MyAutoLoan: In-Depth Auto Loan Review
Buying a new or used car can be an exciting time. One company you may want to learn more about is MyAutoLoan.
MyAutoLoan is an internet-based auto loan marketplace. While not a lender itself, MyAutoLoan will match you with up to four lenders you can choose from for auto financing. It partners with lenders for car and motorcycle financing on new, used, and refinance auto loans. MyAutoLoan offers a great range of auto loan terms, including a unique option to help you buy a car that you are leasing.
In this review, we’ll explain how MyAutoLoan works and what you need to know about the company’s auto loan options.
MyAutoLoan has been around since 2003. It has no physical locations and is a completely digital finance company. The marketplace helps borrowers find and compare new, used, and refinance auto loans, both for automobiles and motorcycles.
It also has a unique financing program for those who are leasing a car. Instead of turning in the car at the end of the lease, the program provides a financing pathway to owning the car.
MyAutoLoan also matches consumers with dealers using a customer needs and evaluation method called Preferred Placement®. Through this service, MyAutoLoan is able to give its customers up to four custom loan offers.
MyAutoLoan does not fund auto loans itself, but rather matches borrowers with lenders. After receiving up to four offers from different lenders and selecting the best offer for you, the lender will fund your loan. As long as the funding process goes smoothly and you do not experience any complications with your application, you can expect to have your auto loan funded by the next business day.
Once you choose the product that is best for your needs, MyAutoLoan provides you with up to four loan offers from different lenders. The four different loan offers will come with different loan terms and interest rates. In addition to comparing the four loan offers and the terms MyAutoLoan gives you, it is always important to compare auto loan rates before walking into a dealer to buy a car. Doing so gives you the upper hand, enabling you to best deal on your financing and negotiate the price of the car, not the payment.
All of the finance and refinance Lenders available through MyAutoLoan have a minimum funding amount of $8,000.
Here are the five auto loan options MyAutoLoan offers:
New auto loan: Through this loan option, MyAutoLoan lender partners offer you the opportunity to buy the new car you’ve been wanting for — however, the only restriction is that lenders will not finance conversion vans or high-end sports cars.
Used auto loan: If you’re looking to buy a used car, this is the option for you. The limitation here is that it cannot be used with cars that were salvaged, repossessed, or auctioned. The maximum mileage allowed for a used car is 125,000 and it cannot be older than 10 years.
Auto refinance: This loan option gives you the chance to take a potentially high monthly payment and refinance it for a lower monthly payment or better rate and terms than what you currently have.
Private party purchase: If you are trying to buy a car outside of a dealership, or have found your dream car being sold by an owner, MyAutoLoan has a private party loan option available. The only restriction on this loan choice is the mileage on a car. The maximum mileage on a car being bought from a private party is limited to no more than 100,000.
Lease buyout: If you’re driving a leased car and aren’t looking forward to returning it to the dealer, this program helps you keep the car. Choosing this path to car ownership can also help you avoid having to spend time shopping around looking at different cars and not have to worry about the possibility of needing to pay mileage penalties.
Interest rates and terms
Because MyAutoLoan works with various lenders, your rate and loan terms will depend on the rates offered by each individual lender. Be sure to pay close attention to the APRs offered and compare multiple offers.
Here’s how to apply for a MyAutoLoan:
- Meet general guidelines: Meet the following general guidelines: 18 years or older, earn 1,800 per month or $21,600 per year, live anywhere in the 48 states, and have a FICO score of at least 500.
- Research your options: MyAutoLoan has five options for auto financing. Conduct your research on the car you want to buy and the loan you’ll need to buy it. Whether you’re buying new or used, refinancing, or looking for a lease buyout, MyAutoLoan has an option available to help.
- Collect documentation: Each lender may require different documentation, but it’s good to be prepared. Depending on the lender, you may be required to include a copy of your current driver’s license and auto insurance, and a pay stub showing what you have made with year-to-date earnings. Use this checklist to help you in the process of collecting all the necessary paperwork you’ll need.
- Apply for a loan: Once you’ve selected the type of financing that best fits your needs, apply for the loan through the MyAutoLoan’s website. You’ll go through the process of creating an account and selecting a loan type, then completing a quick two-minute application. When you do this step, MyAutoLoan will do a hard pull on your credit.
- Review loan offers: MyAutoLoan will provide you up to four auto loan offers from different lenders. Review and compare them. MyAutoLoan gives you up to 30 days to select one of the four offers presented to you.
- Select offer: Once you select an offer, your loan may be funded in a few different ways — bank deposit, ACH, check, or certificate. You can expect to have your funds shortly, usually by the next business day.
With MyAutoLoan, the offers you receive come from different lenders, so you’ll need to read the fine print for each offer. As a general guideline, you’ll want to confirm what you are paying for. Look back on the original loan offer and compare it to what you accepted, and look for any extra fees that should not be in the financing contract. Occasionally you may find your overall financed amount has increased from previously undiscussed factors, which may include document fees, accessories, or warranties you chose to purchase.
MyAutoLoan financing gives you the chance to compare up to four offers. Comparing and shopping for your best auto loan is always a sound financial move. MyAutoloan is a digital direct-lending auto finance company with many pros and cons. Let’s take a look at what they are:
Highlights of the MyAutoLoan auto loan
- Range of options: Whether you’re looking for a new or used car or you’re looking to refinance, MyAutoLoan has a loan option to meet your needs. It even has a loan type available for those who want to buy the car they are leasing.
- 30 days to choose: Thirty days to choose an offer is plenty of time to compare .and make your purchase.
Lowlights of the MyAutoLoan auto financing
- No facetime: As an online auto loan financing marketplace, there is no opportunity for the company to get to know you or and provide a face-to-face experience to its customers.
- No customer service number: MyAutoLoan may empower consumers with choices for loan options and offers, but it does not provide choice in contacting the company. The only option is email. There is no customer service number or chat service.
Whether you’re buying or refinancing, you want to be prepared. One of the best ways to do that is to get pre-approved for an auto loan. Know what kind of loan you’re looking for, what terms and rates you qualify for, and what documentation you will need for the whole process.
Talking to multiple lenders and getting multiple quotes can also help you be prepared. This will allow you to compare rates and terms to see which is your best offer. You may also want to take a look at these auto rates so you know what to expect.
If you’re a would-be car buyer looking for a completely online experience with all types of auto loan options, MyAutoLoan may be the right choice for you.
However, if you’re in the market for a car but still want the experience of a face-to-face experience, the ability to contact your auto loan company through the telephone and speak to someone as you go through the loan application process then, MyAutoLoan may not be the right choice for you.