The online marketplace called MyAutoLoan was founded by a group of passionate people with an extensive experience in the auto loan domain. The platform does not offer new and used car loans itself but rather facilitates the process of obtaining such a loan for customers. The only thing that you need to do is fill out a form on the platform and you will get auto loan offers from the direct loan lenders that MyAutoLoan collaborates with. Here is what you need to know about the new and used car loans that it can provide for you.
MyAutoLoan at a Glance
Editorial Score 4.2
Online Experience 4
The website is intuitive enough for any potential client to access information.
Loan Types 5
Apart from new and used car loans, it also facilitates clients to get an auto refinance loan, lease buyout, private party, and motorcycle loans.
Eligibility 5
Even potential clients with below-average credit scores can apply and get a loan.
Client Support 3
You cannot request support from MyAutoLoan in any other way apart from an online form.
Repayment Flexibility 4
The lenders in the platform’s portfolio have flexible repayment terms, usually varying between 24 to 72 months.
Who is it suitable for?
The MyAutoLoan platform is suitable for people looking to obtain a new or used car loan without the hassle of going through numerous direct loan lenders one by one. By using such a platform, you save time, effort, and nerves and can access multiple offers in a single place. In order to do that, you will have to simply complete a form on the website with the necessary details and wait for the offers to reach you. Once you have decided on one, the next move will be to apply for a loan with the chosen lender.
Features
MyAutoLoan is extremely easy to use and intuitive, even for people who don’t have too much experience with these kinds of websites. Its main feature is the possibility to pick your desired new or used car loan from a compiled list of offers that will be customized for you. Apart from this, the platform also offers some loan calculators and tools that clients might find useful. Plus, the numerous educational resources on the website such as guides, articles, and glossaries will also make your job easier. There is also an affiliate program that could be interesting for some people as well as the possibility to see each day’s lowest rate.
Application Process
Applying for a new or used car loan on this platform is not possible because MyAutoLoan is not a direct lender but a marketplace. However, there is a form that you can fill out with the necessary details so that the platform can list the best loan offers from its collaborators. Here is what you need to do:
· Fill out the form on the MyAutoLoan platform;
· Double check your details and make sure that they are all correct;
· Send it and wait for the auto loan offers to roll in;
· You will receive a maximum of four new or used auto loan offers;
· After picking the one for you, the next step is to apply on that lender’s website;
· This is where you will see the final details of your car loan such as rate, terms, etc.
Loan Types and Terms
MyAutoLoan acts like the middle man for people looking for new and used car loans. When it comes to the other details of the loans, they depend only on the direct lender. Generally, the repayment terms for new car loans vary between 24 and 72 months with a starting APR of 1.99%. Your minimum income should be at least $2,000 per month for you to qualify. Open or former bankruptcies are not accepted. A credit score of at least 575 is also recommended.
How Safe Is It?
MyAutoLoan is a safe and secure online loan marketplace with a 4.3 stars rating on TrustPilot and an A+ rating obtained from the Better Business Bureau. The website uses encryption in order to protect your data from potentially dangerous parties and doesn’t send your details to any other companies apart from its lending collaborators. It also follows all the industry-required security protocols and has overall good reviews online.
Help & Support
In case you want to get in touch with MyAutoLoan, you can only do that by completing the contact form on the official website with your details. You will be required to enter your full name, phone number, e-mail address, and the message that you want to send. A representative of the company will most likely answer as soon as possible. A phone number or a live chat option would have been great for better communication between the platform and its visitors. In case you need resources, the website has plenty including a FAQ page that might already contain the answers to your questions so make sure to check that first. The platform also has a Twitter account and a FaceBook page that you can like.
Summary
To sum it all up, MyAutoLoan is a very good option for people who don’t have the time or energy to look through countless new or used car loan offers. This is a platform that only sends you loan offers that are suitable for your requirements and situation. This is not a direct loan lender by any means which is probably why it lacks a better customer support system. Plus, it has a lot of educational resources that you can access and loan calculators and tools that you can use to see what kind of loan could suit you the best.
Physical Address
5005 W. Royal Lane, Suite 209 - Irving, TX 75063