MyAutoLoan Car Loans
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MyAutoLoan is an online lender that specializes in auto loans. This marketplace allows you to compare the available car loan options from a multitude of different lenders. This is focused on people who have fair credit and are looking to bet a few different quotes. The company is under the operation of Horizon Digital Finance LLC and it has been in business since 2003. This review will focus on everything that this marketplace has to offer people who are looking to get a car loan.
MyAutoLoan Loan Types & Terms
| Loan types | New car, used car, private party loan, lease buyout financing, refinance loan |
| Loan amount | $5,000-$99,000 |
| Repayment terms | 24-70 Months |
| APR | 2.05-29.40% |
| Minimum credit score | 575 |
| Lender type | Market |
| Good for | Variety of options, allows co-signers, efficient process |
MyAutoLoan Pros
- Competitive interest rates
- Accept credit scores of at least 575
- Very efficient application process
- Good range of loan options
MyAutoLoan Cons
- An $8,000 minimum loan for new cars
- Restrictions on certain vehicles
- No support for Hawaii and Alaska residents
Application Process
The MyAutoLoan application process is a very fast and efficient one. You simply fill out the online application form and a soft credit check will be conducted. This sees you getting matched with as many as four lenders. As soon as you select one of these lenders there will then be a hard credit check as you complete the application process and finalize the terms of this car loan. Usually, as soon as your application has gotten the green light, you will get a check within 24 hours of signing the contract. You will then be able to go to the seller or dealership to proceed with the purchase.
Terms & Requirements
There are different types of car loans available as part of the MyAutoLoan offering and the terms and requirements will vary from type to type. Here is a look at some of the general requirements that you need to be aware of:
Car Loan Requirements
MyAutoLoan is a lender marketplace that offers a wide variety of options for those who are seeking a car loan. Each of the lenders will have its own distinct requirements which need to be considered. Every state except for Alaska and Hawaii is covered for, and you will need to have a credit score of at least 575 to get a car loan. The debt-to-income and income requirements will vary depending on the lender and you need to be at least 18 years old.
Car Loan Terms
There are different types of car loans available to you if you are considering going with MyAutoLoan. This includes getting a loan for a new car, a used car, a private party loan, lease buyout financing, as well as a refinance loan. The loan amount that you can get generally ranges between $5,000 and $99,000, with the APR ranging between 2.05% and 29.40%. For regular car loans, the minimum is set at $8,000 and it is $5,000 for refinancing.
The exact rates are going to be dependent on your specific situation, as well as the different lenders that make up this MyAutoLoan marketplace at the given moment in time. The max vehicle age is ten years and the cap on the mileage is 125,000 miles. There might also be some restrictions in terms of the type of vehicle you are looking to get the loan for.
Repayment Terms
In general, MyAutoLoan will have loan lengths of between 24 months and 84 months. The exact terms of the repayments will depend on the lender. Some will have prepayment penalties, while others will forego these types of charges.
Privacy & Security
MyAutoLoan appears to be a reputable marketplace for car loans, having an A+ rating with the Better Business Bureau. It vets the different lenders that are part of this marketplace, meaning that you will only be dealing with reputable lenders. MyAutoLoan also makes sure to keep all sensitive data of its users properly protected. Enhanced security measures are in place to make sure that no issues arise in this regard.
Customer Support
There is an online contact form that can be used if you have a query in relation to the MyAutoLoan offering. This can also be used if you are an existing MyAutoLoan user and have a question about your car loan that cannot be answered by the lender you are dealing with. You can leave your phone number and request a call back from one of the MyAutoLoan team members if you prefer. There is also an FAQ section available on the website that will answer a lot of common questions about this offering.
Final Thoughts
MyAutoLoan is a great option for people who might not have the best credit scores and are looking to still get a competitive interest rate. This marketplace provides you with access to many great lenders that have a good range of car loan options and achievable requirements. Therefore, MyAutoLoan is a good choice if you are looking to shop around for the best possible car loan.
Address
5005 W. Royal Lane, Suite 209 – Irving, TX 75063