IRVING, Texas — Online auto finance company myAutoloan.com recently revealed its newest consumer tool with the launch of its Interest Rate Estimator.

The interest-rate widget aims to answer frequently asked questions consumers have about the intricacies of interest rates and credit issues.

“We took a look at our most frequently asked questions and customers were asking: 'When I apply, what interest rate or APR might I be approved for?' Interest rate or APR is at the top of the list,” said Heather Dietel, vice president of business development.

"myAutoloan.com has always championed total lending transparency. Customers want to know what the interest rate range is for their credit situation before they apply for an auto loan; the Interest Rate Estimator does exactly that,” she continued.

The company also noted that before launching the new tool, it spent months talking with customers and focus group testing processes and design to come up with the best way possible to help consumers “set expectations when applying for an auto loan and what interest rate they may be approved for.”

Users can enter the type of auto loan they are interested in along with their ZIP code and credit score and click  Calculate.

The widget will then populate and display a distribution curve with the current interest rates being offered by myAutoloan.com’s lenders for any standard credit profile, officials explained.

“We have always believed in the approach to bring transparency to the consumer in automotive lending so anyone can apply with confidence,” Dietel asserted.

To see the new tool, click here.