myAutoLoan 2024 Review
myAutoLoan Auto Refinancing Review – Pros, Cons and Important Information
An online lender marketplace that helps you meet and sustain all of your auto lending goals for new and used vehicles.
Are you ready to find an auto loan that meets your needs and expectations? In this myAutoLoan auto refinancing review, we’ll highlight what you need to know about working with an online lender to refinance.
Although refinancing an existing auto loan can seem like a daunting process, there are many options available to help you eliminate confusion and get the best rate. As a result, get ready to save time, money, and interest on the life of your loan.
In the myAutoLoan review below, you’ll learn everything you need to know about the company’s history, financial products, incentives, and more.
myAutoLoan: What You Need to Know
Detailed information about the myAutoLoan brand is visible on the company’s About Us page. myAutoLoan is a subsidiary of Horizon Digital Finance, LLC, a company that is privately held and direct-to-consumer.
Horizon Digital’s primary focus is on providing competitive rates to consumers through an online marketplace. This structure helps customers by eliminating much of the behind-the-scenes research involved in finding a new auto loan or refinancing package.
As online financing companies, myAutoLoan and Horizon Digital focus on providing lifestyle financing products that align with shifting trends. The process includes technology-driven solutions that bring simplicity to the customer service experience.
How Does Auto Loan Refinancing Work?
Auto loan refinancing works in much the same way as other refinancing processes. This involves having a new or second lender pay off the original car loan. In exchange, you’ll work with the new lender with a different set of loan terms.
Many individuals opt for auto refinancing when they want to:
- Lower the existing interest rate
- Resettle the terms of the loan, including the duration
- Decrease the monthly payment amount
- Switch from a dealership-approved lender to a more flexible option
Auto Loan Refinancing with myAutoLoan
More information about the auto loan process with myAutoLoan can be found on the company’s Refinancing page. There, customers can quickly scan for the lowest rate available in the marketplace on any given date. There are also a variety of helpful tools available, including:
- An interest rate chart
- Auto loan interest calculator (based upon the specifics of your personal loan)
- Auto payment calculator (particularly useful for refinancing scenarios)
Best Times to Pursue Auto Loan Refinancing
If you’re wondering whether auto loan refinancing is right for you, there are a few popular times when most customers choose to refinance. This includes when:
- You’ve worked hard to improve your credit score
- You’ve had positive changes to your income amount
- The general interest rates for car loans have dropped nationwide
- You want to work with a new lender or loan provider
Where is myAutoLoan Available?
The services and products of myAutoLoan are currently available to customers within the continental United States. Based on information found on the homepage, the services do not include products for residents of Alaska or Hawaii.
How Much Does myAutoLoan Cost?
There is no cost associated with applying for a financial product with myAutoLoan. How much you end up paying over the life of the loan depends on the cost of the vehicle and the remaining balance on current loans.
Because myAutoLoan helps buyers compare interest rates from different lenders, the amount of money you could save depends on which offers you qualify for based on financial history.
What Type of Auto Loan Refinancing Does myAutoLoan Offer?
myAutoLoan offers refinancing services for customers who are:
- Unhappy with their current auto loan payments
- Interested in lowering the current interest rate or repayment term
- Curious about other options for the length of the auto loan
The standard auto loan refinancing process involves submitting a short application form online and receiving up to 4 qualified offers from vetted lenders within minutes. It’s important to note that myAutoLoan does not issue a new loan directly. Instead, the company matches applicants with lenders around the country that can offer competitive rates and services.
When signing up and agreeing to the terms of a newly refinanced loan, buyers will work directly with the online lender they select. Although interest rates change frequently, buyers can compare offers and reapply within 30 days if they aren’t satisfied.
Pros and Cons of Using myAutoLoan for Auto Loan Refinancing
With each online lender or financing marketplace, there are pros and cons that appeal to different types of buyers. With marketplaces in particular, keep in mind that there may also be pros and cons to the outside lenders that the company recommends. Below are a few pros and cons that buyers can expect with myAutoLoan.
Pros
- Quick and easy turnaround for the free application process
- Promised offers from 4 different lenders to help compare options
- Variety of financial products for vehicle needs (purchases, refinancing, lease buyout)
- High customer reviews and testimonials on TrustPilot
- Financial tools and calculators to help customers navigate financial information
- Simple website with easy information to navigate
Cons
- No physical location for myAutoLoan
- Limited access to customer support or phone assistance
- Limited information about specific lenders and lender policies
- Some offers may be delayed based on applicant information or credit history
- Reapplying for new offers requires a 30-day waiting period
Any Discounts on myAutoLoan Products?
Based on the information available on the website, it does not seem that myAutoLoan offers any types of discounts or coupons. This is likely due to the fact myAutoLoan is a marketplace, and individual financing decisions are based on separate lenders. Even so, myAutoLoan promises customers access to competitive and low rates.
myAutoLoan Customer Reviews
When comparing online lenders, it’s important to locate real customer reviews and to learn more about the opinions of those who have been through the process. While myAutoLoan is accredited by the Better Business Bureau with an A+ rating, customer testimonials are helpful when making a decision.
