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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 specializes in assisting readers to navigate the ins and outs of securely taking out loans to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to take control of their finances with concise, well-studied data that breaks otherwise complicated topics into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content, by enabling 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 restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies that pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home loan products. But this compensation does affect the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial offers that may be open to you.

About our reviews . Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely those of the reviewer , and are not evaluated or acknowledged by any advertising company. The information, including rates and fees that are included in the review are accurate as of the date when the review first appeared. Review the data at the top of this page, and the lender’s website for the most current information.

At a look 3.9 Score: 3.9 stars out of five

Bankrate Score

Availability Rating: 4.5 stars out of 5

Affordability Rating 3.0 stars of 5.

Customers Experience Score: 3.4 stars out of five

A rating of transparency: 4.5 stars out of five

Compare auto loan rates

About MyAutoLoan The loan amount is $5,000 to $100,000

Min. credit score 575

APR starting at 4.49% to 4.49 %, based on loan type

Funds available in As soon on the business day following.

MyAutoLoan advantages and disadvantages It’s simple to locate competitive financing deals on myAutoLoan’s website. However, there are some cons to take into consideration before using the service.

PROS Flexible qualification criteria

Quick financing

Rates posted on the internet

The CONS service isn’t available for all states.

Limited customer support

Do you qualify? Specific loan approval requirements vary based on the myAutoLoan partner lender that you’re matched with. The following criteria are mandatory all the way around. At minimum 18 years old. Have an FICO credit score of at least 575 Have an annual gross income of at least $21,600 for non-refinancing purchases Earn a gross annual income of at least 18,000 for auto refinancing Choose a vehicle not more than 10 years old with less than 125,000 miles

What we like and what we don’t like here are some of the benefits and drawbacks associated with myAutoLoan’s auto loans. We like the flexible eligibility criteria. You may be able to qualify for financing for a brand new or used vehicle if your total annual earnings are less than $11,600, and you possess a FICO score of 575 or higher. Rapid funding. If you are approved for an auto loan you could receive the funds as fast days as 24. Rates are published online. The lowest interest rates in automobile loan products are published daily on the website. We don’t like the fact that they are not available in some states. Borrowers from Alaska and Hawaii are out of myAutoLoan’s service area. Customer support isn’t accessible via telephone. There’s no number to call if you need assistance. Instead, you’ll have fill out an online form for someone to call you back in case you require assistance. Contact me at myAutoLoan you need additional assistance when applying or would prefer to talk with someone, use the form on the website to drop a message. A member of the myAutoLoan team will reply to your request by email or phone.

Auto loan kinds available MyAutoLoan allows you to look into the most competitive auto loan purchase refinance, private-party and lease buyout options. New and used purchase loans

The loan amount is $10,000 to $100,000: 36 to 84 months APR: starting at 3.69%

You can request rate quotes to compare against the rate your bank is offering or avoid the long wait at the car dealership. Even better, you can shop with confidence knowing that you’ll have the leverage to negotiate the best deal with your check in hand. Auto refinance loans

The loan amount is From $5,000-$100,000. Terms: 36 to 84 months APR: Beginning at 2.49%

If your car’s monthly payments are too much to handle, you might want to consider refinancing your auto loan. You may be eligible for lower interest rates or an extended loan duration, which could allow you to keep the money you’ve earned in your pocket today or over time. Private party auto loans

Loan quick facts Amounts: $5,000 to $100,000 Terms range from 36 to 84 month APR: beginning at 2.49 percent

Did you get a great deal on a car from an individual seller? Avoid fees and haggling at the dealership by taking advantage of the private party auto loan. MyAutoLoan can help you find an loan quick to make sure you can take advantage of the deal before it’s gone. Lease buyout loans

Loan quick facts Amounts: $8,000-$100,000. Terms: 36 to 84 months APR: from 2.39 percent

If you’ve been in love with your automobile that you lease or wish to avoid any fees or penalties — you can buy it at the end of your lease. To know if you can qualify, check out the buyout price you negotiated at the start of your lease. How do you apply for a loan using myAutoLoan The process of applying for a loan with myAutoLoan is simple and quick. Begin by filling out an online request form. It takes two minutes to complete and you’ll receive at least four loans from banks on the myAutoLoan loan network if there’s an agreement. In the event that one of these loan proposals is suitable for you, submit an application in writing to your lender and upload the required documents.

Required application information Your driver’s license Pay stub that is year-to date in its earnings. Proof of car insurance Contact details for personal reference

Once you receive confirmation from the lender, you can accept your loan documents and get the check, or certificate online within 24 hours. It is then used to buy a brand used or new vehicle or refinance your current auto loan.

MyAutoLoan FAQs

Does myAutoLoan do a hard credit check? Yes however, not immediately. You’ll be subject to a thorough credit pull, which can briefly lower the credit score of a couple points once you select an lender.

Is myAutoLoan a reputable lender? Yes, according to the Better Business Bureau myAutoLoan receives an A+ grade based on the lender’s accreditation and methods.

Does myAutoLoan enforce a prepayment penalty? No, there will not be any charges for those who make payments on their loans early.

What Bankrate charges myAutoLoan

Overall score




MyAutoLoan has relationships with lenders who provide loans in 48 states . They offer a variety of terms and amounts available.



Its maximum rate of interest is high at 25 percent, however its lenders offer a variety of very low APRs as a starting point for applicants with great credit.

Customer experience


Rates are good for 30 days. MyAutoLoan offers a fully online experience but doesn’t offer an address or phone number, nor a live chat function.



MyAutoLoan only posts some of its rates and charges However, it permits prospective borrowers to apply for.

Methodology Bankrate considers 18 data points in assessing auto loan lenders. They include the requirements for credit, loan amount, APR ranges, window for shopping together with fee and rate availability. In all, Bankrate reviewed 33 lenders and assigned each an Bankrate rating, which consists of four categories: Availability. The types of loans, loan amounts as well as repayment choices are analyzed in this section. A broad range of financing options leads to higher scores. Affordability. The rates of interest, acceptance criteria and present fees are measured here. Customer experience. This category concerns online access along with app availability and the hours of support for customers. Lenders with 24/7 support carry the top marks. Transparency. This includes the disclosure of fees that could be charged and the possibility of applying to be eligible for loan prequalification.

Editorial disclosure The reviews are written by staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertising company. The information such as rates and charges that are included in the review are accurate at the time of the review. Review the information 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 with the details of using loans to buy the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with clear, well-researched facts that break down complex subjects into digestible pieces.

Auto loans editor



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