myAutoloan Auto Refinance Review
Auto refinance could help you get the best car loan rates for lower monthly payments or to reduce the overall cost of your loan by paying it off over a shorter period of time. It can be a good option for people who have improved their credit score or financial situation since they first got their car loan, and can help them save money on interest over the life of the loan. Learn more about myAutoloan’s auto refinancing services in this review.
Best for car refinancing
MyAutoloan makes it simple to acquire refinancing for a car, whether you're looking to reduce your monthly premiums or lessen the amount of interest you pay. For this reason, our team selected myAutoloan as one of the best-leading automobile refinancing companies of 2023.
myAutoloan Auto Refinance pros and cons
- Quick online application
- Loan amounts as low as $5,000
- Works with low-credit borrowers
- Not available in Alaska or Hawaii
- Limited customer support
- Applicants may receive many phone calls
Pros explained
Quick online application
myAutoloan allows you to apply for refinancing online, a process that is quick and easy to complete. The company is not a direct lender but works with multiple lenders to find customers the best possible auto refinancing deal for their needs. Within 24 hours of submitting an application, myAutoloan will respond with a choice of loan offers.
These may come from more than one lender, or they may be offers with different terms or interest rates. You get to choose which offer you want to take advantage of. You will then complete the application process directly with the lender you select. According to myAutoloan, you will receive funding within 24 hours once you complete your application.
Loan amounts as low as $5,000
If you're refinancing a loan, myAutoloan will refinance as little as $5,000. Many auto refinancing companies have higher minimum loan limits.
Works with low-credit borrowers
Even with a low credit score, you can improve your terms and interest rate by refinancing your existing auto loan. However, myAutoloan recommends getting your credit score up to 640 for the best refinancing options and rates.
Cons explained
Not available in all states
myAutoloan doesn’t offer its services to customers in Alaska and Hawaii. If you live in these states, you will still be able to access the myAutoloan website but won’t be able to apply for a loan.
Limited customer support
The limited contact options for customer service are one of the drawbacks of working with myAutoloan. There isn't a phone number, email or live chat option on the website. While the company claims to respond within 24 hours, the only way to get in touch is through a contact form on the website.
Applicants may receive many phone calls
Because myAutoloan shares your information with multiple vendors to find you the best loan options, you may receive unwelcome phone calls from several banks and institutions that want your business. There is no way to opt out of these calls.
myAutoloan Auto Refinance offerings
The best loans for auto refinance offer varying interest rates, low minimum guaranteed loan amounts and flexible repayment plans that suit the borrower's credit record.
Auto refinance loans
Your monthly car costs might be too much for you to handle. When you refinance your auto loan, your existing loan is paid off and replaced with a new one that may have different loan terms, interest rates or monthly payments.
Lease buyout loans
This type of loan lets you buy your leased vehicle at the end of its lease term. You get to own the car you already drive and finance the purchase price rather than taking out a new lease. A lease buyout loan might suit you if your car is worth more money than its total payoff amount. However, these loans typically have higher interest rates than new car loans.
myAutoloan Auto Refinance pricing
myAutoloan auto refinance prices are determined by individual credit situations. The company recommends you have a credit score of at least 640 to apply for a refinance loan. If you meet the criteria for the loan, you can receive an interest rate as low as 5.64%.
myAutoloan Auto Refinance financial stability
Horizon Digital Finance, LLC is the parent company of myAutoloan and several other internet-based financing marketplaces. The company is privately held and has been around since 2003. myAutoloan is not rated by business credit rating agencies such as Moody’s and Standard & Poor’s.
You should check out the financial stability of the lender you choose before refinancing your vehicle.
myAutoloan Auto Refinance accessibility
Availability
Customers can access the myAutoloan Auto refinancing services in every state except Alaska and Hawaii.
Contact information
The best way to contact myAutoloan is online through the company’s online contact form. The company does not provide a toll-free number, but the Irving, Texas, location lists the phone number as 214-540-3350.
User experience
The myAutoloan website is easy to use, and includes a payment calculator to determine repayments and the interest rate on refinancing loans, and an FAQ page and blog that provide information on topics such as how to buy a car or how to get pre-approved for a car loan.
myAutoloan Auto Refinance customer satisfaction
Despite its limited contact options, myAutoloan seems to provide an above-average level of client support. The Better Business Bureau has given it an A+ rating, suggesting that the company treats customers fairly and acts ethically.
Consumers who review myAutoloan online comment that its customer service representatives were reliable and simple to collaborate with. Others have said that the customer service agent with whom they had a conversation went over the options available to the customer, answered their questions, did not try to force them to purchase services and was generally very professional.
How we evaluated myAutoloan Auto Refinance
When evaluating the myAutoloan auto refinance, we considered several different factors.
- Financial stability - We checked the company's financial status to ensure it could fulfill its refinancing obligations.
- Loan options - We looked for financing options that offered reasonable interest rates, zero to few upfront fees and vehicle restrictions that were flexible or fair.
- Customer experience - We researched customer complaints lodged by the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) but could not find any. In addition, we looked into how honest the company was about its affiliates, underwriters and charges.
Although we make every effort to include precise and relevant information on regulatory and legal activities, this information isn't exhaustive or entirely up to date. As is our custom, we strongly advise you to conduct your own research.
Summary of Money's myAutoloan Auto Refinance review
myAutoloan Auto Refinance is one of the best auto refinance companies for those with less-than-perfect credit scores. Because it offers competitive interest rates, even to consumers with credit scores as low as 575, myAutoloan offers some of the best auto loans for fair credit.
Applying for an auto refinance through myAutoloan is easy, and the company website says it responds to inquiries within 24 hours. If you choose to use myAutoloan as a refinancing resource, remember that they are a marketplace, and your experience with individual vendors once you receive your loan may vary.