Tuesday, November 29th
2022 Car Loan Refinance Reviews
My Auto Loan
- Lending referral service with offers from up to 4 providers
- Available in the lower 48 United States
- "A+" rated and accredited by the BBB
- In business for 18+ years
My Auto Loan is a subsidiary of Horizon Digital Finance, which has been in operation since 2003. They offer direct-to-consumer internet-based financing for cars and motorcycles, matching borrowers with loan offers from up to four lenders in their network.
General eligibility requirements
While specific requirements vary by lender, My Auto Loan establishes some general criteria to qualify for an auto refinance loan. Your vehicle needs to be 10 years old or newer and have less than 125,000 miles. Your loan must be at least $5,000, and you have to have a gross yearly income of at least $18,000. Your FICO score must be 575 or higher, and you can't be a resident of Alaska or Hawaii.
Pay your original loan off on your own
My Auto Loan works a little differently from many of the auto refi loan providers we evaluated: instead of working with your current and new lender to pay off your original loan and start a new one, you'll get a check or "online certificate" (they aren't very clear on that part). You then pay off your old loan yourself.
Expect hard pulls on your credit report
Despite a solid "A+" rating and accreditation from the BBB, we hesitate to give My Auto Loan a strong recommendation for car loan refinancing. Why? We found quite a few complaints from customers who used the service to shop for loans and wound up with multiple hard pulls on their credit report. Yes, the site discloses that that's a possibility - but most services will only do a soft pull until you actually choose a lender and complete a full loan application. People also said that they were inundated with calls, emails and texts from lenders that wound up offering loans with rates much higher than what was initially advertised.
Some customers report good experiences
On the other hand, we found hundreds of 4- and 5-star reviews from clients who successfully used My Auto Loan to refinance their car, praising the experience for being easy from start to finish and getting them a much lower interest rate than what they had been paying.
Better refi loan referral resources out there
At the end of the day, My Auto Loan offers a service that's comparable to most car loan refinance referral platforms: compare offers from several lenders and choose the one that meets your needs. And, unlike some of their rivals, My Auto Loan doesn't charge any fees for connecting you with lenders. But, there are other services that work with the same lenders as the ones in My Auto Loan's network (or even more), and you're less likely to get a hard pull on your credit that will negatively impact your score. If you want multiple options for your car loan refinance, you may want to try a higher-rated referral service first.
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With interest rates dropping like crazy, you're smart to think you might be able to save some money with a new loan. Whether you choose to keep your monthly payments the same and shorten your loan term or lower your payments and spend your cash on other necessities, it's almost a guarantee that refinancing will be a good decision.
In the past, most people would go to their bank or credit union to get a car loan refi. After all, it's comfortable, familiar, and easy to set up with checking or bank accounts that are already established there. But, that's not the best idea if you want the nation's top rates and terms for car loan refinancing. Your hometown bank doesn't need to compete with other lenders for your business: they already have it!
Car Loan Refinance FAQ
Continued from above...
Money-wise consumers look to the internet for the best deals, and car loan refinancing is no different. There's no need to accept the first loan offer you see if you can get quotes from several financial institutions at once. Most online lenders have rates and terms that will easily beat anything you find locally, with all the convenience of a completely-online application and approval process. Save money while sipping coffee at home in your pajamas? Why not!
Looking at the available options for car loan refinancing online, it can be hard to tell different lenders apart. Which one should you use, not just to get an initial rate quote but ultimately to finalize your new loan? Here are several ways you can evaluate each choice to find the car loan refinancing that's right for you:
- Vehicle Eligibility. Most lenders won't refinance a loan on a car that is more than 10 years old or over a certain mileage, usually between 120,000 and 150,000. Some even have make/model restrictions that may prevent your car from qualifying. Fortunately, most cars will be eligible for loan refinancing with the majority of lenders on the market today.
- Personal Eligibility. What is required of you as a borrower to qualify for a refinanced car loan? You may need a certain minimum credit score or monthly income amount.
- Referral Service or Direct Lender. You'll find two approaches to car loan refinancing: get a new loan right from the financial institution, or work with a platform that lets you get quotes from more than one lender at a time. Either option is good, but referral services give you access to smaller banks and credit unions that often offer more competitive rates on refinanced loans.
- Reputation. What have other car owners said about their experience when refinancing their car loans with a given lender? Was the process smooth or aggravating? Were there any surprises? Has the Better Business Bureau rated the company?
TopConsumerReviews.com has evaluated and ranked the best providers of car loan refinancing available today. We're confident that this information will help you get the rates and terms you're looking for to save money on your car payments!
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