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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 started over 10 years ago as a digital media strategist, and she’s since been featured in numerous prestigious financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down otherwise 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 tools and financial calculators that provide objective and unique content, by enabling users to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this website are provided by companies that compensate us. This compensation may impact how and where products are displayed on this website, for example, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the content we publish or the reviews that you see on this site. We do not contain the universe of companies or financial offers that may be open to you.
Reviewer’s disclosures: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is correct up to the date when the review first appeared. Review the data on the right as well as the lender’s website to find the most recent information.
A glance 4.2 rating: 4.2 stars out of 5
Bankrate Score
Rating of Availability: 4.5 stars out of 5
Affordability Rating: 3.6 stars out of five
Customer Experience Rating: 4 stars out of 5
A rating of transparency: 4.5 stars out of five
Find out about rates for auto loan rates
Autopay Loan amount: $2,500 to $100,000.
Min. credit score Unspecified
APR as low as 2.99%
Funds available in As only one business day
Autopay Pros and Cons There are some key benefits and drawbacks with Autopay auto loans to consider before applying.
PROS Convenient
Streamlined application
Credit score not necessary
CONS Lack of transparency around APR maximum
Down payment
No purchase made previously
Autopay offers an on-line lending marketplace which helps customers find the best price on car loan financing. You can look up potential loan offers from lenders within their network within minutes, without impacting the credit rating. If there’s a match, the process is simple, so you can quickly finalize your new auto loan with no stress.
Do you qualify? Autopay doesn’t specify lending requirements through its web site. However, you will need provide specific details about your vehicle when you formally apply with a lender for approval. Or you can get prequalified in minutes using the online application to see possible loan offers. The application is easy to fill out and being prequalified will not impact your score on credit. What we like and what don’t think we like. Take a look at these advantages and drawbacks of an auto loan using Autopay prior to signing the application.
What we love about Autopay is that it’s convenient. You can explore loan options from a variety of banks as well as credit unions, and online lenders at once without harming your score on credit. The application process is simplified: Autopay features a simplified application process designed to help you get the best deal on your new auto loan in just a fraction of the time it’d take at the dealership or bank. Credit score not necessary: You can get an auto loan with the lender within the Autopay network even having less than perfect credit. We are not a fan of the lack of clarity regarding maximum APR: The minimum rates of 2.99 percent as advertised on the website is only accessible to borrowers with excellent credit. A down payment is required for some applicants. require cash to secure a new car loan. But, generally speaking, down payments aren’t necessary for automobile loan refinancing. No used purchases If you’re trying to purchase a second-hand car, you’ll have to shop elsewhere. Contact Autopay If you’re thinking of applying the auto loan using Autopay, visit the website to submit an online inquiry or contact the customer service via telephone. Support is available Monday through Friday, from 7 a.m. to 7 p.m. MST and on Saturdays from 9 a.m. until 5 p.m. MT. It is also possible to connect with the customer service representative through text messages.
Types of Auto loan varieties offered by the lenders within the Autopay network provide new car loans and three types of refinancing.
New and used cars loans
Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: From 2.99%
If you’re in the market for a new ride, you can work with Autopay to find the perfect auto loan for your financial situation. With prequalification, it allows you to shop with confidence at the dealership and save time sitting in line waiting for finance departments to approve the loan. The Autopay team is there to help applicants through the application process. Traditional refinancing
Loan quick facts Amounts: $2,500-$100,000 . Terms: 2496 months APR: Starting at 2.99 percent
Whether you want to lower your monthly auto loan payments or get lower interest rates, refinancing through an autopay lender in the Autopay network may assist you in reaching your goal. You can also go this route to reduce your loan duration and pay off your car loan more quickly. Refinancing cash out
Quick facts about loans: $2,500 to $100,000 Terms: 24-96 months APR: Beginning at 2.99%
If you’re looking to draw on your vehicle’s equity, refinancing it with cash back might be an option. You could receive up to $12,000 cash and use the funds however you see fit. Certain borrowers choose to pay off debts with high interest and free up funds for other financial objectives. Lease buyout
The loan amount is $2,500-$100,000 . Terms: 2496 months APR: From 2.99 2.9%
This financing option may assist you once the lease period is over. Or you could be able to pay off your lease earlier. In addition, you’ll get rid of any extra mileage fees when you’ve exceeded the mileage limit stipulated in the lease contract. How do you apply for an auto loan through Autopay After you have gathered the required documents, you need to fill out the application form, which does not require a hard credit check. Autopay will search your data to lenders that are part of its network and present potential auto loan offers to you in the event that there’s a connection. If you choose to proceed then 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 residency A letter of payoff (if refinancing) Additional documents as needed to ensure your lender match
FAQs on Autopay
Do you require good credit to get an auto loan via Autopay? Some lenders in Autopay’s extensive network cater to borrowers with lower credit scores. Generally, good or excellent credit is required to get the best deal on auto financing.
Do you have to submit co-applicants to boost the chances of being approved? Absolutely, Autopay allows applicants to increase their chances of approval. The person you are adding should have a solid credit history and a consistent, verifiable source of income in order to give you the best chance to be approved.
Does Autopay provide vehicle service contracts for the borrowers? Yes, you are able to purchase a vehicle service contract when you apply for the brand new loan or refinance your existing one. This form of protection helps keep you from having to pay for costly maintenance and repair expenses. Some service contracts for vehicles also include roadside assistance.
How do you know if Bankrate rates Autopay?
Overall score
4.2
Availability
4.5
Autopay’s extensive network of lenders provides broad coverage in terms of loan amounts, state availability and terms. Additionally, it doesn’t have dealer limitations.
Affordability
3.6
Affordability will vary depending on the lender you’re working with This means that Autopay is in the middle of the road.
Customer experience
4.0
Autopay provides customer service seven days a week, full online access and a purchase time of 30 days, earning it a higher customer service score.
Transparency
4.5
Fees and rates are only partially accessible on Autopay’s site, but prequalification availability bumps its score.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, rates and fees are available and the range of APR all affect lender scores. These scores are split into four categories. The availability of loans, repayment options, dealership requirements, and state availability all play a role in this category. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you have to shop, the customer service availability, whether there’s an app and autopay availability are covered within this category. Transparency: This section accounts for the accessibility of rates and fees along with whether prequalification is available.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been evaluated or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate at the time when the review first appeared. Check the data at the top of this page as well as the lender’s site for the most recent information.
Written by
Allison Martin
Allison Martin’s work started over 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to take control of their finances by providing precise, well-researched and detailed information that breaks down complicated topics into digestible chunks.
Auto loans editor
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