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      October 27, 2020

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My Auto Loan vs Auto Credit Express

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To help you find the Best Auto Loans, TopConsumerReviews.com provides you with an in-depth comparison of My Auto Loan and Auto Credit Express.

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Where can you get the best auto loans? You're right if you suspect that the answer to that question is "not necessarily at the dealership".

You might initially be lured in by a dealership's attractive 0% financing offers - but unless you've got extremely good credit, you're not going to qualify. And, in the excitement of getting your new (or new-to-you) car, you could wind up with interest rates on your car loan that are even higher than what you'd get elsewhere.

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2020

Auto Loan Reviews

3.5 stars
My Auto Loan

MY AUTO LOAN

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BBB Rating:

A+, accredited since 2003

My Auto Loan is a surprisingly good option for getting vehicle financing. Operated by Horizon Digital Finance, this service connects people who need to get or refinance an auto loan with up to four different vetted lenders in their network. Their online form only takes two minutes to complete, and you can get your funding within 24 hours - use it to go buy your car or pay off your current loan, the choice is yours.

Eligibility requirements

We had to do a little bit of digging to find My Auto Loan's eligibility requirements for their loan application. These apply only to their initial inquiry form; their partner lenders likely have further criteria that you'll need to meet. The guidelines include the following:

  • At least 18 years old
  • Minimum gross yearly income of $21,000 for a new auto loan; $18,000 for a refinance loan
  • Not a resident of Alaska or Hawaii
  • Vehicle must be 10 years old or newer, with fewer than 125,000 miles
  • Minimum loan amount of $8000 for a new car, $5000 for a refinance
  • FICO score of 575+

Helpful resources

There are some helpful resources on the main page, like an interest rate chart for the day's lowest APRs, an interest rate estimator based on your self-reported credit score, and a payment calculator. Those can give you a better idea of what the outcome will be when you move to the application process.

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Filling out the application

To get started, choose what kind of loan offer you need: new, used, refinance, private party sale, or lease buyout. From there, you'll fill in the standard details about yourself, your employment, and how much you're looking to borrow. You'll also have to provide specifics about the vehicle you're looking to buy, including the total estimated sales price, the requested term of the loan (24-84 months), and any cash down payment. Finally, you'll have to give My Auto Loan your Social Security number and date of birth to complete the pre-qualification application.

Quick turnaround

While most people get a list of loan offers right away, some lenders may need extra time to verify the information provided in the application. You'll be notified if that's the case. Otherwise, you could have several offers to choose from immediately, and the lender you ultimately select may be able to get your funds deposited within one business day.

Hundreds of satisfied customer reviews

My Auto Loan doesn't have as much customer feedback as some of their competitors, but everything we found is positive. The company has been accredited with the Better Business Bureau since 2003, with an "A+" rating there. We also found hundreds of five-star reviews from people who used this service to get their auto loan funded.

More transparency please

Where this service comes up a little short, especially when considering similar lender referral platforms, is transparency. Which four lenders do they use in their network? What are the average interest rates and fees? These are the kinds of questions that most of their rivals answer, so that prospective clients know what to expect from the beginning. My Auto Loan could perform higher in our rankings if they made that information readily available on their site.

Solid option

Those details are important because the complaints that we did find about this lending service are usually related to high interest rates, even for borrowers with very high credit scores. Everything else about using My Auto Loan is solid, from quick funding to honest customer service reps. Since there's no ding to your credit score, you might want to apply with My Auto Loan and compare your offers with one of the higher-ranked lending partners in our review.

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3.5 stars
Auto Credit Express

AUTO CREDIT EXPRESS

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BBB Rating:

A+, accredited since 2004

If you're trying to buy a car and your credit history is less-than-perfect, you might want to check out Auto Credit Express. This service has a good reputation: an "A+" and accreditation from the Better Business Bureau, with very few complaints over more than 20 years in operation. In other words, if you've got bad credit, this is a good option to have!

Quick & easy application

The online application process only has a few steps: fill in your name, address, birthdate, living situation (rent, own, live with family) and monthly payments, employment information, Social Security number and contact information. Your application will be given to Auto Credit Express' network of dealerships for approval.

Car dealer partners

It's important to note that, if your auto loan is approved, it can only be used to buy a car from one of their "authorized licensed car dealer partners". At the time of our review, there were more than 1,000 active dealerships nationwide in their network; you can click on the big purple box towards the bottom of the page and browse them to see if there are any in your area. It will be the dealership that gives you the funding, not Auto Credit Express, so your credit report will not be checked when you fill in the application on this site.

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Specialize in bad credit

This service specializes in auto loans for people with bad credit, so there are some basic eligibility requirements you'll need to meet if this applies to you:

  • At least 18 years old
  • Minimum gross monthly income of $1500 if your credit score is less than 625
  • No auto loan repossessions within the last year (unless they were included as part of a bankruptcy)
  • Completed 341 meeting of creditors if there's a Chapter 7 Bankruptcy
  • Authorization to Incur Debt required from trustee for a Chapter 13 Bankruptcy

Helpful information

You can also check out some of the resources at the bottom of the Auto Credit Express site. There, you'll find a car loan estimator and details on how to get your free credit score, as well as information on loan options like $500 down, military financing, and more.

Smooth transactions

We were pretty impressed with the number of recent customer reviews saying that they had an excellent experience using this service to get the auto loan they needed. People frequently mentioned low down payments, fantastic customer service at the partner dealerships, and a smooth transaction overall.

Solid track record

While you may have to give up some options if you get your auto loan with Auto Credit Express (because of the requirement to get the funding through one of their partner dealerships), it might be a good idea to see what they come up with - especially if your credit history is a little shaky. This lending referral service has a solid track record with thousands of satisfied car shoppers, earning them a better-than-average rating among sources of auto loans.

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Continued from above

Savvy consumers know that the best way to get truly competitive rates on auto loans is by comparison shopping with online lenders. Even if you're just starting the research process, it only takes a few minutes to find out how much you're qualified to borrow and with what loan terms. With that information in hand, perhaps with a preapproval letter too, you'll be much more confident walking into the dealership and negotiating the best possible deal on the car itself.

Some providers of auto loans specialize in helping customers with less-than-perfect credit. These lenders can work with you to get a loan that you can afford, and they take into account your whole financial picture - not just your low credit score, previous late payments, or a bankruptcy in your past. Of course, if your credit history is excellent, shopping around for your auto loan online will likely turn up dozens of offers to choose from.

It's important to carefully consider several criteria when evaluating different online lenders. These factors include the following:

  • Reputation. A seemingly-great auto loan is a bad deal if the lender isn't trustworthy. What does the Better Business Bureau say about the company? Have other car shoppers had a good experience?
  • Functionality. How easy does the auto loan site make the borrowing process, from information-gathering to funding? Can you work through the steps of securing your loan quickly and intuitively?
  • Options. To whom does the lender cater (e.g. people with good/bad credit? New/used car shoppers?)? Do you have a wide range of loans to choose from, both with respect to interest rates and length of the loan period? Are there any perks or penalties in the fine print?

TopConsumerReviews.com has reviewed and ranked the best auto loan providers available today. We hope this information helps you get the right financing for your next vehicle purchase or refinance!

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