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MyAutoLoan: 2022 Auto Loan Review

2022-05-24 07:45:00

At a glance

3.9

Bankrate Score

  • Availability
  • Affordability
  • Customer Experience
  • Transparency
Compare auto loan rates
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About MyAutoLoan

  • Moneybag

    Loan amount

    $5,000 - $8,000

  • Credit Good

    Min. credit score

    575

  • Rates

    APR from

    12.4% - 35.99%

  • Funds available in

    As soon as the next business day

Pros and cons of MyAutoLoan auto loans

It’s easy to find competitive financing offers on myAutoLoan’s website. Still, there are cons to consider before using the platform.

PROS

  • Checkmark

    Flexible qualification criteria

  • Checkmark

    Fast funding

CONS

  • Close X

    Not available in all states

  • Close X

    Limited customer support

MyAutoLoan is an online platform that makes it easy to find the best deals on auto financing. You can apply in minutes to view purchase and refinance offers from up to four lenders in its extensive network. There’s no application fee or hard credit check to inquire, and you could be eligible for an auto loan even if you have bad credit. And if you’re approved, you could receive a certificate or check within 24 hours.

Pros and cons of  using myAutoLoan

Here are some of the benefits and drawbacks of myAutoLoan auto loans.

Pros:

  • Flexible qualification criteria. You could qualify for financing on a new or used car if your gross annual income is at least $21,600 and you have a FICO score of 575 or higher. The minimum gross annual income amount for refinancing is $18,000.
  • Rapid funding. If you’re approved for an auto loan, you could get the funds in as few as 24 hours.
  • Rates published online. The lowest interest rates on auto loan products are updated daily on the website.

Cons:

  • Not available in some states. Borrowers in Alaska and Hawaii are out of myAutoLoan’s service footprint.
  • Customer support is not available by phone. There’s no toll-free number to call if you need assistance. Instead, you’ll have to submit an online request for someone to call you back if you need assistance.

Who is myAutoLoan best for?

MyAutoLoan is best for individuals who want to explore multiple loan offers online in one place. It lets you use the simple application to view rate quotes, and loan offers are valid for 30 days. You will also find the platform useful if you’re searching for the best deal on refinancing or lease buyouts.

Types of auto loans offered

You can use myAutoLoan to explore competitive auto loan purchase, refinance and lease buyout options.

New and used purchase loans

Auto loan financing is available for new and used car purchases. You can get rate quotes to compare against what your usual financial institution is offering or avoid the long wait at the dealership. Even better, you can shop with confidence as you’ll have the leverage needed to negotiate the best deal with a check in hand.

Auto refinance loans

If your monthly car payments are too much for your budget, consider refinancing your auto loan. You may qualify for a lower interest rate or extended loan term, which can help you keep more of your hard-earned money in your pocket now or over time.

Private party auto loans

Did you find a good deal on a vehicle through a private seller? Avoid fees and haggling at the dealership with a private party auto loan. MyAutoLoan can help you find a loan fast to ensure you can take advantage of the deal before it’s gone.

Lease buyout loans

A lease buyout loan is an option whether you want to buy out your lease now or when the term expires. It’s also ideal if the car has excessive wear and tear or you’ve exceeded the mileage and want to avoid penalties. 

Interest rates and terms

MyAutoLoan offers low interest rates to well-qualified borrowers, but your cost of borrowing will likely be higher if you have a lower credit score. As of April 2022, the rates are as follows:

Loan product Interest rate Loan term
New car purchase Starting at 1.99% APR 24 to 72 months
Used car purchase Starting at 2.24% APR 24 to 72 months
Private party purchase Starting at 2.99% APR
24 to 72 months
Lease buyout Starting at 1.72% APR 24 to 72 months
Refinance Starting at 1.24% APR 24 to 72 months

How to apply for a loan with myAutoLoan

The application process with myAutoLoan is fast and simple. Start by submitting the online inquiry form. It takes two minutes to complete, and you’ll receive up to four offers from lenders in the myAutoLoan network if there’s a match.
 
If one of the loan offers works for you, submit a formal application with the lender and upload the required documents.
 
You’ll typically be asked to provide the following when you apply:
 
  • Your driver’s license.
  • Pay stub that reflects year-to-date earnings.
  • Proof of auto insurance.
  • Contact information for personal reference.
Once you’ve received the final approval from the lender, sign the loan documents and receive your check or online certificate within 24 hours. It can then be used to purchase a new or used vehicle or refinance your current auto loan.
 

Auto loan refinancing requirements

When applying for auto loan financing with myAutoLoan, you must:

  • Be at least 18 years old.
  • Have a FICO score of at least 575.
  • Have gross annual earnings of at least $21,600 for a non-refinancing purchase.
  • Have gross annual earnings of at least 18,000 for auto refinancing.
  • Choose a vehicle no more than 10 years of age with under 125,000 miles.

The qualification criteria could be more stringent with some lenders.

Customer service

If you need additional assistance when applying or would prefer to speak with someone, use the form on the website to send over a note. A member of the myAutoLoan team will respond to your request by phone or email.

How Bankrate rates myAutoLoan

Overall Score 3.9  
Availability 4.5 MyAutoLoan works with lenders that offer loans in 48 states and have a number of terms and amounts available.
Affordability 3.0 The maximum APR is quite steep at 35.99 percent, but its lenders have a range of extremely low starting APRs — if you have excellent credit.
Customer Experience 3.4 Rates are good 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 rates and fees, but it does allow potential borrowers to prequalify.
 
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.