myAutoLoan is a service that asks you for your information and then aggregates several auto loans and quotes from other sources that may be right for you.

It has been around since 2003 and is strictly an online service. It does not have any physical locations.

This myAutoLoan review will describe precisely how myAutoLoan works so you can decide if it is right for you.

Table of Contents:

  • How Does myAutoLoan Work?
  • Pros & Cons
  • How Much Can You Borrow?
  • What is the APR?
  • myAutoLoan Fees
  • Is myAutoLoan for You?

How Does myAutoLoan Work?

Applying to myAutoLoan requires that you fill out a comprehensive application so that they can submit that to up to twenty auto loan lenders at a time. They say it takes up to four minutes for your offers to return.

You can then compare these quotes and quickly identify the one that will work the best for you. You can usually see who has the lowest interest rate or offers the best features and coverage.

Your loan offers are valid for thirty days, giving you plenty of time to talk it over and decide what you want to do. You are not obligated to any of the quotes you are offered, so you are free to decline all of them if you do not feel they’re right for you.

You can conduct this entire process without paying for anything. There are no application fees, but each lender has different requirements for late fees and other penalties for cancellation once you start.

These are things you need to look into on your own before making a decision.

Compare Quotes

The Pros and Cons of myAutoLoan

There are a lot of great things about myAutoLoan, but there are also things you should look out for.


  • No application fee: You can compare quotes in minutes without paying anything upfront.
  • No obligation: You do not have to accept any of the quotes you’re given. You can choose to go in another direction if you don’t like any of the offers.
  • Compare quotes quickly: Quotes return in minutes, so you’ll have several options from which to choose and you won’t have to wait long.
  • Thirty days to decide: While your quotes come back quickly, you don’t have to decide quickly. You can take up to thirty days to figure out whether or not one of the options is going to work for you.
  • Co-signers allowed: If you need a co-signer on your auto loan, myAutoLoan will allow you to include one and then see quotes from lenders based on your cosigner’s information, too.


  • Maximum vehicle age: The maximum vehicle age is ten years, so if you’re looking for an auto loan for an older vehicle, you can’t use myAutoLoan.
  • Maximum vehicle mileage: The maximum vehicle mileage is 125,000 miles or 120,000 miles for private party loans. These limits mean that if you have high miles on a newer vehicle already, you can’t use myAutoLoan.
  • Calls from dealers and lenders: Because myAutoLoan shares your information with dealers and lenders to return accurate quotes, you may start getting sales calls from these dealers and lenders to talk more about the type of loan you’re looking for.
  • Not available in all states: At this time, myAutoLoan is not available in Alaska or Hawaii. So, if you live outside of the contiguous United States, you can’t use myAutoLoan.
  • Minimum funding amount: The least amount of money you can get from myAutoLoan is $8,000. While myAutoLoan doesn’t provide any of the financing itself, these are the only loans you can access from lenders using myAutoLoan.

How Much Can You Borrow?

You can borrow anywhere from $8,000 to $100,000, depending upon your credentials.

It will depend on how much you need and how much you qualify for based on your income and your credit score.

What Is the APR with myAutoLoan?

Lenders typically set their requirements for interest rates, but reasonable interest rates require good credit. The better credit you have, the better your interest rate will be.

The best rates you can get with myAutoLoan are 2.74% for purchasing a car and 2.49% for refinancing your current car.

However, these rates are only available if you have good credit, which is up to the individual lenders to determine. Generally, excellent credit is 720 or above, while good credit is 690 to 719.

If you have poor credit, you may find yourself looking at rates up to 21%. This is the unfortunate reality with most lenders. Poor credit gets you a poor interest rate because you are a significant risk of non-payment.

You will also find with myAutoLoan that the longer your loan term is, the higher your interest rate becomes. However, you will not find anything nearly as high as if you have poor credit.

If you have excellent credit and you want to extend your term out to the maximum 84 months, you may be looking at the difference between 2.74% and 5.39%.

What Fees Does myAutoLoan Charge?

myAutoLoan does not charge any fees. They return offers that may work for you.

They make their money from the lenders who want their rates returned on the site so people will use their company to finance their vehicles.

Is myAutoLoan the Best Choice For You?

myAutoLoan is an excellent solution for you if the car you want to buy is less than ten years old and has fewer than 120,000 miles, and if you need to borrow between $8,000 and $100,000. If you want to compare several different rates side-by-side within minutes, it is great.

However, if you do not fall into these lending categories for vehicle age and mileage or lending amount, you’ll have to look elsewhere. You also have to consider whether or not you want to deal with lenders contacting you via phone or email to talk further about what they can offer.

Often services like these are not inadequate, but you should have a general idea of what you want or what you can qualify for before you enter your information. You also have to know how to say no to annoying sales calls.