Here are some things that reviewers had to say about using myAutoLoan for auto refinancing on the consumer review site, TrustPilot.
_“I didn't know what to expect when I signed up to receive offers, but I was pleasantly surprised. I was contacted by multiple lenders within a few days, even though it was the beginning of learning to work from home for so many of us. All the lenders I spoke to were very personable and professional, and seemed to have a genuine desire to help me get a better rate on my auto loan.” _– Barbara, review from June 2020
“Great service! My auto loan was approved within days and funded very quickly. Customer service was exceptional. The whole experience of getting a loan was painless. I am very satisfied and would recommend the service to anyone who is looking to refinance their vehicles.” – Izabella, review from April 2020
_“Very helpful. My payment is $200 less than it was. Always a pleasure talking to my representative that helped me. Thank you so much.” _– Rick, reviewer from March 2020
How to Apply for a myAutoLoan
Applying with myAutoLoan is a fairly easy and straightforward process. Below are the steps required to quickly completing an application and receiving information from lenders.
On the Web
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Go to the website https://www.myautoloan.com/.
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Select the “Get an Offer” dropdown menu and select auto refinancing (or product of choice).
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Alternatively, select your offer type in the graphic on the homepage and hit the blue “Continue” button in the middle of the page.
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Accurately complete all of the fields in the Pre-Qualification and Application form.
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Continue through the Personal, Employment, and Finance sections, and then submit.
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Lender offers will begin to come in through the email address provided.
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Compare, decide, and select a lender, loan, or refinancing offer.
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Access the details of your specific loan by logging in to the My Account area.
By App
myAutoLoan applications are currently available on the company’s website. Customers should defer to the above process for completing an application.
By Phone
As an online lender, it appears that myAutoLoan sticks to the online application process exclusively. Phone support for applications is not currently available.
How to Contact myAutoLoan
Customer Service: Refer to the contact form submission below.
Contact Form: https://www.myautoloan.com/contact-us.html
Website: https://www.myautoloan.com/
Pinterest: https://www.pinterest.com/myautoloan/
Facebook: https://www.facebook.com/myAutoloan
Twitter: https://twitter.com/myautoloan
Content Articles: https://www.myautoloan.com/content-articles.html
More information about how to contact myAutoLoan can be located on the company’s Contact Us page.
Does myAutoLoan Offer Other Financial Products?
Yes, in addition to auto loan refinancing, myAutoLoan also has a few more financial products that applicants and customers can take advantage of.
These other financial products include:
- New and used car loans. These loans are available for the purchase of new or used vehicles. myAutoLoan makes it easy to compare new and used car loan options in advance, so that you don’t have to worry about haggling with a local dealership on site. In this process, myAutoLoan delivers a check or certification, which buyers can use at a dealer to make a car purchase.
- Private party loans. Private party car loans are available when customers are buying a vehicle directly from another individual. This option can provide savings in time and money, but some customers may still need help securing the full amount. Private party loans can assist by delivering a check to be used in a one-on-one car purchase.
- Lease buyout plans. A lease buyout plan gives drivers the option to buy the vehicle that they’re currently leasing. This is ideal for drivers who love the leased vehicle but who don’t like different aspects of the lease agreement. myAutoLoan helps simplify the lease buyout process by providing a variety of lender options.
myAutoLoan Review – Summary
In the myAutoLoan review above, you’ve learned the advantages and facts surrounding a popular choice in auto loan marketplaces. As online loan and refinancing options become more popular, it’s important to compare the options and conduct thorough research to each loan company or provider.
As you prepare to refinance your auto loan, we hope that you’ll be able to come to the table with more knowledge, insight, and clarity.
Frequently Asked Questions
How do the interest rates at myAutoLoan stack up against the rates from competitors?
myAutoLoan is proud to offer some of the most competitive rates in the industry, so you don’t have to worry about receiving a competitive offer. The lenders that you’ll have access to by using myAutoLoan help customers find some of the most competitive rates available.
If it’s been over 24 hours since I submitted an application, does that mean I’m not approved?
No, not necessarily! The application and credit review process typically happens within a matter of minutes, but there are occasionally delays and longer processing times. When you submit an application, the goal of myAutoLoan is to provide up to 4 loan options within a short time. Some lenders take a bit longer to carefully review information, particularly over weekends or holidays.
Does myAutoLoan work with customers who have had poor credit?
Yes, a wide variety of lender options means that many lenders specialize in helping buyers with a history of poor credit. A low credit score doesn’t disqualify you from getting approved for a loan or refinance, although you may have different terms than someone with excellent credit.
Are there options for refinancing a car that is paid off?
In these situations, there’s no loan to refinance. This means that you won’t be able to apply for a new refinancing loan on a car that you own outright. If you’re in need of some quick cash, however, you can apply for a title loan for a car that is no longer in financing.
What happens if I don’t want to select from the available loan offers?
When you apply with myAutoLoan, there is no obligation to choose any of the lender suggestions provided. These offers expire within 30 days, which means they’ll be automatically deleted from your account. If you’d like to try again at a later time, you simply need to wait 30 days between applications.
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