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MyAutoLoan Review: Fair Credit Accepted

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If you’re looking to buy or refinance a car, MyAutoLoan lets you fill out one online form and receive up to four auto loan offers from partner lenders. People with all types of credit may be able to qualify, although a credit score of 575 or higher is preferred. MyAutoLoan is best for people who have at least fair credit and don’t mind receiving calls from lenders, one of the few downsides borrowers mention in MyAutoLoan reviews.

What is MyAutoLoan?

MyAutoLoan is an online marketplace, meaning that it does not have physical branches you could visit nor is it a lender itself. Rather, MyAutoLoan aims to connect applicants with multiple lenders on a single platform. It offers all types of auto loans: new, used, refinance, lease buyout and private purchase, but interestingly, its auto refinance loans have the lowest starting rate. You may apply with a cosigner for any type of car loan.

MyAutoLoan Rates and Terms
Terms 24–72 months
APR Range 1.99% – 27.00%
Amounts Maximum $100,000
Minimum for refinance: $5,000
Minimum for all other car loans: $8,000
Vehicle Requirements 10 years old or newer, 125,000 miles or fewer
Applicant Requirements 18 years old
$18,000 gross annual income for auto refinance
$21,000 gross annual income for all other auto loans
Availability Contiguous 48 states and District of Columbia

Though MyAutoLoan works with a range of credit profiles, its best rates tend to go to those with the strongest credit who choose the shortest terms, 36 months or fewer.

MyAutoLoan reviews

There have been no complaints about MyAutoLoan or its parent company, Horizon Digital Finance, filed with the Consumer Financial Protection Bureau (CFPB) in the last three years.

Borrowers have criticized MyAutoLoan in reviews for the following:

  1. Multiple hard credit pulls decreased applicants’ credit scores.
  2. Lenders contact applicants by phone and email repeatedly.

While hard credit pulls can decrease your credit score temporarily, it doesn’t hurt your credit to apply to multiple lenders any more than it does to apply to one, as long as you do all applications within a two-week window. The long-term benefits of comparing rates and getting the best auto loan possible should outweigh the negatives of a short-term drop in your score.

Pros and cons of MyAutoLoan

MyAutoLoan provides competitive auto loan rates, particularly for those looking to refinance a car loan. If you’ve improved your credit score since buying your car, it could be worth submitting an application to see if one of MyAutoLoan’s partner lenders can offer a lower APR.

Sites like MyAutoLoan and LendingTree could save you time when shopping for an auto loan. But they’re not your only option — check to see what your local credit union or bank may offer, too. Comparison shopping is the best way to get the best loan for you.

MyAutoLoan pros

  Fair credit accepted. Fair credit is defined as a FICO Score of 580 to 669. MyAutoLoan prefers 575 and above, but it partners with lenders who specialize in helping applicants who have had credit problems in the past.

  Preapprovals available. Auto loan preapprovals are a great way to know what you can afford and walk into a dealership with confidence.

  Quick application. MyAutoLoan says it takes less than five minutes to fill out and submit its online form. You may receive offers just as quickly and funding as soon as 24 hours after acceptance.

  Car-buying service. You could shop for and finance a car through MyAutoLoan thanks to its partnership with car-buying service TrueCar.

MyAutoLoan cons

  Different lenders have different rules. Because MyAutoLoan partners with lenders, each may have different practices and requirements. For example, some lenders may not finance certain models. MyAutoLoan does not publicly disclose its partner lenders, which may change over time.

  Hard credit pulls. Lenders may also vary in whether they perform a hard credit pull or soft inquiry. A hard credit pull may impact your credit score.

  Multiple phone calls, emails. A common theme among MyAutoLoan reviews is complaints about auto lenders calling applicants multiple times.

  No customer service number. Conversely, it may be hard to reach MyAutoLoan itself by phone. The company accepts emails from through its website, but it does not provide  a customer service number.

How to apply to MyAutoLoan

To apply to MyAutoLoan, go to, select the type of auto loan offer you’d like and hit continue. This will take you to an online form that asks for personal, employment and financial information, as well as your permission to pull your credit.

From that point, MyAutoLoan will contact you to inform you of potential auto loan offers from lenders. Once you’ve chosen an offer, the lender may ask for a copy of your driver’s license, proof of auto insurance, personal references’ contact information and a pay stub with current year-to-date earnings.

CarsDirect vs. MyAutoLoan

Like MyAutoLoan, you could fill out an online application at CarsDirect and potentially receive auto loan offers from partner lenders. It’s possible to find a loan here even if you have bad credit or lack credit history. But unlike MyAutoLoan, CarsDirect is probably best known as a car research tool — the site reviews the latest models and notably tracks manufacturers’ ever-changing zero percent financing offers as well as rebate and lease deals.


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