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Myautoloan

MyAutoLoan 2023 auto loan review, 2023-01-01, 00:00:00

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to purchase a car.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to manage their finances with concise, well-studied facts that break down otherwise complicated subjects into digestible pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and unique content. We also allow users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and where products appear on the site, such as the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial deals that may be available to you.

Reviewer’s disclosures Reviewers are supervised by staff. The opinions expressed are solely those of the reviewer and have not been evaluated or approved by any advertising company. The information such as rates and charges provided in the review is correct at the time when the review first appeared. Review the data at the top of this page as well as the lender’s website for the most up-to-date information.

A glance 3.9 Score: 3.9 stars out of 5

Bankrate Score

Rating of Availability: 4.5 stars out of 5

Affordability Rating: 3.0 stars of 5.

Customer Experience Rating: 3.4 stars out of five

Transparency Rating: 4.5 stars out of five

Check rates for auto loan rates

About MyAutoLoan The loan amount is $5,000 to $100,000

Min. credit score 575

APR ranging from 4.49% to 4.49 %, based on loan type

Funds are available as soon as the next business day

MyAutoLoan pros and cons It’s simple to find financing deals that are competitive on the myAutoLoan website. However, there are some cons to take into consideration before using the service.

PROS Flexible qualification criteria

Rapid financing

Rates posted online

ConS is not available to all states.

Limited customer support

Do you qualify? Particular loan approval varies by depending on the myAutoLoan partner lender that you’re matched with. The following criteria are mandatory across the board. You must be at minimum 18 years old. Have an FICO credit score of at least 575 Have the gross earnings per year of $21,600 for a non-refinancing purchase Earn a gross annual income of at least 18,000 for auto refinancing. Select a vehicle not more than 10 years old that has less than 125,000 miles

What we like and what we don’t like here are some of the benefits and drawbacks of myAutoLoan auto loans. We like the flexible qualifications. It is possible to be eligible for finance for a new or used car if you’re total annual earnings are not less than $11,600, and you possess a FICO score of 575 or higher. Fast approval. If you are approved for an auto loan, you can get the funds as fast days as 24. Rates are published online. The lowest interest rates in automobile loan products are published daily on the website. We don’t like the fact that they are not available in some states. Borrowers from Alaska and Hawaii aren’t part of myAutoLoan’s service area. Support for customers is not available via telephone. There’s no toll-free number to call if you need assistance. Instead, you’ll be required fill out an online form for someone to call you back if you need assistance. Contact myAutoLoan if you require assistance with applying or would prefer to talk with someone, use the form on the website to drop a message. A member of the myAutoLoan staff will respond to your query via phone or email.

Auto loan options are available. You can use myAutoLoan to investigate the most competitive auto loan purchase refinance, private parties and lease buyout choices. Purchase and refinance loans

Loan quick facts Amounts: From $8,000-$100,000. Terms (36 to 84 Months) APR: starting at 3.69%

Get rates that are comparable to the rate your bank can offer or skip waiting in line at the dealership. Plus, you’ll be able to shop with confidence knowing that you’ll be able to negotiate the most favorable deal when you have a cash payment. Refinance auto loans

Quick facts about loans: Between $5,000 and $100,000. Terms: 36 to 84 months APR: starting at 2.49%

If your car’s monthly payments are too much to handle, think about refinancing your auto loan. You may qualify for an interest rate that is lower or longer loan duration, which could aid in keeping the money you’ve earned in your pocket now or over the course of time. Private party auto loans

Quick facts about loans: Between $5,000 and $100,000. Terms range from 36 to 84 month APR: starting at 2.49 percent

Did you get a great deal on a vehicle through an individual seller? Avoid fees and haggling at the dealership with an auto loan. MyAutoLoan can assist you in finding an loan fast to ensure you can take advantage of the offer prior to it expiring. Lease buyout loans

Quick facts about loans: $8,000-$100,000. Terms are 36 to 84 month APR: starting at 2.39%

If you’ve found yourself in love with the lease-to-own vehicle — or simply need to stay clear of fees and penalties , you can buy it at the conclusion of your lease. To know if you can be eligible, look up the purchase price you agreed to at the beginning of your lease. How do you apply for an auto loan through myAutoLoan. The process of applying for a loan with myAutoLoan is simple and quick. Begin by completing your inquiry online. It will take you two minutes to complete and you’ll be able to receive as many as four loan offers from the lenders on the myAutoLoan network if there’s an opportunity to match. In the event that one of these loan offers works for you, you can submit an application in writing to the lender and upload the required documents.

The information required for application is your driver’s license . Pay stub that is year-to date in its earnings. Proof of auto insurance Contact information to be used for personal for reference

Once you receive the final approval from the lender and you are able to accept on the loan documents and receive your check or online certificate within 24 hours. The loan can be used to buy a brand new or used vehicle or refinance your existing car loan.

myAutoLoan FAQs

Does myAutoLoan do a hard credit check? Yes however, not immediately. You will undergo a hard credit check, which could temporarily drop your credit score by a few points once you select the lender.

Is myAutoLoan a trustworthy lender? Yes, as per the Better Business Bureau myAutoLoan receives an A+ grade based on the lender’s accreditation and practices.

Does myAutoLoan enforce a prepayment penalty? There will not be a charge for borrowers that make payments on their loans in advance.

How Bankrate rates myAutoLoan

Overall score

3.9

Accessibility

4.5

MyAutoLoan works with lenders that offer loans in 48 states . They provide a range of terms and amounts available.

Affordability

3

Maximum APRs are quite high at 25 percent, however its lenders offer a variety of very low initial APRs for those with excellent credit.

Customer experience

3.4

Rates are available for 30 days. MyAutoLoan offers a fully online experience, but it doesn’t have the number of a telephone number or a live chat function.

Transparency

4.5

MyAutoLoan only posts some of its fees and rates, but it does allow potential borrowers to prequalify.

Methodology Bankrate considers 18 data points in assessing the auto loan lenders. This includes the requirements for credit, loan amount, APR ranges, shopping window as well as rate and fee availability. In total, Bankrate reviewed 33 lenders and gave each an Bankrate rating. This consists of four categories: Availability. Loan amounts, types as well as repayment choices are analyzed in this section. A wide range of financing options results in higher scores. Affordability. The interest rates, acceptance criteria and present fees are analyzed here. Customer experience. This is a category that concerns access to online services along with app availability and customer support hours of operation. Lenders with 24/7 support carry the highest available ratings. Transparency. This includes the disclosure of fees that could be charged and the possibility of applying in for loan prequalification.

Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is accurate at the time of the review. Check the data in the upper right hand corner of the page and the lender’s website to find the most current details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances through providing precise, well-researched and well-constructed data that breaks complex subjects into digestible pieces.

Auto loans editor

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