myAutoLoan
Author: Kaitlyn Short
As an online lending marketplace, myAutoLoan connects consumers with multiple lenders after filling out a quick online application, allowing consumers the ability to choose the best loan type and loan rate from among various lender options.
MyAutoLoan is committed to providing consumers with choices for both the research and refinance process. The company recognizes that consumers want more information before making big purchasing decisions and strives to deliver through its user-friendly website, and increased access to important information. This provides consumers with confidence in the refinancing process.
Continue reading for an in depth review of this auto refinance company.
The Good
- Speedy Application Process
- Minimum Credit Score
- Cosigners Accepted
- Flexible Loan Amounts
- No Hidden Fees
- Private Party and Lease Buyout
- Calculators
Speedy Application Process
myAutoLoan's application should only take you a few minutes to complete. Once you are finished, the site will automatically run a soft credit inquiry to match you with up to four credit union lenders in its network. At this point you will receive various loan options and see what rates and terms are available to you based on your credit score, income, and other personal information. If you choose one of myAutoLoan's lenders to work with, a hard credit inquiry may be required, which can affect your credit score.
Depending on your information and chosen lender, you may qualify for no payments up to 90 days when approved for refinancing. It is important to note that some offer decisions may take longer depending on the lender.
Minimum Credit Score
myAutoLoan requires that applicants have a FICO credit score of 575 or higher. This requirement is lower than many other companies within the industry, providing an option for those with a low or bad credit score. However, keep in mind that the better your credit score, the easier it will be to qualify for lower interest rates and lower monthly payments.
Cosigners Accepted
Although myAutoLoan's minimum credit score requirement is low compared to other lenders in the industry, borrowers have the option of applying with a cosigner, which can increase your chances of getting lower rates on your loan. This is unique to myAutoLoan as not all companies offer this service.
Flexible Loan Amounts
myAutoLoan provides loan amounts based on your individual needs and the information your provide in your online application and so there is no specific range provided.
A convenient service offered by myAutoLoan is the ability to use only the amount of money you need from a loan; thus, you do not need to use the full loan amount. myAutoLoan states that "as long as it falls within the minimum and maximum amount you were approved for, you can use only what you need." This will be dependent upon your chosen lender, but is a great offering nonetheless, allowing you to use what you need and save more money overall.
No Hidden Fees
myAutoLoan loans do not have an application fee or a prepayment penalty fee. However, it is important to note that there will likely be a late fee for late payments, but that amount is dependent on your chosen lender.
Private Party and Lease Buyout
myAutoLoan has services for private party and lease buyouts. Thus, if you would like to purchase a vehicle that you are currently leasing, myAutoLoan could be a good option for you.
It is important to note that many other lenders also offer these types of services.
Calculators
myAutoLoan provides you with several estimators and calculators to help you make an informed decision. You can use the Interest Rate Estimator to find out what interest rate to expect, and the Loan Amount Calculator is a great tool to see how much you can borrow. In addition, the Payment Amount Calculator can help you calculate your monthly payments.
The Bad
- Not Available Nationwide
- Loan Requirements Will Vary
Not Available Nationwide
Currently, myAutoLoan does not offer its services to residents of Alaska or Hawaii.
Loan Requirements Will Vary
Because myAutoLoan is a lending marketplace, loan approval requirements will vary between lenders that you may be matched with. However, myAutoLoan provides consumers with a list of general guidelines. The following list represents the general qualifications for the successful processing of a loan offer request:
- Must be at least 18 years of age
- Minimum annual income of $21,000 for Purchase, Private Party, and Lease Buyout loans. For refinancing, the minimum annual income required is $18,000.
- Vehicles must be ten years old or younger
- Vehicles must have under 125,000 miles
- FICO score of 575 or greater
It is important to note that even if you meet these general requirements, approval with all lenders is not guaranteed.
The Bottom Line
myAutoLoan might be a good option for you if you'd like to lower your monthly payment, interest rate, or loan term on your current auto loan. myAutoLoan's application process is short and simple, only taking a few minutes to complete. Upon completion of the application, you will be matched with up to four offers from trusted lenders in myAutoLoan's network, including banks, finance companies, credit unions, and car dealers.
If a borrower has poor credit, or does not have a well established credit history, myAutoLoan makes auto refinancing a real possibility with a low minimum credit score requirement of 575. In addition, you can apply with a cosigner which can increase your chances of approval, and also get you a lower interest rate on your loan.
If you're not quite ready to take the leap and refinance, we suggest you check out MyAutoLoan's personal finance tools. The calculators are great for helping you get an initial idea of what kind of interest rates, loan term, and monthly payments you can expect.
There are currently no myAutoLoan reviews. If you have worked with this lender before, please consider leaving a review as a reference for future potential borrowers.
