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Autopay Car Loans: 2018 Review

May 11, 2018
Auto Loans, Loans
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Good for: rate shoppers with average credit wanting to quickly compare offers

Autopay is an online vehicle loan marketplace that specializes in refinancing, but also provides purchase and lease buyout loans. The application does not require a Social Security number and returns rates from Autopay’s lender partners, many of which are credit unions.


Autopay is a good fit for those who:

  • Want to compare rates from multiple lenders after filling out only one application.
  • Have average credit. Shopping around for the best rate is especially important if you don’t have good credit.
  • Prefer a soft credit check to get pre-qualified for a refinance or purchase loan.

Autopay refinance loans at a glance

APR*1.99% - 17.99%
Loan amounts$5,000 - $100,000
Minimum requirementsCredit score: 600
Income: $2,000/month
Hard credit check with application?No
AvailabilityAll 50 states
*APR is used to evaluate the true cost of borrowing money and includes the interest rate.

Autopay review details

Founded 11 years ago, Autopay has focused increasingly on refinancing for borrowers who’ve improved their credit since taking out the original car loan. Some 85% of loans through Autopay are for refinancing, says Jeff Hutcheson, Autopay co-founder and managing partner.

To show you rates, Autopay requires only a soft credit inquiry, which doesn’t affect your credit score. This makes it a good option for rate shoppers who want to compare quotes before committing to a loan. Each lender has different criteria for approving loans, so a single application might qualify for widely varying interest rates.

Once you select an offer, a hard credit pull is required. The quoted terms of the loan might change if, say, the vehicle or income information provided was inaccurate, Hutcheson says. But “our objective is to have 100% accuracy in penny-perfect rates and payments in what someone is pre-qualified for and what is available to them,” he adds.


The lowest rate offered by Autopay is 1.99%, but this will only be available if you have very strong credit. The average credit score of Autopay customers is 706 and the average interest rate is 5.4%. Lenders can set their own requirements, but excellent credit is generally considered 720 or better, while 690 to 719 is generally considered good.

Keep in mind that with average or below-average credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. If you know your credit score, you can get an idea of the rate you might qualify for.

Applying to Autopay

  • No Social Security number required for pre-qualification
  • Decision for pre-qualification within minutes; more information may be required for final approval
  • Loan offers are good for 30 days
  • No application fee; late payment fees vary by lender
  • Allows co-signers


  • Maximum vehicle age: 11 years
  • Maximum vehicle mileage: 125,000 miles
  • Loan terms: 24 to 84 months (NerdWallet doesn’t recommend extending loans over 60 months)
  • Vehicle make/model restrictions vary by lender
  • Available in all 50 states

How Autopay compares

Compared with other online auto lenders we reviewed, Autopay’s minimum requirements for income ($2,000 per month) and credit score (600) are on the higher end of the spectrum. Autopay actually sees an average income of $6,000 a month and credit scores of 706 for its customers, highlighting the company’s focus on borrowers with average or better credit.

The table below shows how Autopay compares with other auto refinance lenders. Some companies provide loans directly while others may shop for loans for you from a network of lender partners.

CompanyMin FICOMin monthly incomeMin loan amountMax vehicle age/mileageHard pull?Get started
MyAutoloan 500$1,100$7,50010 yrs / 125,000 miYes
OpenRoad Lending500$1,500$10,00010 yrs / 150,000 miYes
Lending Club510None$5,00010 yrs / 120,000 miNo
RateGenius525$2,000$10,00010 yrs / 150,000 miYes
CarFinance.com525None$7,5008 yrs / 100,000 miYes
IFS550$1,500$5,00010 yrs / 100,000 miYes
Capital One560$1,500 - $1,800$7,5007 yrs / No restrictionNo
Autopay600$2,000$5,00011 yrs / 125,000 miNo
Consumers Credit Union640$500; $2,000 preferred$250No restrictionYes
LightStream660None$5,000No restrictionYes

More from Autopay

Autopay also offers “cash back” refinancing, allowing you to take out cash, up to $12,000, when you refinance into a new loan. But unless you have a lot of equity in your car loan, taking cash out could make you “upside down,” meaning you would owe more than the car is worth. In some cases, however, it might be advantageous to take a cash back loan to pay off other high-interest debt.

Additional products from Autopay include service contracts and gap insurance. The Autopay website features an auto loan refinance calculator and provides answers to frequently asked questions.

Shopping for an auto loan


More from NerdWallet


To review Autopay, NerdWallet collected more than 24 data points from the lender, interviewed two company representatives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar product.

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