My Auto Loan Car Finance Review

My Auto Loan is an auto loan company that matches borrowers to a variety of auto loans. With this service, you can compare multiple offers, and there are tools available to make your research easier. Within minutes your loan application is presented to a wide range of lenders and then will match you with four of the best options.

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    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.

    Refinancing

    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.

    Lease buyout

    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

    Loans APR
    2.74%-27%
    Refinance Loans APR
    2.49%-29.4%
    Loan Amount
    $8,000-$100,000
    Min Credit Score
    500
    Min Income
    1,800 / month
    Hard Credit Check
    Yes
    Availability
    48 States

    How Much Can You Borrow?

    The minimum amount that you can borrow through MyAutoLoan is $8,000, and the terms are usually anywhere up to 84 months. The terms vary from lender to lender. If you want a smaller loan, you may have to look elsewhere.

    Type of Vehicles Eligible for Financing Loan

    Finally, time to get a bigger car for your growing family? The old one broke down? There are so many reasons we end up seeking a car loan for. Whether you're looking to buy fresh on a lot of the neighborhood dealership, or a used car to get you from point a to b, you could get a loan from MyAutoLoan.

    How Do I Qualify?

    MyAutoLoan matches you with lenders based on your financial portfolio. To get your "Preferred Placement" summary, you will have to complete an online application that evaluates you based on information such as Social Security number and income.

    Credit Concerns?

    We understand that you may have concerns about your approval odds. Luckily, MyAutoLoans offer options for people with a variety of credit profiles.

    Once you have filled out the online application, you will match with four lenders. MyAutoLoans conducts a soft credit inquiry that will not affect your credit score. The site requires that applicants have a FICO score of at least 500.

    If you have any issue with your credit, you may take on a co-signer. Having a co-signer will increase your odds of getting approved, and most likely, the terms will be more favorable in the long-run.

    The website allows you to compare the lenders all through one interface. You must be sure about your choice. Once you make a selection, the lender will run a hard credit inquiry during processing, which can damage your score temporarily.

    What Personal Criteria Should I Meet to Get a Loan?

    There are some eligibility requirements that you should know. All applicants and co-applicants must be at least 18 years old and have an income of at least $1,800 per month. Unfortunately, there are location-based restrictions. MyAutoLoans is not available for residents of Alaska or Hawaii.

    What Documents Should I Provide?

    You will need to prove your income and that you are able to pay the loan. This means you'll need payslips, bills, and proof of ID.

    MyAutoLoan Fees

    1. Origination Fee: There are no application fees.
    2. Late Fee: Yes. As with all companies, you will need to pay a fee if your payment is late.
    3. Prepayment Fee: No. This is great if you have funds to pay off the loan early.
    4. Other Fees: There may be other hidden fees, but this depends on each individual.

    What Is the Estimated Time for Pre-qualification and Loan Sanction?

    If My Auto Loan approves your loan and you have agreed to their terms, you will receive a check within 24 hours.

    How to Apply for a Loan?

    1. On their site, you need to select the type of loan you want, and touch continue.
    2. You will need to provide all the information they ask for.
    3. Enter the sum you want to borrow and the terms.
    4. Review your application and send it off. Wait for a reply from a representative.

    What Payment Methods Are Supported?

    You will be able to pay through online banking platforms as well as with a cheque. You will need to check their site for a current lowdown on payment options accepted.

    Can I View Loans Online?

    Yes, you will always be able to keep up to date with payments made and due.

    Pros and Cons

    Pros

    • The fast and easy application process
    • Provides options for a wide range of credit profiles
    • Handy tools and resources available

    Cons

    • Vehicle restrictions for private-party loans
    • Location-based restrictions- Not available in Hawaii or Alaska.
    • $8,000 minimum loan amount

    Is My Auto Loan for You?

    MyAutoloan offers additional products and services to assist you in your borrowing research. We like that the website has tools like a loan payment calculator, a rate estimator, and a downloadable report with tips and tricks for improving your credit score.

    While MyAutoLoan allows you to compare different lenders conveniently, it is crucial to consider that there may be better terms and interest rates outside of their network. MyAutoLoan certainly simplifies the research process, though it is worth it to consider all of your options.

    Once MyAutoLoan shares your personal and financial information with a lender, that lender may start to reach out to you directly. If you do not want to be solicited, it may be a good idea to consider smaller auto loan options.

    Get Financed

    We recommend considering a car loan from MyAutoLoan if you are seeking a comparison tool and a choice of many offers. The website is straightforward to use and will help you significantly, especially if you are a first-time auto-loan borrower. If you do not mind the minimum amount of a loan and the fact that your information will be shared with many lenders, we recommend that you consider MyAutoLoan for your car financing needs.