myAutoLoan Lending Platform Review

myAutoLoan auto loans at a glance

	New auto loans	Used auto loans	Refinance auto loans
Starting annual percentage rate (APR)	6.99%	7.24%	5.49%
Loan terms	24 to 72 months	24 to 72 months	24 to 72 months
Loan amounts	$8,000 and up	$8,000 and up	$5,000 and up
	See Auto Loan Rates	See Auto Loan Rates	See Refinance Rates

Want to work with a company that does the legwork for you? Consider myAutoLoan, an auto loan marketplace where you can receive up to four competitive bids instead of just one.

myAutoLoan could be a great place to shop for a bad credit car loan — it caters to borrowers with lower scores. Still, those with top scores need not shy away as they can score top-tier rates that are quite competitive. Overall, myAutoLoan reviews have an above-average rating of 4.0 on TrustPilot, with 73% of reviewers giving it a perfect score of 5.

• Competitive rates available: You’ll need top-tier credit to qualify for the lowest interest rates, but myAutoLoan’s pool of lenders offers attractive auto financing rates.
• Multiple competing lenders: Instead of just receiving one offer, when you apply on myAutoLoan, you’ll receive up to four loan offers at once. This makes myAutoLoan a one-stop shop when it comes to comparison shopping.
• Fast funding: Loan funds may be available within 24 hours of approval.
• Ability to prequalify: Unlike some other lenders, myAutoLoan offers car loan prequalification with only a soft credit pull, which won’t impact your credit.
• Best for borrowers with bad credit: It can be tough to get an auto loan at any rate if you have low credit. But myAutoLoan’s structure of providing bids from competing lenders may allow you to find a good loan with a credit score as low as 600.

myAutoLoan auto loan requirements

Unlike some other lenders or marketplaces, myAutoLoan specifies some general requirements that you’ll need to qualify for a loan. In addition to the minimum credit score requirement of 600, you must be at least 18 years old with an income of at least $21,600 for purchase loans or $18,000 to refinance. Your vehicle must have 125,000 miles or less and cannot be older than 10 years.

myAutoLoan pros and cons

Although there’s lots to love with myAutoLoan, it still might not fit the bill for everyone. Check out these pros and cons to see if myAutoLoan might be a match for you.

myAutoLoan company overview

The primary distinction between myAutoLoan and its competitors is that the company is an online marketplace, not a direct lender. This means that instead of getting a single quote, you’ll receive offers from as many as four lenders when you fill out an application with myAutoLoan. The company is known for delivering loans to borrowers with credit scores as low as 600, whereas many lenders require higher scores, and it can deliver funding in as little as 24 hours.

However, the low headline rates listed on the myAutoLoan website are only attainable by those with excellent credit scores. Applicants with credit scores closer to 600 shouldn’t expect to see these rock-bottom rates. Borrowers living in Alaska and Hawaii also don’t have access to financing via myAutoLoans.

myAutoLoan auto loan types offered

A wide variety of loan options are available with myAutoLoan, from new and used auto purchases to auto finances, private party loans and lease buyout loans. The specifics, however, are unavailable until lenders in the online marketplace offer their own specific loan terms. That said, the entire loan process may take as little as 24 hours from application to funding.

How to get an auto loan with myAutoLoan

As an online marketplace, myAutoLoan makes the application process simple and straightforward. Within about two minutes, you may receive offers from up to four lenders. To receive your offers, you’ll have to provide the following information:

• Loan/financing type: Loan products include new auto, used auto, refinance, private party or lease buyout.
• Personal and residential information: This includes your name, address, primary phone, email address, time at residence, status of residence and monthly housing payment.
• Employment information: You’ll have to provide your employer’s name, your occupation and work phone number, the length of time you have worked there and your annual income.
• Vehicle information: The application requires your vehicle’s type, year, make, model and trim; you’ll also have to choose the amount that you want to borrow.
• Application submission: To verify and submit your application, you’ll need to fill in your date of birth and Social Security number; you’ll also need to create a username and password.

Is a myAutoLoan auto loan right for you?

If you’re looking for convenience, myAutoLoan might be right for you. By filling out a single easy-to-use application, you can get quotes from as many as four lenders, greatly reducing the time it takes to find the best loan. It’s also a good place to find a loan if your credit score is as low as 600.

Even if your credit score is high, however, myAutoLoan may still be a good option. This is because the best rates offered by the lenders in the myAutoLoan universe can be quite competitive. But if you’re uncomfortable with a completely online experience and worry about not being able to contact customer service over the phone, the cons might outweigh the pros for you.

How myAutoLoan auto loans compare

The easiest way to compare myAutoLoan with its competitors is to look at the numbers.

The data in the following table is for new auto loans.

For further information, check out LendingTree’s reviews of LightStream and Autopay.