MyAutoLoan Review

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4.8 _/5

LendEDU Rating

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Auto Loans

• Receive up to four auto loan offers within as little as four minutes
• Transparent terms and eligibility requirements
• Finance new, used, private party, and lease buyout autos, and motorcycles
• Funding within 24 hours

• Not available in Hawaii or Alaska
• Potential lenders can run hard credit inquiries

Rates (APR)	Start at 7.24% for new autos
Loan amounts	$8,000 – $100,000
Repayment terms	24 – 72 months

Auto Loan RefinanceView Rates

• Reasonable interest rates
• Low minimum loan amount
• Receive multiple offers to potentially lower your monthly payment

• Potential lenders can run hard credit inquiries

Rates (APR)	Start at 5.49%
Loan amounts	Start at $5,000
Repayment terms	24 – 72 months

MyAutoLoan is a direct lending marketplace that aims to help you make better financial decisions on car loans and refinancing. When you prequalify on its site, it finds up to four loan offers through its auto lending partnerships. You can choose the best offer, saving time and money.

Is it worth it to consider MyAutoLoan? We dug into the research to see how MyAutoLoan ranks and what makes its offers appealing.  

MyAutoLoan offerings at a glance

MyAutoLoan provides a wide selection of auto financing loans through its lending partners. These loan options include: 

	Starting APRs
New auto loans	7.24%
Used auto loans	7.49%
Auto loan refinance	5.49%%
Private party auto loans	7.24%
Lease buyout loans	5.24%
Motorcycle loans	7.24%

After entering your prequalification information in the loan request form, MyAutoLoan sends it to its directory of more than 80 lenders and credit sources to match you with a loan offer. 

If you have good to excellent credit, you could qualify for more than four offers. In that case, MyAutoLoan narrows it down to just four. 

Some vehicle restrictions with MyAutoLoan may prevent you from using its loans to purchase a classic car, a high-end sports car, or a conversion van. Its minimum vehicle requirements include:

• 10 years old or newer 
• Maximum mileage of 125,000
• No salvaged, repossessed, or auctioned vehicles

Once matched with a lender and approved for your loan, you will receive a check in your loan amount within 24 hours of approval to put toward your chosen vehicle purchase.

New car loans

MyAutoLoan’s new auto loan product is best for buying a new car off the lot. It allows you to head to the dealership with a check for your purchase, easing the negotiation process by making you a cash buyer.

Used car loans

If you have your eye on a well-loved vehicle with a few miles on it, you might choose the used car loan. Before applying, check to ensure the car you’re purchasing meets MyAutoLoan’s minimum vehicle requirements, as the car’s age and mileage affect your approval odds for this loan. 

Auto loan refinance

Auto loan refinances through MyAutoLoan have a reasonable interest rate of 4.49% APR and a lower minimum loan amount than the other loan types. If you currently have an auto loan, qualifying for a refinance could result in a lower monthly payment.

Private party auto loans

You’ve found the car you want, but you’re buying from a private seller with a better deal. Showing up with cash for these transactions can be unsafe, which is why MyAutoLoan can issue you a check. 

This loan type carries the highest interest rate at as low as 5.99% APR. In addition to your personal information, you’ll need certain information from the seller to make the loan process quicker: 

• Seller’s name and phone number
• The vehicle year, make, model, trim, and mileage
• The name of the lender your seller is making payments to

MyAutoLoan will issue you a check within 24 hours of approval to keep you from missing out on a good deal.

Lease buyout loans

Lease buyout loans have one of the lowest interest rates of all MyAutoLoans options with as low as 4.49% APR. This helps you escape your current lease without giving up your car and allows you to avoid mileage penalties or having to negotiate with your dealership about a new lease. 

Motorcycle loans

If you’re looking for a vehicle with two wheels, MyAutoLoan offers financing for motorcycles as well. The lender will accept multiple types of motorcycles, including:

• Motocross bikes
• Cruisers
• Touring bikes
• Sports bikes
• Scooters
• Mopeds

MyAutoLoan also offers multiple types of motorcycle loans. Whether you’re looking to buy a new or used motorcycle, purchase from a private party, or refinance an existing motorcycle loan, options are available. 

In addition, if you’re looking for auto insurance to pair with your new car purchase, MyAutoLoan can help with that through its preferred partner, Esurance.

Pros and cons of MyAutoLoan financing

Pros

• Transparent qualification guidelines

• Up to 4 offers at once

• Get a check within 24 hours

• Get matched with loans from more than 80 lenders and credit sources

• Wide range of loan options

Cons

• Not available in Alaska and Hawaii

• No phone-based customer support

• Vehicle restrictions

• Soft and hard inquiries pulled by potential lenders

What do MyAutoLoan’s customers say about the company?

Customer ratings and reviews give you a glimpse into what to expect from a company based on other people’s interactions. It tells you what a company does well and what red flags exist before finalizing a decision. 

