myAutoloan Car Loan Review

myAutoloan Car Loan is offered by myAutoloan, a marketplace lending platform founded in 2003 and based in Irving, TX. myAutoloan Car Loan is available in 48 states (and Washington, DC).

How much can you borrow via myAutoloan Car Loan?

myAutoloan Car Loan auto loan amounts start at $8,000 and go up to $100,000.

What APR does myAutoloan Car Loan offer on its auto loans?

myAutoloan Car Loan offers a fixed APR auto loan product that ranges from 2.19% APR up to 24.9% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum loan term you can get with myAutoloan Car Loan?

myAutoloan Car Loan has auto loans with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.

Does myAutoloan Car Loan charge an origination fee?

No, myAutoloan Car Loan does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does myAutoloan Car Loan charge a late fee?

No, myAutoloan Car Loan will not charge you a late fee.

Does myAutoloan Car Loan charge prepayment fees?

No, myAutoloan Car Loan will not charge you a fee for paying your loan early. Whenever possible choose lenders like myAutoloan Car Loan that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my myAutoloan Car Loan loan?

Yes, you can. myAutoloan Car Loan does not charge a prepayment fee, so you can save money by paying your auto loan early.

What do you need to qualify for myAutoloan Car Loan?

Applicants with a credit score of at least 500 and up to 850 may be eligible for myAutoloan Car Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loans with myAutoloan Car Loan, applicants need a minimum annual income of $21,600 or higher. myAutoloan Car Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via myAutoloan Car Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by myAutoloan Car Loan. Permanent resident / green card holders are also eligible to apply. An uncommon feature is for lenders to offer their services to non-residents. myAutoloan is one of the few that does.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for an auto loan via myAutoloan Car Loan?

myAutoloan Car Loan will typically approve (or deny) an auto loan application within 24 hours and fund the loan within 7 business days of approval.