Overview of myAutoLoan Auto Loans
myAutoLoan operates an online lending marketplace, matching borrowers with lenders offering competitive rates for multiple auto loan purposes.
Key details on myAutoLoan auto loans:
- Loan amounts starting at $5,000
- Terms ranging from 24 to 84 months
- Fixed rates starting at 4.49% APR
- Funding in as little as 1 business day
As a loan aggregator platform, your precise rate quote depends on credit factors assessed individually. But myAutoLoan accommodates applicants across the credit spectrum.
Biggest Pros of Getting an Auto Loan With myAutoLoan
Here are major upsides myAutoLoan auto loans present:
Prequalification With No Credit Impact
See personalized loan offers through a soft credit check before formally applying anywhere.
Rapid 24 Hour Financing
Get approved loan funds deposited conveniently fast into your connected bank account.
Multiple Loan Types and Options
Beyond purchases, offerings for refinancing, private sales, and lease buyouts exist.
Potential Cons to Consider About myAutoLoan
But there are also couple limitations to note:
Large $8,000 Minimum on Purchase Loans
The high minimums won’t work for buyers of cheap used cars or those with low remaining loan balances.
Loan Availability in Only 48 States
Restricted accessibility prevents use from borrowers in Alaska and Hawaii presently.
Contact Centers Lack Phone or Chat Support
Questions must get submitted online via email only during business hours.
How myAutoLoan Compares to Other Loan Marketplaces
As an online lending marketplace, myAutoLoan competes with companies like:
Compared to AutoPay:
- AutoPay allows higher maximum loan amounts up to $100,000
- But myAutoLoan offers wider loan purpose flexibility
Compared to Westlake Financial:
- Westlake advertises completing deposits within 1-2 days
- But myAutoLoan provides more loan options like refinancing and lease buyouts
So while not flawless everywhere, myAutoLoan does enable easily comparing multiple personalized loan offers digitally across more financing situations than sole purchases.
What We Like About myAutoLoan
Here is closer examination of praiseworthy myAutoLoan features:
Minimum 600 Credit Score Requirement
Accommodates near prime credit and above over just premium tier applicants.
Low 4.49% Advertised Starting APR
Competitive interest rates help consolidate existing debts at lower costs.
Private Party Purchase Financing
Unlike most, loans work on private sales with individual sellers beyond just dealers.
Quick Funding Within 24 Hours
Modern direct lending technology rapidly sends loan funds after approval.
What We Don’t Like About myAutoLoan
Couple areas needing improvement include:
No Phone or Chat Support Offered
Communicating issues over email alone feels slow versus calls or messaging.
$8,000 Minimum on Purchase Loans
Requirements price out buyers of older or cheaper used vehicles.
Limited Details on Maximum Rates
No public ceiling disclosure on what lower credit tiers should expect to pay.
READ ALSO: Overview of Caribou Auto Refinancing Loans
myAutoLoan’s Eligibility Factors
While approval decisions get made at the individual lender level, here is what myAutoLoan evaluates initially:
- Gross annual income amounts
- Age requirements of at least 18 years old
- Credit history and FICO scores
- Loan-to-value ratios on purchase financing
They advertise requiring minimum credit scores around 600 FICO. But course better scores likely return better rates from their lenders when applying.
Types of Auto Loans Offered by myAutoLoan
Flexible loan purposes financed through the myAutoLoan marketplace include:
New Car Purchases
- Loan amounts from $8,000 up
- Terms from 2 to 7 years
Used Car Purchases
- Loan amounts from $8,000 up
- Terms from 2 to 7 years
Refinancing Existing Auto Loans
- Loan amounts from $5,000 up
- Terms from 2 to 7 years
Financing Lease Buyouts
- Loan amounts from $8,000 up
- Terms from 2 to 7 years
Private Party Auto Purchases
- Loan amounts from $8,000 up
- Terms from 2 to 7 years
So they cover wide ground beyond dealer relationships.
