myAutoloan Auto Refinance

myAutoloan Auto Refinance Review

myAutoloan refinance is an auto loan refinance offering by myAutoloan, based in Irving, TX. Founded in 2003, myAutoloan offers auto refinance loans in 48 states (and Washington, DC).

Key Takeaways

• APRs starting at 2.49%. The starting rates for myAutoloan Auto Refinance are on the lower end of the spectrum.
• Vehicle types. myAutoloan only refinances cars and trucks.
• Lease buyouts. Offers refinancing to buyout an expensive lease or purchase a company car.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 550 are considered for myAutoloan Auto Refinance.
• Vehicle requirements. Vehicles must have less than 125,000 miles and a maximum age of 10 years.
• Refinancing for large loan amounts. You can refinance auto loans of up to $100,000 with myAutoloan Auto Refinance.
• Fast process. In some cases you can refinance your auto loan within 1 business day.
• Hard credit pull required. You can't check your rates or see if you prequalify for myAutoloan Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the auto refinance loan early.
• No origination fee. myAutoloan Auto Refinance does not charge an origination fee for processing your loan application.
• Long loan terms. myAutoloan Auto Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.
• Minimum income of $18,000. You will need an annual income of at least $18,000 to apply for myAutoloan Auto Refinance, which is below average for the lenders in our database

myAutoloan refinance Pros & Cons

Pros	Cons
Low APRs available to qualified borrowers. Available in 48 states. Loan options with $0 origination fee. Considers applicants with fair credit. Considers older vehicles (max. 10 years)	APRs as high as 27.99%. Do not offer pre-approval with soft credit pull. Charges prepayment fees. Charges a late fee.

myAutoloan refinance FAQ

How much can you borrow via myAutoloan refinance?

Auto refinance loan amounts start at $8,000 and go up to $100,000.

What are the auto loan refinancing rates offered through myAutoloan refinance?

myAutoloan refinance offers a fixed APR car loan refinancing product that ranges from 2.49% APR up to 27.99% APR.

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

myAutoloan refinance offers auto refinancing with terms ranging from 24 to 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 refinancing loan, the more interest you will pay.

Does myAutoloan refinance charge an origination fee on auto refinance loans?

No, myAutoloan refinance does not charge a loan origination fee for refinancing a car loan.

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.

Does myAutoloan refinance charge a late fee?

Yes, auto refinance loans via myAutoloan refinance are subject to late payment penalty fees.

Does myAutoloan refinance charge prepayment fees?

Yes, myAutoloan refinance does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for myAutoloan Auto Refinance?

Applicants with a credit score of at least 550 and up to 850 may be eligible for myAutoloan Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loan refinancing with myAutoloan Auto Refinance, applicants need a minimum annual income of $18,000 or higher. myAutoloan Auto Refinance will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

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 Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by myAutoloan Auto Refinance. 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 maximum mileage to refinance with myAutoloan?

myAutoloan is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 125000 miles on the odometer.

What is the maximum car age to refinance with myAutoloan?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

What is the estimated funding time for a car loan refinance with myAutoloan refinance?

Auto refinance loan applications are typically approved (or denied) within 24 hours and funded within 1 to 7 days of approval.

Does myAutoloan Auto Refinance report your account activity to credit bureaus?

Yes, myAutoloan Auto Refinance reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.