myAutoloan review: 9.2 Stars
We recommend myAutoloan for its services and give it 9.2 out of 10.0 stars overall. There’s a lot to like about myAutoloan, from the affordable rates available through its marketplace to the wide range of credit scores it serves to the way it lets consumers quickly compare competing offers from lenders. While some customers had issues with the marketplace, an overwhelming majority reported having positive experiences.
It’s always worth comparing auto loan offers from several lenders, but myAutoloan outperformed nearly every other provider in our review. That means the auto loan marketplace is worth putting on your short list.
With its marketplace business model, myAutoloan offers borrowers a chance to comparison shop multiple lenders at once. We at the Guides Auto Team wanted to see how this model works and how myAutoloan has worked out for customers.
We took an in-depth look at myAutoloan — including the company’s rates, loan products, industry ratings and customer service — to compare it to the lenders with the best auto loan rates and best auto refinance rates. Here’s what we found.
Year founded: 2003
Headquarters: Irving, Texas
Better Business Bureau (BBB) rating: A+
Based in Irving, Texas, myAutoloan has operated in the car loans space since 2003. But rather than a direct provider of loans, the company is an online marketplace where borrowers can comparison shop for auto loans. The company offers auto financing options like new car loans, used car loans, private party loans, lease buyout loans and refinancing loans.
Horizon Digital Finance LLC owns myAutoloan and lending websites OneHourFinance.com and Preferred-Dealer.net. The finance company’s loan products are available everywhere in the United States except for Hawaii and Alaska.
*Rate range as of 4/12/22.
If you’re approved for financing through myAutoloan, you’ll get a check to take to the dealership or wherever you buy your vehicle. This, in essence, makes you a cash buyer. That’s a far better negotiating position and likely a much more streamlined process than if you were looking for financing at the dealership.
Another advantage of this approach is that you’ll have the option to shop around with lenders. The company’s loan products come with some limitations, however. The minimum loan amounts — $5,000 for refinance and $8,000 for a purchase — might rule some buyers out.
Factors that affect auto loan rates
Lenders personalize auto loan rates for each borrower. To determine these rates, providers weigh a number of variables. These are the most influential factors:
- Credit score: Borrowers with the highest credit scores have access to the lowest rates. Those with lower credit scores pay higher interest rates.
- Credit history: Lenders may charge higher rates to borrowers who have missed or late payments on their credit reports.
- Loan term: Longer loan terms result in lower monthly payments, but they 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 usually charge higher interest rates when the LTV ratio is higher.
- Debt-to-income (DTI) ratio: Your DTI ratio compares the amount you’re required to pay toward debts each month to your monthly income. Lenders may see a high DTI ratio as a risk factor and charge higher rates as a result.
- Vehicle details: Lenders typically adjust their rates based on the age and mileage of the vehicle you want to finance. New-car purchases usually have the lowest interest rates, and you’ll often see higher rates for older and higher-mileage used cars.
Who is eligible for myAutoloan auto loans?
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 have no open bankruptcies.
Here are the additional minimum requirements for borrowers obtaining a loan with myAutoloan:
While restrictions vary by lender, myAutoloan’s website says vehicles typically must be no more than 10 years old and have no more than 125,000 miles. Some lenders also won’t finance certain types of vehicles, such as conversion vans.
myAutoloan application process
The first step to applying for a car loan with myAutoloan is to prepare your information. Before you start the online application process, have the following information handy:
- Personal information (name, email address, home address, Social Security number and phone number)
- Income and employment information
- Vehicle year, mileage, make, model and lienholder
- Residency status (rent or own)
- Monthly payment for rent or mortgage
Once you have all your information ready, you can get started on your loan application. Here’s a step-by-step walk-through of 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 loan options, myAutoloan will perform a soft credit pull, which doesn’t impact your credit score. But lenders will likely use a hard credit inquiry, which does impact your score. However, credit bureaus consider multiple hard credit checks within a short timeframe to be one hard check in terms of impact on your credit history.
- Compare loan offers: You’ll have multiple offers to compare and choose from. Look at more than just the APRs. Consider whether a loan has prepayment penalties and what the late payment fees are, if any.
- Select a lender: Once you’ve thoroughly compared your offers, choose the one that best fits your needs and begin to finalize your loan.
Depending on the lender, you’ll need to scan and send a few more documents to complete the process:
- Current driver’s license
- Paystub showing year-to-date earnings
- Proof of auto insurance
- Contact information of a personal reference
On the BBB website, myAutoloan has a 1.0 out of 5.0 stars average rating. However, that is from only four customer reviews. The BBB itself gives myAutoloan an A+ rating and accreditation.
Far more customers — over 790 of them — reviewed 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 “bad.”
Positive myAutoloan reviews
Customers who left positive feedback in their myAutoloan reviews tended to cite a smooth loan process and affordable rates as highlights.
Negative myAutoloan reviews
Negative reviews for myAutoloan typically mentioned communication issues such as not hearing back from agents or getting flooded with calls after applying for loans.
In most cases, including the examples above, myAutoloan responded to negative reviews to offer an explanation and try to work out a solution with the unhappy customer. Our team reached out to myAutoloan for a comment on these reviews but did not receive a response.
Recommendations for auto loans
With a score of 8.7, myAutoloan was one of the top performers in our review of auto loan providers. But no matter how good one lender is, the only way to make sure you get the best rates is to compare lenders’ offers. The car loan providers below are also worth your attention.
Auto Approve: Top 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 you should look. Rates start as low as 2.25%. While only buyers with high credit scores will have access to the lowest rates, Auto Approve is open to borrowers with credit scores of 580 and above.
Keep reading: Auto Approve review
RateGenius: Top Choice for Good Credit
Customers with high credit scores looking to refinance their auto loans on their cars, trucks, and SUVs can find some of the best rates with RateGenius. Rates start as low as 3.09% for borrowers with credit scores of 640 and above. With a wide range of auto loan amounts, borrowers can be sure that they will get an affordable loan that fits their situation best.
Keep reading: RateGenius review
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list.
Here are the factors our ratings take into account:
- Reputation (25% of total score): Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
- Rates (25% of total score): 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 accurate at time of publication.