myAutoloan.com Auto Purchase, Refinance and Lease Buyout Loans: 2024 Review

myAutoLoan.com offers loans for new and used purchases, refinancing and lease buyouts with no origination fee.
Whitney VandiverShannon Bradley
By
and
Last updated on January 2, 2024
Edited by
✅ Fact checked and reviewed
Julie Myhre-Nunes
Edited by
✅ Fact checked and reviewed

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  • 45+ auto loan products reviewed and rated by our team of experts.
  • 30+ years of combined experience covering financial topics.
  • Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
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NerdWallet's auto loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have also appeared on NerdWallet's "Smart Money" podcast.

Auto loan reviews

MyAutoloan
New auto purchase loan
The Nerdy headline:

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
MyAutoloan - New car purchase loan

4.0
NerdWallet rating
Est. APR
6.29-29.90%
Loan amount
$8,000 - $100,000
Min. credit score
575
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.

Compare auto loans lenders
Lender
Est. APR
Loan amount
Min. credit score
MyAutoloan
4.0
Visit Lenderon MyAutoloan's website
on MyAutoloan's website
6.29- 29.90%
$8,000- $100,000
575
6.24- 34.90%
$8,000- $100,000
575
7.99- 16.19%
$5,000- $100,000
660
Visit Lenderon LightStream's website
on LightStream's website
7.99- 16.19%
$5,000- $100,000
660
Visit Lenderon LightStream's website
on LightStream's website
Consumers Credit Union
Visit Lenderon Consumers Credit Union's website
on Consumers Credit Union's website
6.79- 17.54%
$0- $100,000
None
Visit Lenderon Consumers Credit Union's website
on Consumers Credit Union's website
View more

Used auto purchase loan review

MyAutoloan

4.5
NerdWallet rating
Est. APR
6.24-34.90%
Loan amount
$8,000 - $100,000
Min. credit score
575
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

5.0
NerdWallet rating
Est. APR
5.24-29.90%
Loan amount
$5,000 - $100,000
Min. credit score
575
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

4.5
NerdWallet rating
Est. APR
5.90-29.90%
Loan amount
$5,000 - $100,000
Min. credit score
575
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.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating aggregators and our process, read our full methodology.

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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.”

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