared to receive at least one firm credit request. MyAutoloan’s app uses flexible credit, but partner lenders can do a strict check on your credit. Multiple checks made within 30 days are usually counted as one request by the credit bureaus.
In order to finalize a loan, you may also need to download scans of the following documents:
- Current driver’s license
- Proof of auto insurance
- Contact details for personal reference
- Payslip with cumulative income for the current year
After completing an online application form, myAutoloan.com will provide you with several loan offers. Final documents can be completed online, and borrowers can receive a certificate or check online within 24 hours. There is no application fee.
Will you be eligible for myAutoloan?
Drivers hoping to be approved for a loan from myAutoloan.com must be at least 18 years of age and have no open bankruptcy. The other minimum requirements are described in the table below:
|Eligibility conditions for borrowers from MyAutoloan.com|
|Minimum credit score||575|
|Minimum income for loan refinancing||$ 18,000 gross annual income|
|Minimum income for purchase loans||$ 21,600 gross annual income|
|Minimum loan balance for refinancing||$ 5,000|
It’s always a good idea to try and increase your credit score a bit before getting a loan. Only borrowers with the best credit scores are eligible for the lowest advertised rates. MyAutoloan can work with people who have scores of 575 or higher. Although it does not specialize in bad credit auto loans, it does offer options for a wide variety of borrowers.
Below you can see the average APRs per credit score. This data comes from Experian’s second quarter 2021 state of the auto finance market report. You can use this as a rough guide to the rates you would find on myAutoloan.
|Credit score||Average APR for new cars||Average APR for used cars|
|781 to 850||2.34%||3.66%|
|661 to 780||3.48%||5.49%|
|601 to 660||6.61%||10.49%|
|501 to 600||11.03%||17.11%|
|300 to 500||14.59%||20.58%|
Reviews and reputation of MyAutoloan
MyAutoloan’s BBB page has very few customer reviews and complaints, but the company is BBB accredited and has an A + rating.
Customers have given more reviews on Trustpilot, where the company is rated 4.3 out of 5.0 based on over 750 reviews. As with most auto loan providers, there is a mix of positive and negative customer reviews.
Customers have complained that myAutoloan.com performs rigorous credit checks, which can lower a person’s credit rating. An angry customer wrote:
âI’m not happy with the fact that about three different loan companies took my credit off after accepting a different offer. I will never recommend this site to anyone. My credit has dropped by almost 17 points.
– Allison M. via Trustpilot
Strict credit checks are common when applying for loans, although using a loan consolidation site like myAutoloan.com could mean that more of these types of checks will be run simultaneously.
The positive reviews of myAutoloan.com mention an easy and quick loan process. Many clients have reported receiving what they consider to be good loan offers. A satisfied customer wrote:
“I found [myAutoloan.com] very useful in finding my new finance company to refinance my vehicle. I am very satisfied with the result. My new business saves me over $ 200 per month on vehicle payments.
– Carol via Trustpilot
The advantage of a loan consolidation site like myAutoloan.com is that clients can be matched with a large number of loan offers with minimal paperwork.
Our opinion on myAutoloan: 4.0 stars
MyAutoloan offers standard loan matching service and above average customer service. It has a solid reputation with an A + rating from the BBB. Overall, we give myAutoloan.com 4.0 stars.
|Engine Rating 1||4.0|
For those with particularly low credit, it’s probably not worth filling out an application, as the company’s rigorous credit checks could further lower your score and you might not even be eligible for a loan anyway. .
Be sure to read our section on minimum qualifications before applying. If you have a particularly high credit score, we believe there are other companies that may offer higher rates. Of course, the only way to be sure is to fill out an inquiry and see what offers you get.
To compare auto loan offers, go to myAutoloan.com.