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Best auto loans in 2021
MyAutoloan.com
Best for comparison of multiple loan offers and low rates
Originally founded in 2003, Myautoloan.com was intended to improve the consumers’ experience at every step of their auto buying lifecycle. Over the course of 17 years, the company has grown considerably, and its service of comparing car loans has gained an edge in the United States market. MyAutoloan.com is undoubtedly one of the most reliable online platforms for getting car loans.
The company provides a thorough direct-to-consumer marketplace where a borrower can easily figure out which loan is best for financing a car purchase: these lenders are finance companies, banks, credit unions, automobile dealers and affiliatesMyAutoloan is not a direct lender, but has a variety of appealing features for prospective borrowers: it works by sending applications to up to four loan offers at the same time.
It does not collaborate with any lender or dealer directly. Instead, it allows independent lenders to communicate with consumers and vice versa. MyAutoloan itself doesn’t charge any sort of fees for the entire process.
Currently, the service is not available to residents of Alaska or Hawaii.
Product types provided
MyAutoloan provides 5 types of car ownership financing products, that are about borrowing or renting:
- New auto – If you want to buy a new car directly from the dealership.
- Used auto – Dealership is also available from Myautoloan for used cars, but only for those under 125,000 miles.
- Refinance– People who are looking to save money by refinancing their auto loans can do so here, and there will be no payments for up to 90 days for qualified borrowers.
- Private party – For consumers who prefer to purchase their cars from an individual, or are looking for a business or corporate-related vehicle.
- Trade-in: some of the lenders in the network allow this option
- Lease buyout – This loan allows you to cover the cost of leasing a vehicle, which is a great alternative to owning it.
Regardless of the product, you can borrow amounts from a minimum of $5,000 up to $100,000, depending on your credentials: credit score and annual income are the most important factors.
Myautoloan is also a car insurance provider, making itself the place to go when in need of everything about your car.
Company Highlights to know about
There are a number of reasons why myAutoloan stands out from the rest. First of all, it is a marketplace and as such is meant to make you save both time and money: unlike other similar online services, MyAutoloan allows potential dealers to make their cars offers to eligible buyers, and all consumers to find the best deals. Plus, it is one of the first online services of its kind, with a long-lasting experience that is a guarantee of quality.
Applicants need to only fill out one loan application, and in minutes you get multiple individualized offers.
The website has even a dedicated resources section with a finance guide, and advice on how to get a better credit, which is useful for obtaining the best rates. This must be valued especially if you don’t like fancy words, for the greater reason if that could cost your credit score or anyway unwise decisions.
Myautoloan has a simplistic layout: you open the portal and the first thing that you will see is them asking you what type of car loan you want. This is not certainly a unique feature, but the way it is done stands out from the crowd.
On the website, you can also find a payment calculator, that lets you know how much your loan repayments will be, once you have checked your qualifying rate. By the way, you may want to use our car loan tool right now.
The speed of getting auto loans offers is a valuable feature: within a few minutes, you are done.
What are Myautoloan rates and conditions?
Here is a list of what you’ll find through Myautoloan car loans :
- APR (Annual Percentage Rate) – It varies depending on one’s credit score. If you have a credit score above 720, you can expect rates as low as 2.49%- for purchasing a car, and 2.24% for refinancing an existing loan. But if you have poor credit, that is to say in the mid 500’s, you may go as high as 27% on either purchasing or refinancing.
- Type of interest – You can receive offers both with fixed or variable interest rates, depending on lenders or dealers.
- Borrowable amount – Like mentioned earlier, you can take anywhere between $5,000 to $100,000, so to finance pretty every make of vehicle.
- Terms – Overall, there are repayment terms of 36 months or less, and up to 7 years. The longer your loan term is, the higher the interest you will be faced with.
- Down payment – some lenders, but mostly dealers, will ask to make a little down payment, while others don’t.
- Minimum credit score & requirements – Consumers are required to have at least a credit score of about 550 to get started. If you have lower credit than this, you will either have to wait and improve your credit score or consider asking the support staff if they can do anything.
- Personal requirements – Being a US citizen or permanent resident, 18+ years old, holding a SSN. Must have a $24,000+ annual income, and no open bankruptcies.
- Car requirements – your car should not have a mileage above 125,000. The vehicle’s age cannot exceed 10 years.
PROS
Here are a number of advantages that we could find on choosing myAutoloan as a platform to search and obtain a car loan
CONS
Here is a list of things that we found a little annoying or we wish weren’t present
What customers like and dislike
From online reviews that we examined mainly from the Trustpilot website, there is mostly positive feedback about Myautoloan, along with a few negative reports.
Streamlined process
Users claim to be able to find offers in the quickest time, but they also enjoy to navigate around without needing to go through useless and confusing loops.
Refinancing
People who needed to refinance their current auto loans have explained that they got extraordinarily good rates through the service.
Special cases
In some circumstances, high APRs are complained of. In one instance, a customer got an APR of 7.99% (which is actually not that high) even with a credit score of over 800, while looking for a 36 or 48-month loan.
Issues
Some people have reported suffering from a buggy notification system where they got notifications about offers via mail. However, on logging in, no offers were then found.
Among the various acknowledgments, Myautoloan received accreditation from the Better Business Bureau, which assigns the company an A+ as for the level of managing complaints and overall service.
How to apply
After choosing a loan type, you are required to fill an application form with all the important information: personal details, and the ones about employment and financial status; submitting requires the creation of a login account. With the second step, depending on the lender, you may be required to include a copy of your current driver’s license, proof of auto insurance, personal reference contact information, and a pay stub with current year-to-date earnings.
It will take a few minutes at most, as long as you have the relevant information at arm’s length. Soon, you will start getting offers depending on your state and availability. Loan offers stay up until 30 days and applicants can reject if they want.
Some people say that the loan is delivered in under two weeks, but at least you can expect to be funded yet in the next business day. All of this depends on the servicer that can grant you the loan, as well as on the bank that has to process the transaction. Funding methods include ACH, blank check, bank deposit, and more.
Final Verdict
MyAutoloan.com is a highly considerable choice if you want to compare multiple car loan offers, rather than checking the conditions of a single company. Making available among the lowest rates you can find, it is by all means worth considering. The allowing of some credit scores in the bad credit range and possible use of a cosigner make this company a solution whereas you found it difficult to qualify for a car loan from banks or other approached lenders. However, if your priority is to be funded fast, the Myautoloan platform may not be the best choice in some cases; likewise, if you need even more variety and flexibility about lenders and dealers’ offers, or can’t do without phone assistance, you will find other car loans servicers more suited.