If you’re in need of a loan to purchase a new car, then you’ve come to the right place. myAutoloan is a marketplace specifically designed to match borrowers seeking a variety of auto loans to their perfect lender. The site presents prequalified offers, allows you to compare multiple offers, and comes with tools to help make the decision making process easier.
(Click the link to learn more at myAutoloan)
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|Car Loan Options|| New car loan
Used car loan
Lease buyout financing
Private party loan
|Minimum Loan Amount|| $8,000 to borrow
$5,000 to refinance
|Maximum Loan Amount||$100,000|
|Loan Terms||24 – 84 months|
|Funding Time||As soon as 24 hours after signing|
|Minimum Credit Score||575, cosigner allowed|
As mentioned, myAutoloan is an online marketplace that connects potential borrowers with the right lenders for them, whether it be new, used, refinance, lease buyout and/or private purchase car loans. Here are some of their highlights:
- Will consider a range of credit profiles. myAutoloan accepts applicants with credit scores as low as 575. If you have poor credit, you can apply with a cosigner which helps improve your chances of approval and better terms.
- Has a fast application process. It takes less than five minutes to fill out the application. Offers are available within minutes, and you’ll receive a check in as soon as 24 hours after accepting the offer.
- Provides a car-buying service. You can shop for a car via myAutoloan, thanks to their partnership with TrueCar.
How myAutoloan Works
In order to get started, all you have to do is head on over to myAutoloan.com and select the type of auto loan you want. Once you’re there, fill out the form provided that covers personal, employment and financial information, along with permission to do a soft credit pull.
myAutoloan will then submit your application to up to 20 partner lenders. Prequalification can take up to four minutes and if there are any matches, they will send you offers. After you get your offers and select one, the lender may ask for additional information such as a copy of your driver’s license, proof of auto insurance, personal references and a pay stub. Keep in mind that your lender of choice will do a hard credit inquiry, which will temporarily lower your credit score.
Loan offers are valid for 30 days, giving you time to do your research and decide your best plan of action. You are not obligated to settle on any offer, so you can decline them all if you feel like they’re not a good fit.
myAutoloan Rates & Fees
The cost of your loan will be determined by the lender, term, and your own credit. Similar to most loans, good interest rates will require good credit.
myAutoloan is completely free to use. However, each lender will have their own fees, so do your own research to make sure the benefits are worth the cost.
To apply for car loans via myAutoloan, you must:
- Be at least 18 years old (or of minimum age in your state of residence)
- Live in a state where myAutoloan does business (everywhere except Alaska and Hawaii)
- Have a FICO score of at least 575
- Earn at least $18,000 gross annual income (for auto refinance) or $21,000 gross annual income (for all other auto loans)
The vehicle you want to purchase or refinance must be 10 years old or newer and was driven 125,000 miles or less.
Before you start the application process with myAutoloan, keep the following points in mind:
- myAutoloan does not list all lenders.
- Loans are not available for Alaska and Hawaii residents.
- There is an $8,000 loan minimum for new cars.
- Vehicles are restricted to ten years or newer, and vehicle mileage must not exceed 125,000 miles.
- Different lenders have different rules.
- Direct sales calls from dealers and lenders.
- myAutoloan does not have a customer service number.
myAutoloan is the perfect place for you if you’re looking for a way to compare all the car loans you can get. They partner with a variety of lenders, so you have many options to choose from. This service has loans for used and new cars, as well as refinancing options, for a wide range of credit profiles.
Before you decide on myAutoloan, make sure to consider all other options and compare rates and terms from other lenders to best suit your needs. For more ways to save more, check out our post on how save money online and bank guides here on HMB!
(Click the link to learn more at myAutoloan)