MyAutoLoan Review

ByCaroline BentonJan. 10, 2021

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In a Nutshell

MyAutoLoan is a marketplace of trusted lenders where you can shop around for favorable financing terms. The platform’s quick and easy application process means that you’re just a few clicks away from driving away in your dream car.


  • Direct-to-consumer financing available
  • Receive up to 4 matches with lenders within minutes


  • High minimum loan amount
  • Mileage and car age limits are restrictive

MyAutoLoan – Low Rates and Great Choices

As a lender marketplace, MyAutoLoan offers advantages over traditional loan originators. The company can provide its customers with some of the more competitive interest rates and terms available within the industry, and gives borrowers good alternatives for their financing needs. Thanks to an efficient and precise prequalification process, MyAutoLoan can guarantee that customers who sign up view willing lenders who are likely to approve them for loans regardless of their credit standing. Moreover, most potential borrowers can view up to four potential matches after the initial application is approved.

Apart from simply connecting borrowers to new auto loans, the company can also provide alternatives for loans for private party purchases, pre-owned cars, and even several types of refinancing. These options offer low APRs for customers that have excellent credit, but MyAutoLoan can also offer competitive rates for customers that have less-than-stellar credit, as long as their score is 575 or above. The marketplace model also helps keep rates and terms low, and offers customers choice when opting for a loan that fits their needs. We were also happy to see that customers are not forced to decide immediately, as offers remain available and open for 30 days. This gives potential borrowers time to truly assess their situation, needs, and alternatives before making a decision to meet their financing requirements. 

MyAutoLoan MyAutoLoan View Rates

MyAutoLoan at a Glance

MyAutoLoan is operated by Horizon Digital Finance. The company was founded in 2003 and focuses on providing online financial services to consumers. Today, Horizon offers direct-to-consumer, internet-based financing marketplace solutions for cars and other vehicles. The company aims to simplify the search for funding and loan solutions, and has developed proprietary technology that can help them easily and effectively match lenders to borrowers based on their needs. Horizon Digital Finance focuses on lifestyle financing products and delivering customers more choices than competitors in all phases of their research, application, and purchasing processes. 

Suitable for Whom?

MyAutoLoan focuses on providing a versatile loan marketplace to customers, making it ideal for a wide range of potential borrowers. The company’s partners offer some of the lowest rates available for the market, and is excellent for customers of all levels of creditworthiness. Because of the competition-based model where lenders must vie for a borrower’s business, customers have the leverage and the ability to compare loan options before deciding on the right fit. Additionally, the company is excellently suited to help those customers that have average scores and are seeking to review a variety of alternatives before they make a final decision. 


We discovered several impressive features upon further review of MyAutoLoan’s solution. One is the company’s easy prequalification process, which requires a simple application to find customers the right viable alternative. Once completed, MyAutoLoan can quickly match customers with up to four potential lender options, and will guide customers through the process of approval and securing their funds. Moreover, customers can receive their funds in as little as one business day, and all deposits are made direct-to-customers, giving borrowers the freedom to use their funds as necessary when purchasing a vehicle.

MyAutoLoan also offers loans for a variety of financing needs, instead of simply covering new and used auto purchases. These include refinancing, private party sales—where customers are purchasing directly from another individual—and even lease buyout loans, which allow customers to purchase cars they are already leasing to save money on fees like mileage.

Some highlights from our MyAutoLoan review:

  • Direct-to-customer financing gives borrowers more control over their funds
  • Automatically submit applications to up to 20 different lenders
  • Receive funds in as little as 24 hours
  • Works with customers with a range of credit scores
  • Excellent variety of financing options
  • Streamlined and effortless application
  • Highly competitive interest rates
  • Get instantly matched with up to four viable lenders

Application Process

Applying for a refinancing or auto loan with MyAutoLoan is straightforward and painless. The company’s prequalification application is a single page, and asks only for information which is essential to determine the right potential lender matches for customers. This information includes basic personal and contact details, as well as questions regarding income, residence, and financial stability. MyAutoLoan does require that customers input their Social Security number, and unlike many competitors, does perform a “hard” credit pull, which marginally lowers customers’ credit scores. This may seem unnecessary, but it is one of the reasons MyAutoLoan is successful at matching customers with suitable available loan opportunities. The company does have some minimum requirements for customers, which include:

  • Be 18 years or older
  • A minimum income of $1,800 per month, or $21,600 per year
  • No ongoing or open bankruptcy proceedings
  • Reside in any of the states MyAutoLoan offers services (these include the lower 48 states, without Alaska or Hawaii)
  • Apply for a minimum loan of $8,000
  • FICO scores of at least 575

