myAutoloan rating: 8.7 stars
We recommend myAutoloan for its services and give it an overall 8.7 out of 10.0 stars. There’s a lot to like about myAutoloan, from the affordable interest rates available through its marketplace, to the wide range of credit scores it offers, to the way consumers can quickly compare competing offers from lenders . While some customers had issues with the marketplace, an overwhelming majority reported positive experiences.
It’s always worth comparing car loan offers from different lenders, but myAutoloan outperformed almost every other provider in our test. That means the auto loan marketplace is worth putting on your shortlist.
With its marketplace business model, myAutoloan offers borrowers the opportunity to compare several lenders at the same time. We at the Home Media Review team wanted to see how this model worked and how myAutoloan worked for customers.
We took an in-depth look at myAutoloan — including the company’s interest rates, loan products, industry ratings, and customer service — to compare it to the lenders best car loan rates and Best Auto Refinance Rates. Here’s what we found.
founding year: 2003
headquarters: Irving, Texas
Better rating by the Business Bureau (BBB).: A+
Based in Irving, Texas, myAutoloan has been in the auto loan business since 2003. However, the company is not a direct provider of loans, but an online marketplace where borrowers can compare car loans. The company offers auto financing options such as new car loans, used car loans, private party loans, lease buyout loans and refinance loans.
Horizon Digital Finance LLC owns the myAutoloan and lending websites OneHourFinance.com and Preferred-Dealer.net. The financial company’s lending products are available throughout the United States except for Hawaii and Alaska.
*Tariff zone from 04/12/22.
If you’re eligible for financing through myAutoloan, you’ll receive a check to take to the dealer or wherever you buy your vehicle. This essentially makes you a cash buyer. That’s a far better negotiating position and probably a much more streamlined process than going to the dealer to look for financing.
Another benefit of this approach is that it gives you the opportunity to shop around at lenders. However, the company’s credit products come with some limitations. The minimum loan amounts — $5,000 for a refinance and $8,000 for a purchase — could shut out some buyers.
Factors that affect car loan rates
Lenders personalize car loan installments for each borrower. To determine these rates, providers weigh a number of variables. These are the most important influencing factors:
- credit-worthiness: Borrowers with the highest credit ratings have access to the lowest interest rates. If you have a lower credit rating, you pay higher interest rates.
- credit history: Lenders may charge higher rates to borrowers who have missed or delayed payments on their credit reports.
- credit term: Longer loan terms result in lower monthly payments, but usually come with higher interest rates.
- Loan to Value (LTV) Ratio: Your LTV ratio shows how much you want to borrow compared to the value of your vehicle. Lenders typically charge higher interest rates when the LTV ratio is higher.
- Debt to Income Ratio (DTI).: Your DTI ratio compares the amount you have to pay in debt each month to your monthly income. Lenders may see a high DTI ratio as a risk factor and therefore charge higher interest rates.
- vehicle details: Lenders typically adjust their interest rates based on the age and mileage of the vehicle you are trying to finance. New car purchases usually have the lowest interest rates, and you’ll often see higher interest rates for older, higher-mileage used cars.
Who is eligible for car loans from myAutoloan?
As a marketplace, myAutoloan is open to a wider range of borrowers than some top lenders. Borrowers must be at least 18 years old and must not have open bankruptcies.
Here are the additional minimum requirements for borrowers getting a loan with myAutoloan:
While restrictions vary by lender, myAutoloan’s website says vehicles can generally be no more than 10 years old and have no more than 125,000 miles. Some lenders also do not finance certain vehicle types, e.g. B. Conversion car.
myAutoloan application process
The first step to applying for a car loan with myAutoloan is to prepare your information. Before you start your online application, have the following information ready:
- Personal information (name, email address, home address, social security number, and phone number)
- Income and Employment Information
- Vehicle year, mileage, make, model and pledgee
- Residence status (rent or property)
- Monthly payment for rent or mortgage
Once you have all the information ready, you can start your loan application. Here is a step-by-step guide on how to apply:
- Complete prequalification: The prequalification form asks for information about you, your financial situation and the type of loan you want.
- Have your credit checked: To explore your credit options, myAutoloan performs a gentle credit retrieval that does not affect your credit score. But lenders are likely to make a tough loan request, affecting your score. However, credit bureaus consider multiple tough credit checks within a short time frame as one tough test in terms of impact on your credit history.
- Compare loan offers: You have several offers to compare and choose from. See more than just the APR. Consider whether a loan has prepayment penalties and what the late payment fees are.
- Choose a lender: After thoroughly comparing your offers, choose the one that best suits your needs and start closing your loan.
Depending on the lender, you may need to scan and send a few more documents to complete the process:
- Current driver’s license
- Salary slip with the income since the beginning of the year
- Proof of car insurance
- Contact details of a personal reference
On the BBB website, myAutoloan has an average rating of 1.0 out of 5.0 stars. However, this is only evident from four customer reviews. The BBB itself gives myAutoloan an A+ rating and accreditation.
Far more customers – over 790 of them – rated myAutoloan on Trustpilot, where the company has an average rating of 4.2 out of 5.0 stars. At the time of our research, 86% of customers rated myAutoloan as “great” or “excellent” on Trustpilot, while only 8% rated the company as “poor” or “poor”.
Positive myAutoloan reviews
Customers who left positive feedback in their myAutoloan reviews typically cited a smooth lending process and affordable interest rates as highlights.
Negative myAutoloan reviews
Negative reviews for myAutoloan typically mentioned communication issues, such as For example, no response from agents or a flood of calls after applying for credit.
In most cases, including the examples above, myAutoloan responded to negative reviews to offer an explanation and try to find a solution with the unsatisfied customer. Our team contacted myAutoloan to comment on these reviews, but received no response.
Auto Loan Recommendations
With a score of 8.7, myAutoloan is one of the top performers in our test of car loan providers. But no matter how good a lender, the only way to make sure you’re getting the best rates is to compare lenders’ offers. Also consider the car loan providers listed below.
Automatic Approval: First choice for refinancing
You can’t use Auto Approve loans to buy a new or used vehicle, but if you’re looking to refinance your current loan or buy out your lease, the lender may be one of the first places to look. Interest rates start at just 2.25%. While only high-credit buyers have access to the lowest rates, Auto Approve is open to borrowers with a credit score of 580 and above.
Continue reading: Approve review automatically
LightStream: Top choice for good credit
LightStream has a lot to offer borrowers. The lack of fees is a big selling point, as is the lender’s wide range of auto loan products and terms. For example, borrowers can choose terms of up to seven years. However, applicants in need Bad credit car loans will probably not be allowed with LightStream. But for borrowers with excellent credit ratings, the company is a flexible option with competitive interest rates.
Continue reading: LightStream Review
Because consumers rely on us to provide objective and accurate information, we have developed a comprehensive rating system to formulate our ranking of the best car loan companies. We collected data on dozens of loan originators to rank the companies based on a variety of ranking factors. The end result was an overall rating for each vendor, with the companies with the most points topping the list.
Here are the factors our reviews take into account:
- Reputation (25% of total score): Our research team considered industry expert reviews and each lender’s fiscal year to generate this score.
- Prizes (25% of total points): Auto loan providers with low APRs and high loan amounts scored highest in this category.
- Availability (25% of total score): Companies that cover a variety of circumstances are more likely to meet consumer needs.
- Customer Experience (25% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.
*Data correct at time of publication.