myAutoloan.com Auto Purchase, Refinance and Lease Buyout Loans: 2023 Review

myAutoLoan.com offers loans for new and used purchases, refinancing and lease buyouts with no origination fee.
By Shannon Bradley and  Whitney Vandiver 

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Auto loan reviews

MyAutoloan
  • 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

MyAutoloan

Not yet rated

Est. APR
3.69-21.00%
Loan amount
$8,000-$100,000
Min. credit score
575
Learn more

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.

🤓Nerdy Tip

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.

Application process
  • Origination fee: None.

  • Personal information needed: Social security number or ITIN, address, time at address, phone number, email address, birthdate, employment status, employer name, housing status, housing payment amount and basic vehicle information.

  • Pre-qualification available: Available in nearly all cases, but some lenders might use a hard credit inquiry.

  • Online, in-person or both: Process is 100% online including document upload.

  • Approval speed: Completely online, including uploading documents.

  • Funding: Immediate.

  • Minimum FICO credit score: 575.

  • Minimum credit history: None.

  • Minimum annual gross income: $18,000.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy-related restrictions: Takes into consideration prior and current bankruptcy.

  • States covered: All states except AK and HI.

  • New vehicle definition: Purchased from a franchised car dealership wherein the franchised dealership is selling the vehicle as a new vehicle.

  • Maximum vehicle age: Up to 10 years.

  • Maximum vehicle mileage: 100,000 miles or more.

  • Other vehicle restrictions: None.

  • Loan amount minimum: $8,000 for new and used purchases and lease buyout loans, and $5,000 for refinancing.

  • Loan amount maximum: $100,000 for all auto loan types.

  • Maximum loan-to-value ratio: 130%.

  • Refinance time restrictions: Some lending partners require a waiting period of up to three months.

  • Loan terms: 24-84 months for new purchases and lease buyouts, 12-84 months for refinancing loans and less than 12 months up to 84 months for used purchases.

  • Rate discount: Most lending partners offer a discount of 0.25%-0.75% with automatic payment.

  • Greater-than-minimum payments: Depends on the lender.

  • Bi-weekly payments: Depends on the lender.

  • Late payment fee: Depends on the lender.

  • Prepayment penalty: No.

  • Co-borrowers allowed: Allowed in nearly all cases.

  • Co-signers allowed: Allowed in nearly all cases.

  • Payment options: Check by mail, pay by phone, online portal, mobile app, website, ACH and in-person. Available options will vary by lender.

  • Selected payment due date: Borrower can select the payment date when completing loan paperwork.

  • Hardship plans: Depends on the lender.

  • Cash-out refinancing: No.

  • Existing loan payoff: Funds are sent directly to the previous lender.

  • Assistance provided: Customer service is available on weekdays for the application process and payment support.

  • Availability: Mon-Fri, 8:00 a.m. - 5:00 p.m. CT.

  • Contact options: Customer service is available through a website form, which emails the customer service team. Approved borrowers are given lender-specific contact information, and borrowers who are not approved are given a phone number to contact myAutoLoan.com.

How does this loan compare?

MyAutoloan
LightStream
Ally
Est. APR

3.69-21.00%

Est. APR

6.99-14.74%

Est. APR

7.29-22.24%

Loan amount

$8,000-$100,000

Loan amount

$5,000-$100,000

Loan amount

$5,000-$99,999

Min. credit score

575

Min. credit score

660

Min. credit score

520

Used auto purchase loan review

MyAutoloan

Not yet rated

Est. APR
3.94-21.00%
Loan amount
$8,000-$100,000
Min. credit score
575
Learn more

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

MyAutoloan

Not yet rated

Est. APR
1.99-21.00%
Loan amount
$5,000-$100,000
Min. credit score
575
Learn more

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

MyAutoloan

Not yet rated

Est. APR
1.99-21.00%
Loan amount
$5,000-$100,000
Min. credit score
575
Learn more

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 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