MyAutoLoan Review for 2023

MyAutoLoan is based in Irving, Texas, and operated by Horizon Digital Finance, LLC. It acts as a loan matching service, primarily for average credit borrowers looking for a wide range of auto financing options.


MyAutoLoan operates completely online and strives to keep the auto loan application process as quick and easy as possible. As a result, one application can get you multiple loan offers from auto lenders across the country.

Overview of MyAutoLoan

MyAutoLoan is a company that offers car financing options to individuals who are looking to purchase a new or used vehicle. Customers can apply for a loan online, and if approved, they can use the funds to purchase a car from a dealership or private seller.

MyAutoLoan Application Requirements

If you have a bad credit history, you may still be able to get an auto loan. The minimum credit score for MyAutoLoan auto loans is 500 and you should have an income of at least $1,100 per month. Make sure your credit score is at least that high because it will count as a hard credit inquiry on your credit report. A hard credit pull may impact your credit score.

MyAutoLoan operates in the lower 48 states but unfortunately cannot offer bad credit auto loans in Alaska or Hawaii. The minimum loan amount is $8,000, and the max is $100,000, so make sure you’re looking for a new or used vehicle within that price range before starting the application process.

There are also a few restrictions on your actual vehicle selection. For example, 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

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.

Get started with MyAutoLoan on MyAutoLoan’s secure website

Types of Auto Loans Available from MyAutoLoan

Since MyAutoLoan connects you with multiple lenders, there’s quite a range of auto financing choices available. Of course, the loan term will 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 Auto 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 seller helps avoid dealer fees, hidden fees, and impulse add-ons. Once you pick an auto loan and get approved, you can receive either a check or an online certificate to go and purchase the vehicle you want. Then, depending on the lender, you could have the loan funds sent to a bank account, the seller, or the seller’s bank. Expect interest rates to be slightly higher for these loans.

Auto Loan Refinancing

Refinancing can help you save money on your car loan or lower your monthly payment — and sometimes both. You can pay off your current auto loan with a new loan containing different terms.

Potentially, you could save money by qualifying for a better rate, especially if your credit score has improved since you first got your loan. Alternatively, consider lowering your monthly payment by extending the length of your term.

Get started with MyAutoLoan on MyAutoLoan’s secure website

Lease Buyout Loans

This type of auto loan is used to buy 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 and 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 auto loan 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 scores you have, the lower the interest rate you’ll end up paying on your car 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 auto refinance loans, the lower end is slightly 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 loan 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 auto loan offers to see if any other fees do apply.

MyAutoLoan Reviews

Positive reviews for MyAutoLoan tend to mention a smooth loan process and affordable rates, while negative reviews often mention communication issues and numerous calls after applying for loans.

The Better Business Bureau (BBB) currently gives MyAutoLoan an A+, with very few complaints. You will find many 4- and 5-star MyAutoLoan reviews at several other review sites as well.

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 auto loan offers chosen?

MyAutoLoan will do a soft credit pull to check your creditworthiness before submitting your application to their network of participating lending partners. The minimum FICO score is 575, but the average credit score of MyAutoLoan customers is 628.

They use an evaluation process utilizing patented technology to analyze your application. You’ll receive offers from up to four lenders 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 an auto 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. Your offers automatically expire after 30 days.

Once you accept an offer, your lender may require additional documentation to complete the loan process. The personal 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.

Special Features

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 cosigner, 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.

Bottom Line

MyAutoLoan is a one-stop-shop for car loans. Because they work with multiple lenders, you can access a wide variety of loan types and competitive interest rates.

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. is a fast and simple way to finance your next vehicle, regardless of what kind of car you choose.

Get started with MyAutoLoan on MyAutoLoan’s secure website

MyAutoLoan FAQs

Is MyAutoLoan legitimate?

MyAutoLoan is a leading auto lending marketplace located in Irving, Texas. With a strong track record dating back to 2003, the company is accredited by the Better Business Bureau. They have received an A+ rating from the BBB, which is the highest possible rating a company can get.

Who is eligible for MyAutoLoan auto loans?

To be eligible, you must be at least 18 years old and not have any open bankruptcies. For a purchase loan through MyAutoLoan, you must have a minimum pre-tax income of $21,600. For a refinance loan, the minimum pre-tax income requirement is slightly lower at $18,000. In addition, you must have a credit score of at least 575.

Does MyAutoLoan do a hard credit pull?

Once you complete MyAutoLoan’s easy online application, their system will conduct a soft credit inquiry to identify up to four lenders. This does not impact your credit scores. However, if you choose to move forward with one of the lenders they match you with, you may be subject to a hard credit inquiry.

Is MyAutoLoan a lender?

No, MyAutoLoan is not a direct lender. It’s an online auto loan marketplace operated by Horizon Digital Finance, LLC that matches you with auto loan lenders.

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