myAutoLoan Lending Platform Review
myAutoLoan auto loans at a glance
 | New auto loans | Used auto loans | Refinance auto loans |
|---|---|---|---|
| Starting annual percentage rate (APR) | 6.94% | 6.54% | 4.99% |
| Loan terms | 24 to 72 months | 24 to 72 months | 24 to 72 months |
| Loan amounts | Starting at $8,000 | Starting at $8,000 | Starting at $5,000 |
| See Auto Loan Rates | See Auto Loan Rates | See Auto Refinance Rates |
myAutoLoan, an auto loan marketplace, lets you quickly compare up to four competitive offers, helping you find the best loan for your needs. Whether you have bad credit or excellent credit, myAutoLoan offers a range of options, including competitive rates for top-tier borrowers and flexible choices for those with lower scores.
- Access to offers from multiple lenders: With myAutoLoan, you can receive up to four loan offers at once, allowing you to compare multiple competing lenders.
- 24-hour funding: Borrowers typically receive funds within 24 hours of approval.
- Diverse auto loan options: myAutoLoan offers a variety of loan options, including new, used, refinance, private-party and lease buyout loans.
- Flexible loan terms: Car loans are available in repayment terms as short as 24 months and as long as 72 months. The minimum loan amount for new and used car loans is $8,000, while the minimum for a refinanced car loan is $5,000.
- Best for borrowers with poor credit: myAutoLoan is ideal for borrowers with poor credit, offering financing options for those with credit scores as low as 600.
myAutoLoan auto loan requirements
To qualify for a myAutoLoan auto loan, borrowers must meet the following requirements:
- Borrower (and co-applicant) must be at least 18 years old
- Minimum credit score of 600
- Minimum annual income of $21,600 ($18,000 for refinance loans)
- No application submitted in the past 31 days
Vehicle requirements include:
- Maximum of 125,000 miles on car
- 10 years old or less
myAutoLoan pros and cons
Here’s a list of the pros and cons of using myAutoLoan to help you determine if it’s the right choice for your car loan needs.
| Pros | Cons |
|---|---|
Possible to qualify with bad credit Funding in as little as 24 hours Multiple loan offers are possible from different lenders Flexible loan terms starting at only 24 months | Not available to residents of Alaska or Hawaii Can only apply for an auto loan online |
myAutoLoan is accessible for those with less-than-perfect credit due to its minimum credit score requirement of 600. The platform also presents up to four loan offers from different lenders with terms starting at 24 months, giving you multiple options to compare and choose the best deal. While this is a strictly online process, once you’re approved, funding is fast, with checks or certificates issued in as little as 24 hours. Additionally, myAutoLoan is not available to residents of Alaska or Hawaii, limiting access in those states.
myAutoLoan company overview
myAutoLoan, founded in 2003, is owned by Horizon Digital Finance and operates in 48 states.
myAutoLoan is an online car loan marketplace, not a direct lender. It allows customers to complete the entire loan process digitally. Through its online platform, borrowers could receive up to four offers from lenders.
myAutoLoan auto loan types offered
myAutoLoan offers several types of auto loans. Here are the available auto loan options:
- New and used auto loans: myAutoLoan offers both new and used auto loans.
- Refinance auto loans: Refinance your current car loan to reduce monthly payments and potentially secure a lower interest rate, starting at 4.99%.
- Private-party auto loans: Get fast financing for a private party vehicle purchase with rates as low as 5.69%.
- Lease buyout: Buy out your leased vehicle at the end of the lease term, avoiding fees and penalties.
How to get an auto loan with myAutoLoan
Getting an auto loan with myAutoLoan is quick and fully online. Here’s an overview of the process:
- Fill out the offer form: Choose your desired loan type and complete the online application process.
- Review and compare loan offers: Receive up to four loan offers and compare your options.
- Choose an offer: If you find an offer that works, accept it and sign the loan agreement. Within 24 hours, you’ll receive your check or online certificate.
Is a myAutoLoan auto loan right for you?
If you’re looking for convenience, myAutoLoan lets you compare up to four offers from different lenders with a single application. It’s a great option for borrowers with credit scores as low as 600, offering multiple auto loan options for bad credit in one place. Plus, the online process is quick, allowing you to get offers and make decisions faster.
How myAutoLoan auto loans compare
How does myAutoLoan stack up against other lenders? Take a look at our comparison of myAutoLoan to LightStream and Autopay new auto loans:
| myAutoLoan | LightStream | Autopay | |
|---|---|---|---|
| Starting APR | 6.94% | 6.94% (with autopay) | 4.85% |
| Loan terms | 24 to 72 months | 24 to 84 months | 24 to 96 months |
| Loan amounts | Starting at $8,000 | $5,000 to $100,000 | $2,500 to $100,000 |
| Minimum credit score | 600 | Not specified | 550 |
You can explore LightStream and Autopay as alternative auto loan options and compare their rates and terms to find the best fit for you.
Frequently asked questions
myAutoLoan works with borrowers with various credit scores, but to qualify for an auto loan, it requires a minimum credit score of 600. As with many auto loans, higher credit scores often get better rates, so borrowers with lower credit scores shouldn’t expect to be offered lower rates from lenders.
myAutoLoan typically provides loan offers within minutes of completing the application. Once approved, you will receive your check or online certificate within 24 hours.
Most auto loans are secured, but whether or not your myAutoLoan auto loan will be secured or unsecured depends on the lender.