Repayment of loan
myAutoloan.com acts as a middleman between current borrowers and possible new lenders. The lender's criteria, such as your credit history, may influence your payment schedule and method. The greater your credit score, the lower your loan payments will be, and the more payment processing alternatives you will have.
Most partner lenders accept automatic payments. Yet, enrollment is not required, but partner lenders provide rate reductions in exchange for setting up an automated payment. The surplus is automatically applied to the principal. Bi-weekly payments are accepted and can be made automatically. Some network lenders provide hardship programs to customers who are unable to make monthly payments.
Late payment penalty varies depending on the lender. There are no prepayment penalties.
Early payoff
The company is a lending network that specializes in vehicle loan refinancing. If you pay your auto loan early, some lenders will grant you a discount, while others may charge you a penalty. As a result, find out where your lender stands on early payment. Before making early prepayments, check with your lender regarding payback conditions and any applicable fines or reductions.
