Auto Loans
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2024 myAutoLoan Lending Platform Review

Updated on:
Content was accurate at the time of publication.
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

New auto loansUsed auto loansRefinance auto loans
Starting annual percentage rate (APR)6.84%7.09%4.99%
Loan terms24 to 72 months24 to 72 months24 to 72 months
Loan amounts$8,000 and up$8,000 and up$5,000 and up
See Auto Loan RatesSee Auto Loan RatesSee Refinance Rates

Want to work with a company that does the legwork for you? Consider myAutoLoan, an auto loan marketplace where you can receive up to four competitive bids instead of just one.

Those with low credit scores might find a home with myAutoLoan, as it caters to lower-credit borrowers, but those with top scores need not shy away as they can score top-tier rates that are quite competitive. Overall, myAutoLoan reviews have an above-average rating of 4.0 on TrustPilot, with 73% of reviewers giving it a perfect score of 5.

  • Competitive rates available: You’ll need top-tier credit to qualify for the lowest interest rates, but myAutoLoan’s pool of lenders offers attractive auto financing rates.
  • Multiple competing lenders: Instead of just receiving one offer, when you apply on myAutoLoan, you’ll receive up to four loan offers at once. This makes myAutoLoan a one-stop shop when it comes to comparison shopping.
  • Fast funding: Loan funds may be available within 24 hours of approval.
  • Ability to prequalify: Unlike some other lenders, myAutoLoan offers car loan prequalification with only a soft credit pull, which won’t impact your credit.
  • Best for borrowers with bad credit: It can be tough to get an auto loan at any rate if you have low credit. But myAutoLoan’s structure of providing bids from competing lenders may allow you to find a good loan with a credit score as low as 600.

Unlike some other lenders or marketplaces, myAutoLoan specifies some general requirements that you’ll need to qualify for a loan. In addition to the minimum credit score requirement of 600, you must be at least 18 years old with an income of at least $21,600 for purchase loans or $18,000 to refinance. Your vehicle must have 125,000 miles or less and cannot be older than 10 years.

Although there’s lots to love with myAutoLoan, it still might not fit the bill for everyone. Check out these pros and cons to see if myAutoLoan might be a match for you.

ProsCons

 Multiple loan offers

 Available to lower-credit applicants

 Prequalification with soft credit inquiry

 Competitive rates for top-tier borrowers

 Funding in as fast as 24 hours

 Online-only application process

 Rates can be much higher for lower-tier borrowers

 Not available in Hawaii or Alaska

The primary distinction between myAutoLoan and its competitors is that the company is an online marketplace, not a primary lender. This means that instead of getting a single quote, you’ll receive offers from as many as four lenders when you fill out an application with myAutoLoan. The company is known for delivering loans to borrowers with credit scores as low as 600, whereas many lenders require higher scores, and it can deliver funding in as little as 24 hours.

However, the low headline rates listed on the myAutoLoan website are only attainable by those with excellent credit scores. Applicants with credit scores closer to 600 shouldn’t expect to see these rock-bottom rates. Borrowers living in Alaska and Hawaii also don’t have access to financing via myAutoLoans.

A wide variety of loan options are available to myAutoLoan, from new and used auto purchases to auto finances, private party loans and lease buyout loans. The specifics, however, are unavailable until lenders in the online marketplace offer their own specific loan terms. That said, the entire loan process may take as little as 24 hours from application to funding.

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As an online marketplace, myAutoLoan makes the application process simple and straightforward. Within about two minutes, you may receive offers from up to four lenders. To receive your offers, you’ll have to provide the following information:

  • Loan/financing type: Loan products include new auto, used auto, refinance, private party or lease buyout.
  • Personal and residential information: This includes your name, address, primary phone, email address, time at residence, status of residence and monthly housing payment.
  • Employment information: You’ll have to provide your employer’s name, your occupation and work phone number, the length of time you have worked there and your annual income.
  • Vehicle information: The application requires your vehicle’s type, year, make, model and trim; you’ll also have to choose the amount that you want to borrow.
  • Application submission: To verify and submit your application, you’ll need to fill in your date of birth and Social Security number; you’ll also need to create a username and password.

If you’re looking for convenience, myAutoLoan might be right for you. By filling out a single easy-to-use application, you can get quotes from as many as four lenders, greatly reducing the time it takes to find the best loan. It’s also a good place to find a loan if your credit score is as low as 600.

Even if your credit score is high, however, myAutoLoan may still be a good option. This is because the best rates offered by the lenders in the myAutoLoan universe can be quite competitive. But if you’re uncomfortable with a completely online experience and worry about not being able to contact customer service over the phone, the cons might outweigh the pros for you.

The easiest way to compare myAutoLoan with its competitors is to look at the numbers.

The data in the following table is for new auto loans.

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
myAutoLoanLightStreamAutopay
Starting APR6.84%7.49% (with autopay)5.69%
Loan terms24 to 72 months24 to 84 months24 to 96 months
Loan amounts$8,000 and up$5,000 to $100,000$2,500 to $100,000
Minimum credit score600Not disclosedNot disclosed

For further information, check out LendingTree’s reviews of LightStream and Autopay.

While standards will vary from lender to lender, myAutoLoan recommends a minimum credit score of 600 to apply.

Applications may or may not be approved instantly, but a response can be received within minutes.

Whether or not your myAutoLoan funds will be secured or unsecured will depend on the terms of the specific loan offered to you by an individual lender on the platform.