Autopay Auto Purchase, Refinance and Lease Buyout Loans: 2024 Review
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- 45+ auto loan products reviewed and rated by our team of experts.
- 30+ years of combined experience covering financial topics.
- Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Auto loan reviews
Best for borrowers who want variable loan term options and plan to use a co-signer or co-buyer.
Auto loan refinancing review
Pros
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Offers pre-qualification with a soft credit check with most lenders.
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Fully online application available.
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Allows co-borrowers and co-signers.
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Some lenders offer rate discount with automatic payment.
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Available in all states. Customer service available on weekends.
Cons
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Most lenders charge an origination fee of up to $495.
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A few network lenders may use a hard credit inquiry for pre-qualification.
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Borrowers aren’t able to choose their payment due date.
Best for applicants who want term options and need to have a co-signer or co-borrower.
Lender | Est. APR | Loan amount | Min. credit score | |
---|---|---|---|---|
5.29-
21.99% | $5,000-
$150,000 | 500 | Visit Lenderon RefiJet's website on RefiJet's website | |
4.99-
17.99% | $3,000-
$250,000 | 500 | Visit Lenderon Gravity Lending's website on Gravity Lending's website | |
5.24-
29.90% | $5,000-
$100,000 | 575 | Visit Lenderon MyAutoloan's website on MyAutoloan's website | |
5.95-
28.55% | $10,000-
$125,000 | 580 | Visit Lenderon Caribou's website on Caribou's website | |
5.24-
24.55% | $10,000-
$150,000 | 620 | Visit Lenderon Auto Approve's website on Auto Approve's website |
New auto purchase loan review
Pros
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Offers pre-qualification with a soft credit check.
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Some network lenders offer rate discount with automatic payment.
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Borrower can choose loan payment date.
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Allows co-signers.
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Customer service available on Saturday.
Cons
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Loan approval takes 24-48 hours, longer than other lenders.
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Loan funding can take 1-2 weeks, longer than other lenders.
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May charge an origination fee. Amount not provided.
Best for applicants wanting to see pre-qualified new car loan offers, without affecting their credit scores. Bad- and fair-credit borrowers may qualify.
Full Review
Autopay works with more than 20 lenders to offer applicants different loan terms to choose as their best option. Applicants can apply entirely online and find out within minutes if they pre-qualify for a loan. Potential borrowers can also apply with co-signers or co-borrowers. While there is a minimum income requirement for applicants, the amount varies by lender. So applicants can pre-qualify with some potential lenders despite not pre-qualifying with all of them.
While some lenders might charge an origination fee — which is an upfront cost — a few offer a rate discount if applicants set up autopay for monthly payments. And when it comes to your loan, Autopay’s lenders do not charge a prepayment penalty. So you can pay off your loan early without extra fees.
The Autopay website also offers several tools. Potential borrowers can use the company’s refinance calculator to see how much they could save with a new lender, and current borrowers may benefit from a glossary of terms and blog posts to better understand their loans. Autopay’s FAQ page also provides readers with simple answers to questions about applications, loans and additional services.
Autopay may be a good fit for those who:
Want to apply with co-signers or co-borrowers. Autopay allows co-signers and co-borrowers on all applications.
Need a lease buyout loan without restrictions. Autopay has no restrictions on age, mileage or model of vehicle for lease buyout loans.
Autopay at a Glance
Nerdy Tip
Autopay is an auto loan aggregator, meaning it works with a network of lenders to match borrowers to loans. Aspects of your loan — such as lender fees, service and how your personal information is used — will depend on the lender selected.
- Qualifications
Minimum FICO credit score: 560.
Minimum credit history: Applies in nearly all cases, but did not disclose required length of credit history.
Minimum annual gross income: Varies by lender.
Maximum debt-to-income ratio: 50%.
Bankruptcy-related restrictions: Most lenders have restrictions, but they vary by lender.
States covered: Available in all 50 states.
- Restrictions
Maximum vehicle age: 10 years.
Maximum vehicle mileage: 100,000 miles.
Other vehicle restrictions: None.
Loan amount minimum: $8,000.
Loan amount maximum:Did not disclose.
Refinancing time restrictions: Borrowers must refinance for at least $8,000 and cannot refinance after closing on a previous auto loan until the title can be transferred.
- Other loan details
Loan terms: 24-96 months.
Rate discount: Not all lenders offer discounts. Available discounts with autopay vary by lender.
Greater-than-minimum payments: Yes.
Bi-weekly payments: Did not disclose.
Prepayment penalty: None.
Co-applicants allowed: Co-signers and co-borrowers are allowed in all cases.
Payment options: Varies by lender.
Selected payment due date: Yes, borrowers can choose their own payment dates.
Offers cash-out refinancing: Yes.
Hardship plans: Did not disclose.
Existing loan payoff: Funds are sent directly to the previous lender.
- Customer service
Assistance provided: Borrowers can reach out to Autopay for application support and after their loans have been transferred to their chosen lender.
Availability:Mon-Fri 7 a.m.-7 p.m., Sat 9 a.m.-5 p.m. MT.
Contact options: By phone, email and online.
Used auto purchase loan review
Pros
-
Offers pre-qualification with a soft credit check.
-
Some network lenders offer rate discount with automatic payment.
-
Borrower can choose loan payment date.
-
Allows co-signers.
-
Customer service available on Saturday.
Cons
-
Loan approval takes 24-48 hours, longer than other lenders.
-
Loan funding can take 1-2 weeks, longer than other lenders.
-
May charge an origination fee. Amount not provided.
Best for applicants wanting to see pre-qualified used car loan offers, without affecting their credit scores. Bad- and fair-credit borrowers may qualify.
Auto lease buyout loan review
Pros
-
Offers pre-qualification with a soft credit check with most lenders.
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Fully online application available.
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Allows co-borrowers and co-signers.
-
Some lenders offer a rate discount with automatic payment.
-
Available in all states. Customer service available on weekends.
Cons
-
Most lenders charge an origination fee of up to $495.
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A few network lenders may use a hard credit inquiry for pre-qualification.
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Borrowers aren’t able to choose their payment due date.
Best for refinance applicants with fair credit who want to quickly compare offers.
More from Autopay
Autopay has additional services that can be rolled into the cost of a loan. These include guaranteed asset protection — or GAP — insurance and extended service contracts for vehicles that are outside of their manufacturer warranties. Roadside assistance plans are also available in some cases.
Autopay states on their website that they saved borrowers an average of $1,158 annually in 2022; however, this information cannot be verified by NerdWallet.
Autopay auto loan rates
Credit requirements vary by auto lender, but Autopay lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of about 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.
Loan example:
According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-500 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.
How do we review auto loan aggregators?
NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.
To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).
For more details about the categories considered when rating aggregators and our process, read our full methodology.
Frequently asked questions
- Is Autopay a legitimate company?
Autopay was founded in 2007 and has been offering auto loan services for 15 years. It is based in Denver, Colorado. Autopay has an A+ rating with the Better Business Bureau.
- What credit score is needed for Autopay?
Borrowers must have a credit score of at least 560 to apply with Autopay.
- Does an Autopay loan affect your credit score?
Autopay offers a soft credit check when you apply for pre-qualification. This will not affect your credit score. But lenders might do a hard inquiry if you select a loan for approval, which can affect your credit score.
- Does Autopay have a prepayment penalty?
There are no prepayment penalties with loans provided through Autopay.