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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 has a specialization in helping readers in navigating the ways and pitfalls of taking out loans 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 committed to helping readers to take control of their finances by providing concise, well-studied facts that break down otherwise 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 decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation may impact how and where products are displayed on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending 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 universe of companies or financial deals that may be available to you.
Reviewer’s disclosures The reviews are written by staff. Opinions expressed therein are solely those of the reviewer , and are not checked or accepted by any advertising company. The information that is included, including rates and fees, presented in the review are accurate at the time when the review first appeared. Review the data in the upper right hand corner of the page, and the lender’s site for the most recent information.
A first glance 3.9 Score: 3.9 stars out of 5
Rating of Availability: 4.5 stars out of 5
Affordability Rating 3.0 stars of 5.
Customer Experience Rating: 3.4 5 stars. five
A rating of transparency: 4.5 stars out of five
Find out about auto loan rates
About MyAutoLoan The loan amount is $5,000 to $100,000
Min. credit score 575
APR from 4.49% based on loan type
Funds are available as soon on the business day following.
MyAutoLoan pros and cons It’s simple to locate competitive financing deals on the website of myAutoLoan. Still, there are cons to take into consideration before using the service.
PROS Flexible qualification criteria
Rates posted on the internet
The CONS service isn’t available for all states.
Limited customer support
Do you qualify? The criteria for loan approval is contingent on the myAutoLoan partner lender you’re matched to. The following requirements are firm throughout the board. Be at least 18 years old . Possess an FICO credit score of at least 575 Have gross annual earnings of $21,600 for purchases that are not refinancing. 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 with under 125,000 miles
What we like and what don’t like Here are some advantages and disadvantages that myAutoLoan offers in auto loans. We love the flexibility of eligibility criteria. You may be able to be eligible for financing for a brand new or used car if your net annual salary is not less than $11,600, and you possess an FICO score at least 575 or better. Rapid approval. If you’re approved for an auto loan you could receive the funds as fast as 24 hours. Rates published on the internet. The lowest rates for interest for automotive loan products are published every day on the site. What we don’t like Not offered in certain states. Borrowers in Alaska and Hawaii are not part of myAutoLoan’s service area. Customer support isn’t available via telephone. There is no toll-free number that you can contact if you require assistance. Instead, you’ll need fill out an online form for someone to contact you in case you require assistance. How to contact myAutoLoan If you need additional assistance when applying, or prefer to speak to someone, fill out the form on the site to drop a message. A member of the myAutoLoan team will reply to your inquiry via email or phone.
Auto loan types offered MyAutoLoan allows you to investigate competitive auto loan purchase refinance, private-party and lease buyout choices. Purchase and refinance loans
Quick facts about loans: From $8,000-$100,000. Terms (36 to 84 Months) APR: from 3.69 percent
You can get rates quotes that you can compare to what your usual financial institution offers or to avoid the long wait at the car dealership. Even better, you can shop with confidence knowing that you’ll be able to negotiate the best deal when you have a cash payment. Refinance auto loans
Loan quick facts Amounts: $5,000 to $100,000 Terms 36-84 months APR: starting at 2.49%
If your monthly car payments are far too expensive to handle, you might want to consider refinancing your vehicle loan. You may qualify for a lower interest rate or longer loan term, which can help you keep more of your hard-earned cash in your pocket now or over time. Private-party auto loans
The loan amount is Between $5,000 and $100,000. Terms: 36 to 84 months APR: Beginning at 2.49%
Did you find a good deal on a car from an individual seller? Beware of fees and bargaining in the dealer with a private party auto loan. MyAutoLoan can help you find the loan quick to make sure you get the most benefit from the offer prior to it expiring. Lease buyout loans
The loan amount is $8,000-$100,000. Terms are 36 to 84 month APR: starting at 2.39 percent
If you’ve been in love with your leased car or need to stay clear of fees and charges, you could buy it at the end of the lease. To determine if your qualify, check out the buyout price you negotiated at the start on your lease. How to apply for an auto loan through myAutoLoan. The process of applying for a loan with myAutoLoan is quick and easy. Begin by filling out the online inquiry form. It takes about two minutes to complete, and you’ll be able to receive up to four offers from lenders within the myAutoLoan network if there’s an agreement. In the event that one of these loan offers works for you, fill out an official application to your lender and upload all the required documents.
Information required to apply for your driver’s licence Pay stub which reflects year-to-date earnings Proof of automobile insurance Contact information for personal for reference
After you have received an approval final from your lender and you are able to sign 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 existing car loan.
Does myAutoLoan do a hard credit check? Yes, but not right away. You will undergo a hard credit check, which could temporarily lower the credit score of a couple percentage points once you select the lender.
Is myAutoLoan a reliable lender? Yes, as per the Better Business Bureau myAutoLoan receives an A+ grade based on the lender’s accreditation as well as methods.
Does myAutoLoan enforce a prepayment penalty? It’s not true. There won’t be a charge for borrowers who repay their loans in advance.
How Bankrate charges myAutoLoan
MyAutoLoan collaborates with lenders who offer loans in 48 states . They provide a range of terms and amounts available.
The maximum APR is quite exorbitant at 25 percent. However, the lenders offer a range of very low initial APRs — if you have good credit.
Rates are valid for 30 days. MyAutoLoan is a 100% online service but doesn’t offer a phone number posted or a live chat function.
MyAutoLoan does not publish all of its rates and charges, but it does allow prospective borrowers to apply for.
Methodology Bankrate considers 18 data points when rating auto loan lenders. These include credit requirements, loan amount, APR ranges, window for shopping along with rate and fee availability. In total, Bankrate reviewed 33 lenders and assigned each an Bankrate rating, which consists of four categories: Availability. Types of loans, amounts, of loans, and payment options are considered in this section. A broad range of financing options results in a higher score. Affordability. The rates of interest, acceptance criteria and the current fees are analyzed here. Customer experience. This is a category that concerns access to online services along with app availability and the hours of support for customers. The lenders that offer 24/7 support earn the best marks. Transparency. This covers the disclosure of potential fees and the possibility of applying for loan prequalification.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. Opinions expressed therein 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 is accurate as of the date of the review. Review the information at the top of this page, and the lender’s website to find the most up-to-date details.
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-researched and well-constructed data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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