At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About MyAutoLoan
-
Loan amount
$8,000 and up
-
Min. credit score
600
-
APR from
7.19%
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Funds available in
As soon as the next business day
myAutoLoan: 2024 review
Published 2024-09-11 12:59:00
Written by
Edited by
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.
Types of car loans that myAutoLoan offers
| New car | Used car | Refinancing | Private-party | Lease buyout | |
|---|---|---|---|---|---|
| APR | From 7.15% | From 7.19% | From 5.47% | From 6.75% | From 4.59% |
| Loan amounts | From $8,000 | From $8,000 | From $8,000 | From $8,000 | From $8,000 |
| Loan terms | 24-84 months | 24-84 months | 24-84 months | 24-84 months | 24-84 months |
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 to get a myAutoLoan auto loan
The application process for myAutoLoan is done fully online. It should take only three steps:
- First, myAutoLoan requires you to provide some information, like your driver’s license and proof of income, to complete the application. It should take under five minutes to complete.
- At this point, myAutoLoan will present you with four offers that are suitable based on your credit and finances.
- If one of the loan offers works for you, submit a formal application with the lender and upload any required documents.
Once you receive approval, you can sign the loan documents and receive your check or online certificate within 24 hours. You can then use it to purchase a new or used vehicle or refinance your current auto loan.
How Bankrate rates myAutoLoan
| Overall score | 3.7 | |
|---|---|---|
| Availability | 4.5 | MyAutoLoan works with lenders that offer loans in 48 states but its loan amounts are restrictive. |
| Affordability | 3.0 | Lack of information about rates and fees brings down an otherwise good score. |
| Customer experience | 3.0 | Rates are good for 30 days and myAutoLoan offers a fully online experience, but it doesn’t have a phone number posted or a live chat function. |
| Transparency | 4.5 | MyAutoLoan only posts some of its rates and fees, but it does allow potential borrowers to prequalify. |
Methodology
Bankrate's trusted auto loans industry expertise
48
years in business
37
lenders reviewed
18
loan features weighed
666
data points collected
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.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
What customers think
What people are saying across the web about myAutoLoan
myAutoLoan has positive online reviews, including a strong Trustpilot score of 3.9 out of 5 stars based on close to 1,000 reviews. Many reviewers reference an easy application process and fast funding.
Here’s what one borrower had to say:
"My experience with Auto Loan was very positive! The application process was very easy. All documents were securely exchanged online. Customer support was outstanding and answered all questions and concerns promptly. I would highly recommend them if you're looking to refinance or do a lease buyout like I did! I received a decent rate and was approved quickly. My own credit union couldn't do that for me."
— Trustpilot User
A borrower who refinanced their loan shared this:
"Using MyAutoLoan for an auto loan refinance was very easy and extremely fast. Within one hour after contact I had three different loan approvals to examine. One day later I had a firm contract in front of me for signature. I highly recommend using MyAutoLoan as your resource!!"
— Trustpilot User
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
Community myAutoLoan scores
AUTO LOAN
myAutoLoan
Dive into community reviews below and see what others think about myAutoLoan.
4.2
25
ratings
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are unedited and have not been reviewed or approved by the associated lender.
Score breakdown
5 stars
32%
4 stars
56%
3 stars
12%
2 stars
0%
1 star
0%
Score by category
Overall rating
4.2
/ 5
Fees & closing costs
4.2
/ 5
Funding time
4
/ 5
Customer service
4.3
/ 5
Application process
4.2
/ 5
Online portal or mobile app
4.3
/ 5
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
Community Reviews
See what users like you are saying about myAutoLoan.
Anonymous Borrower
August 20, 2024
Describe your experience with the application process
It was very easy
Loan purpose
Used car loan
Score by category
Fees & closing costs
4
/ 5
Funding time
4
/ 5
Online portal or mobile app
4
/ 5
Customer service
3
/ 5
Application process
4
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
MyAutoloan is a great place and gives high interest remittance
Loan purpose
New car loan
Score by category
Fees & closing costs
5
/ 5
Funding time
4
/ 5
Online portal or mobile app
5
/ 5
Customer service
5
/ 5
Application process
4
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Loan purpose
Score by category
Key Questions
We wanna know what you think about myAutoLoan
Have experience with myAutoLoan? Let us know your thoughts
Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans
Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.
