MyAutoloan Review 2024 – Are They Legit?

Compare Auto Loan Rates for the Best Deal.

My myAutoLoan review will help you get the best interest rate on your auto loan.

MyAutoloan is a well-known online lending marketplace that aids consumers in evaluating financing options. But does the online auto loan platform provide the best rates? My 2024 myAutoloan review takes a closer look.

Compare & save with up to
Four Loan Offers

My myAutoLoan review will help you compare auto loan rates.

Filling out one form can get you up to four loan offers to compare so you can make an informed decision before ever contacting a dealership.

About myAutoloan

MyAutoloan has been a player in the auto loan market since 2003 and is based in Irving, Texas. However, the business is an online marketplace where borrowers can compare auto loans rather than a direct lender.

The company provides various auto financing options, including refinancing, lease buyout, private party, new and used car loans, and loans for private parties.,, myAutoloan, and other lending websites are owned by Horizon Digital Finance LLC. The loan products offered by the finance company are accessible throughout the country, except in Alaska and Hawaii.

MyAutoloan Pros and Cons

What I like about myAutoloan (Pros)

  • Lower rates available for borrowers with good to excellent credit
  • Private party loans are available
  • Lower FICO scores accepted
  • Auto refinance programs available

What I don’t like about myAutoloan (Cons)

  • There are some vehicle restrictions
  • Min amount required is high for purchase loans
  • Unavailable in Hawaii or Alaska
  • Not available to drivers with credit scores below 575

MyAutoloan Auto Loan Details

All myAutoloan products function the same way, whether you obtain a private party loan, a refinancing loan, or a loan for a new vehicle. If your loan is approved, you will receive a check for the total amount, which you can use to buy or refinance the car of your choice.

Some lenders let you buy cars or demand that you go to a particular dealership. Because MyAutoloan provides you with the funds first, you are free to visit any dealer you choose.

Some loan details may differ because connects customers with loan offers from various lenders. The minimum loan amount for refinancing is $5,000, while the minimum loan amount for purchase loans and lease buyout loans is $8,000 per transaction.

Auto loan details:

  • Loan minimums: $5,000 to $8,000
  • Annual percentage rate (APR): Starting at 1.9%
  • Loan term: 24 to 84 months
  • Prepayment Penalty: Varies by the lender
  • Late Payment Fee: Varies by the lender

Finance Products Offered by myAutoloan

At myAutoloan, you can find the following loan products:

  • New car loans: Eligible candidates can secure a deal and receive funding to buy a new car from any dealer in less than 24 hours.
  • Used car loans: The application process is similar to a new car. The car must be eight years old or more recent and have fewer than 100,000 miles on it.
  • Auto refinances: Get up to four offers, pick the best one, and then receive funding to refinance an existing auto loan.
  • Private party loans: You can obtain a loan to use toward the purchase of a personal automobile and arrive at the negotiating table armed with a check.
  • Lease buyout loans: Get a loan to cover the balance of your current lease so you can buy the vehicle outright.
  • Motorcycle loans: MyAutoloan provides loan offers for various motorcycles, including sports bikes, touring bikes, cruisers, and more.

Keep in mind that interest rates and loan terms may vary depending on the loan type.

The myAutoloan Application Process

Preparing your information is the first step in applying for a car loan with myAutoloan. Have the following details on hand before beginning the online application process:

  • Identifying details (name, email, home address, phone number, and social security number)
  • Information on earnings and employment
  • Vehicle make, model, year, mileage, and lienholder
  • Status of residence (rent or own)
  • rent or mortgage payment due each month

You can begin working on your loan application as soon as you have all of your information ready.

Here is a detailed explanation of the application process:

  1. Prequalify: Fill out the prequalification form completely. It includes questions about your personal information, financial situation, and the kind of loan you’re applying for.
  2. Check your credit score: MyAutoloan will conduct a soft credit pull to investigate your loan options, which do not affect your credit score. However, lenders will likely perform a hard credit inquiry involving your score. However, regarding their impact on your credit history, credit bureaus treat several quick hard credit checks within a short period as one quick hard check.
  3. Compare and choose: You can select from various loan offers after comparing them. Don’t limit yourself to the APRs. Consider a loan’s prepayment penalties and, if any, the late payment penalties.
  4. Choose a lender: After carefully weighing your options, select the offer that best suits your requirements and start the loan closing process.

To finish the process, you may need to scan and send a few additional documents, depending on the lender:

  • Driver’s license
  • Proof of car insurance
  • Paystub displaying year-to-date earnings
  • Personal reference information, including name, address, and phone number

Compare & save with up to
Four Loan Offers

My myAutoLoan review will help you compare auto loan rates.

Why I Like myAutoloan

MyAutoloan is a straightforward way to get better loan rates.

For most, getting a car loan is unbreakably tied to buying a car. Buy a car, get a loan. Getting a car loan can be even more challenging than buying a car.

Car loan rates vary widely from person to person because each lender weighs borrower qualifications differently. Finding the right lender for your circumstances is critical when looking for the best rates.

