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Myautoloan
MyAutoLoan 2023 auto loan review, 2023-01-01, 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers to manage their finances by providing concise, well-studied information that breaks down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial offers that may be open to you.
About our reviews . Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information, including rates and fees provided in the review is accurate at the time of the review. Check the data at the top of this page and the lender’s site for the most recent information.
A look 3.9 Rating: 3.9 stars out of five
Bankrate Score
Availability Rating: 4.5 stars out of 5
Affordability Rating: 3 stars out of 5
Customer Experience Rating: 3.4 five stars from 5
The Transparency Score: 4.5 stars out of 5
Compare rates for auto loan rates
About MyAutoLoan Amount of loan $5,000 – $100,000
Min. credit score 575
APR starting at 4.49% to 4.49 %, based on loan type
Funds available as early as the next business day
MyAutoLoan Pros and Cons It’s simple to find competitive financing offers on the website of myAutoLoan. There are a few disadvantages to take into consideration before using the platform.
PROS Flexible qualification criteria
Rapid funding
Rates are published online
CONS Not available in all states
Limited customer support
Do you qualify? The criteria for loan approval varies by depending upon the MyAutoLoan partnership lender you’re matched with. These requirements are strict throughout the board. Be at least 18 years old . Possess a FICO credit score of at least 575 Have the gross earnings per year of $21,600 for a non-refinancing purchase Be earning gross annual earnings of at minimum 18,000 for auto refinancing. Select a vehicle not older than 10 years with less than 125,000 miles
What we like and what we do not like. Here are a few of the advantages and drawbacks of myAutoLoan auto loans. We like the flexible qualifications. It is possible to qualify for financing for a new or used car if you’re net annual salary is less than $21,600 . You must also have a FICO score of 575 or more. Fast approval. If approved for an auto loan, you can get the funds as fast days as 24. Rates are published on the internet. The lowest interest rates in automobile loan products are published daily on the website. We don’t like the fact that they are not accessible in all states. Borrowers in Alaska and Hawaii are out of myAutoLoan’s service area. Customer support isn’t available via phone. There is no toll-free number that you can call if you need assistance. Instead, you’ll need fill out an online form for someone to call you back for assistance. Contact me at myAutoLoan you require assistance with applying or would prefer to speak with someone, fill out the online form to leave a message. A member of the myAutoLoan team will reply to your request by email or phone.
Auto loan options are available. Through myAutoLoan, you can explore competitive auto loan purchase refinance, private-party and lease buyout choices. New and used purchase loans
Loan quick facts Amounts: $10,000 to $100,000 (36 to 84 Months) APR: starting at 3.69%
You can request rate quotes to compare against what your usual financial institution can offer or skip the long wait at the car dealership. Plus, you’ll be able to shop with confidence as you’ll have the leverage needed to negotiate the most favorable deal with a check in hand. Auto refinance loans
Loan quick facts Amounts: $5,000 to $100,000 Terms of the loan: 36 to 84 month APR: starting at 2.49 percent
If your monthly car payment are way too high for your budget, think about refinancing your auto loan. You may qualify for lower interest rates or an extended loan duration, which could help you keep more of your hard-earned cash in your pocket today or in the future. Private-party auto loans
The loan amount is $5,000 to $100,000 Terms range from 36 to 84 month APR: Beginning at 2.49 percent
Did you get a bargain deal on a vehicle through private sellers? Avoid fees and haggling in the dealer with an auto loan. MyAutoLoan can assist you in finding the loan quickly to ensure that you are able to take advantage of the offer before it’s gone. Lease buyout loans
Loan quick facts Amounts: $8,000-$100,000. Terms: 36 to 84 months APR: from 2.39 per cent
If you’ve found yourself in love with the leased car — or simply want to avoid fees and charges, you could buy it at the end of the lease. To determine if you qualify, check out the buyout cost you agreed upon at the beginning of your lease. How do you apply for a loan using myAutoLoan The process of applying for a loan with myAutoLoan is quick and easy. Start by submitting the online inquiry form. It takes two minutes to complete, and you’ll receive up to four offers from lenders within the myAutoLoan network , if there’s an opportunity to match. In the event that one of these loan options is a good fit for you, you can submit a formal application with the lender and upload all the required documents.
Required application information Your driver’s licence Pay stub which is year-to date in its earnings. Proof of car insurance Contact details to use for personal information
Once you receive confirmation from the lender, you can accept the loan documents and get an online or check within the next 24 hours. It is then used to purchase a new or used vehicle or refinance your current auto loan.
myAutoLoan FAQs
Does myAutoLoan do a hard credit check? Yes however, not immediately. You will undergo a hard credit pull, which can temporarily lower you credit rating by several points, when you choose the lender.
Is myAutoLoan a reputable lender? Yes, according to the Better Business Bureau myAutoLoan receives an A+ grade based on the lender’s accreditation and practices.
Does myAutoLoan enforce a prepayment penalty? There will not be a charge for those who repay their loans in advance.
How Bankrate rate myAutoLoan
Overall score
3.9
Availability
4.5
MyAutoLoan collaborates with lenders who provide loans in 48 states and provide a range of terms and loan amounts to choose from.
Affordability
3
The maximum APR is steep at 25 percent, but the lenders offer a range of very low APRs as a starting point for those with excellent credit.
Customer experience
3.4
Rates are valid for 30 days. MyAutoLoan is a 100% online service but doesn’t offer a phone number posted or live chat.
Transparency
4.5
MyAutoLoan does not publish all of its rates and charges However, it permits potential borrowers to prequalify.
Methodology Bankrate considers 18 data points in assessing auto loan lenders. These include the requirements for credit, loan amount, APR ranges, shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and gave each an Bankrate rating, which consists of four categories: Availability. The types of loans, loan amounts of loans, and payment options are all considered in this section. A broad range of financing options leads to an improved score. Affordability. The rates of interest, acceptance criteria and present fees are analyzed here. Customer experience. This section is about online access in addition to app availability as well as customer support hours of operation. Lenders with 24/7 support carry the top marks. Transparency. This covers the public disclosure of any fees and the possibility of applying for loan prequalification.
Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or approved by any advertiser. The information such as rates and charges that are included in the review are accurate at the time when the review first appeared. Look over the information in the upper right hand corner of the page, and the lender’s site for the most current details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-researched, and clear data that breaks complex topics into manageable bites.
Auto loans editor
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