Source	Rating	Number of reviews
Better Business Bureau	A+ and 1/5	5
Google	1/5	8
Trustpilot	3.8/5	916

Ratings collected on June 17, 2024

MyAutoLoan reviews have great things to say about the company—sometimes. There are no Google reviews, but plenty of customers shared their experience on Trustpilot and the Better Business Bureau (BBB). 

Trustpilot is a digital customer review platform for sharing experiences with different businesses. The BBB has been around for 110 years with the primary goal of identifying trustworthy businesses. It sets standards for ethical behavior and evaluates how a company responds to customer complaints. 

The average MyAutoLoan review on Trustpilot is positive, but some common concerns stand out:

• Customers received unsolicited phone calls from dealerships and lenders after applying or inquiring with MyAutoLoan
• Prequalifying resulted in multiple hard inquiries
• It was difficult to get the lowest advertised rate, even with excellent credit scores

The first two complaints are aspects covered in MyAutoLoan’s lending disclosures—by using their service, you agree to phone and email contact from their lenders as well as soft or hard inquiries. Still some customers aren’t thrilled about it. 

For example, one two-start review from Trustpilot indicated only one of the four offers listed was for excellent credit, even though the borrower had an 800-plus credit score. The reviewer also complained of being contacted by an unrelated dealership due to information passed on by MyAutoLoan.

MyAutoLoan’s customers may respond well to the chance to opt out of hard inquiries until they’re ready to accept a loan offer. It could also be helpful for the company to offer an opt-out for phone contact from potential lenders. 

Either way, you’ll want to read through myAutoLoan’s disclosures to know what you’re getting into before applying.

Do I qualify for an auto loan from MyAutoLoan?

The lenient credit and income qualifications for MyAutoLoan may make it easier to qualify even if your credit isn’t spotless. Unlike many lenders, MyAutoLoan posts all of its general guidelines for approval so you can determine if it’s the right fit for your finances.

In addition to these requirements, you cannot have applied for the same type of loan elsewhere in the past 31 days. Otherwise, the qualification guidelines for MyAutoLoan are simple: 

Requirement	Details
Minimum age	18
Credit score	575
Income	$21,600 for auto loans; $18,000 for refinance loans
Residence	Continental United States (not available in Hawaii or Alaska)

Other auto loan companies don’t typically disclose their minimum income requirements and very few list minimum credit score requirements. That’s part of what makes MyAutoLoan.com unique. 

This transparency means you’ll waste less time chasing approvals from lenders with hidden requirements you don’t meet. Although the credit score and income requirements are flexible compared to other lenders, you’ll get the best rates with a higher credit score and high income. 

You can prequalify with MyAutoLoan. The company will only run a soft inquiry when you provide personal information. After the initial soft inquiry, it passes your information to its lenders and credit sources, which can run a hard or soft inquiry regardless if you accept their offers. 

How do I apply with MyAutoLoan?

Before applying for a loan with MyAutoLoan, gather the supportive documentation with everything you’ll need to provide so it’s easier to complete the application. Be prepared with your:

• Current driver’s license
• Proof of auto insurance
• Personal reference contact information
• A pay stub with current year-to-date earnings
• Your existing vehicle’s make, model, trim, and mileage

Once you’ve gathered all the necessary information, the application process is simple: 

1. Select the auto loan type and create your login.

2. Complete your prequalification by entering your personal and vehicle information.

3. Have your credit checked. MyAutoLoan runs a soft credit check. Its lenders may do a soft or hard credit check to provide an offer.
4. Within a few minutes, you’ll have loan offers to review on the MyAutoLoan website.  Log in and compare the rates and terms. 
5. Choose the best loan offer for you and accept it through MyAutoLoan. Then finish an application through that lender’s website. If you’re approved, you’ll move to the next step. 
6. Receive a check in your loan amount from your chosen lender within 24 hours.

Overall, the application process takes only a few minutes to complete. The longest part might be when you take a moment to weigh your options.

Does MyAutoLoan charge any fees?

MyAutoLoan doesn’t charge much outside of its late fees if you miss your payment due date. The late fees vary depending on which lender’s offer you accept, but there are no origination fees or prepayment penalties. 

Does MyAutoLoan have a customer service team?

MyAutoLoan does have a customer service team, but they’re only available to assist you through a web form or email. A customer service phone number is available within the privacy policy, but you won’t find any representatives to answer your call.  

When we called, there was no one to speak with—just a repeated message telling us to fill out the customer service form or email them. If you’re experiencing an issue with applying or making a payment, reach out Monday through Friday, 8:00 AM to 5:00 PM Central time.

How we rated MyAutoLoan

LendEDU’s editorial rating system is designed to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

myAutoLoan’s auto refinance loan was compared to several auto loan refinance lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Our rating
MyAutoLoan auto loans	4.8/5
MyAutoLoan auto loan refinance	4.1/5