Founded in 2003, myAutoloan.com is an internet-based financing marketplace that helps people research, finance, and buy a vehicle or motorcycle. The company facilitates the matching of lenders based on each customer's needs and uses a proprietary analysis and evaluation process called Preferred Placement to provide its customers with up to four loan offers from which they can choose.
- Low Interest Rates
- Direct to Consumer Financing
- No Prepayment Penalties
Low Interest Rates
myAutoloan.com advertises low rates for all of its products:
- New Auto Loan - 2.23 to 9.05 percent
- Used Auto Loan - 2.41 to 7.68 percent
- Auto Refinance Loan - 1.94 to 8.12 percent
- Private Party Loan - 1.99 to 2.79 percent
- Lease Buyout - 1.74 to 2.39 percent
While these rates are very low, it's important to keep in mind that they may vary based on your particular credit situation.
myAutoloan.com offers direct-to-consumer financing, which makes the buying process simple and streamlined. All you have to do is fill out a free application online and the company will then provide you with four offers. You can have your money via direct deposit or check within 24 hours.
No Prepayment Penalties
With myAutoloan.com, you can pay off your loan early without being penalized, which can save you hundreds of dollars in interest and fees if you choose to do so.
- Variety of Websites For One Company
- No Loan Approval Guarantees
- Mileage Limits and Loan Restrictions
Variety of Websites for One Company
Horizon Digital Finance, which is myAutoloan.com's parent company, has six different websites that it uses to facilitate business dealings. This can be a bit confusing for consumers who don't understand exactly how the company operates.
No Loan Approval Guarantees
Unfortunately, myAutoloan.com doesn't offer any type of loan approval guarantee. Additionally, the company has stated that it does not accept individuals with an open bankruptcy. However, other than that, myAutoloan.com's minimum approval requirements appear to be relatively liberal.
Mileage Limits and Loan Restrictions
myAutoloan.com has set a mileage limit restriction of 100,000. This means that if you want to buy a vehicle with more than 100,000 miles, you won't be able to finance it through myAutoloan.com. In addition, the company has set a minimum loan amount of $8,000, meaning that if you'd like to finance a vehicle that costs less, you'll have to find another auto loan company to work with.
The Bottom Line
myAutoloan.com offers low interest rates, direct-to-consumer financing, and no prepayment penalties. However, there is a bit of brand confusion with myAutoloan.com's parent company. Additionally, myAutoloan.com has set mileage limits and loan restrictions and does not offer loan approval guarantees.