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My Auto Loan Review

Tuesday, November 29th

2022 Car Loan Refinance Reviews

My Auto Loan Review 2.5 Star Rating

My Auto Loan

2.5 Star Rating
  • 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.

Best Car Loan Refinance Providers

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.

Where's the Best Place to Refinance Your Car Loan?

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!

The Best Car Loan Refinace Providers Compare Car Loan Refinace Providers Compare Car Loan Refinance Reviews What are the best Car Loan Refinace Providers Best Car Loan Refinance Reviews

Car Loan Refinance FAQ

Unless you got a really great deal when you bought your car, you're probably paying a high interest rate on your loan. Refinancing is a great idea if interest rates have dropped since the time you made your purchase, saving you hundreds (or thousands!) of dollars over the lifetime of your loan.
Eligibility requirements vary based on the lender and your state of residence. Most financial institutions require that your car be 10 years old or newer and have less than 150,000 miles - though you may find that some lenders have more stringent requirements. Some vehicle makes, such as Hummer, Saab and Isuzu, may be excluded from refinancing offers as well.
That depends. If you can get a new loan at a lower interest rate, chances are good that you'll save money on your monthly payments. But, if you refinance into a loan with a much longer repayment term, do the math to make sure you're not paying more in the long run. Also factor in any fees that may be charged for your new loan, because they will cut into your savings.
Probably not at your local bank! While it's tempting to go with the simplicity of refinancing through the financial institution you've always used, they're not going to compete for your business: they already have it! A better method is to look at your options online, where it's easy to get car loan refinancing offers from several lenders at once. Plus, internet-based lenders often have less overhead, which translates into lower rates for your refi.
Absolutely. For many smaller banks and credit unions, online lending lets them reach customers they might not find otherwise - which equals greater savings for you. Of course, it's important to do your homework and make sure that any service you use for your car loan refinancing is reputable and will protect your personal information, especially if you are required to enter your Social Security Number for identity verification. A strong rating from the Better Business Bureau is a solid way to establish that a service is legitimate.
Sometimes. Beyond the interest you'll pay on any loan, you may find origination fees or other costs for processing your application, updating your title, and so forth. Read the fine print before you commit to a lender for your auto refinancing.
Not necessarily, but it helps. As with any type of borrowing, higher credit scores usually translate into lower interest rates. And, some lenders have a minimum credit score of 580 (give or take) to be eligible to apply for auto refinancing loans.
Instead of applying directly with a single financial institution, you can use a referral platform to get quotes from multiple lenders at once. These services use vetted partners in their network, using your application to match you with banks and credit unions willing and able to fund your auto refinance loan. From there, the experience varies: some referral providers require you to re-enter all of your initial application information directly with the lender you select, while others streamline the process and transfer your details to the lender you've chosen. Be aware that you may get multiple emails, texts and phone calls from interested lenders when you provide your information to a referral platform!
Compare the Best Reviews

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!

The Best Reviews of Car Loan Refinace Providers