While this method is useful, there are factors to consider when deciding to use MyAutoLoan. We love how easy it is to use, and that even borrowers with average or low credit cards can find options that best meet their needs. In this MyAutoLoan review, we will walk through the application process, the loan offerings, and factors to consider throughout your car financing research.
MyAutoLoan Financing Offers
Once you are approved and happy with your offer, you can sign the agreement, and a check should arrive within 24 hours. You can either use this check to buy the vehicle of your choice or to refinance your current car loan.
Do you currently have super high-interest rates or outrageous monthly payments? If you have a terrible relationship with your current auto loan, it may be useful to consider refinancing.
Refinancing is when you take out a new loan to pay off the balance of an old one. Doing this can help lower monthly payments by extending the repayment term. Some lenders provide much lower interest rates as well, and refinancing can save you significant expenses in the long-term.
Private Party Loans
Private party loans have slightly higher interest rates than other car loans. You would consider taking out a private party loan if you want to buy from a private seller but do not have the money available to hand. Sales prices do tend to be lower outside of the dealership. Vehicles must have less than 100,000 miles on them to qualify.
After you have spent some time getting comfortable with a car that you are leasing, you may want to own it. Once your lease runs out, you may have an option to purchase the vehicle. If you do not have the cash on hand, you can choose to takeout a lease buyout loan.
These are similar to other types of auto loans, except usually interest rates are slightly higher. It is essential to consider that if you finance the entirety of the buyout, you may end up borrowing more than the car is worth.
My Auto Loan Overview
Refinance Loans APR
Min Credit Score
|1,800 / month|
Hard Credit Check