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MyAutoLoan 2023 auto loan review, 2023-01-01, 00:00:00
Writen 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 ways and pitfalls of taking out loans to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing precise, well-researched and researched data that breaks complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and unique content, by enabling you to conduct your own research and compare data at no cost – so that you can make informed 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 Make Money The offers that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products are displayed on this site, including, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other home loan products. This compensation, however, does not influence the information we publish, or the reviews that you read on this site. We do not cover the vast array of companies or financial offerings that could be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review are accurate up to the date of the review. Check the data in the upper right hand corner of the page and the lender’s website to find the most recent information.
At a look 3.9 Rating: 3.9 stars out of five
Availability Rating: 4.5 stars out of 5
Affordability Rating: 3 stars out of 5
Customers Experience Score: 3.4 five stars from 5
A rating of transparency: 4.5 stars out of 5
Find out about rates for auto loan rates
About MyAutoLoan Amount of loan $5,000 – $100,000
Min. credit score 575
APR ranging from 4.49% based on loan type
Funds available as early as the next business day
MyAutoLoan Pros and Cons It’s simple to find competitive financing offers on the website of myAutoLoan. However, there are some cons to consider before using the service.
PROS Flexible qualification criteria
Rates published online
The CONS service isn’t available for all states.
Limited customer support
Do you qualify? Specific loan approval varies by depending on the myAutoLoan partner lender you’re matched with. These requirements are strict throughout the board. You must be at least 18 years old . Possess a FICO credit score of at least 575 the gross earnings per year of at least $21,600 for non-refinancing purchases Be earning gross annual earnings of at least 18,000 when it comes to auto refinancing. Select a vehicle not more than 10 years old that has less than 125,000 miles
What we like and what we don’t like here are some advantages and disadvantages associated with myAutoLoan’s auto loans. What we like Flexible eligibility criteria. You may be able to get financing for a new or used vehicle if your net annual salary is not less than $11,600, and you possess a FICO score of 575 or more. Quick financing. If you are approved by the auto loan, you can get the funds as fast as 24 hours. Rates published on the internet. The lowest rates for interest on automotive loan products are published each day on the website. We don’t like the fact that they are not offered in certain states. Borrowers from Alaska and Hawaii are not part of myAutoLoan’s service footprint. Support for customers is not accessible via telephone. There’s no toll-free number to contact if you require assistance. Instead, you’ll need make an online request for someone to contact you in case you require assistance. Contact myAutoLoan if you require assistance with applying or would prefer to speak with someone, use the form on the site to leave a message. An individual from the myAutoLoan team will reply to your query via phone or email.
Auto loan types offered Through myAutoLoan, you can investigate competitive auto loan purchase refinance, private parties and lease buyout options. New and used purchase loans
Loan quick facts Amounts: $10,000 to $100,000 for 36 to 84 months APR: from 3.69%
You can get rate quotes to compare against what your usual financial institution offers or to avoid the long lines at the car dealership. Better yet, you can shop with confidence since you’ll have the leverage needed to negotiate the most favorable deal when you have a cash payment. Auto refinance loans
The loan amount is Between $5,000 and $100,000. Terms: 36 to 84 months APR: beginning at 2.49 percent
If your monthly car payment are too much for your budget, you might want to consider refinancing your vehicle loan. You could be eligible for a lower interest rate or longer loan time, which will help you keep more of your hard-earned cash in your pocket now or in the future. Private-party auto loans
Quick facts about loans: Between $5,000 and $100,000. Terms are 36 to 84 months APR: Beginning at 2.49%
Did you get a bargain deal on a vehicle through private sellers? You can avoid fees and haggling in the dealer with a private party auto loan. MyAutoLoan can help you find the loan quickly to ensure that you can take advantage of the offer before it’s gone. Lease buyout loans
Loan quick facts Amounts: $8,000 to $100,000 Terms are 36 to 84 month APR: starting at 2.39 per cent
If you’ve been in love with your lease-to-own vehicle or wish to avoid any fees or penalties — you can purchase it at the end of the lease. To determine if your be eligible, look up the purchase price you agreed to at the beginning of your lease. How do you apply for an auto loan with myAutoLoan The process to apply for a loan through myAutoLoan is quick and easy. Begin by completing an online request form. It will take you two minutes to complete and you’ll receive as many as four loan offers from the lenders within the myAutoLoan network if there’s an agreement. If one of the loan proposals is suitable for you, fill out a formal application with the lender and upload all the required documents.
The information required for application is your driver’s license . Pay stub that is year-to date in its earnings. Proof of car insurance Contact details to use for personal for reference
After you have received confirmation from the lender, you can accept your loan documents and will receive an online or check within the next 24 hours. The loan can be used to purchase a used or new vehicle or refinance your existing auto loan.
Does myAutoLoan do a hard credit check? Yes, but not right away. There will be a rigorous credit check, which could briefly lower you credit rating by several points, once you select the lender.
Is myAutoLoan a reliable lender? Yes, according to the Better Business Bureau myAutoLoan receives an A+ rating based on the lender’s certification and practices.
Does myAutoLoan enforce a prepayment penalty? No, there will not be a charge for those who pay off their loans early.
How Bankrate rate myAutoLoan
MyAutoLoan has relationships with lenders who provide loans across 48 states and have a number of terms and amounts available.
The maximum APR is exorbitant at 25 percent, but its lenders have a range of extremely low starting APRs for applicants with excellent credit.
Rates are valid for 30 days, and myAutoLoan is a 100% online service, but it doesn’t have an address or phone number, nor live chat.
MyAutoLoan only publishes a portion of its rates and charges, but it does allow potential borrowers to prequalify.
Methodology Bankrate considers 18 data points in assessing the auto loan lenders. These include credit requirements, loan amount, APR ranges, the shopping window, along with rate and fee availability. In all, Bankrate reviewed 33 lenders and assigned each an Bankrate rating, which consists of four categories which include: Availability. Loan amounts, types as well as repayment choices are analyzed in this category. A variety of options for financing results in a higher score. Affordability. The rates of interest, acceptance criteria and the current fees are measured here. Customer experience. This category concerns online access in addition to app availability as well as the hours of support for customers. Providers that provide 24/7 support get the best marks. Transparency. This includes disclosure of potential fees as well as the option to apply to be eligible for loan prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or accepted by any advertiser. The information such as rates and charges that are included in the review are accurate at the time when the review first appeared. Check the data at the top of this page as well as the lender’s website for the most up-to-date information.
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched, and clear facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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