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Answers to all your auto loan questions

Whether this is your first visit to our site or you’re ready to apply for an auto loan, we want to make it easy with our FAQ.

The process of applying for and receiving an auto finance loan can be a tricky one. With the help of myAutoLoan, auto financing doesn’t have to be as complicated as it might seem. In fact, we try to make the process as easy as possible. With our streamlined and straightforward method, you can buy or refinance your dream car in just three easy steps.

Fast. Secure. Streamlined. That’s what we strive for. Feel free to reach out to one of our valued staff members with any questions or concerns, and scroll down through the Frequently Asked Questions below for some helpful solutions.
Buying a Vehicle with an Auto Loan | Questions
FAQ Right Arrow Icon Are there any restrictions to the vehicle I can purchase if I have an auto loan?
Most lenders finance new and used cars, light trucks (less than one ton), and sport utility vehicles, however, some lenders have specific restrictions or will not finance certain models. For instance, most lenders will not finance conversion vans or high end sports cars, or vehicles that have been salvaged, repossessed, "Lemon" or auctioned. See our list of Loan Requirements for more help.
FAQ Right Arrow Icon Are there mileage or vehicle model year requirements for the vehicle I want to purchase?
Mileage and vehicle model year requirements will vary by lender. See a list of Loan Requirements.
FAQ Right Arrow Icon At which dealerships can I use my auto loan to purchase a car?
Your auto loan is good at any franchised dealership selling new and used vehicles, like Ford, Toyota, Chevrolet, Nissan, VW, Subaru, or Mazda, just to name a few.
FAQ Right Arrow Icon Can myAutoloan.com help me find a dealership in my area?
Yes! We're happy to help. Just check out our FREE price quote tool for new or used vehicles. These dealers will help you through the purchasing process quickly. Get your free price quote and find a dealer near you when you search for a vehicle on our Auto Buying site.
FAQ Right Arrow Icon What vehicle can I afford?
It depends! Use the myAutoloan.com Loan Amount Calculator to figure out the highest amount you can borrow that still fits within your budget.
FAQ Right Arrow Icon How do I negotiate the vehicle price with the dealer?
You're in a good spot for negotiating when you've been approved for an auto loan before you head into the dealership, as you have the power of a cash buyer.

Another good way to get a great price on your dream vehicle is to use our FREE price quote tool for new and used vehicles. Once you have been approved for your loan online, you will not need to fill out another application at the dealership. Completing another application could negatively impact your credit score.

Driving My Financed Vehicle | Questions
FAQ Right Arrow Icon What are the insurance requirements for an auto loan?
While auto insurance is not required in order to apply for a loan, most lenders will require you to have it before they actually give you the loan. Insurance requirements for an auto loan are different depending on the lender, but you are generally required to have Comprehensive and Collision Coverage in addition to the state required minimum. Make it easier to include auto insurance in your budget by getting an insurance quote before purchasing your vehicle.
FAQ Right Arrow Icon What is a service contract?
You'll probably hear people use the terms "service contract" and "extended warranty" interchangeably, but there are some key differences.

A vehicle service contract can be purchased to help pay for the costs associated with vehicle repair after the manufacturer's warranty expires, and could help cover the expense of parts, labor, and/or sales tax. According to the Federal Trade Commission, some service contracts duplicate the warranty coverage that the manufacturer provides, while others cover only part of the vehicle.

Unlike a warranty, a service contract costs extra and is not included in the initial purchase of the vehicle.
FAQ Right Arrow Icon What is an extended warranty?
You'll probably hear people use the terms "service contract" and "extended warranty" interchangeably, but there are some key differences.

An extended warranty is usually bought at the time the vehicle is purchased (and is included in the final price). It is generally sold by the auto dealer. An extended warranty is a type of service contract and can help pay for vehicle repair costs.

Financing My Vehicle | Questions
FAQ Right Arrow Icon Who is myAutoloan.com?
myAutoloan.com is a privately held, internet-based auto financing marketplace. We help drivers take control of the auto research, finance, purchase, and driving process, and offer a wide range of products and services that simplify the financing process. Our auto financing applications are completely secure and confidential.

When you fill out an application with myAutoloan.com, we match you with a set of potential lenders using a patented analysis and evaluation system called, "Preferred Placement." Sounds fancy, but all this means is that we save you time (and money) by only matching you with lenders that fit your specific needs.

We pride ourselves on offering you all of the auto financing information you need to make the decision that's right for you. As the recognized leader of the online auto buying and financing marketplace, we're always working to improve and excel in our services.