Customers can expedite the application process by having the following ready:

  • A valid form of identification
  • Proof of residence such as lease agreements, utility bills, or deeds
  • Proof of employment such as tax returns or paystubs
  • Details regarding the vehicle being purchased

Loan Types and Terms

For customers who are looking to purchase a new car, the lowest rates available through MyAutoLoan’s partners start at  2.24% - 17.99% for loan terms that are less than 36 months if you have Excellent credit. Even at longer terms, the low end of the spectrum for new auto loan rates is 3.69% for terms over 60 months. On the higher end, interest rates for purchasing cars can be as high as 17.99%. Pre-owned cars have slightly higher rates, owing to the more elevated risk these vehicles carry. Rates can start as low as 3.49%, reaching upwards of 18.14%.

Refinancing offers competitive rates, making it a good solution for borrowers who are looking for more favorable terms. The company’s partners can offer rates as low as 2.74% for refinancing terms lower than 36 months, and their highest rates reach up to 9.99%.

How Safe is It?

MyAutoLoan takes customer data security seriously, and employs various layers of protection to ensure information technology safety. The company’s webpages are all secured using “HTTPS” encryption, guaranteeing that pages are not malicious. In addition, the company uses Secure Sockets Layer encryption when transmitting and storing all customer data, utilizing robust 128-bit encryption. Finally, MyAutoLoan employs industry standard security measures at their data centers. We were also satisified to see that the company is transparent about the information they collect, and how they use it. While MyAutoLoan does share some customer information with their partners, they are very clear about which data they share, and allow customers to opt out of certain collection methods. 

Repayment Options

For borrowers accepting loans from MyAutoLoan’s network of partners, there are several options and terms to repay their financing. Customers can choose from terms as short as 24 months to upwards of 72 months. Furthermore, the company allows for a wide variety of repayment alternatives, including automated payments directly from customers’ checking accounts. Generally, automated payments enable customers to receive lower interest rates than other payment methods, though this may vary from lender to lender. Partners may offer repayment alternatives such as ACH, check, and others. Overall, we were very pleased with the degree of flexibility exhibited by MyAutoLoan’s repayment alternatives. 

Deep Dive into Pros and Cons

The company has several positives, but we did find that MyAutoLoan could improve their offerings in some areas:

  • Because the company is not a loan originator, they cannot guarantee the rates and terms shown on their website
  • Their minimum loan amounts are on the higher side of the industry average
  • The company has lower mileage and car age restrictions than other competitors

Even with a few minor drawbacks, there were several characteristics that left us impressed including:

  • MyAutoLoan offers some of the most competitive rates in the auto loans market
  • They provide access to a variety of loan options for different situations
  • The company is happy to work with customers that have less than stellar credit scores
  • MyAutoLoan offers direct-to-consumer financing, empowering customers to use their funds as needed 

Help & Support

Customers looking to get in touch with MyAutoLoan can contact the company via an email ticket on their website. We would have liked to see more channels of communication, such as a toll-free number or a live chat feature, but did find that email communications were very effective. The company’s response time is very brief and answers to our emails were well-written, courteous, and generally very helpful. Apart from customer service, MyAutoLoan hosts an informative FAQ section that answers some of the most commonly asked user questions regarding their expansive services. 

Final Word

Thanks to a variety of services and competitive rates, MyAutoLoan offers a good alternative for vehicle buyers. Their marketplace model empowers customers to find the right financing solution available without shackling them to premade options that can raise the financing costs over the long run. Additionally, the company’s educational resources and strong customer service make them an ideal partner for a borrower looking to finance the purchase or buyout of their dream car. 

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Physical Address

Horizon Digital Finance

5005 W. Royal Lane, Suite 209

Irving, TX


MyAutoLoan customer testimonials

ExcellentReviews 704
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  • author
    Mar 30, 2021
    Fast concise application very pleased…

    Fast concise application very pleased with outcome


  • author
    KaNeisha Harris
    Mar 25, 2021
    I have used this site over the years…

    I have used this site over the years for my auto loans and refinancing of loans. I used it recently to get my find a lower APR for my auto loan and they came through for the win! Other sites couldn't help me but myAutoloan did!


  • author
    Mar 23, 2021
    Great service

    Great service! Fast approval and easy application!


  • author
    Mar 23, 2021
    Don’t waste your time at this…

    Don’t waste your time at this dealership, unless your desperate


  • author
    Apr 06, 2021
    Inaccurate loan terms

    Loan terms confirmed by didn't match what was actually available from the partner they linked to. The service was not useful for me. Updated review from 1 star to 2 stars based on the CEO reaching out to me directly, which was appreciated.