Autopay Auto Purchase, Refinance and Lease Buyout Loans: 2023 Review
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Auto loan reviews
Auto loan refinancing
New auto purchase loan
Used auto purchase loan
Auto lease buyout loan
The bottom line:
Best for borrowers who want variable loan term options and plan to use a co-signer or co-buyer.
Auto loan refinancing review
Not yet rated
on Autopay's website
Pros
Offers pre-qualification with a soft credit check with most lenders.
Fully online application available.
Allows co-borrowers and co-signers.
Some lenders offer 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.
A few network lenders may use a hard credit inquiry for pre-qualification.
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.
How does this loan compare?
|  |  |  |
Est. APR3.99-21.00% | Est. APR3.39-22.00% | Est. APR3.99-21.00% | Est. APR3.99-21.00% |
Loan amount$8,000-No max. | Loan amount$5,000-$100,000 | Loan amount$8,000-No max. | Loan amount$8,000-No max. |
Min. credit score560 | Min. credit score550 | Min. credit score550 | Min. credit score550 |
New auto purchase loan review
Not yet rated
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 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
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.
Used auto purchase loan review
Not yet rated
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
Not yet rated
Pros
Offers pre-qualification with a soft credit check with most lenders.
Fully online application available.
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.
A few network lenders may use a hard credit inquiry for pre-qualification.
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.
To review Autopay, NerdWallet sent a survey requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.
Frequently asked questions
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.
Borrowers must have a credit score of at least 560 to apply with Autopay.
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.
There are no prepayment penalties with loans provided through Autopay.
