Sunday, October 6th
2024 Car Loan Refinance Reviews
My Auto Loan
- Refers you to up to 4 lenders
- Get a refi offer in minutes
- Terms ranging from 24-72 months
- Available in 48 states (not Alaska/Hawaii)
- "A+” rated and accredited by the BBB
- In business since 2003
myAutoloan is a service operated by Horizon Digital Finance since 2003. It serves as a platform for referring you to lending partners in their network, and when you complete an initial application here, you can get offers from up to 4 of them in just a few minutes. Just be aware straight out of the gate that if you live in Alaska or Hawaii, you're not eligible to refinance your vehicle through myAutoloan (sorry).
"Today's rate” may be a month out of date
Just don't get too excited by the "today's rate” posted on myAutoloan. The fine print says that they're "the lowest rates participating lenders have recently offered”, but we found a company rep responding to a complaint about exactly that - namely, feeling like it was a bait-and-switch compared with the rate they were actually offered - saying that myAutoloan uses the lowest rate within the last 30 days.
Focuses mostly on new loans, not refis
Truth be told, there's a lot we're not super excited about with respect to myAutoloan for car refinancing. You can tell right away that the site is geared towards purchases and not refis. For instance, even on the main Refinancing page, it still talks about how you can "use your check to buy the car you want”. Fortunately, if you actually dig into the site, you'll see that the refi process will include the lender you choose doing the underwriting process on your behalf, taking care of paying off your current loan and putting the new one in place.
Don't get misled into signing up for credit monitoring
You'll have to give myAutoloan a lot of information before they give you any details on who your refinancing offers might come from, and that includes your full SSN. But wait, that's not all! To get your quotes, myAutoloan requires you to get your credit score verified, and they take you to a third-party site to do it. AND it starts you on a credit monitoring plan. That is, of course, unless you realize you can scroll a little further and enter your score on your own, but it even took us a minute to notice that.
Not transparent with lenders ahead of time
From there, assuming that myAutoloan was able to verify your information, you can log in and see your car loan refinancing offers from their lending partners. But, again, you won't know anything about which partners they use until you're "introduced” to them and their financing options.
Customers rate it slightly above average
myAutoloan continues to have an "A+” rating and accreditation from the Better Business Bureau, which is always a reassuring sign that a site isn't a scam. There were only 11 complaints filed about this service over the last three years, which is another positive. But, we had to chuckle when we saw how myAutoloan proudly proclaims that customers love them... based on a 3.8-star average on Trustpilot. For us, anything under a 4-star average doesn't exactly scream "beloved by customers”, but it's still not so bad considering it stems from nearly 900 ratings.
Expect to get unrelated offers
Still, we saw some comments that were extremely current to our review that referenced getting lots of unwanted communications after filling out the quote form here, especially from local car dealerships trying to offer vehicles for purchase instead of a loan. Others said they had issues with getting the loan offers they were promised. However, we were reassured somewhat by seeing the detailed (and usually apologetic) responses to all complaints, showing that myAutoloan takes them seriously.
Not our favorite option for car loan refinancing
We just don't have a lot to say about myAutoloan that would make you want to apply for your car refinancing there. Is it a scam? Not really, but some of the processes they make applicants wade through sure start leaning in that direction (like not making it easy to see that you don't have to sign up for monitoring or for a third-party credit score report). And we're never excited about referral platforms that don't tell you well in advance who they work with. myAutoloan isn't the worst option we've seen for your refi, but there are lots of better choices on our list.
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Where's the Best Place to Refinance Your Car Loan?
Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.
Maybe when you first got your loan, your credit score wasn't so hot, and you ended up with a not-so-great interest rate. Or maybe the economy has shifted, and interest rates have dropped since you first signed on the dotted line. Whatever the reason, if you can snag a lower interest rate by refinancing, you could end up saving some serious money in the long run.
Car Loan Refinance FAQ
Continued from above...
Like anything in life, there are pros and cons to consider. On the upside, refinancing could mean lower monthly payments, which can free up some cash in your budget for other things, like saving up for a rainy day or treating yourself to a fancy coffee every now and then. Plus, if you can get a lower interest rate, you'll pay less in interest over the life of your loan, which means more money in your pocket.
But there are downsides too. Refinancing usually means extending the length of your loan, which could mean paying more in the long run, even if your monthly payments are lower. And if your credit score has taken a hit since you first got your loan, you might not qualify for a better rate anyway. Plus, there are often fees involved with refinancing, so you'll want to make sure the potential savings outweigh the costs.
All pluses and minuses aside, it's a smart idea to start your car loan refinancing online. Instead of driving down to your local bank or credit union, you can compare rates and apply for refinancing right from the comfort of your couch. Plus, online lenders often have lower overhead costs than traditional brick-and-mortar banks, which means they can sometimes offer better rates and terms.
When it comes to comparing different sites for auto loan refinancing, there are a few criteria you'll want to keep in mind:
- Interest rates and terms. The whole point of refinancing is usually to get a better rate than you currently have. But don't stop there - be sure to look at the terms of the loan as well. How long will you have to pay it off? Are there any fees involved? And don't forget to read the fine print - you'll want to make sure there are no sneaky clauses that could come back to bite you later on.
- Referral platform or direct lender. Some sites you'll visit serve as a referral platform, helping you check out your options with different banks and credit unions all in one shot. Others will offer to lend you the money directly. Make sure you know what you're getting before you start entering your SSN and other sensitive data.
- Reputation. Is it a trustworthy service? Has it been rated by the Better Business Bureau? Are car owners like you getting good refi rates and excellent customer service?
Ultimately, the decision of which site to use for auto loan refinancing will depend on your individual circumstances. Maybe one lender offers a slightly lower interest rate, but another has better customer service or more flexible repayment options. To help you do your homework and crunch the numbers, the experts here at Top Consumer Reviews have rated and ranked some of today's most popular options for car loan refinancing. At the end of the day, those car payments are your hard-earned money, so why not make it go a little farther with a better loan?
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