myAutoloan is a marketplace that matches borrowers seeking a variety of auto loans to lenders. The site presents prequalified offers, allows you to compare multiple offers at once, and comes with tools to help with the decision-making process. Even borrowers with poor to average credit will find options at myAutoloan.
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myAutoloan Features
| Car Loan Options | New car loan Used car loan Refinance 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 |
An online marketplace, myAutoloan connects borrowers seeking a car loan – new, used, refinance, lease buyout and private purchase – with multiple lenders. We like that the platform:
- 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
To get started, head over to myAutoloan.com and select the type of auto loan you want. You’ll then fill out an online form 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 takes up to four minutes. If there are matches, they’ll send the offers to you. Once you select one, the lender might ask for additional information, like a copy of your driver’s license, proof of auto insurance, personal references and a pay stub. Keep in mind, your lender of choice will do a hard credit inquiry, which will temporarily drag down 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
Interest rates will vary by lender, term and credit. Like all types of loans, good interest rates require good credit.
myAutoloan is completely free to use. However, each lender will have their own fees, so make sure to read each offer carefully.
myAutoloan Requirements
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)
Before you get started with myAutoloan, we recommend checking your credit, so you have a general idea of what kind of loan offers you might qualify for.
The vehicle you want to purchase or refinance must be 10 years old or newer and was driven 125,000 miles or less.
myAutoloan Limitations
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.
Bottom Line
myAutoloan provides loans for new and used cars, as well as refinancing options, for a wide range of credit profiles. The site lets you compare multiple lenders and offers side-by-side with just one application. But bear in mind, myAutoloan shares your personal information with other lenders who may reach out to you directly to try and get your business.
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