myAutoloan.com Auto Purchase, Refinance and Lease Buyout Loans: 2024 Review

Full Review of myAutoloan.com

Established in 2003, myAutoloan.com is a direct lending marketplace that solicits offers from lenders on the applicant’s behalf. It matches borrowers to a range of auto loan types, including new- and used-car dealer purchase loans, private party purchase loans, refinance loans and lease buyout loans. The company provides detailed information on its website about its loan terms, rates, general qualification guidelines in addition to FAQs about its loan application process.

Applicants can pre-qualify or receive preapproval through myAutoloan.com, after which the company will match them with up to four offers from one or more lenders from its network.

Table of contents

myAutoloan.com at a glance

myAutoloan.com may be a good fit for those who ...

Do you qualify for a myAutoloan.com loan?

How to apply for a myAutoloan.com loan

How auto loan rates work and how we collect them

How do we review auto loan aggregators?

myAutoloan.com at a glance

myAutoloan.com works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

• Restrictions

  • New vehicle definition: Must have less than 5,000 miles and must not be older than the current calendar year, minus one.

  • Maximum vehicle age: 10 years for used purchase and refinance loans, 5 years for lease buyout loans.

  • Maximum vehicle mileage: 125,000 miles for used purchase loans, 100,000 miles for refinance and lease buyout loans.

  • Other vehicle restrictions: None. Vehicles can be purchased from a franchised dealer, independent dealer or through the online retailer Carvana. Used vehicles can also be purchased from private parties.

  • Loan amount minimum: $8,000 for new and used purchases and lease buyout loans, and $5,000 for refinancing.

  • Loan amount maximum: $100,000 for all auto loan types.

  • Maximum loan-to-value ratio: 140%.

  • Refinance time restrictions: Borrowers must wait three months after closing on their previous loan to refinance through myAutoloan.com.

  • Bankruptcy restrictions: No open bankruptcies.

• Other loan details

  • Approval speed: Varies by lender. Approved loan offer is good for 45 days.

  • Initial deferred payment: Up to 60 days.

  • Existing loan payoff: Funds are sent electronically to the lender if possible, otherwise by check.

  • Selected payment due date: Borrower can select the payment date when asked during the loan process.

  • Maximum debt-to-income ratio: Did not disclose.

  • Hardship plans: More than 75% of myAutoloan.com's lending partners offer hardship options in the form of deferred payments and extended loan terms.

• More lender details

  • Contact options: Email and website form.

  • Availability: Customer service is available 24/7.

  • Online resources: The company’s website has articles that cover auto loans, car and motorcycle-buying and ownership as well as other car and driving related topics. It also provides a calculator which helps borrowers estimate their monthly car payments.

  • Related services: myAutoloan.com offers an online car buying service through TrueCar, although there are no discounts offered to myAutoloan.com customers who purchase a vehicle this way.

myAutoloan.com may be a good fit for those who:

• Don't mind hearing from multiple lenders: Once an applicant’s personal information is shared, they may be contacted directly from matched lenders in myAutoloan.com’s network.

• Prefer to use a co-signer or co-borrower: Applicants can qualify with co-signers and co-borrowers.

Do you qualify for a myAutoloan.com loan?

Here are myAutoloan.com's basic eligibility requirements to apply for an auto loan:

• Borrowers must be at least 18 years or older.

Here are myAutoloan.com's minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: 600 (400 for refinance).

• Minimum credit history: 6 months.

• Maximum debt-to-income ratio: Did not disclose.

• Minimum annual income: $21,600.

Before you apply

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto loan calculator or lease buyout calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. When you know your maximum car payment, a car affordability calculator can help you determine a realistic car price.

Gather your documents. myAutoloan.com requires the following to submit an initial auto loan refinancing or lease buyout application: Social Security number or ITIN, address, time at address, phone, email, birthdate, employment status, employer name, income, housing status, housing payment amount, basic vehicle information.

» MORE: Compare auto loan refinancing lenders

How to apply for a myAutoloan.com loan

1. Complete an offer form online. You can apply for a loan through myAutoloan.com by filling out an online offer form on the company’s website. When applying, you’ll be asked to select what loan type you want and provide some personal information like your name, address, phone number, employment status and income. You must also provide details about the vehicle you want to buy, if applicable, like its estimated total cost. According to myAutoloan.com, more than half of its lending partners offer pre-qualification with a soft credit check. Therefore, the company notes that submitting an offer form may result in “soft credit and/or hard credit inquiries from the lenders it works with. Pre-qualification won’t affect your credit scores, while preapproval may result in a hard credit inquiry which may temporarily lower your credit scores.

2. Choose a loan offer. If you pre-qualify, myAutoloan.com will match you with up to four offers from one or more lenders from its network. The company will then contact you by text to let you know that there are offers for you to view, after which each matched lender may contact you directly by phone, text or email. If you find a lender that fits your needs, you can formally apply for the loan, which will result in a hard credit check. Some lenders have application links embedded in the offer myAutoloan.com posts on its website. Offers from lenders expire 30 days from the time of your application.

3. Stay on top of your loan payments. According to myAutoloan.com, all of its lending partners report on-time payments to all three major credit bureaus. On-time payments will help build your credit scores, but missed payments will hurt it. If you can, set up automatic payments to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).