myAutoLoan Guide

myAutoLoan is an online marketplace that delivers up to four loan offers with one quick application—letting you compare rates and terms before you commit.

The most common products facilitated by myAutoloan.com are for new and used vehicle purchases from U.S. dealerships. A consumer can submit a single application on the platform to potentially receive up to four offers from competing lenders. For approved applicants, the chosen lender often provides a check or an online loan certificate. The consumer can then use these funds to complete the purchase at the dealership, providing them with the negotiating leverage of a pre-arranged financing.

The marketplace provides a solution for private party transactions, a scenario often not supported by traditional banks. The lenders in the myAutoloan.com network can underwrite loans for vehicles purchased directly from an individual seller. This product is a key differentiator of the platform, as it expands a U.S. consumer’s purchasing options beyond just commercial dealerships and into the person-to-person market.

For U.S. consumers who already have an auto loan, the platform offers an auto loan refinancing product. An applicant can submit their current loan information to see if lenders in the network can provide a new loan with a lower Annual Percentage Rate (APR) or a more suitable repayment term. The primary goal of this product is to help a consumer reduce their monthly payment and their total lifetime interest cost.

The myAutoloan.com platform’s network includes lenders that specialize in financing for U.S. consumers with poor or developing credit histories (subprime). While the interest rates for these loans will be higher than those for applicants with good credit, this product line is designed to provide a potential pathway to vehicle ownership for a broader segment of the population. Minimum credit score and income requirements, often around a 600 FICO score, will still apply.