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myAutoLoan Review

myAutoLoan is a finance company that asks you for your personal information and then searches different lenders (banks, credit unions, auto dealerships) and for loan options and quotes from auto loan companies that fit your budget.

It has been around since 2003 and is strictly an online service, meaning it does not have any physical locations.

This myAutoLoan review will describe precisely how myAutoLoan works, hopefully helping you decide if it is a loan platform you could use.

It’s a great platform for borrowers with fair credit scores looking for multiple auto loan offers.

Table of Contents:

  • How myAutoLoan Works
  • Loan Amounts
  • APR
  • Fees
  • Pros & Cons

How Does myAutoLoan Process Work?

Applying for a new car loan through myAutoLoan requires filling out a comprehensive loan application with personal information like credit card info and Social Security Number so that they can submit that to up to twenty auto loan lenders at a time.

They say prequalification takes up to four minutes for your offers to return from your online application and all information is kept secure.

They do input enough information to do a soft credit pull, meaning they can check your credit history without dropping your credit score through a hard credit check.

Once you find the car loan that suits your budget best, that company will do a hard credit inquiry, temporarily dragging down your score.

If you’re not sure what your FICO score is, you’re entitled to a free credit report annually. is not going to be the best service for those with a bad credit score.

You can then compare these loan rates and quickly identify the one that will work the best for you. You can usually see who has the lowest interest rate or auto financing with the best auto loan features and coverage.

Your loan offers are valid for thirty days, giving you plenty of time to talk it over and decide what you want to do.

You are not obligated to any of the quotes you are offered, so you are free to decline all of them if you do not feel they’re right for you.

However, MyAutoLoan puts your information out to over 20 lenders, like your phone number and email address, so be ready to receive a lot of follow up calls from lenders trying to get your business.

You can conduct this entire application process without paying for anything. While there are no application fees, each lender will have different requirements for late fees and other penalties for cancellation once you start.

MyAutoLoans also searches out lenders for lease buyout loans, auto refinance loans, used car loans, and even auto insurance.

These are things you need to look into on your own before making a decision.

Compare Quotes

How Much Can You Borrow?

You can borrow various loan amounts anywhere from a minimum loan amount of $8,000 to $100,000, depending upon your credentials.

It will depend on how much you need and how much you qualify for based on your income and your credit score.

The website offers a rate estimator and monthly payment calculator, helping you narrow down the amount you’re able to borrow and still stay within your budget.

What Is the APR with myAutoLoan?

Lenders typically set their requirements for interest rates, but reasonable interest rates require good credit. The better credit you have, the better your interest rate will be.

The best rates you can get with myAutoLoan are 2.49% for purchasing a new car, 2.74% for purchasing a used car, and 2.24% for refinancing your used vehicle.

However, these rates are only available if you choose the shortest term of 36 months or less, and have good credit, which is up to the individual lenders to determine. Generally, excellent credit is 720 or above, while good credit is 690 to 719.

If you have poor credit, you may find yourself looking at rates up to 21%. This is the unfortunate reality with most lenders. Poor credit gets you a poor interest rate because you are a significant risk of non-payment.

You will also find with myAutoLoan that the longer your loan term is, the higher your interest rate becomes. However, you will not find anything nearly as high as if you have poor credit.

If you have excellent credit and you want to extend your term out to the maximum 84 months, you may be looking at the difference between 2.74% and 4.94%.

What Fees Does myAutoLoan Charge?

myAutoLoan does not charge any fees. They are purely a loan platform searching for loan offers that may work for you.

They make their money from the lenders who want their rates returned on the site so people will use their company to finance their vehicles.

Pros and Cons of myAutoLoan

There are a lot of great things in this myAutoLoan car loan review, but with most things in life, there are few cons to review.


  • No application fee: You can compare quotes in minutes without paying anything upfront.
  • No obligation: You do not have to accept any of the quotes you’re given. You can choose to go in another direction if you don’t like any of the offers.
  • Compare quotes quickly: Quotes return in minutes, so you’ll have several options from which to choose and you won’t have to wait long.
  • Thirty days to decide: While your quotes come back quickly, you don’t have to decide quickly. You can take up to thirty days to figure out whether or not one of the options is going to work for you.
  • Co-signers allowed: If you need a co-signer on your auto loan, myAutoLoan will allow you to include one and then see quotes from lenders based on your cosigner’s information, too.
  • Fast Loan Delivery: You can expect your auto loan to be funded quickly, sometimes within the next business day.
  • Rating: The Better Business Bureau awarded them an A+ and a 4.3 out of 5 on Trustpilot.


  • Maximum vehicle age: The maximum vehicle age is ten years, so if you’re looking for an auto loan for an older vehicle, you can’t use myAutoLoan.
  • Maximum vehicle mileage: The maximum vehicle mileage is 125,000 miles or 120,000 miles for private party loans. These limits mean that if you have high miles on a newer vehicle already, you can’t use myAutoLoan.
  • Calls from dealers and lenders: Because myAutoLoan shares your information with dealers and lenders to return accurate quotes, you may start getting sales calls from these dealers and lenders to talk more about the type of loan you’re looking for.
  • Not available in all states: At this time, myAutoLoan is not available in Alaska or Hawaii. So, if you live outside of the contiguous United States, you can’t use myAutoLoan.
  • Minimum funding amount: The least amount of money you can get from myAutoLoan is $8,000. While myAutoLoan doesn’t provide any of the financing itself, these are the only loans you can access from lenders using myAutoLoan.

Is myAutoLoan the Best Choice For You?

myAutoLoan is an excellent solution for you if the car you want to buy is less than ten years old and has fewer than 120,000 miles, and if you need to borrow between $8,000 and $100,000.

If you want to compare several different rates side-by-side within minutes, it is great.

However, if you do not fall into these lending categories for vehicle age and mileage or lending amount, you’ll have to look elsewhere.

You also have to consider whether or not you want to deal with lenders contacting you via phone or email to talk further about what they can offer.

Often services like these are not inadequate, but you should have a general idea of what you want or what you can qualify for before you enter your information. You also have to know how to say no to annoying sales calls.