MyAutoloan Car Credit Review 2021: Is It Reputable?
MyAutoloan connects borrowers with a network of lenders to find loans for new and used vehicle purchases and loan refinancing options. If you have a FICO score of 575 or higher, you can get up to four loan offers in just minutes on myAutoloan.com. But is myAutoloan the best car financing service out there or should you be looking for an alternative?
Our myAutoloan test takes a closer look at the loan interest rates, the loan terms, the application process and the provider’s customer ratings. We will help you decide if you should give the website a try or if you can find the best car loans elsewhere.
To go ahead and compare car loan options, visit myAutoloan.com.
In this article:
For more than 15 years, myAutoloan.com has been helping car buyers with low-interest loan offers. Headquartered in Irving, Texas, the company offers a wide range of products and services, including new and used vehicle loans, as well as leases, refinancing loans and personal loans.
MyAutoloan is owned by Horizon Digital Finance, LLC, which also includes OneHourFinance.com and Preferred-Dealer.net.
|Benefits of MyAutoloan.com||MyAutoloan.com cons|
|Offers loans to drivers with low credit ratings||Not available in Alaska and Hawaii|
|Offers credit for personal purchases||Not available to drivers with credits below 575|
|Good reputation in customer service
and an A + rating from the Better Business Bureau (BBB)
MyAutoloan loan details
Whether new car loan, refinancing loan or personal loan, all myAutoloan products work the same. If approved, you will receive a check for the amount of the loan, which you can then apply to the vehicle you want to buy or refinance.
Some lenders offer car purchase services or require you to go to a specific dealer. With MyAutoloan, you can go to any dealer you want because you get the money first.
Since myAutoloan.com connects customers with loan offers from different lenders, some loan details may differ. There is a minimum loan amount of $ 5,000 for refinancing and a loan amount of $ 8,000 for purchase credits and lease buyout loans.
Additional loan details are provided in the table below.
|MyAutoloan.com credit details|
|Loan Amount Range||At least $ 5,000 to $ 8,000|
|Length of the loan term||24 to 84 months|
|Annual percentage (APR)||2.14 to 4.69 percent and more|
|Late Pay Fee||Varies depending on the lender|
|Prepayment penalty||Varies depending on the lender|
The interest rates can vary depending on the type of loan and the term. The table above shows the lowest interest rate range on offer, but your interest rates may go up depending on your creditworthiness. If you have particularly good credit, you should look for another provider that even offers rates below two percent.
To get an accurate idea of your monthly payments, myAutoloan.com offers an interest rate estimator and a payment calculator tool on its website.
You can find the following credit products on myAutoloan.com:
- New car loan: Qualified applicants can secure an offer within 24 hours and receive financing for the purchase of a new car from any dealer.
- Used car loan: This is a similar process to a new car loan. The car must have less than 100,000 miles and be at least 8 years old.
- Auto Refinance Loans: Get up to four quotes, choose the best, and then get funding to refinance an existing car loan.
- Personal loan: You can get a loan for a personal car purchase and come to the negotiating table with a check in hand.
- Hire purchase: Get a loan to pay off the debt on your current lease so you can own the car.
- Motorcycle credit: Via myAutoloan you can get rental offers for sports bikes, touring bikes, cruisers and more.
Note that these loans have different APR ranges. For example, new auto loans start at 2.14 percent APR, while personal party loans start at 2.49 percent APR.
MyAutoloan also offers a few different loan calculators that you can use to estimate your interest rate, monthly payments, and more.
- Interest estimator: Enter your loan amount, credit history, and zip code to calculate an average interest rate.
- Loan amount calculator: This shows your total amount based on your payment amount, APR, and loan duration.
- Payment amount calculator: This shows payment amounts for different loan periods based on the main amount and the APR.
MyAutoloan.com loan application process
To apply for a loan through myAutoloan.com, you need to fill out a prequalification form, select a loan offer and complete the loan. The pre-qualification form asks for personal details, employment details and information about the loan you want.