For more information, send us an email at contact@myAutoloan.com.
FAQ Right Arrow Icon In what states does myAutoloan.com do business?
myAutoloan.com operates in 48 states. We do not currently do business in Alaska or Hawaii.
FAQ Right Arrow Icon How do I apply for an auto loan?
Apply now by completing our private and secure online application form. Your loan request will be processed immediately and you will be able to compare up to four loan offers at once. If approved, you can select your loan terms from those offered. The next steps will be determined by the lender you select. Apply for an auto loan with myAutoloan.com right now to compare your lender options in a matter of minutes!
FAQ Right Arrow Icon How much will my payments be?
The amount of your monthly payment will depend on a number of factors like the length of the loan (the loan term), the interest rate, and the loan amount (amount financed). Our Loan Payment Calculator will help you better see how changing the interest rate, vehicle purchase price, loan term, and down payment could impact your loan payments.
FAQ Right Arrow Icon How quickly can I get and use my loan?
In most cases, you can use your loan immediately.
FAQ Right Arrow Icon What types of auto loans does myAutoloan.com offer?
We offer auto loans for new and used vehicles for use at franchised dealerships. We also offer auto refinancing loans, person-to-person auto loans (sometimes called private party loans or when you're buying a car from an individual seller, not a dealership), and lease buyout loans (when you're buying the car you're currently leasing).
FAQ Right Arrow Icon It's been 24-hours since I submitted my application. Why haven't I heard anything?
Credit decisions and loan approvals are based on the information you submitted in your application and a review of your credit report. We do our best to provide you with up to four loan options in a matter of minutes, but it may take some lenders longer to verify and review your information. Response time may vary over weekends or holidays.
FAQ Right Arrow Icon Are your interest rates competitive?
You bet! Our lenders provide some of the lowest interest rates in the industry!
FAQ Right Arrow Icon Is there any cost to apply for a loan with myAutoloan.com?
No! There are no fees or costs to apply now for an auto loan with myAutoloan.com. It's fast, simple, easy to use, and free!
FAQ Right Arrow Icon What kind of documentation will I need to provide the lender?
Depending on the lender, you may be required to include a copy of your current driver's license, proof of auto insurance, personal reference contact information, and a pay stub with current year-to-date earnings.
FAQ Right Arrow Icon What if I have a vehicle I'd like to trade-in?
If your vehicle is worth more than the remaining loan balance, you have what's called "positive trade equity." This equity can be put towards your down payment or used to reduce your loan amount. Work with your lender to determine your specific requirements.

If you owe more than the value of the vehicle, which is called "negative equity" or "being upside down," you'll want to talk to your selected lender to work it out.
FAQ Right Arrow Icon Is a down payment required for an auto loan?
Some lenders do not require a down payment, but others do. If required, the amount of the down payment will be determined by your selected lender at the time of approval.
FAQ Right Arrow Icon How do I determine the amount I need to borrow (i.e. the amount financed)?
Ready for some easy math? To determine the amount you will need to borrow, first estimate the sales price of the vehicle you'd like to buy. Then, add in the estimated sales tax (sales price multiplied by your state's auto sales tax rate). Next, subtract the amount you intend to place as a down payment and/or the estimated net value of your trade in.

This number should be close to the vehicle loan amount you will need. Double check your math using our loan amont calculator and estimate your monthly payment and loan term.
FAQ Right Arrow Icon How much money can I borrow?
No two situations are the same, so there's really no set amount. The amount you can borrow will depend on your credit history, income, the amount you request, your down payment, and the length (or term) of the loan. Once you complete and submit your application, you will better understand the options that are available to you.
FAQ Right Arrow Icon What is a general loan term or length?
Loan terms vary by lender. The term (or length) of the loan is generally determined by the age and mileage of the vehicle, along with your credit profile. Our lenders offer loan terms ranging from 24 months to 72 months.
FAQ Right Arrow Icon What is a "Loan-To-Value Ratio?"
For new vehicles, this number is calculated by dividing the amount of the loan by the Manufacturer's Suggested Retail Price (MSRP) or invoice price. For used vehicles, this number is calculated by dividing the loan amount by the estimated value as published in an auto-pricing guide like Kelley Blue Book, Edmunds, or NADA.

