MyAutoloan Car Loans: 2020 Review

MyAutoloan lets applicants quickly compare car loan offers from multiple lenders. Fair-credit borrowers may qualify.

Philip ReedAugust 25, 2020

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Auto loan reviews

MyAutoloan
  • Auto loan refinancing

  • Auto purchase loan

The bottom line: MyAutoloan is an online marketplace that matches you with auto loans from its network of lenders. Its service is a good fit if you have fair credit and want to get multiple quotes to compare.

Auto loan refinancing review

MyAutoloan
Learn More

on MyAutoloan's website

Min. Credit Score

575

Est. APR

2.05 - 29.40%

Loan Amount

$5,000 - $99,000

Pros

  • Offers marketplace to compare loans from multiple lenders.
  • Allows co-signers.

Cons

  • Vehicle restrictions.
  • Expect multiple contacts from lenders.

Best for borrowers who want to save time rate shopping.

Full Review

To review MyAutoloan, NerdWallet collected and compared more than 15 data points against other lenders that seek the same customer or offer a similar product.

MyAutoloan solicits offers from numerous lenders on your behalf. It matches borrowers to refinance loans and lease buyout loans, as well as a wide range of purchase loans for new and used cars from both dealers and private parties.

MyAutoloan is a good fit for those who:

  • Want to compare multiple loan offers. Applicants have to fill out only one loan application to check rates.

  • Have fair credit. MyAutoloan has a lower minimum credit score requirement compared to some of its competitors.

  • Are willing to hear from multiple lenders. Expect to be contacted by more than one.

MyAutoloan review details

When you apply to MyAutoloan, the company presents your loan application to as many as 20 lenders. Its website promises up to four offers in minutes, but some MyAutoloan partners may take longer to review your application.

While casting a wide net can help you find the most competitive rate, having your information shared with a large number of lenders means you could be contacted by multiple dealers and lenders trying to get your business.

MyAutoloan lets you check rates with a soft credit pull, which doesn't affect your credit score. When approving your application, its partner lenders will do a soft or a hard pull. A hard credit pull will slightly lower your credit score.

Loan requirements will vary by lending partner, but MyAutoloan offers the following general guidelines for refinancing:

  • Loan amount: $5,000 to $99,000.

  • Minimum monthly income: $1,500.

  • Maximum vehicle mileage: 125,000 miles; 120,000 for private party loans.

  • Maximum vehicle age: 10 years.

  • Maximum loan-to-value ratio: 140%.

MyAutoloan auto loan rates

The average credit score of MyAutoloan customers for refinance loans is 602. But the best rates offered by MyAutoloan 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.

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.

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.

MyAutoloan restrictions

  • Loan terms: 24 to 84 months. (NerdWallet doesn’t recommend loans over 60 months.)

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: 125,000 miles; 120,000 for private party loans.

  • Vehicle restrictions and requirements vary by lender.

  • Not available in Hawaii or Alaska.

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.

How does this loan compare?

MyAutoloan
LightStream
Ally Clearlane
Learn MoreLearn MoreLearn More
Min. Credit Score

575

Min. Credit Score

660

Min. Credit Score

580

Est. APR

2.05 - 29.40%

Est. APR

3.99 - 9.99%

Est. APR

3.99 - 7.74%

Loan Amount

$5,000 - $99,000

Loan Amount

$5,000 - $100,000

Loan Amount

$10,000 - $80,000

Auto purchase loan review

MyAutoloan
Learn More

on MyAutoloan's website

Min. Credit Score

575

Est. APR

2.05 - 24.90%

Loan Amount

$8,000 - $99,000

Pros

  • Compare offers from multiple lenders.
  • Allows co-signers.

Cons

  • Vehicle restrictions.
  • Expect multiple contacts from lenders.

Best for fair-credit borrowers who want to get quotes from multiple lenders.

Full Review

To review MyAutoloan, NerdWallet collected and compared more than 15 data points against other lenders that seek the same customer or offer a similar product.

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. MyAutoloan lets you fill out one loan application to receive multiple offers.

  • Have average credit scores. Shopping around for the best rate is especially important if you don’t have good credit.

  • Don't mind hearing from multiple lenders. Because casting a wide net is the point.

MyAutoloan review details

When you apply to MyAutoloan, the company presents your loan application to as many as 20 lenders. Its website promises up to four offers in minutes, but some MyAutoloan partners may take longer to review your application.

While casting a wide net can help you find the most competitive rate, having your information shared with a large number of lenders means you could be contacted by multiple dealers and lenders trying to get your business.

MyAutoloan lets you check rates with a soft credit pull, which doesn't affect your credit score. When approving your application, its partner lenders will do a soft or a hard pull. A hard credit pull will slightly lower your credit score.

Loan requirements will vary by lending partner, but MyAutoloan offers the following general guidelines to qualify for a purchase loan:

  • Loan amount: $8,000 to $99,000.

  • Minimum monthly income: $1,750.

  • Maximum vehicle mileage: 125,000 miles; 120,000 for private party loans.

  • Maximum vehicle age: 10 years.

  • Maximum loan-to-value ratio: 140%.

MyAutoloan auto loan rates

The average credit score of MyAutoloan customers for purchase loans is 628. But the best rates offered by MyAutoloan 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.

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.

Loan example: For a subprime borrower (FICO score between 501 to 600), a $10,000 car loan with a repayment term of 36 months and an interest rate of 12% would carry monthly payments of $332, according to NerdWallet’s auto loan calculator.

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.

MyAutoloan restrictions

  • Loan terms: 24 to 84 months. (NerdWallet doesn’t recommend loans over 60 months.)

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: 125,000 miles; 120,000 for private party loans.

  • Vehicle restrictions and requirements vary by lender.

  • Not available in Hawaii or Alaska.

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.

Frequently asked questions