MyAutoLoan Review: Multiple Financing Solutions!
MyAutoLoan makes it easy to find a lender with offers that fit a borrower's needs. By filling the application, you will have the chance to choose among the best auto loan offers and compare them so that you can feel confident with your financial decision. In our MyAutoLoan review, we'll walk you through the different offers and how to fill the application to get the best deal.
Pros
Cons
Quick Stats
If you have a good credit score and want to choose from multiple financing options, then MyAutoLoan might be the right place to start with.
• Various financing solutions covering new vehicles, used vehicles, refinance, private party, and lease buyout.
• Buyers can choose from 4 different lending offers and compare them to weigh their options.
• Secure and simple online application.
• Reasonable interest rates.
Who Is Eligible to Join MyAutoLoan?
MyAutoLoan works on bringing to the borrower the best deals based on his application, financial and employment status, and credit score, of course.
If your credit score isn't good enough, you might not be eligible for an auto loan; just make sure that your credit score isn't below 500, and you'll be ready to start your application.
Another factor you should bear in mind is your monthly income. MyAutoLoan requires the monthly income to be 1,800 or above, which is relatively higher than what other lenders ask for.
1. Monthly income must be $24,000 gross yearly income for Private Party and Lease Buyout loan types and $18,000 gross yearly income for refinance loan types.
2. The minimum loan amount is $8,000 for Private Party and lease Buyout loan types and $5,000 for refinance loan types.
3. The required credit score is 575 or above.
4. Minimum vehicle requirements are 10 years old or newer and 125,000 maximum mileage.
5. Both applicant and co-signer, if there are any, need to be at least 18 years old.
6. MyAutoLoan is available in every state except Alaska and Hawaii.
7. No previous loan offer form was submitted in the past 31 days for the same loan type.
Get prequalified in minutes!
Filters and Features
After you determine your auto loan type, down payment and get an idea about the interest rates, it's time to find a car that meets your needs. It's recommended to use VinAudit to check any car history report for a vast number of cars in the US; its results are trusted from authoritative resources.
Or to avoid any possible hazards, you can always check for the Manufacturer's Recall Notices. Here are some manufacturers who provide vehicle history report that is accurate and trusted: ClearVin, Safercar.gov.
It's deemed an essential step to compare cars and check more than one provider to narrow down your options. Unfortunately, MyAutoLoan doesn't have filters that help you find the most suitable results for your financial status and needs. However, you can visit TrueCar to compare vehicles and make sure that you have a good pick.
Financing and Prequalification
Now, you should have completed your application and are approved for the offer you want; it's time to get your loan check, which you should receive within 24 hours of your approval.
You can use the amount of money you receive to buy a vehicle of your choice or to refinance your current auto loan. Refinancing your loan can help you pay off the balance of the old one and save much in the long term.
How does financing with MyAutoLoan work exactly?
- Fill out the short form within a few minutes.
- MyAutoLoan gets you the best 4 lending offers to choose from based on your information.
- Check is delivered to your doorstep within 24 hours of the approval.
- Use the loan money to buy a vehicle or refinance your current auto loan.
MyAutoLoan is an all-in-one place financing website where you can find multiple loan options, meaning whether you want to get a new vehicle or want a used one to what you need, you'll have the right solution for you.
Requirements are almost the same among all MyAutoLoan's solutions, but the interest rates and APRs vary depending on the loan amount and credit score. Here are samples of how the rates are calculated for each financing solution.
New auto loan
In the table below, interest and APR rates are calculated using the minimum loan amount and different credit scores: 500, 600, and 700, as follows:
- 500 credit score, with a minimum 8,000 loan amount (Average APR: 14.23%):
| 24 Months | 36 Months | 48 Months | 54 Months | 60 Months | 72 Months | |
|---|---|---|---|---|---|---|
| Monthly Payment | $385 | $274 | $220 | $201 | $187 | $166 |
- 600 credit score, with a minimum 8,000 loan amount (Average APR: 9.05%):
| 24 Months | 36 Months | 48 Months | 54 Months | 60 Months | 72 Months | |
|---|---|---|---|---|---|---|
| Monthly Payment | $366 | $255 | $199 | $181 | $166 | $144 |
- 700 credit score, with a minimum 8,000 loan amount (Average APR: 4.8%):
| 24 Months | 36 Months | 48 Months | 54 Months | 60 Months | 72 Months | |
|---|---|---|---|---|---|---|
| Monthly Payment | $350 | $239 | $184 | $165 | $150 | $128 |
Used auto loan
In the table below, interest and APR rates are calculated using the minimum loan amount and different credit scores: 500, 600, and 700, as follows:
- 500 credit score, with a minimum 8,000 loan amount (Average APR: 9.69%):
| 24 Months | 36 Months | 48 Months | 54 Months | 60 Months | 72 Months | |
|---|---|---|---|---|---|---|
| Monthly Payment | $368 | $257 | $202 | $183 | $169 | $147 |
- 600 credit score, with a minimum 8,000 loan amount (Average APR: 11.1%):
| 24 Months | 36 Months | 48 Months | 54 Months | 60 Months | 72 Months | |
|---|---|---|---|---|---|---|
| Monthly Payment | $373 | $262 | $207 | $189 | $174 | $153 |
- 700 credit score, with a minimum 8,000 loan amount (Average APR: 4.25%):
| 24 Months | 36 Months | 48 Months | 54 Months | 60 Months | 72 Months | |
|---|---|---|---|---|---|---|
| Monthly Payment | $348 | $237 | $182 | $163 | $148 | $126 |
How to get prequalified?
Now that you have chosen what auto loan you want and made the calculation already, you are ready to fill out the finance form, divided into 4 parts: Personal, employment, finance, and submit.
Here is the basic information you need to provide:
- First, middle, and last name
- Email address
- residence information: State, city, the status of residence, zip code, street address.
- Monthly/annual income
- Employment status
- Down payment
- Loan term/amount
When you complete the form, you'll get prequalified within a few minutes, and your pre-approval is good for 30 days. You don't even have to worry about your credit score. Getting preapproved won't affect or hurt your credit.
Warranty and Protection
MyAutoLoan has a whole section on its website to introduce people to the best warranty options they can get to protect their vehicle. However, it doesn't offer any car protection solutions, nor does it offer guarantees on the car you get after having your loan money. It comes as no surprise, though, since MyAutoLoan works on bringing borrowers and lenders together, but it doesn't have its own financing solutions or car buying service.
MyAutoLoan's Customer Support
MyAutoLoan supports its customers through the following contact options:
- Frequently asked questions (FAQs)
- Tickets
- Articles and guides
The Bottom Line
MyAutoLoan brings borrowers and lenders together, allowing borrowers to compare 4 different offers and choose the perfect fit for their needs. If you have a good credit score and want to pick from multiple financing solutions for new autos, used autos, refinancing, lease buyout, and private party, then MyAutoLoan is worth taking a look at.