  • Some put more weight than others on credit scores: You’ll likely pay a higher interest rate if you have less than perfect credit. Finding a lender with more than just a credit rating can help you qualify for a better rate. This is why having a spotty credit rating shouldn’t stop you from applying for a loan.
  • Some emphasize employment and income: Other lenders use annual income and job stability to help qualify borrowers for loans. A stable income can be a powerful trait in helping you qualify for a better interest rate with the right lender.
  • Other factors impact: Lenders may consider various other factors when deciding whether to issue a loan and at what interest rate. The car’s value versus the loan amount, the amount of down payment, if the borrower is currently in arrears on any loan payments, and more. The point is lending money is not an exact science, and each lender may use slightly different criteria when making a loan offer. That’s why comparing with My Auto Loan is so valuable.

What Gives myAutoloan the Edge?

Many people only apply for one auto loan and take what is offered. puts the borrower in control. Rather than applying for individual loans from separate lenders, one easy-to-fill-out online application does it all.

Lenders compete for your business, and you can compare offers side-by-side. Perhaps best of all, there’s no obligation to select any offer presented to you. You have nothing to lose.

  • Get offers from lenders with money to lend: Lenders will often get an influx of cash from investors. These investors want their money to start working for them right away. This can result in more attractive rates for you.
  • Beyond traditional banks: Bank loans can mean tons of paperwork and days of waiting for a decision. MyAutoloan uses various non-traditional lending resources that can quickly get you an offer online!
  • Saves time and money: There’s no extensive paperwork and prompt decisions. You fill out a form, get offers in minutes and decide which offer works best for you. It is just that simple.

Advanced Features that Make Getting a Loan Easy

MyAutoloan offers a variety of useful features that helps make getting a car loan more straightforward than ever. It’s a convenient resource that helps put you in control.

  • Interest rate chart: See the lowest rates available for each particular type of loan that is offered.
  • Interest rate estimator: Check to see what interest rate you may qualify for without impacting your credit rating. You can get an idea of what rate to expect even before you apply.
  • Payment calculator: Use your estimated interest rate to help determine just how much you can afford to spend on your next car.

MyAutoloan Benefits

A few of the most prominent benefits of using myAutoloan to get an online auto loan are:

  • Saves time: MyAutoloan allows you to find a loan by filling out one easy form rather than searching or calling multiple lenders.
  • Money savings: When you can compare offers, it saves money. Most borrowers will accept the lowest rate or payment possible.
  • Puts you in control: With myAutoloan, you are in complete control. You compare offers. You can choose the offer that best fits your budget. If you decide, you don’t have to accept any offer.

What Could Make myAutoloan Better?

MyAutoloan focuses strictly on car loans, not on cars themselves. This can be an advantage and a disadvantage. There’s not much not to like.

  • Lacks car comparison info: This is not a significant drawback, however, as there is plenty of car comparison information elsewhere on the web.
  • Could offer credit rating improvement tips: Those who may not qualify for a car loan or only qualify at high-interest rates could potentially benefit from some helpful tips to improve their credit ratings.
  • Limited to four offers: While getting four offers just sitting at your computer is incredibly convenient, those wanting a thorough search may appreciate even getting more offers.

My Endorsement

Whether you are considering the purchase of a new or used car, comparing auto loan rates can save you significantly. This can be as important as price shopping for the best deal on your vehicle.

MyAutoloan uses technology that allows multiple lenders to compete for your business. No mountains of forms and quick response make My Auto Loan an endorsed choice when securing your next car loan.

  • Benefits: Save time and money while having a more hassle-free car loan experience.
  • Advantages: You can discover lenders eager and willing to lend you money. Lenders compete for your business.
  • Features: A Loan Rate Estimator, Loan Payment Calculator, and an Interest Rate Chart are all available to help you through the process.
  • Limitations: No car comparison charts, credit improvement tips, and a limit of four offers.

MyAutoloan FAQs

Yes –  myAutoloan is a reputable website for comparing auto loans. MyAutoloan connects borrowers with numerous loan offers to finance the purchase of cars or auto refinance loans.

31-45 days – Borrowers can receive up to 4 offers with rates to compare. These offers are considered approvals and are good for 31-45 days.

Thirty seconds – Most applications are approved 30 seconds after they are submitted.

575 is the minimum FICO score to be approved with myAutoloan lenders.

Yes – When you submit the online application form for MyAutoloan, the website matches you with up to four lenders by performing a soft credit inquiry. This won’t impact your credit scores, but once you’ve chosen a lender, it may conduct a hard credit inquiry to process and complete the terms of your loan offer.

MyAutoloan Company Details

Company Name: myAutoloan
Year Founded: 2003
Location: Irving, Texas, U.S.

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About the author
Carlton Wolf is the author and founder of Auto Cheat Sheet.My name is Carlton Wolf, and I’ve been in the car business since 1994, both retail and wholesale. I created the Auto Cheat Sheet to better educate buyers about the deceptive sales practices used by many dealerships throughout the country. Please understand that not all car dealers are dishonest. However, you never know who you’ll be dealing with, though. I’m willing to share my knowledge and experience with anyone who listens. Keep in mind that I’m a car guy, not a writer.