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.
MyAutoloan provides 5 types of car ownership financing products, that are about borrowing or renting:
If you are chasing a new car, there isn’t a lower limit to your loan. For used cars, you can borrow amounts from a minimum of $8,000 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.
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. Every day you’ll find the today’s lowest rate.
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.
Here is a list of what you’ll find through Myautoloan car loans :
Here are a number of advantages that we could find on choosing myAutoloan as a platform to search and obtain a car loan:
Here is a list of things that we found a little annoying or we wish weren’t present:
From online reviews that we examined mainly from the Trustpilot website, there is mostly positive feedback about Myautoloan, along with a few negative reports.
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.
People who needed to refinance their current auto loans have explained that they got extraordinarily good rates through the service.
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.
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.
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.
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.