2024 myAutoLoan Lending Platform Review
myAutoLoan auto loans at a glance
 | New auto loans | Used auto loans | Refinance auto loans |
| Starting annual percentage rate (APR) | 7.24% | 7.49% | 5.74% |
| Loan terms | 24 to 72 months | 24 to 72 months | 24 to 72 months |
| Loan amounts | $8,000 and up | $8,000 and up | $5,000 and up |
| See Auto Loan Rates | See Auto Loan Rates | See Refinance Rates |
Want to work with a company that does the legwork for you? Consider myAutoLoan, an auto loan marketplace where you can receive up to four competitive bids instead of just one.
Those with low credit scores might find a home with myAutoLoan, as it caters to lower-credit borrowers, but those with top scores need not shy away as they can score top-tier rates that are quite competitive. Overall, myAutoLoan reviews have an above-average rating of 4.0 on TrustPilot, with 73% of reviewers giving it a perfect score of 5.
- Competitive rates available: You’ll need top-tier credit to qualify for the lowest interest rates, but myAutoLoan’s pool of lenders offers attractive auto financing rates.
- Multiple competing lenders: Instead of just receiving one offer, when you apply on myAutoLoan, you’ll receive up to four loan offers at once. This makes myAutoLoan a one-stop shop when it comes to comparison shopping.
- Fast funding: Loan funds may be available within 24 hours of approval.
- Ability to prequalify: Unlike some other lenders, myAutoLoan offers car loan prequalification with only a soft credit pull, which won’t impact your credit.
- Best for borrowers with bad credit: It can be tough to get an auto loan at any rate if you have low credit. But myAutoLoan’s structure of providing bids from competing lenders may allow you to find a good loan with a credit score as low as 600.
myAutoLoan auto loan requirements
Unlike some other lenders or marketplaces, myAutoLoan specifies some general requirements that you’ll need to qualify for a loan. In addition to the minimum credit score requirement of 600, you must be at least 18 years old with an income of at least $21,600 for purchase loans or $18,000 to refinance. Your vehicle must have 125,000 miles or less and cannot be older than 10 years.
myAutoLoan pros and cons
Although there’s lots to love with myAutoLoan, it still might not fit the bill for everyone. Check out these pros and cons to see if myAutoLoan might be a match for you.
| Pros | Cons |
|---|---|
Multiple loan offers Available to lower-credit applicants Prequalification with soft credit inquiry Competitive rates for top-tier borrowers Funding in as fast as 24 hours | Online-only application process Rates can be much higher for lower-tier borrowers Not available in Hawaii or Alaska |
myAutoLoan company overview
The primary distinction between myAutoLoan and its competitors is that the company is an online marketplace, not a primary lender. This means that instead of getting a single quote, you’ll receive offers from as many as four lenders when you fill out an application with myAutoLoan. The company is known for delivering loans to borrowers with credit scores as low as 600, whereas many lenders require higher scores, and it can deliver funding in as little as 24 hours.
However, the low headline rates listed on the myAutoLoan website are only attainable by those with excellent credit scores. Applicants with credit scores closer to 600 shouldn’t expect to see these rock-bottom rates. Borrowers living in Alaska and Hawaii also don’t have access to financing via myAutoLoans.
myAutoLoan auto loan types offered
A wide variety of loan options are available to myAutoLoan, from new and used auto purchases to auto finances, private party loans and lease buyout loans. The specifics, however, are unavailable until lenders in the online marketplace offer their own specific loan terms. That said, the entire loan process may take as little as 24 hours from application to funding.
How to get an auto loan with myAutoLoan
As an online marketplace, myAutoLoan makes the application process simple and straightforward. Within about two minutes, you may receive offers from up to four lenders. To receive your offers, you’ll have to provide the following information:
- Loan/financing type: Loan products include new auto, used auto, refinance, private party or lease buyout.
- Personal and residential information: This includes your name, address, primary phone, email address, time at residence, status of residence and monthly housing payment.
- Employment information: You’ll have to provide your employer’s name, your occupation and work phone number, the length of time you have worked there and your annual income.
- Vehicle information: The application requires your vehicle’s type, year, make, model and trim; you’ll also have to choose the amount that you want to borrow.
- Application submission: To verify and submit your application, you’ll need to fill in your date of birth and Social Security number; you’ll also need to create a username and password.
Is a myAutoLoan auto loan right for you?
If you’re looking for convenience, myAutoLoan might be right for you. By filling out a single easy-to-use application, you can get quotes from as many as four lenders, greatly reducing the time it takes to find the best loan. It’s also a good place to find a loan if your credit score is as low as 600.
Even if your credit score is high, however, myAutoLoan may still be a good option. This is because the best rates offered by the lenders in the myAutoLoan universe can be quite competitive. But if you’re uncomfortable with a completely online experience and worry about not being able to contact customer service over the phone, the cons might outweigh the pros for you.
How myAutoLoan auto loans compare
The easiest way to compare myAutoLoan with its competitors is to look at the numbers.
The data in the following table is for new auto loans.
| myAutoLoan | LightStream | Autopay | |
|---|---|---|---|
| Starting APR | 7.24% | 7.24% (with autopay) | 5.69% |
| Loan terms | 24 to 72 months | 24 to 84 months | 24 to 96 months |
| Loan amounts | $8,000 and up | $5,000 to $100,000 | $2,500 to $100,000 |
| Minimum credit score | 600 | Not disclosed | Not disclosed |
For further information, check out LendingTree’s reviews of LightStream and Autopay.
Frequently asked questions
While standards will vary from lender to lender, myAutoLoan recommends a minimum credit score of 600 to apply.
Applications may or may not be approved instantly, but a response can be received within minutes.
Whether or not your myAutoLoan funds will be secured or unsecured will depend on the terms of the specific loan offered to you by an individual lender on the platform.