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Best Auto Loan Website

  1. Road Loans
  2. Auto Credit Express
  3. myAutoLoan
  4. Drive Time
  5. Auto Loan Soup
  6. Capital One
  7. MoneyAisle
 

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myAutoLoan - Star Review

 
     
 
 

 
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Background:

The term “myAutoloan.com” is a registered trademark of Horizon Digital Finance, LLC. Horizon Digital Finance operates as a loan marketplace for consumers and different lenders. The company uses myAutoloan.com as the facilitation agent for auto lending which is licensed to operate in 48 states. According to the Better Business Bureau, myAutoLoan has had an A+ accreditation rating since 2004.

Essentially, potential borrowers can fill out their easy application, submit the application, and receive matches for up to four auto financing lenders. Borrowers can then submit a formal application to those lenders and receive approval relatively quickly. Additionally, myAutoloan capitalizes on consumer education, and provides a wide variety of consumer research opportunities on its website. The site myAutoloan.com does not lend funds to consumers but matches consumers to various lenders based on a pre-approval process.

This setup is mutually beneficially to both lenders and borrowers by providing lenders a selection of pre-qualified borrowers and by providing borrowers with lender options that meet their needs.

myAutoloan Features:

myAutoloan.com is extremely robust. The website is filled with valuable consumer financing information and has the capabilities to match borrowers to a variety of lending options based on their financing needs.
  • New auto financing options
  • Used auto financing options
  • Refinancing options
  • Private party financing options
  • Lease buyout loan options
  • Title loans
  • Consumer research tools
  • Insurance research resources
  • Credit reporting resources
  • Social media friendly

Pricing:

Since myAutoloan operates as an auto loan broker, there are no fees associated with their application process. The application process on the website will match borrowers with up to four different lending options. The individual lenders may have prices or fees associated with their loans.

Customer Service and Support:

The website for myAutoloan offers a thorough Frequently Asked Questions sections. Additionally, a customer service address is provided, but the company does not provide a phone number for customer service. The company has a social media presence, and you can follow the company on both Facebook and Twitter. Despite the absence of a customer service number, borrowers may be able to receive a quick response by publicly or privately contacting the company through one of these social media accounts.

Pros:

  • Incredibly user-friendly website
  • The pre-approval process provides guidance to borrowers before they formally submit an application to the lender

Cons:

  • myAutoloan is not a lender
  • No phone number for customer service
  • Our Impression:

    In our experience, myAutoloan.com is a great tool for consumer research and may be a great starting point when researching auto loan financing options. Borrowers may even want to look through myAutoloan’s preapproval process to generate an idea of where they may stand when seeking a loan.

    However, myAutoloan is not an actual lender, and the company website is not entirely clear about the relationship between myAutoloan and the lender. Because of this, borrowers may not be fully aware of the partnering relationship or any potential conflicts of interests . Since myAutoloan does not provide a phone number for customer support, borrowers will have a difficult time gathering information that is not provided on their website.

     
         
     
     
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