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MyAutoLoan: 2023 Auto loan review

2023-01-01 00:00:00

At a glance

Rating: 4 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.5 stars out of 5
  • Affordability
    Rating: 3 stars out of 5
  • Customer Experience
    Rating: 3.4 stars out of 5
  • Transparency
    Rating: 4.5 stars out of 5
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About MyAutoLoan

  • Moneybag

    Loan amount

    $5,000 - $100,000

  • Credit Good

    Min. credit score


  • Rates

    APR from

    4.49% depending on loan type

  • Funds available in

    As soon as the next business day

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.


  • Checkmark

    Flexible qualification criteria

  • Checkmark

    Fast funding

  • Checkmark

    Rates published online


  • Close X

    Not available in all states

  • Close X

    Limited customer support

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 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 old with under 125,000 miles

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 575 or higher.
  • Rapid funding. If approved for an auto loan, you can 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.

What we don't like

  • 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.

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

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

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 can 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.

myAutoLoan FAQs

How Bankrate rates myAutoLoan

Overall score 4
Availability 4.8 MyAutoLoan works with lenders that offer loans in 48 states and have a number of terms and amounts available.
Affordability 3.8 Lack of information about rates and fees brings down an otherwise good score.
Customer experience 3 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.


Bankrate considers 18 data points when rating auto loan lenders. These include credit requirements, loan amount, APR ranges, shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability. Loan amounts, types and repayment options are considered in this category. A wide range of financing options results in a higher score.
  • Affordability. The interest rates, acceptance criteria and present fees are measured here. 
  • Customer experience. This category concerns online access along with app availability and customer support hours of operation. Lenders with 24/7 support carry the highest available marks.
  • Transparency. This covers the disclosure of potential fees and the ability to apply for loan prequalification.
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
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.

Edited by Auto loans editor