How to apply for a loan?
To apply for a myAutoloan.com, go to the website, choose the sort of auto loan offer you want, and then click Continue. It will link you to an online form, asking you for personal, employment, and financial information and permission to pull your credit.
myAutoloan.com will then contact you to notify you of potential auto loan offers from lenders. Once you've decided on a request, the lender may need a copy of your driver's license, auto insurance evidence, personal references, contact information, and a pay stub showing current year-to-date earnings.
myAutoloan.com will match you with multiple loan offers after you complete an online application form. Borrowers can complete the final documentation online and receive an online certificate or cheque within 24 hours. There are no application costs.
Requirements
To be eligible for myAutoloan.com services, the applicant should:
- Have at least 575 FICO credit score;
- Have an established credit history;
- Receive the annual gross revenue of at least $21,600;
- Have debt-to-income ratio at its highest;
- Must either be discharged or dismissed from bankruptcy;
- Not reside in Alaska or Hawaii.
The requirements for cars include:
- For used autos, refinancing, and lease buyouts, the term is ten years;
- Maximum vehicle mileage for used autos, refinancing, and lease buyout is 125,000 miles;
- Some financial partners will not finance certain models.
Application details
The pre-qualification form requests personal information, work information, and loan information. Prepare the following information:
- Basic personal data (name, address, phone number);
- Status as a resident and monthly housing payment;
- Employment and income;
- Vehicle Specifications (year, make, model, mileage, lien holder).
Prepare for at least one challenging credit investigation. The myAutoloan.com application uses a soft credit draw, but the partner lenders may conduct a hard credit check. Credit bureaus often treat multiple hard checks within 30 days as a single inquiry.
To complete a loan, you may be required to supply images of the following documents:
- Valid driver's license;
- Insurance documentation;
- Contact details for a personal reference;
- Paystub for the current fiscal year.