The lender will use your loan-to-value ratio to help determine if you qualify for the loan amount requested. If the loan-to-value ratio on your application is outside of the lender's guidelines, they may require you to put down a higher down payment.
FAQ Right Arrow Icon Will applying for an auto loan hurt or lower my credit score?
In the long term, it usually doesn't. Reporting agencies recognize that when people shop for an auto loan, they're going to compare multiple loan options. With this in mind the top three credit reporting agencies, for the purpose of credit scoring, roll multiple auto inquiries into one inquiry on a continuous, 14-30 day cycle.
FAQ Right Arrow Icon Is it OK to shop around and compare auto loan rates?
Yes, but sometimes this can be time consuming. To compare actual loan rates you would need to fill out multiple applications with multiple lenders and banks. When you apply for auto financing through myAutoloan.com, we take care of the hard work for you. Just fill out one application and quickly compare up to four loan offers at once.
FAQ Right Arrow Icon How much time do I have to select a lender before the approval expires?
After you submit your application, you usually have 30 days from that date to select a loan offer. If you do not select a lender within those 30 days, all approvals will be deleted from your secure myAutoloan.com account.
FAQ Right Arrow Icon How often can I submit a loan application?
You may apply once every 30 days for each of our loan products (new/used auto loan, refinance loan, private party loan, and lease buyout loan).
FAQ Right Arrow Icon Should I freeze my credit report?
Freezing your credit report stops all credit activity, which isn't good if you plan on applying for credit anywhere. If you need to stop an identity thief or unwanted solicitations for credit cards, freezing your credit report could be a good idea. If you want to apply online or in-person for a new credit card, car loan, or mortgage refinance, you'd have to unfreeze your credit report before you do so.
FAQ Right Arrow Icon Are there any residency requirements in order to be approved for an auto loan?
Residency requirements will vary by lender. See a list of Loan Requirements.
FAQ Right Arrow Icon Are there any employment requirements in order to be approved for an auto loan?
Lenders will look at the length of time you've been at your current place of employment, as well as the year-to-date earnings on your pay stub. Applying today is the best way to find out if a lender will approve you for a loan, as employment requirements will vary depending on the lender.
FAQ Right Arrow Icon Are there any income requirements in order to be approved for an auto loan?
Income requirements will vary by lender. See a list of Loan Requirements
FAQ Right Arrow Icon How are you able to find me multiple loan quotes at once?
Once you submit your loan application, we identify lenders that match your complete credit profile and your information is submitted to the best matches. Once approved, you'll see the decisions posted on myAutoloan.com in "My Account," usually within minutes. (Some loan decisions may take up to 24 hours, so stick with us!)* We will also notify you via email when your approvals are posted. Remember, we have real lenders providing real loans -- in real time!

*Loan application results may take longer on holidays and weekends.
FAQ Right Arrow Icon How long does the application process take?
myAutoloan.com's application process is fast, easy, and secure, and takes about 3-5 minutes to complete. Once you've submitted your loan application, you'll be able to review multiple loan offers in minutes.* However, some loan decisions may take up to 24 hours or more depending on the situation. If you have a unique situation and we are unable to immediately match you with a potential lender, we will present you with alternative financing options through lending affiliates who may be able to help you obtain an auto loan through their network.

During the process, you may be contacted by phone or e-mail by myAutoloan.com or by approving lenders (be sure to check your "junk" or "spam" e-mail folders). To check on the status of your loan application, log into the My Account area on myAutoloan.com at any time.

*Response time may vary over weekends and holidays.
FAQ Right Arrow Icon Can I get an auto loan if I've filed for bankruptcy?
Maybe. In all cases, Chapter 7 or Chapter 13 bankruptcies must be discharged or dismissed before you can apply for an auto loan. If your bankruptcy has been discharged or dismissed, you can apply.
FAQ Right Arrow Icon I've had credit problems in the past. Can I still apply for an auto loan?
Yes! We have lenders that specialize in these situations. We may be able to help you find an auto loan when other lenders have said, "No."
FAQ Right Arrow Icon Do I have to use the full loan amount?
As long as it falls within the minimum and maximum amount you were approved for, you can use only what you need. Depending on the lender you select, you may be able to add additional aftermarket accessories or extended service plans if the maximum loan amount will allow it.
FAQ Right Arrow Icon I don't want to select any of my loan offers. What should I do?
You are not obligated to select or use any of your loan offers. If you decide not to select one within 30 days of your application, they will automatically expire and will be deleted from your account. If you decide to reapply, you will need to wait 30 days between your application dates.
FAQ Right Arrow Icon Can I refinance my car that I've already paid off?
Since there is no loan to refinance, you can't technically refinance it. You can, however, take out a title loan on a car that you've paid off if you're in need of some quick cash.
FAQ Right Arrow Icon Can I apply for an auto loan before I find the vehicle that I want to buy?
Yes! We encourage you to apply for an auto loan before you buy for a couple of reasons.

First, when you walk into the dealership with an auto loan approval in hand, you'll have the negotiating power of a cash buyer. More importantly, you'll know how much you can afford. The combination of your auto loan amount and down payment amount will approximately equal the purchase price of the vehicle you are able to buy.

A myAutoloan.com loan approval gives you greater flexibility and more negotiating power in the auto purchase process.
FAQ Right Arrow Icon How quickly can I expect a decision on my application?
Almost immediately! Once you've submitted your loan application, you'll be able to review multiple loan offers in minutes.* However, some loan decisions may take up to 24 hours or more depending on the situation. If you have a unique situation and we are unable to immediately match you with a potential lender, we will present you with alternative financing options through lending affiliates who may be able to help you obtain an auto loan through their network.

During the process, you may be contacted by phone or e-mail by myAutoloan.com or by approving lenders (be sure to check your "junk" or "spam" e-mail folders). To check on the status of your loan application, log into your account on myAutoloan.com at any time.

*Response time may vary over weekends and holidays.
FAQ Right Arrow Icon How does myAutoloan.com protect my personal information?
Privacy and security are incredibly important to us at myAutoloan.com, and we know they're important to you too. We guard your personal information like it was our own. Once you submit your application, it is encrypted for transmission and then store with industry-leading security measures on our servers.

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Horizon Digital Finance® (HDF) technology and processes are patented under U.S. Patent Nos. 7,630,933 and 7,647,274 and 8,095,458 and 8,359,264.
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