• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
SavingFreak logo

Saving Freak

Learn to Save, Make, Invest, and Protect Your Money

  • Save Money
  • Make Money
    • Make Money Fast
    • Paid Surveys
  • Manage Money
    • Budgeting 101
    • Insurance
      • Identity Theft
    • Taxes
      • Tax Software
  • Invest
    • Bonds
    • Commodities
    • ETFs
    • Mutual Funds
    • Peer to Peer
    • Robo-Advisors
    • Retirement
    • Small Business
    • Stocks
    • Low Risk
    • Short Term
    • Long Term
  • Credit
    • Credit Repair
    • Loans
  • Show Search
Hide Search

MyAutoLoan.com Car Loans Review

Last Updated: January 10, 2020 By Paul Moyer

Advertiser Disclosure ▼
SavingFreak.com has an advertising relationship with some of the offers included on this page. However, the rankings and listings of our reviews, tools and all other content are based on objective analysis. For more information, please check out our full disclaimer. SavingFreak.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products are presented without warranty.

MyAutoloan.com acts as a third party or a middleman by presenting your car loan application to multiple potential lenders.

Once you apply for a loan through MyAutoloan.com, the agency will solicit several offers from trusted lenders for you.

Quick Navigation

  • How Does MyAutoLoan Work?
  • Types of Loans Available
  • Is it Legit?
  • Company History
  • Alternatives
  • Pros
  • Cons
  • MyAutoLoans.com Review Final Thoughts

How Does MyAutoLoan Work?

Through MyAutoLoan.com, clients can receive a wide selection of auto loans ranging from new car loans to refinance loans and even used car loans.

myautoloan reviewSimilar to other loan applications, MyAutoloan.com also requires you to satisfy some conditions before your loan is approved. Some things to keep in mind as you apply include

  • All applicants for loans through MyAutoloan.com must be over 18 with a minimum monthly income of $1,800 or $21,600 annually.
  • The vehicle you want to acquire should have a maximum 125,000 mileage and be less than a decade old.
  • Applicants should also attain a FICO score of 525 or more and should not have applied for a similar loan package within the past month.
  • You will not be required by MyAutoloan to pay any upfront fees during the application.
  • To apply, proceed to the company website and press the Apply Now button, which will take you to the registration and verification pages.

Types of Loans Available

MyAutoloan provides the following loan services to its clients:

New Car Loan

New car loans are arguably the most popular type of auto financing. Through MyAutoloan, you can receive loan offers from different dealers depending on your credit scores and the kind of car you want.

Used Car Loan (buying directly from a dealer)

You can also access the Used Car Loan feature, which allows you to receive financing either from a national lender or the car dealer. It is always advisable to pre-arrange the funding source to give you more power in negotiations.

Refinancing Existing Loans

Do you have an existing and highly draining auto-loan? MyAutoloan.com provides refinancing solutions to its clients. MyAutoloan.com will link you up with potential financers once you complete your application.

Buying Out a Vehicle Lease

MyAutoloan.com also provides lease buyout loans that look to help you convert that lease into permanent ownership.

Private Party Auto Loan

If you want to buy a car from a family member or a friend, MyAutoloan.com provides private party loans for clients who wish to purchase a vehicle that’s FSBO.

You can access all the loans above by registering at MyAutoloan and filling out the necessary forms.

Is MyAutoLoan Legit?

Yes, MyAutoLoan.com is a legitimate broker for car loan refinancing. Not only have they proven to help their clients, but the auto loan companies they connect you to are also well respected in the financing industry.

Company History

MyAutoloan.com is owned by Horizon Digital Finance, a financing company formed in 2003. Horizon Digital Finance is a privately held company that offers both auto and motorcycle financing.

review of myautoloan car loansMyAutoloan provides several finance-based services using the ‘preferred placement’ strategy. Through preferred placement, MyAutoloan can source several lenders for the interested party within minutes.

Over the years, MyAutoloan has been able to use its strong foundation in research to provide estimates and relevant data when it comes to lifestyle financing.

Alternatives

  • CarFinance.com – An excellent option for those with lower credit scores, CarFinance.com will work with credit scores as low as 525.
  • LightStream – Backed by one of the largest banks in the country, LightStream is a top option for car loan refinancing.
  • AutoApprove – Known for its hands-on customer service, AutoApprove strives to be the most customer-friendly refinance option.

Pros

Quick Financing Options

MyAutoloan is among the few online financing companies that can provide lender options within minutes. As promised on its website, MyAutoloan guarantees at least four lender options within the first minutes of applying.

Loan Offers from Different Companies

The availability of different lenders gives you the power to select your best lender based on rates and terms. MyAutoloan approach is appropriate for people looking for urgent auto financing.

No Registration or Loan Fees

MyAutoloan only acts as an intermediary between you and the lenders. The site does not require its clients to pay to register. This makes the site appealing to people looking to cut down the overall costs of acquiring a loan.

Several Loan Packages

MyAutoloan has done a fantastic job concerning the loan options offered to clients. You can select from a range of loan types ranging from new car loans to refinancing loans and even private party car loans.

The flexibility in services is appealing, as it increases MyAutoloan`s ability to serve its clients.

User-Friendly Website

Most personal or asset finance websites are hard to navigate, especially for first-time users. MyAutoloan has a simple, user-friendly website that allows all clients to navigate with ease.

Even better, the site has a glossary of potentially technical terms that might be used by lenders.

Realistic Requirements

Some financing companies have incredibly demanding requirements that make it hard for willing clients to access the loans. MyAutoloan, however, is entirely different as it has fair and easy to attain loan prequalification requirements.

Cons

No Loans for Vintage cars

As mentioned in the earlier sections, MyAutoloan does not approve applications made for vehicles over ten years old.

That means that obtaining a loan to purchase your dream vintage car is entirely out of the question when it comes to MyAutoloan—no matter what it’s worth.

MyAutoLoans.com Review Final Thoughts

On top of providing commendable services connecting car loan refinance lenders to clients, MyAutoloan also provides services like rate estimations and payment calculators through its easy-to-use website.

The additional features, like a glossary and loan-relevant articles, help improve client understanding during the loan application process. Compared to other digital financing companies, MyAutoloan ranks highly on the list of the best auto loan brokers.

Through the use of the ‘preferred placement’ strategy, MyAutoloan ensures that its clients get connected to the most appropriate lenders, meaning that provided you meet the loan requirements, you will unquestionably find a lender within minutes.

First Published December 6, 2019

About Paul Moyer

Paul Moyer is the owner and Founder of SavingFreak.com. He is a licensed insurance agent, personal finance blogger, and financial coach. With the help of with his wife Amy, Paul has been debt free since 2006.

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Let’s Connect!

  • Facebook
  • Instagram
  • Pinterest
  • Twitter

Table of Contents

  • How Does MyAutoLoan Work?
  • Types of Loans Available
  • Is it Legit?
  • Company History
  • Alternatives
  • Pros
  • Cons
  • MyAutoLoans.com Review Final Thoughts

Saving Freak

Copyright © 2023

  • Home
  • Blog
  • About
  • Recommended Resources
  • Disclaimer
  • Cookie Policy (US)
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}