myAutoLoan: 2024 review

myAutoLoan is best for comparing rates

To find the best auto loan for your needs, it is essential to compare potential rates. The main selling point of myAutoLoan is that it does the hard work of fielding offers for you. 

As a loan aggregator, myAutoLoan will get competing bids from up to four lenders at once so you can compare and contrast without the need to manually enter your information over and over again. On top of that, myAutoLoan caters to borrowers with lower credit scores and helps to find lower interest rate options for those who might otherwise be looking at less-friendly terms.

You can use myAutoLoan to explore competitive rates for new and used car purchases from dealerships as well as private party auto loans. Lenders in myAutoLoan’s network also offer refinancing and lease buyout options.

New auto loans 

You can get auto loan rate quotes to compare against other lenders. Even better, you can shop confidently since you’ll have the leverage to negotiate at the dealership as a cash buyer.

Used auto loans 

Similarly, financing a used vehicle with a lender in the myAutoLoan network empowers you to compare potential rates. And while used car rates start slightly higher than for new ones, they are still competitive.  

Refinance auto loans 

If your monthly car payments are too much for your budget, consider refinancing your auto loan. You may qualify for a lower interest rate or extended loan term, which can help you keep more of your hard-earned money in your pocket now or over time. 

Private party auto loans 

If you found a good deal on a vehicle through a private seller, myAutoLoan is one of the few lenders that offer private party auto loans. And its fast funding timeline can help you take advantage of the deal before another buyer snags the car.

Lease buyout auto loans 

If you've fallen in love with your leased car — or just want to avoid fees and penalties — you can buy it at the end of your lease. To know if you qualify, check out the buyout price you negotiated at the start of your lease. Like private party auto loans, myAutoLoan is one of the few options to find lease buyouts outside of your leasing company.

Where myAutoLoan stands out

• Flexible qualification criteria: Compared to other lenders, myAutoLoan boasts fairly flexible acceptance criteria. You may qualify for financing for a new or used car if your gross annual income is at least $21,600 and you have a FICO score of 600 or higher.
• Fast funding: Once a borrower has secured approval, funds can be made available within 24 hours. This is a major perk for those who need to make their purchase quickly. 
• Disclosed rates: It is common for lenders to not disclose rates directly online, but myAutoLoan goes a step above and updates the lowest available rates daily online.  

Where myAutoLoan falls short

• Limited availability: Depending on where you live, myAutoLoan may not be available. Residents of Alaska and Hawaii, for example, are out of myAutoLoan’s service footprint.
• Large minimum amount: There is a minimum loan amount of at least $8,000. A number that high can make it challenging to finance an inexpensive used vehicle.
• Some vehicle restrictions apply: Because myAutoLoan is a loan aggregator, some lenders will have vehicle restrictions. Typically, vehicles older than 10 years or with more than 125,000 miles won’t qualify.

myAutoLoan customer resources

Customer support

Unfortunately, myAutoLoan does not share a contact number for support. Instead, there is a contact form where borrowers can submit specific questions. Outside of that, an in-depth FAQ section is available.

Digital experience 

You can check daily interest rates through myAutoLoan — and it has an easy-to-navigate online presence. Its website also boasts resources like an interest rate calculator and other educational tools. Getting your offer is seamless and is done entirely on the lenders’ site. 

How this lender compares

Because myAutoLoan is a loan aggregator, it can be difficult to compare it with direct lenders. That said, the lenders in its network have low starting rates and relatively competitive terms.

myAutoLoan vs. Autopay

Much like myAutoLoan, Autopay is a loan aggregator that works with a number of lenders to provide competitive rates on auto loans. Both myAutoLoan and Autopay do soft credit checks that will not affect your credit score when you prequalify and only do hard pulls if you decide to move forward with a loan. Both options are good for people with low credit scores, as they offer options for borrowers with less-than-perfect credit. Autopay offers more flexibility around loan amounts, with a minimum of $2,500 and a max of $100,000, compared to myAutoLoan's minimum of $8,000 for auto purchases. 

myAutoLoan vs. M&T Bank

While myAutoLoan is a loan aggregator, M&T Bank is a direct lender that offers auto loans to borrowers. M&T Bank, based in Buffalo, is a great option for small auto loans or refinancing an auto loan you’re close to paying off. It has a minimum loan amount of just $2,000 — significantly lower than myAutoLoan’s high starting $8,000. Unlike myAutoLoan, you will not be able to shop around with M&T Bank, but if you already have an account with M&T Bank, you could qualify for a discounted rate.

Do you qualify for a myAutoLoan auto loan?

Specific loan approval varies depending on the lender you're matched with. However, these minimum requirements are firm across the board.

• Be at least 18 years old
• Have a FICO credit score of at least 600
• Have gross annual earnings of at least $21,600 for a non-refinancing purchase
• Have gross annual earnings of at least $18,000 for auto refinancing
• Choose a vehicle no more than 10 years old with under 125,000 miles

How Bankrate rates myAutoLoan

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.