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myAutoLoan: 2024 review

2024-01-01 13:59:00

At a glance

Rating: 3.7 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.5 stars out of 5
  • Affordability
    Rating: 3 stars out of 5
  • Customer Experience
    Rating: 3 stars out of 5
  • Transparency
    Rating: 4.5 stars out of 5
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About MyAutoLoan

  • Moneybag

    Loan amount

    $5,000 and up

  • Credit Good

    Min. credit score


  • Rates

    APR from


  • Funds available in

    As soon as the next business day

Best for shopping for the best rate

You want to shop around before getting an auto loan. myAutoLoan’s main selling point is that it does the hard work of fielding offers for you. This loan aggregator will get competing bids from up to four lenders at once, so you can compare and contrast without the need to manually enter your information over and over again. On top of that, myAutoLoan caters to borrowers with lower credit scores and helps to find lower interest rate options for those who might otherwise be looking at less-friendly terms.

myAutoLoan pros and cons

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

Green circle with a checkmark inside


  • Flexible qualification criteria
  • Fast funding
  • Rates published online
Red circle with an X inside


  • Not available in all states
  • Large minimum amount
  • Some vehicle restrictions

Do you qualify?

Specific loan approval varies by depending on the myAutoLoan partner lender you're matched with. The following requirements are firm across the board.

  • Be at least 18 years old
  • Have a FICO credit score of at least 600
  • 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 old with under 125,000 miles

myAutoLoan versus Autopay

Much like myAutoLoan, Autopay is a loan aggregator that works with a number of lenders to provide competitive rates on auto loans. Both myAutoLoan and Autopay do soft credit checks that will not affect your credit score when you prequalify and only do hard pulls when applicants decide to move forward with a loan. Both options are good for people with low credit scores, as they offer options for borrowers with less-than-perfect credit. Autopay offers more flexibility around loan amounts, with a minimum of $2,500 and a max of $100,000, compared to myAutoLoan's minimum of $8,000 for auto purchases.

myAutoLoan versus M&T Bank

While myAutoLoan is a loan aggregator, M&T Bank is a direct lender offering auto loans to borrowers. M&T Bank, based in Buffalo, is a great option for those looking for a small auto loan or have a low balance remaining on an existing loan and want to refinance. It has a minimum loan amount of just $2,000. Unlike myAutoLoan, borrowers will not be able to shop around with M&T Bank, but bank members get a discount on loans through this lender.

What we like and what we don’t like

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

What we like

  • Flexible qualification criteria. You may be able to qualify for financing for a new or used car if your gross annual income is at least $21,600 and you have a FICO score of 600 or higher.
  • Rapid funding. If approved for an auto loan, you can get the funds within 24 hours.
  • Rates published online. The lowest interest rates on auto loan products are updated daily on the website — though maximum rates aren’t listed.

What we don't like

  • Not available in some states. Borrowers in Alaska and Hawaii are out of myAutoLoan’s service footprint.
  • Large minimum amount: You must borrow at least $5,000 for a refi loan or $8,000 for other loan types. That's not ideal if you want to finance an inexpensive used vehicle.
  • Some vehicle restrictions apply. Because myAutoLoan is a loan aggregator, some lenders will have vehicle restrictions. Typically, vehicles older than 10 years, with more than 125,000 miles, or of a particular class (like salvaged cars or high-end sports cars) won’t qualify.

How to contact myAutoLoan

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.

Auto loan types offered

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

New and used purchase loans

  • Amounts: From $8,000
  • Terms: 24-84 months
  • APR: From 6.84%

You can get auto loan 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. Note that used loan rates start at 6.24 percent.

Auto refinance loans

  • Amounts: From $5,000
  • Terms: 24-84 months
  • APR: From 4.99%

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

  • Amounts: From $8,000
  • Terms: 24-84 months
  • APR: From 7.49%

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. Relatively few lenders offer private party auto loans, so myAutoLoan stands out.

Lease buyout loans

  • Amounts: From $8,000
  • Terms: 24-84 months
  • APR: from 4.93%

If you've fallen in love with your leased car — or just want to avoid fees and penalties — you can buy it at the end of your lease. To know if you qualify, check out the buyout price you negotiated at the start of your lease.

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.

Once you receive the final approval from the lender, you can sign the loan documents and will 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.

Features and perks

myAutoLoan offers preapproved auto financing that does not require a hard credit pull in order to seek auto loan offers. This gives borrowers the ability to get offers without affecting their credit score.

Fees and penalties

According to myAutoLoan, it does not charge any hidden fees, points, prepayment penalties or origination fees. Because myAutoLoan is a loan aggregator, the loan that you agree to may have some penalties from the lender.

myAutoLoan FAQs

How Bankrate rates myAutoLoan

Overall score 3.8
Availability 4.5 MyAutoLoan works with lenders that offer loans in 48 states but its loan amounts are restrictive.
Affordability 3.3 Lack of information about rates and fees brings down an otherwise good score.
Customer experience 3.0 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.


The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by 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
Writer, Auto Loans and Personal Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Auto Loans