Monevo summary
Pros
- Free services
- Partners with top name brands in the industry
- Over 250,000 customers each month
Cons
- Not a direct lender
- Limited to within-network lenders
- Some lenders use an automated underwriting process
Editorial score
Online experience
Online application but no learning resources
Customer services and support
Limited ways of reaching lender
Loan Types
Offers all loan types
Repayment Flexibility
Offers multiple repayment plans- but no special repayment programs
Eligibility (credit score)
Accepts all credit types
Suitable For?
Monevo is a car loan aggregator site that pools many different offers into a single easy to access location. Monevo works for anyone who wants to get multiple offers quickly and efficiently because the smart search engine saves you substantial time.
Monevo's lender marketplace is also an excellent option if you don't have ideal credit history. This is true for two reasons. One reason is that Monevo works with more than 30 different lenders, so you may find one willing to approve you for an auto loan even with less than perfect credit. The second reason is that Monevo has options available for all credit scores.
Monevo Features
Monevo is a free lending marketplace where consumers can shop around for competitive car loan rates. Fill out one form and see personalized loan options within 60 seconds from several lenders simultaneously. Monevo partners with some of the biggest names in the financing industry. For example, LightStream, Best Egg, SoFi, and Marcus by Goldman Sachs are all present in this marketplace and represent an outstanding network of reliable and trustworthy lenders.
Monevo itself is a highly-acclaimed and trusted name in the lender network. The company has won several prestigious awards—The Sunday Times 100 Best Small Companies of 2019, Tech Track 100, 1000 Companies to Inspire Britain, National Business Awards UK, FStech Technology Provider of the Year, and Amazon's Growing Business Award.
Some highlights:
- Fast, easy online form
- Solutions for all credit scores
- Multiple offers provided at one time
- Easy comparison tool
- Works with 30+ top industry lenders and banks
- Personalized loan rates within 60 seconds
- Only a soft credit pull is done, which will not affect your credit score
- Personalized auto loan offers
- Access to sizeable loans
Process
One of the greatest benefits of using Monevo is speed. One form is sent out to a variety of lenders, and you receive personalized loan options from multiple lenders. Here’s how it works:
- Fill out the short form on the Monevo website. You will be asked to provide your average credit score (you can answer “unknown,” if you don’t know), the purpose of your loan, and how much money you want to borrow.
- Provide additional details such as contact information, date of birth, employment status, annual income, and living status.
- Once you have entered all your information, Monevo will run the data through its system to find partners with a relevant offer.
- Monevo will return your search results in a list format. Click on the “Continue” button to see more details about a car loan that appeals to you.
Remember that there is no obligation to accept any of these loans; Monevo simply connects you with potential partners that have reasonable offers. If you don't like any of the offer terms, you can ignore the car loan.
Loan Types and Terms
Monevo is not a direct lender. Therefore, it does not provide any loan terms. Loan terms are dictated solely by the specific lender that you choose for an auto loan. Each lender has their own specifications, terms, and requirements. Monevo’s network provides consumers with the following types of loans: auto, debt consolidation, home improvement, large purchase or events, credit card debt consolidation, moving or relocation, medical bills, business loans, and more. There is no minimum credit score, but the following qualifications apply:
- Must be 18 years of age or older
- Must be a legal US citizen or a permanent resident card holder
Repayment Options
Monevo partners cover the spectrum when it comes to repayment options. Repayment plans range from three months to twelve years. Remember that the longer it takes to pay back your car loan, the more interest you end up paying over time. However, for some people, longer terms with lower monthly payments are more feasible, so that is an option.
How Safe Is It?
Monevo uses Secure Socket Layer (SSL) encryption to keep its website safe. SSL encrypts any information gathered, shared, saved, or transmitted via the site using industry-standard safety technologies.
Help & Support
Monevo customer support is available to answer questions, help with troubleshooting, or respond to feedback from previous users. Contact Monevo customer support via the email listed below, or try their live chat support, which is available Monday to Friday 9 am to 3 pm.
How Monevo Compares
| Monevo | MyAutoLoan | |
|---|---|---|
| APR | 3.49% - 35.99% | 2.24% - 17.99% |
| Minimum credit score | No minimum credit score specified, varies based on lender | 575 |
| Loan amounts | $500 to $100,000 | Up to $120,000 |
| Loan term | 6 to 144 months | 24 to 72 months |
| Suitable for | People looking for reliable and competitive rates on auto loans | Applicants who want to compare options |
Summary
Monevo offers benefits to anyone looking to find an excellent auto loan. The service is completely free, and there is no financial obligation. Monevo partners with the top lenders in the industry, so you know you are in good hands. The website is easy to use and fast. You will receive answers within 60 seconds. Monevo partners offer flexible repayment terms ranging from as little as three months to twelve years. What’s more, Monevo has one of the highest loan amounts out there, $100,000. Compare multiple car loan quotes on Monevo
Physical Address
169 Saxony Rd, STE 212, Encinitas, California, 92024
Caroline Banton is a freelance writer of business and finance articles that have been featured in The Huffington Post, The Motley Fool, Time, MSN, PYMNTS.com, GOBankingrates.com, SaleMove, and MyBankTracker.com. Before becoming a writer, Caroline had over fourteen years of experience working at the World Bank. Caroline has an MBA from Johns Hopkins University. She writes for BestMoney and enjoys helping readers make sense of the options on the market.