Interest Rates Offered via the myAutoLoan Marketplace
Here are the current rate ranges advertised:
New Cars
- Fixed rates starting at 6.18% APR
Used Cars
- Fixed rates starting at 6.43% APR
Refinancing
- Fixed rates starting at 4.49% APR
Lease Buyouts
- Fixed rates starting at 5.49% APR
Private Party Purchases
- Fixed rates starting at 6.99% APR
Exact approved rates you see depend on the matched lender and your credit qualifications.
How to Get an Auto Loan via myAutoLoan
Below summarizes the process of getting financed using their marketplace:
- Complete the myAutoLoan Prequalification Form
- View Personalized Rate Offers Without Credit Hits
- Select Your Preferred Lender Option
- Finish the Full Application on Lender Site
- Supply Needed Verifications for Underwriting
- Accept Finalized Loan Terms to Receive Funds in 24 Hours
So they simplify comparing loan offers across multiple companies through a unified starting point.
Fees, Penalties, and Fine Print to Know
According to myAutoLoan, they do not charge borrowers any internal fees themselves for platform access or use.
However the individual lenders you ultimately finance with likely charge certain fees such as:
- Origination charges
- Late payment fees
- Insufficient funds penalties
- Potential default related fees
So expect normal costs associated with failing to pay on time or breaking other account agreements when financing through partners.
READ ALSO: Overview of U.S. Bank Auto Loans
Getting Support From myAutoLoan
Request myAutoLoan assistance by:
Online Inquiries
- Submit questions digitally for email replies
Telephone Callbacks
- Leave your number for a call from a lending expert
Expect email response times within 1-3 days from customer service staff. Calls occur if urgent questions require quicker answers from loan officers.
To Recap: Who Are myAutoLoan Loans Best For?
To summarize, myAutoLoan’s lending marketplace performs best for these borrowers:
Those Seeking Loan Rate Comparisons
Easily check personalized prequalification offers from multiple companies at once.
Drivers With Past Credit Struggles
Flexible qualification criteria accommodates non-prime credit applicants beyond just top tiers.
People Who Desire Fast Funding
Quick approval decisions with deposits inside 24 hours benefits urgent financing needs.
By aggregating personalized loan offers digitally while serving near-prime borrowers often ignored, myAutoLoan fills an important niche relative to competitors. Matching applicants to lenders goes smoothly thanks to handy tools comparing options.
Frequently Asked Questions About myAutoLoan
Below find answers to some commonly asked questions regarding myAutoLoan and their lending marketplace.
What credit score is needed for the best myAutoLoan interest rates?
While approvals start at 600 FICO, you will need higher credit scores of 720+ for the lowest published starting APRs available from their lender network. Each lender does evaluate scores differently though.
Does myAutoLoan finance cars older than 10 years?
Unfortunately most lender partners do not finance vehicles exceeding 10 years old currently or with over 125,000 miles. But given their wide network, exceptions may occur for older vintage cars on a case-by-case basis depending on the matched financier.
What loan terms are available from myAutoLoan lending partners?
Available repayment terms range anywhere from 24 months to 84 months (2 years to 7 years). So both shorter and longer time spans exist to accommodate different budget strategies and goals through their lending network.
Can I get prequalified for a lease buyout loan on my current leased car?
Yes, myAutoLoan’s prequalification form allows you to specify lease buyout financing purpose. So you can assess the prospect of getting approved to purchase your leased asset once the term expires. Just enter your details to view offers.
More About myAutoLoan Company Background
Founded in 2003 and based in Irvine, California, myAutoLoan serves customers in 48 states by simplifying access to financing from lenders who compete for their business.
They recognized pain points around requiring borrowers to manually shop rates across multiple platforms to compare deals. By aggregating everything digitally under one umbrella, myAutoLoan makes the process easier.
In summary, those in need of quick prequalification rate comparisons before applying for auto loans should consider myAutoLoan’s helpful marketplace. Their wide network fills gaps that one-off lenders can’t address across diverse credit tiers and loan situations. Checking options takes mere minutes without obligations either.
In another related article, M&T Bank: 2024 Auto Loan Review
