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Publish Date - December 31, 2018

Author: Greg Thibodeau

Categories:   The myAutoloan Difference   

Preferred Placement® Application

Auto Loan Pre-Approval

What to Expect

Get ready to experience the power of an online financial marketplace where "You Choose" the loan that best meets your needs! It's "Your Loan - Your Way"® Through a fast, simple, secure and convenient process in as little as a few hours you may receive up to 4 approved loans to choose from. That's right - You Choose! Our Preferred Placement® process matches your personal and credit profile with national lenders to provide you with loan approvals that meet your needs! With a loan package in hand, you could purchase a new or used auto today! Feel the power of being a CASH buyer now!

Our objective is to help find you financing options so that you can purchase the car you want, through our lenders. If you have a unique situation and we are unable match your profile with one of our sources we continue to remain committed to helping look for financing options through lending affiliates who may be better able to help you obtain financing through their dealer network.

Here's how it works:

1. Review our general eligibility guidelines.
2. Check out the rates provided by our national lenders.
3. Complete an online Preferred Placement® Application.
4. Receive multiple loan approvals within hours!
5. How to get your loan documents and pay for your next auto as a Cash buyer!
6. Learn what to expect at the dealership.
7. Head to the dealership and drive home!
8. is here to help you.

1. Review our eligibility guidelines.
Before you apply, take a look at our general eligibility guidelines as you consider your next new or used auto purchase.

2. Check out the rates provided by our national lenders.
When you apply for a direct loan through®, your interest rate could range from 2.15% APR to 21.24% APR*.
*These rates apply to loans originated by lenders participating in the Preferred Placement process on the web site, and will vary according to your credit history, profile, terms of the loan and applicable state and legal restrictions.

3. Complete an online Preferred Placement® Application.
- With the click of a button, you'll have instant access to our fast, simple, secure and convenient Preferred Placement® Application.
- We'll ask you for information such as your name, Social Security Number, address, joint application information (if applicable), sources of income and employment information.
- Apply NOW!
- Terms and Agreement
- Electronic Records Disclosure

4. Receive multiple loan approvals within hours!
Once you've submitted your Preferred Placement® Application, we will identify lenders that match your Preferred Placement profile, and sequentially send your information to the best match lenders. If approved, we'll post the decisions on the web site under your "My Account" page within 2-24* hours. We will also notify you via email that approvals have been received. Since our objective continues to be assisting you to find financing, if we are not able to find a match, we will present your profile to our lender affiliate and their dealer network.
*Response time may vary over weekends and holidays.

5. Get your loan documents and pay for your next auto same as a Cash buyer!
You choose the approval that best meets your needs. That's right - You choose! Our lenders will work with you to sort out any last minute details and get answers to your questions. You can either verbally identify the lender or make your selection from the "My Account" page on the website and we'll connect you to the lender of choice to obtain your loan package (loan documents). In most instances the loan package is overnighted to your residence. It's that simple! The loan documents will allow you to buy a new or used auto from a franchised auto dealer of your choice.

You now have the power of a cash buyer!

6. Learn what to expect at the dealership.
Once you've found the auto that meets the loan criteria, it's time to get down to business. You and the dealer should follow these or similar steps when buying your new car:

1. The dealer will review and follow the directions within the lenders loan package.
2. You and the co-buyer (if applicable) will be asked to sign a Loan Agreement.
3. The dealer will forward the completed loan documents, with original signatures, to lender.
4. The lender will review the loan package for completeness and accuracy.
5. Once finalized, the lender will send payment to the dealer.
6. The lender will advise you when the first payment is due, typically 30 to 45 days from the date the car is purchased.

7. Head to the dealership and drive home!
With your loan package in hand, you can visit any franchised dealership, AutoNation or CarMax location to purchase your new or used automobile. [Certain lenders may have dealership restrictions.]

To help you along the way, visit our online Research, Finance, and Drive tools on the web site to calculate your monthly payment, search for a dealer in your area, research vehicle values, view crash test results, and much more!

8.® is here to help.
We want you to have a great auto-buying experience! But it doesn't stop there! After purchasing your new or used auto, visit our Drive section of our web site to take advantage of special offers for products and services you'll need to maintain and care for your new purchase.