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Autopay
Autopay: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Written by Allison Martin Written by
Allison Martin's work began over 10 years prior to that as a digital content strategist. Since then, she's been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances with clear, well-researched information that break down complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this site, including for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that could be accessible to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges that are included in the review is correct at the time of the review. Look over the information on the right as well as the lender's site for the most up-to-date details.
A glance 4.2 rating: 4.2 stars out of 5
Bankrate Score
Availability Rating: 4.5 stars out of 5
The Affordability Score: 3.6 stars out of 5
Customer Experience Rating: 4 stars out of 5.
Transparency Rating: 4.5 stars out of 5
Check rates for auto loan rates
About Autopay Loan amount $2,500-$100,000
Min. credit score Unspecified
APR from 2.99%
Funds available in As little as one business day
Autopay Pros and Cons There are a few key advantages and drawbacks to Autopay auto loans to consider before applying.
PROS Convenient
Streamlined application
No credit score is required for perfect credit.
CONS Insufficient transparency regarding APR maximum
Down payment
Purchase not used
Autopay can be described as an internet-based marketplace for lending that helps consumers find the best deal on car loan financing. You can view potential loan deals from lenders on their network in minutes without affecting your credit score. If you find a match, the process is simplified, allowing you to swiftly approve your new auto loan, minus all the hassle.
Do you qualify? Autopay does not specify requirements for lending through its web site. But, you'll have to provide specific information about your vehicle when you apply for a loan with the lender for approval. Prequalification can be obtained in minutes using the online form to view possible loan offers. It's easy to complete, and getting prequalified won't impact your credit score. What we like and what don't think we like. Take a look at these advantages and disadvantages of an auto loan that comes with Autopay prior to approving the application.
We like the convenience: It allows you to explore loan options from multiple banks, credit unions and online lenders in one place without hurting your credit score. A streamlined application process: Autopay features a simplified application process designed to help you seal the deal on your new auto loan in a fraction of the time it's going to require at the dealership or bank. Perfect credit not required: You can get an auto loan with an auto lender through Autopay's Autopay network even when you don't have perfect credit. We are not a fan of the lack of clarity regarding maximum APR: The minimum APR of 2.99 percent advertised on the website is only available to well-qualified borrowers with excellent credit. The down payment: Some applicants need cash down in order to secure a new car loan. However, down payments generally aren't necessary for automobile loan refinancing. For used items: If you're looking to purchase a second-hand car, you'll have to shop elsewhere. Contact Autopay If you're thinking of applying the auto loan through Autopay go to the site to submit an online inquiry or contact Customer Service by phone. Customer support is available Monday through Friday from 7 a.m. until 7 p.m. MT and Saturday from 9 a.m. until 5 p.m. (MT). You can also connect with a representative via text message.
Types of Auto loan kinds offered The lenders within the Autopay network offer new car loans as well as three kinds of refinancing.
New and used cars loans
Quick facts about loans: $2,500 to $100,000 Terms: 24-96 months APR: Starting at 2.99 2.9%
If you're looking for a new car, you can work with Autopay to find the ideal auto loan that fits your budget. With prequalification, it allows you to shop without trepidation at the dealership and save time sitting around waiting for finance departments to accept your loan. The Autopay team assists applicants throughout the process of applying. Traditional refinancing
Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: Beginning at 2.99 2.9%
If you're looking to cut the amount of your auto loan payment or obtain lower interest rates, refinancing with a lender within the Autopay network could aid you in achieving your goals. You can also go this route to shorten your loan term and to pay off your car loan faster. Cash out refinancing
Loan quick facts Amounts: $2,500-$100,000 . Terms: 2496 months APR: Beginning at 2.99 2.9%
If you're planning to tap into your car's equity, refinancing it with cash back could be a viable option. You can get up to $12,000 cash and make use of the funds as you see fit. Some people choose to pay off high-interest debt and make money available for other financial goals. Lease buyout
The loan amount is $2,500 to $100,000 Terms: 24-96 months APR: Beginning at 2.99%
This financing option may help you when the lease period is over. It is also possible to take the lease off early. In addition, you'll save on mileage charges if you've exceeded the limit stipulated in the lease contract. How to apply for a loan using Autopay After obtaining the required documents, fill out Autopay's application form. It does not require a credit check. Autopay will search your data to lenders that are part of its network and will present possible Auto loan deals to applicants in the event that there's a connection. If you choose to proceed with the loan, the lender will pull your credit report and scrutinize documents supporting it before granting approval.
The required information for your application is Driver's License Evidence of insurance Proof that you earn income residence A letter of payoff (if refinancing) Additional documents as needed for your lender match
Autopay FAQs
Do you need good credit to qualify for an auto loan with Autopay? Some lenders in Autopay's extensive network are able to accommodate borrowers with less credit scores. The majority of the time, good or excellent credit is required to obtain the best deal for auto financing.
Do you have to submit co-applicants to boost your chances of getting approved? Absolutely, Autopay allows applicants to increase their chances of approval. The person you add should have a good credit score and a consistent, verifiable source of income to give you the best chance at getting approved.
Does Autopay offer service contracts for vehicles for the borrowers? Yes, you can purchase a vehicle service contract when you get the fresh loan or refinance your existing one. This type of insurance can stop you from incurring costly maintenance and repair expenses. Some service contracts for vehicles also provide roadside assistance.
How Bankrate rates Autopay
Overall score
4.2
The availability
4.5
Autopay's wide network of lenders provides broad coverage in terms of loan amounts, availability to states and conditions. It also doesn't have dealership limitations.
Affordability
3.6
Affordability will vary depending on the lender you're working with This means that Autopay is in an upper middle.
Customer experience
4.0
Autopay offers customer service six days a week, complete online access and a purchase period of 30 days, earning it a higher customer service score.
Transparency
4.5
Fees and rates are only accessible on Autopay's website in part Prequalification options boost its score.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether rates and fees are readily available and APR range all influence lender scores. These scores are split in four different categories. Accessibility: Loan amounts and repayment options, dealership requirements, and state availability all contribute to this category. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you'll need to spend shopping, customer service availability, whether there's an app or autopay available are all covered in this section. Transparency: This category is responsible for the availability of fees and rates as well as whether prequalification is available.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and are not reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is correct at the time of the review. Review the information on the right and the lender's site for the most recent details.
Written by
Allison Martin
Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been published in several leading financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers to control their finances through providing clear, well-researched information that breaks down complicated topics into digestible chunks.
Auto loans editor
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