myAutoloan.com Auto Purchase, Refinance and Lease Buyout Loans: 2023 Review
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Auto loan reviews
New auto purchase loan
Used auto purchase loan
Auto loan refinancing
Auto lease buyout loan
The bottom line:
Best for applicants wanting to be matched and work directly with potential lenders that may best meet their needs. Bad- and fair-credit borrowers may qualify.
New auto purchase loan review
Not yet rated
on MyAutoloan's website
Pros
Some lending partners offer pre-qualification with a soft credit check.
Some network lenders offer rate discount with automatic payment.
No origination fees.
Fully online application available for applicants who prefer it.
Co-borrowers or co-signers are allowed in nearly all cases.
Cons
Not available in Hawaii or Alaska.
Customer service not available on weekends.
Doesn’t provide Spanish version of website.
Best for applicants wanting to be matched and work directly with potential lenders that may best meet their needs. Bad- and fair-credit borrowers may qualify.
Full Review
Full review: Established in 2003, myAutoloan.com is a direct lending marketplace that solicits offers from up to four lenders on the applicant’s behalf. It matches borrowers to a wide range of auto loan types, including new- and used-car dealer purchase loans, private party purchase loans, refinance loans and lease buyout loans. myAutoloan.com provides a great deal of transparency on its website, posting rates, general qualification guidelines and detailed FAQs.
When an application is submitted to myAutoloan.com, the company matches applicants to lenders through a soft credit pull, which doesn’t affect credit scores. The applicant then receives up to four approved offers to choose which lender they want to apply to. When an applicant decides to move forward with a lender’s offer, that lender might do a hard credit pull.
myAutoloan.com is an auto loan aggregator, meaning it works with a network of lenders to match borrowers to loans. Aspects of your loan — such as fees, service and how your personal information is used — will depend on the lender selected.
myAutoloan.com may be a good fit for those who:
Want to see multiple loan offers. Applicants can complete one loan application to receive up to four lender offers.
Want fast approval. Most marketplace lenders can provide approval almost immediately after application submission.
Don't mind hearing from multiple lenders. Once an applicant’s personal information is shared, they may be contacted directly from these lenders.
myAutoloan.com at a Glance
Note that marketplace lenders like myAutoloan.com work with many different lenders, so the information provided is general and can reflect the high or low end available among their lending partners.
How does this loan compare?
|  |  |
Est. APR5.29-21.00% | Est. APR8.74-16.19% | Est. APR7.54-22.49% |
Loan amount$8,000-$100,000 | Loan amount$5,000-$100,000 | Loan amount$7,500-$99,999 |
Min. credit score575 | Min. credit score660 | Min. credit score520 |
Used auto purchase loan review
Not yet rated
on MyAutoloan's website
Pros
Some lending partners offer pre-qualification with a soft credit check.
Some network lenders offer rate discount with automatic payment.
No origination fees.
Fully online application available for applicants who prefer it.
Co-borrowers or co-signers are allowed in nearly all cases.
Cons
Not available in Hawaii or Alaska.
Customer service not available on weekends.
Doesn’t provide Spanish version of website.
Best for applicants wanting to be matched and work directly with potential lenders that may best meet their needs. Bad- and fair-credit borrowers may qualify.
Auto loan refinancing review
Not yet rated
on MyAutoloan's website
Pros
Applicants can receive up to four lender matches with a soft credit check.
Most lenders can provide approval within 30 seconds of application submission.
Provides lowest daily rates on site, including auto refinance loans.
Funds to pay off previous lender usually available within 24 hours.
Allows co-signers.
Cons
May result in multiple contacts from different lenders.
Social Security number required to submit initial application.
myAutoloan.com offers limited customer service support.
Not available in a few states.
Best for applicants wanting to quickly receive auto refinance loan offers from multiple lenders. Bad and fair-credit borrowers may qualify.
Auto lease buyout loan review
Not yet rated
on MyAutoloan's website
Pros
Some lending partners offer pre-qualification with a soft credit check.
Some network lenders offer rate discount with automatic payment.
No origination fees.
Fully online application available for applicants who prefer it.
Co-borrowers or co-signers are allowed in nearly all cases.
Cons
Not available in Hawaii or Alaska.
Customer service not available on weekends.
Doesn’t provide Spanish version of website.
Best for applicants wanting to be matched and work directly with potential lenders that may best meet their needs. Bad- and fair-credit borrowers may qualify.
» MORE: Compare lease buyout loans
More from myAutoloan.com
myAutoloan.com offers a number of additional products, features and services to assist borrowers. Its website has numerous auto financing resources, including loan and payment calculators, a rate estimator, downloadable guides on auto financing and improving credit, a glossary of auto financing terms and auto loan articles. It also provides quotes for auto insurance from partners and marketplaces.
myAutoloan.com auto loan rates
Credit requirements vary by auto lender, but myAutoloan.com's lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.
Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.
To review myAutoloan.com, NerdWallet sent a survey requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.
Frequently asked questions
myAutoloan is an auto lending marketplace based in Irving, Texas. It has been accredited by the Better Business Bureau since 2003, where it has received an A+ rating.
Horizon Digital Finance LLC operates myAutoloan.com as well as other financing websites. It describes itself as “a privately held, direct-to-consumer, internet-based financing marketplace.”
