About lender
myAutoloan.com, founded in 2003, is a direct lending marketplace that solicits bids from up to four lenders on the applicant's behalf. Borrowers are matched to various auto loan types, including new and used automobile dealer purchase loans, private party purchase loans, refinance loans, lease buyout loans, and cash-out refinancing. On their website, myAutoloan.com gives a great degree of transparency, including posting rates and general qualification standards.
myAutoloan.com also connects borrowers with cash-out refinancing lenders, so consumers with vehicle equity may collect cash up to lender limits with their auto refinance loan. Borrowers should examine the advantages and disadvantages of cash-out vehicle refinancing.
Pros and cons
Pros
- With a soft credit check, applicants can receive up to four lender matches.
- Most lenders can approve within 30 seconds after receiving an application.
- Offers the lowest daily rates on the website, including new car sales.
- Some marketplace lenders provide a rate reduction with automated payment.
- Co-signers are permitted.
Cons
- Alaska and Hawaii are excluded.
- Drivers with credit ratings less than 575 are not eligible.
- It is possible that many lenders will approach you.
- Initial application requires a Social Security number.
- myAutoloan.com provides limited customer service.
- Hard credit pulls. Lenders may also differ in whether they execute a hard or soft credit pull. A hard credit draw may affect your credit score.
Terms and conditions
myAutoloan.com offers new car loans, used car loans, car loan refinances, buyout on a current vehicle, and private party loans. You can also opt for motorcycle loans. The loan details are not initially disclosed, so to know them, you need to apply for the loan.
The loan term ranges from 24 to 84 months for car purchase, 24 to 72 months for refinancing, and 24 to 82 months for a lease buyout. The minimum loan amount for auto purchases and lease buyouts are $8,000 and $5,000, respectively. The maximum loan amount is $100,000.
To assist borrowers, myAutoloan.com provides several additional products, features, and services. Its website includes a loan and payment calculator, a rate estimator, downloadable vehicle finance and credit improvement instructions, a glossary of auto financing terms, and auto loan articles. It also offers auto insurance estimates from myAutoloan.com and other car-buying sites.
Funding a loan
When an application is submitted to myAutoloan.com, the company matches applicants to lenders using a soft credit pull that does not impact credit ratings. When an applicant accepts a lender's request, the lender will perform a hard credit pull. The applicant then receives up to four accepted offers within 30 seconds. However, some lending partners may take longer.
