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My Auto Loan Review

Sunday, May 16th

2021 Auto Loan Company Reviews

My Auto Loan Review 3.5 Star Rating

My Auto Loan

3.5 Star Rating
  • 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.

Best Auto Loan Companies

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.

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.

The Best Auto Loan Companies Compare Auto Loan Companies Compare Auto Loan Company Reviews What are the best Auto Loan Companies Best Auto Loan Company Reviews

Auto Loan Company FAQ

Most auto loans are funded by smaller banks and credit unions. But, as you look for an affordable auto loan, you might see some familiar names like Capital One and Southeast Financial.
That depends on several factors, including your credit history and the amount you need to borrow. Searching for a car loan online gives you the advantage of comparison "shopping" for the best rate available to you.
No problem! There are many lenders that are willing to work with you even if your credit score isn't the best. You'll probably pay higher interest rates than a borrower with an 800+ credit score, but you'll still be able to get a loan.
When you request a rate quote online, most lenders perform a "soft pull" of your credit history: checking the information you provide against the credit bureaus' records to verify your identity. That doesn't affect your credit score. But, if you go through the entire process and actually submit a loan application, it'll temporarily lower your score.
You can get an auto loan without ever setting foot in a bank! Many of us have used a car dealer to obtain financing but, obtaining a car loan online is a smart and empowering option.
Auto loans are available in amounts ranging from $1000 to $100,000. To determine your eligibility for a loan, the lenders will take into account your credit history, current debts, and income.
Is 24 hours soon enough? While most auto loans take a few days to a week to be funded and deposited to your account, at least one lender has a one-day turnaround for most customers.
No, not when you choose a reputable provider! It's easy to find an auto loan from a lender with a strong reputation. Positive customer comments and a high rating from the Better Business Bureau are two indicators that the company is a trustworthy option for your loan.
Compare the Best Reviews

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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