MyAutoLoan acts as a loan matching service, primarily for average credit borrowers looking for a wide range of car financing options. They operate completely online and strive to keep the auto loan application process as quick and easy as possible. One application can get you multiple offers from auto lenders across the country.
Keep reading to learn what MyAutoLoan offers and how to submit an application for your next car loan.
Car Loan Application Requirements
Applicants need a credit score of at least 500 and should earn at least $1,100 per month. MyAutoLoan operates in the lower 48 states but unfortunately cannot offer loans in Alaska or Hawaii. Loan amounts range from $7,500 to $100,000 so make sure you’re looking for a vehicle within that price range before you start the application process.
There are also a few restrictions on your actual vehicle selection. It can’t be more than eight years old and there are also the following mileage restrictions:
- 120,000 miles for private party loans
- 100,000 miles for all other financing options
You may find additional restrictions on the vehicle itself when you go to pick your lender. For loan terms, expect to find offers anywhere between 24 and 84 months.
Types of Auto Loans Available
Since MyAutoLoan connects you with multiple lenders, there’s quite a range of financing options available. The terms of each one vary based on the lender you choose, but this list gives you an idea of the different ways you can purchase your vehicle.
New and Used Car Loans
For a new car loan, you’ll need to meet slightly stricter application requirements. The minimum income, for example, is $2,000 per month or a total of $24,000 per year. You can’t have any open bankruptcies and you also need a valid social security number.
The same income requirements are necessary for a used car loan. You’ll also need to borrow at least $8,000. Interest rates may be a bit higher when financing a used car compared to a new one, but you could save some money if you purchase a certified used car.
Private Party Purchase Loans
Purchasing a car from a private party helps avoid dealer fees, hidden fees, and impulse add-ons. Once you pick a loan and get approved, you can receive either a check or online certificate to go and purchase the vehicle you want. Depending on the lender, you could have the loan funds sent to a bank account, to the seller, or to the seller’s bank. Expect interest rates to be slightly higher with a private party purchase loan.
Refinancing can help you save money on your car loan or lower your monthly payments — and sometimes both. You can pay off your existing car loan with a new loan containing different terms.
Potentially, you could save money by qualifying for a better interest rate, especially if your credit score has improved since you first got your loan. Alternatively, consider lowering your monthly payments by extending the length of your term.
Lease Buyout Loans
This type of loan is used for buying out your lease, whether it’s before or after your lease period expires. There are a couple of potential benefits of using a lease buyout loan. You can avoid mileage penalties as well as negotiate with your dealer toward the end of the lease term. Both can save you money when using a lease buyout loan.
Fees and Rates
MyAutoLoan’s rates correlate directly with your credit score. The ranges are broken up into two different categories: purchase loans and refinance loans. Obviously, the better credit you have, the lower interest rate you’ll end up paying on your loan.
What specific interest rate range should you expect from MyAutoLoan?
For purchase loans, the APR starts as low as 1.99% and goes as high as 24.90%. For refinance loans, the lower end is a bit less at 1.84%, while the higher end can be as high as 29.40%.
That’s clearly a pretty wide range, so MyAutoLoan provides an interest rate estimator on its website. Enter just a few key pieces of information and you can get an idea of what kind of rate you’ll potentially qualify for. Here’s what the form requires:
- Loan type and amount
- Credit type or credit score
- Zip code
You don’t have to worry about an application fee when using MyAutoLoan. But since they’re not your actual lender, check your specific loan offers to see if any other fees do apply.
MyAutoLoan’s Application Process
The entire application process for MyAutoLoan is conveniently completed online. Everything is secure and confidential and should only take a few minutes to complete. In most cases, you’ll receive funding options within minutes.
How are your loan offers chosen?
MyAutoLoan uses an evaluation process utilizing patented technology to analyze your application. You’ll receive up to four loan offers that are specific to your application so that you don’t have to sort through materials that aren’t relevant to your situation.
You’re in no way obligated to accept a loan offer from MyAutoLoan. If you don’t like the loan terms or the monthly payments are too high for your budget, you don’t have to take any action at all. Your offers automatically expire after 30 days.
Once you accept a loan offer, your lender may require additional documentation in order to complete the loan process. Information you might have to submit includes:
- Recent pay stubs
- Copy of driver’s license
- Proof of auto insurance
- Contact information for a personal reference
If for some reason your application doesn’t get approved by a MyAutoLoan partner, you can re-apply within 30 days. Alternatively, you could also apply for a different type of loan — the 30-day period only applies to applications within the same loan category, such as new car loans.
One great thing about using MyAutoLoan is that your loan offer is valid for 30 days, giving you plenty of time to shop for your car. On top of that, you can use a co-signer, so if you’re trying to get a better rate or improve your chances of having your application approved, you can take advantage of this feature.
MyAutoLoan also includes tons of useful resources throughout the website. They have estimators and calculators for interest rates, loan amounts, and payment amounts. There’s also a comprehensive listing of research materials to use before you buy your next vehicle, helping you make the most informed decision possible. There are even credit resources and tools to use after you buy.
For additional savings, MyAutoLoan partners with multiple auto insurance agencies. Getting quotes through their website could end up saving you money on your car insurance bill.
MyAutoLoan is a one-stop shop for car loans. Because they work with multiple lenders, you can access a wide variety of loan types no matter what your credit score may be.
Plus, they’re transparent about what kind of vehicle and income requirements they have in place, so you know whether it’s worth filling out an application. Once you do, you can receive a decision in minutes. MyAutoLoan is a fast and simple way to finance your next vehicle, no matter what kind of car you choose.