Autopay Review 2021: Auto Loan Refinancing and Lease Buyout Loans

Item: Autopay
Author: Shannon Bradley

AUTOPAY offers auto loan refinancing, lease buyout loans and cash-out refinancing from a network of lenders. Borrowers receive several offers for comparison.

Shannon BradleyNov 24, 2021

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Auto loan reviews

Auto loan refinancing
Auto lease buyout loan

The bottom line:

Best for applicants who want to receive multiple pre-qualified offers for comparison. Bad- and fair-credit borrowers may qualify.

Auto loan refinancing review

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on Autopay's website

Autopay - Refinance loan

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on Autopay's website

Min. Credit Score

560

Est. APR

2.15-17.99%

Loan Amount

$7,500-$100,000

Pros

Offers pre-qualification with a soft credit check.
Some network lenders offer rate discount with automatic payment.
Borrower can choose loan payment date.
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 immediate pre-qualification offers to refinance their current vehicle loan but not needing fast loan approval and funding. Bad- or fair-credit borrowers may qualify.

Full Review

AUTOPAY is an auto loan aggregator founded in 2007. AUTOPAY partners with a network of more than 180 lenders to provide auto loan refinancing, car lease buyout loans and cash-out refinancing. They also offer auto purchase loans.

AUTOPAY finds the best lender matches within their network for each applicant. Applicants typically receive 2-4 pre-qualification offers and rates without affecting their credit scores. Pre-qualification is not approval. Once an offer is selected and submitted to the lender for approval, AUTOPAY does a hard credit pull which can affect applicant credit scores.

Through cash-out refinancing, borrowers with vehicle equity may be able to receive cash up to $12,000 with their refinance loan. This amount varies by lender limits. Borrowers should weigh the pros and cons of cash-out refinancing.

AUTOPAY may be a good fit for those who:

Want to compare rates: Pre-qualification with a soft credit check will not affect an applicant's credit score.
Need a co-signer: AUTOPAY allows for co-signers, which may boost the chances of loan approval and improve loan terms.
Want more accessibility: Customer service is available on Saturday.

AUTOPAY at a Glance

Note that aggregators like AUTOPAY work with many different lenders, so the information provided is general and can reflect the high or low end available among their lending partners.

Application process

Origination fee: A few lenders in the network charge an origination fee. Amount not provided.
Personal information needed: Address, time at address, phone, date of birth, employment status, employer name, housing status, housing payment, vehicle registration or license information. Social Security number not required for pre-qualification.
Pre-qualification available: Yes. Borrowers can receive multiple pre-qualified offers with estimated rates. Offers are good for 30 days.
Online, in-person or both: Application online, some documentation mailed.
Approval speed: 24-48 hours after a pre-qualified offer is selected.
Funding: 1-2 weeks after final paperwork signed.

Qualifications

Minimum FICO credit score: 560.
Minimum credit history: Varies by lender.
Minimum annual gross income: Varies by lender.
Maximum debt-to-income ratio: 50%.
Bankruptcy: Varies by lender.
States covered: Available in all 50 states.

Restrictions

Maximum vehicle age: 10 years.
Maximum vehicle mileage: 150,000 miles.
Other vehicle restrictions: No commercial vehicles.
Loan amount minimum: $7,500.
Loan amount maximum: $100,000.
Time restrictions: Not provided.

Other loan details

Loan terms: 24-96 months.
Automatic payment: Offered by most partner lenders. Not required.
Rate discount: Depends on lender.
Greater-than-minimum payments: Depends on lender.
Bi-weekly payments: Depends on lender.
Late payment fee: Depends on lender.
Prepayment penalty: None.
Co-borrowers allowed: Yes.
Co-signers allowed: Yes, and can complete application at the same time.
Payment options: Varies by lender.
Selected payment date: Yes, within first payment guidelines.
Cash-out refinancing: Yes, up to $12,000 depending on vehicle equity.
Hardship plans: Depends on lender.

Customer service

Availability:Mon-Fri: 7 a.m.-7 p.m., Sat: 9 a.m.-5 p.m. MST.
Contact options: Phone, email, social media, text.

» MORE: Best auto loans for good, fair and bad credit

How does this loan compare?



Learn More	Learn More	Learn More
Min. Credit Score 560	Min. Credit Score 575	Min. Credit Score 500
Est. APR 2.15-17.99%	Est. APR 1.89-21.99%	Est. APR 1.99-17.99%
Loan Amount $7,500-$100,000	Loan Amount $5,000-$100,000	Loan Amount $5,000-$100,000

Auto lease buyout loan review

Autopay - Lease buyout loan

Min. Credit Score

560

Est. APR

2.15-17.99%

Loan Amount

$7,500-$100,000

Pros

Offers pre-qualification with a soft credit check.
Some network lenders offer rate discount with automatic payment.
Borrower can choose loan payment date.
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 needing a loan to buy a leased vehicle and wanting immediate pre-qualification offers to compare.

More from AUTOPAY

AUTOPAY also offers GAP insurance and vehicle service contracts that cover maintenance and repairs, and in some cases provide roadside assistance. The cost of these services can be rolled into the loan.

AUTOPAY auto loan rates

Lenders set their own requirements, but the lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 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: Loan example: For a non-prime borrower (FICO score between 601 to 660), a $16,000 car purchase with a down payment of $4,000, a repayment term of 36 months and an interest rate of 4.5% would carry monthly payments of $357, according to NerdWallet’s auto loan calculator.

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.

Save on Your Car

Frequently asked questions

AUTOPAY has been in business since 2007 and is headquartered in Denver, Colorado. The company is accredited by the Better Business Bureau with an A+ rating.

The Savings Group is the parent company of AUTOPAY and RateGenius. In July 2021, the two companies completed a merger and became operating units of The Savings Group.

Personal information from applicants is shared only with partner lenders. The AUTOPAY privacy policy states that personal information may be used for marketing by AUTOPAY, but it is not shared with other companies for marketing purposes. You can call 855-219-0123 to opt out of non-application related emails, texts and calls.