✅ Requirements to Qualify
To get multiple offers through MyAutoLoan’s marketplace, you typically need:
- Credit Score: ≥ 600 (some lenders accept as low as 575)
- Income: ≥ $21,600/year for purchase or private-party; ≥ $18,000/year for refinance
- Age: At least 18 years old, resident of continental U.S. (not Alaska/Hawaii)
- Vehicle Criteria: Up to 10 years old, ≤ 125,000 miles for purchase/refinance; similar for private-party
- Minimum Loan: $8,000 for purchase, $5,000 for refinance
🔧 How to Strengthen Your Loan Profile
- Improve Credit Score: Fix errors and reduce outstanding balances.
- Save for a Down Payment: Even 10–20% can enhance your loan terms.
- Use a Co-Signer: Especially helpful if your score is between 575–599.
- Shop Prequalified Offers: Because MyAutoLoan uses soft pulls, you can compare options without hurting your credit.
📋 Step-by-Step Loan Process
- Fill out the quick online form.
- Get prequalified and see up to four offers immediately.
- Choose the best loan, then submit your full application.
- Receive a funding check or certificate within 24 hours of approval.
- Purchase or refinance your vehicle using the secured loan funds.
🧾 Frequently Asked Questions
Does pre-qualification hurt my credit?
No — MyAutoLoan initiates a soft pull first. Hard inquiries only occur after selecting an offer.
Can I finance a private-party vehicle?
Yes! It offers loans for private-sale vehicles with quick funding.
Is refinancing available?
Absolutely — refinance with terms up to 84 months to lower payments or rates.
Are there any fees?
There are no application fees. Some lenders might charge individual processing fees.
💡 Insider Tips
- Focus on total cost over the life of the loan, not just the APR.
- Compare at least two offers — interest rates and terms can vary significantly.
- Use refinancing to save hundreds over time by lowering your rate or extending the term.
- For private-party purchases, ensure the vehicle meets lender criteria.
🚗 Alternatives Worth Considering
- Credit Union Loans: Often lower rates for members with strong credit.
- LightStream or Autopay: Suitable for high-credit borrowers with more flexible amounts.
- Personal Loans: Might be easier if your vehicle doesn’t meet criteria, though usually at higher rates.
✅ Summary
MyAutoLoan is a fast, fee-free marketplace perfect for comparing multiple auto loans—new purchase, used, private-party, refinance, or lease buyout. Ideal if you have fair credit or strong credit. With quick prequalification and rapid funding, you control the loan decision. Still, read lender terms carefully and compare offers closely.
Ready to take the next step? Start comparing real offers now.
