myAutoLoan Lending Platform Review
myAutoLoan at a Glance
|New Auto Loans||Used Auto Loans||Refinance Auto Loans|
|Loan terms||24-72 months||24-72 months||24-72 months|
|Loan amounts||$8,000 and up||$8,000 and up||$5,000 and up|
|See Auto Loan Rates||See Auto Loan Rates||See Refinance Rates|
Want to save time looking for your next auto loan? Consider myAutoLoan, where you’ll get competing bids from up to four lenders at once, rather than just one. The company caters to those with lower credit scores, but they don’t overlook top-tier borrowers either, as its starting interest rates are among the lowest in the industry. TrustPilot reviews of myAutoLoan are also above average.
- Low rates available: You’ll need top-tier credit to qualify for the lowest rates, but myAutoLoan’s pool of lenders offers attractive financing rates.
- Marketplace of lenders: myAutoLoan matches potential borrowers with its network of lenders, allowing you to receive up to four auto loan offers at once and making it easy to comparison shop.
- Fast funding: Once approved, you may receive your loan funds within 24 hours.
- Ability to prequalify: Only a soft credit pull is required to view your initial offers, meaning you can prequalify without impacting your credit.
- Best for borrowers with bad credit: If you have poor credit, it can be challenging to find an auto loan. myAutoLoan offers financing to borrowers with credit scores as low as 575.
myAutoLoan pros and cons
Borrowers can find plenty to like at myAutoLoan, but it’s not a one-size-fits-all solution. Even if you think that myAutoLoan aligns with your auto loan needs, it’s a smart idea to weigh the pros and cons.
Receive multiple loan offers at once
Very low rates available for some borrowers
Funding within 24 hours
No hard credit pull until you proceed with full application
Loans available to borrowers with credit scores as low as 575
Best rates can be hard to qualify for
Online only — no direct phone number or email address listed on the website
Not available in Alaska or Hawaii
The signature feature of myAutoLoan is that it’s a marketplace, not a direct lender. By filling out one application, you’ll get up to four immediate offers. For those with top-tier credit, rates can be quite low. Once you review your loan options, you can get your money in as little as 24 hours. For poor-credit consumers, the biggest advantage of myAutoLoan is that it works with borrowers with credit scores of 575 or higher, while many other lenders require scores of 670 and above.
As attractive as some of the rates advertised by myAutoLoan can be, they can be hard to get. Not only will you need excellent credit, but you’ll also need to be matched with the lenders offering those rates. If you need customer service support, you may struggle to contact a representative from myAutoLoan. While there’s a contact form on the website, myAutoLoan doesn’t offer a customer service phone number to handle any problems.
A closer look at myAutoLoan
myAutoLoan offers five types of loan products: new auto purchase, used auto purchase, auto refinance, private party loans and lease buyouts. It also offers motorcycle loans. The loan process can take less than a day from start to finish, with funding offered in less than 24 hours. Some lenders in the myAutoLoan marketplace may offer an autopay discount on their rates, but you’ll have to wait to be matched with lenders to determine if that’s an option for you.
In addition to its reasonable minimum credit score requirement of 575, borrowers will have to meet a few eligibility requirements to qualify for financing with myAutoLoan. Applicants must be at least 18 years of age and have a minimum annual income of $21,600 for purchase loans (or $18,000 for refinance loans). The vehicle you want to buy must also meet myAutoLoan requirements: 10 years old or newer and 125,000 miles or less.
How to get a loan with myAutoLoan
The process for getting a loan through myAutoLoan is straightforward. You’ll create a username, choose your loan type, complete a two-minute application and then wait for your offers from up to four lenders. During the application process, you’ll need to provide the following information:
- Loan type: Select from new auto, used auto, refinance, private party or lease buyout
- Personal information: This includes your name, address, email address and monthly housing payment
- Employment information: Provide information about your occupation and employer, including work phone number, length of time at employer and gross yearly income
- Vehicle information: You’ll choose the amount you want to finance and provide identifying information about your vehicle, such as the type, year, make, model and trim
- Submit application: In the final step, you’ll provide your date of birth, Social Security number, create a password and authorize the submission of your application
How myAutoLoan compares
As it offers access to up to four loan quotes at a time, myAutoLoan offers choice to its borrowers. It also offers extremely competitive rates for borrowers with excellent credit, and access to reputable financing for applicants with poor credit. Even if you believe that myAutoLoan aligns with what you’re looking for in a car loan, it’s always wise to compare options from other lenders.
|Terms||24-72 months||24-84 months||24-96 months|
|Minimum credit score||575||Good credit; exact number not disclosed||Works with borrowers with all levels of credit|
Is myAutoLoan right for you?
As an online marketplace, you can get four quotes in a single application with myAutoLoan, rather than having to visit four separate lenders. This lender may be a good option for you if your credit score needs some work. It can sometimes be difficult for poor-credit borrowers to find auto financing, but myAutoLoan works with consumers who have credit scores as low as 575.
On the other end of the spectrum, those with a good credit score may be surprised at how low of a rate they can get from myAutoLoan. But if you think you’ll need to contact customer service – and if you don’t want to be bombarded with offers and ads from four different lenders – you might want to stick with a more traditional auto lender.