Review: Good Option for Bad Credit?

Myautoloan Review

Purchasing a vehicle is a major financial event and facilitates loans for automobiles of all shapes and sizes — keep reading for our most recent myAutoloan review.

Buying a car is one of those events in which the enjoyment you get will depend on the reason for the experience in the first place. For example, if you are buying a new car as a treat for working hard and saving your pennies, then your car-shopping journey will likely be fun and exciting. On the other hand, if you’re stuck buying a new vehicle because your current car decided to go kaput, then schlepping from lot to lot and bank to bank looking for an affordable car and decent loan will probably make you a Grumpy Gus.

Regardless of the reason for your purchase, finding a quality auto lender can take a lot of the stress out of buying a car — and a quality online lending network can take the stress out of finding a lender. Rated well on consumer review sites and accredited by the Better Business Bureau, is a popular lending network for car buyers of all motivations and credit types. In the article that follows, we’ll present our take on the company and its offerings and explore what others have to say about their own experiences. We’ll also provide an overview of what to expect from the loan process.

Our Take | Other Reviews | What to Expect

Our Take: An Easy Way to Compare Multiple Loan Offers

One of the very first lessons many of us are taught by our parents about making a purchase is that you should always compare your options to find the best deal. And that’s the idea at the heart of With’s large online network of lenders, users can fill out a single application and receive up to four loan offers at once — often in minutes — and all for free.

To be clear, doesn’t actually issue any loans; you aren’t borrowing from Instead, the site connects you with a range of third-party lending partners and provides quotes from those lenders that are the best match for your needs and credit profile.

One thing to keep in mind is that you aren’t guaranteed to receive four loan offers. As with any financial product, your individual credit risk will have the most impact on the exact number of offers you receive. If your credit score is low or your credit history limited, you may not receive all four offers (or any at all).

Additionally, while advertises that its lending partners provide interest rates as low as 2.49%, a number of factors will determine the specific APR you are offered. Chief among those factors will be your creditworthiness, with lower credit scores receiving higher interest rates. Your income level, the length of your loan, and the type of loan (e.g., new purchase vs. refinance) will also play roles in your interest rate.

Screenshot of Homepage

By using, you can receive up to four auto loan quotes from a single application.

With a simple online form and large lending network, can make the car-buying — or, at least, the car funding — process easier for many users. And the wealth of positive online reviews and status as an accredited member of the Better Business Bureau (BBB) attest to the company’s reputation as a fair business.

The only real negative we found when it comes to is that it may need to be more clear about which extra services are optional. In particular, a number of reviewers seemed confused about the optional credit monitoring service that advertises after its signup process, assuming the paid service was a necessary purchase (it’s not). Earns an 8.6 from Trustpilot Reviewers

When shopping for anything online, especially something as important as an auto loan, reviews from other customers can be the best way to determine the quality of a particular product or service. Looking at the various reviews for, the general consensus seems to be that the site provides an easy-to-use process and fair amount of lenders meeting the needs of a range of applicants.

The process was very easy! I was able to save almost $100 a month on my car payment. My APR went from a 16.75%, due to my age and no credit history at the time, to a 3.10%. I would definitely use them again if I needed to. Excellent Experience!!!! — Trustpilot Reviewer

Given’s overall 8.6 Trustpilot rating, it’s easy to tell there aren’t stacks of complaints. However, there are a few, most from consumers unhappy about not receiving as many offers as they feel they should have received.

One of the few complaints about not to do with a lack of offers is that the site requires you to provide information — make, model, year, etc. — on the specific car you intend to finance. This can be a problem if that particular vehicle is sold out from under you.

While applying for the loan was easy, and the results came in quickly, there is still a major flaw in the system: to apply, you have to specify the car you’re hoping to get; however, if that car sells before you receive your approval, you’re out of luck and have to start all over. And with a 30-day waiting period between applications, that can add up to a serious chunk of time! — Trustpilot Reviewer

The problem here is that it isn’t really requiring the information; the company’s lending partners often require this information. For auto loans, the purchased vehicle typically acts as security for the loan, so the lender will want to ensure that the vehicle will have enough value to be worth the potential cost of the loan should the borrower default.

Another common complaint aimed at is that the process sometimes results in a large number of credit inquiries showing up on an applicant’s credit report. While it’s true that each lender contacts to get a quote for you will likely perform a hard credit check, those credit checks won’t actually impact your credit score as much as you think.

I did not realize I would have 11 inquiries on my credit reports for choosing to use I did find a loan but now have those on my report for two years. Make sure you realize they are going to have several companies checking your credit and it’s not just one. — Trustpilot Reviewer

Often referred to as inquiry clusters, multiple hard credit inquiries for certain financial products, including auto, home, and student loans, that are made within the same time frame are typically treated as a single hard inquiry by the credit scoring models. So, while you may end up with a number of inquiries noted on your credit reports, those inquiries shouldn’t have any more impact on your credit score than a single hard inquiry.

What to Expect from the Loan Process

When you sign up through, you’ll fill out your initial application on the company’s site. The basic application takes only a few minutes, and it asks for typical information, including information about your income and the vehicle you wish to purchase.

After you complete the application, will process your information, comparing it to information in its own database of partners. If any lending partners meet your credit and purchase requirements, you’ll be presented with up to four offers. While you’ll often receive all appropriate offers at this time, your application and profile may still be reviewed by other lenders after your initial results.

As noted above, is a lending network, not a lender itself. So, should you wish to accept one of the presented offers, you’ll be directed to the lender’s website. Once on the lender’s website, you may need to fill out a secondary application, or simply accept the offer terms provided to you through At this point, you’ll deal with the lender for everything else, including making your monthly payments.

In many cases, you can print out a certificate of approval to take to the dealership within a day of being approved. The time it takes to get your funding after completing your application will depend primarily on the specific lender you choose. Funding can be completed in as few as 24 hours but may take several business days.

You May Be Only 2 Minutes from Comparing Offers

The prospect of a new — or new-to-you — vehicle can be one full of excitement — or one filled with dread. As with many things in life, it’s all a matter of perspective (and necessity). Regardless of the reason behind your purchase, you can likely take some of the stress out of shopping for the loan by using an online lending network to compare multiple rate quotes at once.

Pairing an easy interface and quick application with a large partner network and established reputation, seems to be a solid choice of lending network for those looking for an auto loan. Plus, with options for new purchases, used vehicles, and refinance loans, all for a range of credit scores, can provide the right loan for just about any applicant.

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