myAutoloan.com Auto Purchase, Refinance and Lease Buyout Loans: 2022 Review

myAutoloan.com offers a wide range of auto loan products through a lender marketplace. Applicants can quickly receive loan offers from up to four lenders.
Aug 25, 2020

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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
1.99-12.99%
Loan amount
$8,000-$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 website, including new auto purchases.

  • Some marketplace lenders offer rate discount with automatic payment.

  • 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 loan offers from multiple lenders for the purchase of a new or used vehicle from a dealer or private party. Bad- and fair-credit borrowers may qualify.

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, lease buyout loans and cash-out refinancing. 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 within 30 seconds, although some lending partners may take longer to review the application. When an applicant decides to move forward with a lender’s offer, that lender will do a hard credit pull.

myAutoloan.com also matches borrowers to lenders for cash-out refinancing, meaning borrowers with vehicle equity may be able to receive cash up to lender limits with their auto refinance loan. Borrowers should weigh the pros and cons of cash-out auto refinancing.

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 within 30 seconds of 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: Varies by lender. Amount not disclosed.

  • Personal information needed: Social Security number or ITIN, address, time at address, phone, email, birthdate, employment status, employer name, housing status, housing payment.

  • Pre-qualification available: Borrowers can receive up to 4 offers with rates to choose from. These offers are considered approvals and are good for 31-45 days.

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

  • Approval speed: Within 30 seconds of application submission.

  • Funding: One day or less after loan closing.

Qualifications
  • Minimum FICO credit score: 575.

  • Minimum credit history: Varies by lender.

  • Minimum annual gross income: $21,600.

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

  • Bankruptcy-related restrictions: Bankruptcy must be discharged or dismissed.

  • States covered: Not available in AK, HI.

Restrictions
  • Maximum vehicle age: 10 years for used cars, refinancing and lease buyout.

  • Maximum vehicle mileage: 125,000 miles for used cars, refinancing and lease buyout.

  • Other vehicle restrictions: Some lending partners will not finance certain models. Used vehicles can be purchased from franchised dealers or private parties.

  • Loan amount minimum: $8,000 for auto purchase and lease buyout; $5,000 for auto refinance.

  • Loan amount maximum: $100,000.

  • Refinance time restrictions: Did not disclose.

Other loan details
  • Loan terms: 24-84 months for auto purchase; 24-72 for auto refinance; 24-82 for lease buyout.

  • Automatic payment: Offered by most partner lenders. Not required.

  • Rate discount: Some partner lenders offer rate discount for setting up automatic payment. Amount not disclosed.

  • Greater-than-minimum payments: Can be made through automatic payment. Surplus is automatically applied directly to principal.

  • Bi-weekly payments: Accepted and can be made by automatic payment.

  • Late payment fee: Varies by lender.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes.

  • Co-signers allowed: Yes and can complete application at the same time.

  • Payment options: Varies by partner lender.

  • Selected payment due date: Yes, both before and after signing loan agreement.

  • Cash-out refinancing: Yes. Limits not disclosed.

  • Hardship plans: Offered by some network lenders for borrowers unable to make monthly payments.

Customer service
  • Assistance provided: Does not have a customer service phone number to call for assistance with application process. Applicant can submit a website form and receive a call back from myAutoloan.com, but in most cases the applicant will need to talk to lenders for answers to questions. Each loan offer has a contact phone number, email address and hours of operation for the lender.

  • Availability: Depends on lender availability.

  • Contact options: Options vary by lender, including phone, email, social media, online chat.

How does this loan compare?

MyAutoloan
LightStream
Ally Clearlane
Est. APR

1.99-12.99%

Est. APR

5.49-10.99%

Est. APR

5.74-19.24%

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
2.24-24.99%
Loan amount
$8,000-$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 website, including used auto and private party purchases.

  • Some marketplace lenders offer rate discount with automatic payment.

  • 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 loan offers from multiple lenders for the purchase of a used vehicle from a dealer or private party. Bad- and fair-credit borrowers may qualify.

Auto loan refinancing review

MyAutoloan

Not yet rated

Est. APR
1.99-21.99%
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
2.09-21.99%
Loan amount
$8,000-$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 lease buyout loans.

  • Funds to pay off lease 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 lease buyout loan offers from multiple lenders. Bad- and fair-credit borrowers may qualify.

More from myAutoloan.com

myAutoloan.com has received an 86% customer satisfaction rating of excellent or great on Trustpilot, a business review and reputation management platform.

myAutoloan.com offers a number of additional products, features and services to assist borrowers. Its website has numerous auto financing resources, including a loan and payment calculator, a rate estimator, downloadable guides on auto financing and improving credit, a glossary of auto financing terms and auto loan articles. It also provide quotes for auto insurance from myAutoloan.com and other car-buying resources.

myAutoloan.com auto loan rates

Lenders set their own requirements, but the 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 501-600, a $10,000 car loan, repayment term of 36 months, interest rate of 12% and $0 down payment would have monthly payments of $332.

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