MyAutoLoan car loan review: Lending options for many credit profiles

Man sitting in a car, accepting a key from an off-camera person's outstretched handImage: Man sitting in a car, accepting a key from an off-camera person's outstretched hand

In a Nutshell

MyAutoLoan offers new- and used-car loans and refinancing options for applicants with a variety of credit profiles. It also allows you to compare multiple auto lenders in one spot. But be careful: Once you select a lender, the approval process can involve a hard credit inquiry, which may hurt your credit scores a bit in the short term.
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  • Competitive interest rates
  • Fast application process
  • FICO scores of 575 or above considered


  • Vehicle restrictions
  • Loans not available for residents of Alaska or Hawaii
  • $8,000 minimum loan amount for new cars

What to know about MyAutoLoan auto loans

MyAutoLoan is an online car loan marketplace operated by Horizon Digital Finance LLC. With MyAutoLoan, you’re matched with lenders based on your financial profile using an evaluation method it calls “Preferred Placement.”

The process involves completing an online application and providing personal information such as your Social Security number and sources of income. From there, MyAutoLoan aims to match up to four lenders to your profile.

If you’re thinking about applying with MyAutoLoan, here are some things to consider.

Range of car loan options

MyAutoLoans’ car loan offerings include the following:

A range of credit profiles considered

MyAutoLoan requires applicants to have FICO credit scores of 575 or higher in order to qualify. The higher your credit scores, the easier it may be to qualify for the best interest rates and loan terms.

If you have some issues with your credit history, you may want to consider applying with a co-signer who has a solid credit history. Applying with a co-signer who has better credit may help improve your chances of getting approved, and with more-favorable terms.

When shopping for an auto loan, it’s important to compare different lenders before making your final decision. Keep in mind that lenders outside of the MyAutoLoan network may offer better interest rates and terms.

Fast application process

Once you complete MyAutoLoan’s online application, the site runs a soft credit inquiry to match you with up to four lenders. This doesn’t affect your credit scores — but once you select a lender, it can run a hard credit inquiry as part of processing and finalizing the terms of your loan offer. This could hurt your scores a bit temporarily.

If you’re approved and satisfied with the lender’s offer, you could receive a check within 24 hours of signing the agreement.

After you receive your check you can take it to the dealership or seller of your choice or use it to refinance your current auto loan.

A closer look at MyAutoLoan auto loans

Here are some more details to know when comparing MyAutoLoan with other auto lenders.

  • Loan terms of up to 72 months depending on the lender.
  • The minimum loan amount you can borrow is $8,000 ($5,000 for a refinance loan).
  • MyAutoLoan auto loans aren’t available in Alaska or Hawaii.
  • All applicants and co-applicants must be at least 18 years old or of minimum age in their state of residence.
  • You must make at least $21,000 per year ($18,000 for a refinance loan) to prequalify.
  • Depending on the lender, you may need to make a car down payment.
  • You can’t have open bankruptcies.
  • All vehicles must be 10 years old or newer.
  • Vehicles must have 125,000 miles or less.

Is a MyAutoLoan car loan right for you?

A car loan from MyAutoLoan might be a good option if you’re looking for the freedom and flexibility to select the dealership or private seller you want. If you’re approved with MyAutoLoan, you receive a check or certificate and can use it to buy the vehicle you want or refinance your current auto loan. Additionally, if you want to take the hassle out of comparing preliminary auto loan offers, MyAutoLoan provides multiple offers in one place.

But a word of caution: Any lender that MyAutoLoan shares your personal information with may reach out to you directly. If you don’t want to be bothered by other lenders or credit sources, you may want to explore other auto financing options.

Additionally, MyAutoLoan will only consider a minimum loan amount of $8,000 ($5,000 for a refinance loan) or more. If you’re looking for a smaller loan amount, you’ll have to find another lender.

How to apply for an auto loan from MyAutoLoan

To apply with MyAutoLoan, note that you must be at least 18 years old, live in a state where the company does business, and have a FICO score of 575 or greater. 

If you qualify, you should receive up to four offers within minutes. You can then select a lender and complete its application process.

Before you apply for an auto loan with MyAutoLoan, it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations — in general, lower credit scores will result in higher interest rates. And shopping around can help you find the best loan rate and terms for your needs. Read our article on how to get a car loan to learn more about the process.

Not sure if MyAutoLoan is right for you? Consider these alternatives.

Maybe you’re looking for a smaller loan amount or you want to consider lenders outside of MyAutoLoan’s network. If so, you may want to consider this alternative.

  • Capital One Auto Finance: This lender is an option for people who want to see an estimated loan offer without a hard credit inquiry.

About the author: Ashley Chorpenning is a personal finance writer and content creator. In addition to being a contributing writer at Credit Karma, she writes for solo entrepreneurs and Fortune 500 companies. Ashley has a Bachelor of Bu… Read more.