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.
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.
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.
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.
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.
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.
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.
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.
Currently, myAutoLoan does not offer its services to residents of Alaska or Hawaii.
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:
It is important to note that even if you meet these general requirements, approval with all lenders is not guaranteed.