Have the following information ready:
- Basic personal data (name, address, telephone number)
- Residence status and monthly housing benefit
- Employment status and income
- Vehicle information (year, make, model, mileage, pledgee)
Be prepared to receive at least one tough loan application. The MyAutoloan application uses a soft credit pull, but the affiliate lenders can put your creditworthiness through its paces. Multiple hard checks within 30 days are usually counted as a single request by the credit bureaus.
To complete a loan, you may also need to upload scans of the following documents:
- Current driver’s license
- Proof of car insurance
- Contact details for personal reference
- Payroll with the current annual income
After you have completed an online application form, myAutoloan.com will assign you several loan offers. The final papers can be completed online, and borrowers can receive an online certificate or check within 24 hours. There is no application fee.
Will you qualify for myAutoloan?
Drivers hoping for loan approval from myAutoloan.com should be at least 18 years old and have no outstanding bankruptcies. Further minimum requirements are described in the following table:
|Eligibility requirements for borrowers from MyAutoloan.com|
|Minimum Credit Score||575|
|Minimum income for loan refinancing||$ 18,000 gross annual income|
|Minimum income for purchase credits||$ 21,600 gross annual income|
|Minimum credit balance for refinancing||$ 5,000|
It is always a good idea to try to improve your credit score a little before taking out any loan. Only borrowers with the best creditworthiness qualify for the lowest advertised interest rates. MyAutoloan can work with people who have a score of 575 or higher. While it doesn’t specialize in bad credit auto loans, it does offer options for a wide variety of borrowers.
Below is the average annual percentage rate by creditworthiness. This data comes from Experian’s State of the Automotive Finance Market Report for the second quarter of 2021. You can use this as a rough guide to the interest rates you would find from myAutoloan.
|credit-worthiness||Average annual rate for new cars||Average annual interest rate for used cars|
|781 to 850||2.34%||3.66%|
|661 to 780||3.48%||5.49%|
|601 to 660||6.61%||10.49%|
|501 to 600||11.03%||17.11%|
|300 to 500||14.59%||20.58%|
MyAutoloan Reviews and Reputation
There are very few customer reviews and complaints on the BBB page for myAutoloan, but the company is BBB accredited and has an A + rating.
Customers have given Trustpilot more feedback, where the company gets a rating of 4.3 out of 5.0 based on over 750 reviews. As with most car loan providers, there is a mix of positive and negative customer feedback.
Customers have complained that myAutoloan.com does tough credit checks that can lower a person’s credit score. An angry customer wrote:
“Not happy with the fact that about three different credit institutions withdrew my loan after I accepted another offer. I will never recommend this website to anyone. My credit rating has dropped by almost 17 points. ”
– Allison M. via Trustpilot
Harsh credit checks are common when applying for credit, although using a credit summary website like myAutoloan.com can mean having more of these types of checks done at the same time.
Positive reviews from myAutoloan.com mention an easy and quick loan process. Many customers said they received good loan offers. A satisfied customer wrote:
“I found [myAutoloan.com] very helpful in finding my new finance company to refinance my vehicle. With the result, I am very satisfied. My new company saves me more than $ 200 in vehicle payments a month. ”
– Carol on Trustpilot
The advantage of a credit aggregation site like myAutoloan.com is that customers can be assigned a large number of credit offers with a minimum of paperwork.
Our opinion on myAutoloan: 4.0 stars
MyAutoloan offers a standard loan matching service and above average customer service. It has a solid reputation with an A + rating from BBB. Overall, we give myAutoloan.com 4.0 stars.
For those with particularly poor credit, it may not be worth completing an application as the company’s tough credit checks could lower your score further and you may not even be eligible for a loan anyway.
Before you apply, be sure to read our section on minimum qualifications. If you have a particularly high credit score, we think there are other companies out there who can offer superior rates. Of course, the only way to know for sure is to fill out an application and see what offers you get.
To compare car loan offers, visit myAutoloan.com.