What is MyAutoLoan?
MyAutoLoan is a privately-held, internet-based auto financing marketplace operated by Horizon Digital Finance LLC.
They offer digital direct-lending choices. They match you with lenders based on your financial situation. When you can compare loan options, you can make an informed fiscal decision.
To complete the process, you fill out an application with your personal and financial information. Then, they help you compare up to four lender offers in one place. You can shop for a loan for both new and used vehicles, refinance an existing loan, or set up lending to buy a leased car.
Here are some details to consider when working with MyAutoLoan.
How Does MyAutoLoan Financing Work?
Since MyAutoLoan is a financing marketplace, just enter your loan details. Moments later, MyAutoLoan shows up to four loan offers from reputable lenders.
Applicants with a FICO credit score of 600 or higher have the best chance of qualifying for a loan with MyAutoLoan. However, they have options for a variety of credit histories.
You can receive loan quotes from up to four lenders for:
- New Auto Loan
- Used Auto Loan
- Auto Refinance
- Private Seller Purchase
- Lease Buyout
MyAutoLoan makes it straightforward to apply for a loan if you have a new or used car purchase coming up. They can work with dealers or private sellers.
Also, MyAutoLoan can help you refinance an existing loan to find better rates. Finally, suppose you already have a leased vehicle but want to buy it. In that case, they can help you find favorable terms to achieve ownership.
Limits to consider:
- Lenders will not finance conversion vans or high-end sports cars
- Used vehicles limited to 125,000 maximum mileage and must not be older than ten years
- Private party sales must have less than 100,000 miles
- The minimum amount for a new car loan is $8,000
- The minimum amount for refinance loan is $5,000
Important to note, once you select a lender, they will perform a hard check your credit. Consequently, if you apply for several loans over a few months, it could make your credit score drop.
How Do I Apply?
To receive loan approval, you must:
- Be at least 18 years of age
- Earn at least $1,800 per month (or $21,600 per year) for purchase, private seller and lease buyout loan types
- Earn at least $18,000 annual for refinance loan
- Be a resident of the lower 48 US states
- Have at least a 500 FICO credit score
- Have not submitted a loan offer form in the past 31 days for the same loan type
Make sure to have a copy of your license and insurance handy when you apply.
You will create an account, select a loan type, fill out the application, and submit it directly through MyAutoLoan's marketplace. You will receive up to four offers to review and compare. You have the opportunity to decide whether or not to accept an offer.
Upon acceptance, you will receive your funds within the next day or two, either by bank deposit, check, certificate, or ACH.
Pros and Cons of MyAutoLoan
Before you commit to applying for a loan through MyAutoLoan, review the advantages and disadvantages. Find out ahead of time if you meet their requirements.
- Competitive interest rates
- Quotes from multiple lenders
- Compare rates and terms
- Fast application process
- FICO scores of 575 or above considered
- Variety of loan options
- Offers valid for 30 days
- Fast application
- Vehicle restrictions (makes, miles, and age)
- Loans not available for residents of Alaska or Hawaii
- $8,000 minimum loan amount for new cars
- No customer service phone number or chat
- No face-to-face experience
Who Should Use MyAutoLoan?
MyAutoLoan can provide you with up to four loan offers so you can shop around in one place.
You're a good fit for MyAutoLoan if you:
- Have a good credit score
- Are looking for refinancing or buying
- Are ready to apply for a loan
- Want quotes from multiple lenders
- Can compare rates and loan terms
When shopping for an auto loan, it's smart to prepare yourself. You can get pre-approved for a loan if you know what you qualify for and which vehicle you want. Also, be equipped with knowledge of what terms and rates for which you would be eligible.
Making an informed decision involves offers from multiple lenders. Shopping around lenders helps you find the best offers in the market. Be sure to check what auto financing rates typically cost so you can budget.
- Fast loan decisions for good credit
- Secure application
- Potential for offers from multiple lenders
- 30 days after receiving an offer to make a decision
If you are ready to buy a new or used car, want to save money with a refinance, or purchase your leased vehicle, consider MyAutoLoan. They might be a great fit if you're comfortable conducting business entirely online.