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      July 16, 2020

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My Auto Loan vs LendingClub

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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 LendingClub.

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Finding an auto loan is no longer limited to what your current bank will offer or what the dealer brings to the table. You can take control of your next auto loan terms by shopping online for the best deal available. Several auto loan companies post the most competitive auto loan rates online to attract your business.

In today's economy, may people have less than perfect credit. Many companies offer car loans to those who have suffered bankruptcy, late payments or a low credit score. By researching and finding the best auto loan, you'll potentially save hundreds to thousands of dollars each year in payments and interest over other auto loans.

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2020

Auto Loans Reviews

4 stars
My Auto Loan

MY AUTO LOAN

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BBB Rating:

A+

If you're looking for transparency and reliability when it comes to financing your next vehicle, put myAutoloan on your list. This Texas-based service, as part of the Horizon Digital Finance group, has been accredited with the Better Business Bureau for more than a decade and holds an impressive A+ rating. Although myAutoloan does not do the lending themselves, but rather refers applicants to as many as four lenders, they simplify the process and make it easy to get a variety of offers to choose from.

We were impressed by both the range of services offered by myAutoloan as well as the interest rates offered by their lending partners. Not everyone makes the typical new or used car purchase from a car dealership; so, if you're looking to refinance your current auto loan, to buy out the lease on your vehicle, or even to get a loan to buy a car from a private individual, myAutoloan can help. At the time of our review, their lenders' interest rates ranged from 1.74% to 3.48% for terms up to 72 months. Of course, those rates come with the standard disclaimer that they depend on an individual's credit history and credit score.

In order to be eligible to be matched with up to four lenders, myAutoloan requires that you meet the following criteria:

  • Must be at least 18 years of age (or the age of majority according to your state's laws)
  • Have a minimum income of $1,800/month or $21,600/year
  • Have no open bankruptcies
  • Live in the continental US
  • Be purchasing a vehicle that is no older than 8 years, has fewer than 100,000 miles, and costs at least $8,000

If you meet those criteria, you can complete myAutoloan's simple, two-minute application by entering basic information about yourself, your employment, and the vehicle you wish to purchase. You'll be given up to four loan offers from which to choose; if one meets your needs, you will receive your online certificate or check within 24 hours.

We also like the helpful information available on the site, under the headings of Learn About Financing, Rates & Calculators, and Resources. There you'll find descriptions of the various types of auto financing, calculators to help you determine how much you can afford to borrow or what your monthly payments might be, an auto buying guide, and quite a bit more. They'll even connect you with insurance companies to protect your purchase, and the government website to check for any recalls on your new car.

Customer reviews are overwhelmingly positive. From helpful customer service agents to extremely fast delivery of funds, myAutoloan and its lending partners deliver what they promise.

We love myAutoloan's straightforward service that helps borrowers find the best loan for their purchase and their excellent reputation for customer service. We recommend you give them a try for your auto loan needs.

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4 stars
LendingClub

LENDINGCLUB

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BBB Rating:

A

For those looking for an auto loan, traditional loan companies may not be the most affordable option. Other solutions, such as a personal loan, may be cheaper in the long run. LendingClub is a leader in the social lending market and facilitates personal loans, which can be used as auto loans.

Social Lenders such as LendingClub bring individuals that can provide financing for auto loans together with borrowers who need them. They do this with a secure website and sophisticated back-end processing. Without a bank in the mix, borrowers are typically able to get a lower interest rate on their auto loan than traditional methods.

LendingClub currently holds an "A" Better Business Bureau rating. They help facilitate thousands of loans for customers and lenders each and every month. Shoppers can expect a loan rate between 6.95% and 35.89%. Best APR is available to borrowers with excellent credit.

It's very easy to see if a lender is available for your auto loan needs. You just input the amount you want to borrow, the purpose of your loan, and other information such as your credit score, contact information, and income level. Once LendingClub validates this information, they present you with the terms of your loan. If you choose to proceed, personal lenders have a few days to fund your request. Of course, borrowers with a better credit rating typically have an easier time attracting lenders.

If you have any questions during the process, you can speak to a LendingClub representative for assistance. Like any peer-to-peer lending company, a fee is built into the loan in order to cover costs. Also, you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan terms.

If you're looking for an affordable car loan between $1,000 and $40,000, LendingClub may be a solution that works well for your financial situation over traditional auto loan companies.

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Continued from above

However, not all auto loan companies are the same. There can be wide differences in the features and auto loan terms that they offer.

Before you apply for your next auto loan, consider the following important factors:

  • Application Process. What is the process of applying for the auto loan?
  • History. Does the auto loan company have a history of pleasing the customer and using quality business practices? How do they rank at the Better Business Bureau?
  • Focus. What type of auto loans do they offer? Are their auto loans geared for all levels of credit?

TopConsumerReviews.com has reviewed and ranked the best Auto Loans available today. We hope these reviews help you find the most affordable loan available for you!

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