myAutoloan Auto Refinance Review

myAutoloan Auto 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).

How much can you borrow via myAutoloan Auto 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 Auto Refinance?

myAutoloan Auto Refinance offers a fixed APR auto loan refinancing product that ranges from 2.49% APR up to 29.4% APR.

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

myAutoloan Auto 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 Auto Refinance charge an origination fee on auto refinance loans?

No, myAutoloan Auto Refinance does not charge a loan origination fee for refinancing an auto 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 Auto Refinance charge a late fee?

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

Does myAutoloan Auto Refinance charge prepayment fees?

Yes, myAutoloan Auto 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 500 and up to 850 are 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 $21,600 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 auto 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 an auto loan refinance with myAutoloan Auto Refinance?

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