Good for: average credit borrowers, getting quotes from multiple lenders
MyAutoloan solicits offers from numerous lenders on your behalf. It matches borrowers to a wide range of auto loans, including new and used car dealer purchase loans, private party purchase loans, refinance loans and lease buyout loans.
MyAutoLoan is a good fit for those who:
- Want to see multiple loan offers after filling out only one loan application.
- Have average credit scores. Shopping around for the best rate is especially important if you don’t have good credit.
- Are serious auto loan shoppers who don’t mind a hard credit pull or the possibility of being contacted by multiple companies.
MyAutoloan at a glance
| Purchase loans | Refinance loans | |
| APR* | 1.99% - 24.9% | 1.84% - 29.4% |
| Loan amounts | $7,500 - $100,000 | |
| Min requirements | Credit score: 500 Income: $1,100/month |
|
| Hard credit check with application? | Yes | |
| Availability | All states except Alaska and Hawaii | |
MyAutoLoan review details
When you apply to myAutoloan, the company presents your loan application to as many as 20 lenders, promising “up to four offers in minutes.” Greg Thibodeau, myAutoloan CEO, says this allows applicants to quickly spot “the outlier” — a lender that offers a substantially lower interest rate.
While casting a wide net with your application can help you find the most competitive rate, having your information shared with a large number of lenders means you could be contacted by dealers and lenders trying to get your business.
Also note that myAutoloan requires a hard credit pull, which slightly lowers your credit score. The partner lenders will also do their own hard pull before approving an application, but credit bureaus typically group multiple car-loan requests and treat them as a single inquiry when done in a short period. This means it’s best for people who definitely want a loan, rather than those casually comparing rates.
Car loan rates
The best rates offered by myAutoloan — 1.99% for purchase loans and 1.84% for refinance loans — will only be available if you have very good credit. Lenders can set their own requirements, but excellent credit is generally considered 720 or better, while 690 to 719 is good. The average score of myAutoloan customers is 628 for purchase loans and 602 for refinance loans.
Keep in mind that with average or below-average credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. If you know your credit score, you can get an idea of the rate you might qualify for.
| Credit score | Average new-car APR | Average used-car APR |
|---|---|---|
| Source: State of the Automotive Finance Market, Experian Information Solutions Inc. | ||
| 781-850 | 3.2% | 3.8% |
| 661-780 | 4% | 5.5% |
| 601-660 | 6.8% | 10% |
| 501-600 | 11% | 16.3% |
| 300-500 | 13.8% | 19.3% |
Applying to myautoloan
- Loan offers good for up to 30 days; applicants are not obligated to accept
- Co-signers allowed
- No application fee; late payment fees vary by lender
- Funding methods vary by lender
RESTRICTIONS
- Maximum vehicle age: 10 years
- Maximum vehicle mileage: 125,000 miles; 120,000 for private party loans
- Loan terms: 24 to 84 months (NerdWallet doesn’t recommend loans over 60 months)
- Vehicle restrictions and requirements vary by lender
- Not available in Hawaii or Alaska
How myAutoloan compares
Unlike direct-to-consumer online lenders we’ve reviewed, such as LightStream and SpringboardAuto.com, myAutoloan provides applicants with multiple offers from its network of lenders. The table below shows how myAutoloan’s purchase loan requirements compare to those of direct lenders.
| Lender | Minimum FICO | APRs | Loan amount | Hard pull to see rates? |
|---|---|---|---|---|
| MyAutoloan | 500 | 1.99% - 24.9% | $7,500 - $100,000 | Yes |
| Capital One | 500 | As low as 3.24%* | $4,000 - $40,000 | No |
| SpringboardAuto.com | 500 | 5% and up** | $7,500 - $45,000 | No |
| CarFinance | 525 | 6.99% - 14.99% | $7,500 - $45,000 | Yes |
| LightStream | 660 | 3.09% - 7.69%*** | $5,000 - $100,000 | Yes |
| Company | Minimum FICO | Minimum monthly income | Loan amount | Maximum vehicle age/mileage | Hard pull? |
|---|---|---|---|---|---|
| MyAutoloan | 500 | $1,100 | $7,500 - $100,000 | 10 yrs / 125,000 mi | Yes |
| RateGenius | 525 | $2,000 | $10,000 - $90,000 | 10 yrs / 100,000 mi | Yes |
| IFS | 550 | $1,500 | $5,000 - $100,000 | 10 yrs / 100,000 mi | Yes |
| Clearlane | 580 | $1,800 | $5,000 - $75,000 | 11 yrs / 125,000 mi | No |
| Autopay | 600 | $2,000 | $5,000 - $100,000 | 11 yrs / 125,000 mi | No |
More from myAutoloan
MyAutoloan offers a number of additional products, features and services to assist borrowers. The website has free auto financing resources, including a loan and payment calculator, a rate estimator, a downloadable report on improving your credit, a glossary of financial terms and loan-oriented articles. You can also get quotes for auto insurance from myAutoloan partners and find other car-buying resources.
Shopping for an auto loan
- Fees and penalties: Most lenders don’t charge an application fee to apply for a purchase or refinance loan. Once you receive the loan, late payment fees will vary by lender.
- Rate shopping: Make all applications within a short time to minimize the impact on your credit score. Credit bureaus typically group multiple car-loan requests and treat them as a single inquiry if done within a short window, generally 14, 30 or 45 days. But it’s also smart to check your report afterward to confirm this is the case.
- Run the numbers: Just because you can qualify for a loan doesn’t mean you have to take it if it stretches your budget. Use our auto loan calculator to see how offers compare and what best fits in your car budget. When refinancing, NerdWallet doesn’t recommend extending your loan term since you’ll end up paying more in interest and could wind up owing more than the car is worth.
Many lenders and loan marketplaces share your information with other lenders and partners to get you the best deal. This means you could get emails and phone calls from lenders and possibly even car dealers. Be sure to read the privacy information on a lender’s website.
To avoid unwanted calls and emails, consider creating a new email account and get a Google Voice phone number that you can check separately. Both options are free and can be used for other shopping needs.
- Vehicle information, including the year, make, model and current mileage of the car; the vehicle identification number; an accurate description of all the vehicle’s trim level, features and options; proof of vehicle registration and insurance; and a copy of your driver’s license.
- Personal and financial information, including proof of income, employment information, banking and credit history, Social Security number and proof of residence.
When refinancing a car loan or trading in a car with a loan on it, you’ll also need your current loan information, including the name of the lending institution and account number of your current car loan; and your remaining loan term and balance.
More from NerdWallet
See more car loan providers
See more auto loan refinance options
See if auto loan refinancing is right for you
Updated March 5, 2018.
METHODOLOGY
To review myAutoloan, owned by Horizon Digital Finance, NerdWallet collected more than 46 data points from the lender, interviewed company executives, completed the online loan application process with sample data and compared the lender with others that seek the same customer or offer a similar product.
Credit score simulator
Your new score:
