AutoPay is a marketplace lender that allows you to compare auto refinance options from multiple lenders with only one application. In addition, it partners extensively with credit unions set up with low overheads to offer more competitive interest rates to borrowers than other traditional lenders.

Want to make sure you get the best auto loan?
Compare AutoPay with Other Lenders
Overview of AutoPay
AutoPay matches borrowers with original purchase loans with strong interest rates. However, perhaps its greatest strength lies in its ability to help borrowers escape upside-down auto loans.
85% of the loans it gives out are auto refinance loans for borrowers who have improved their credit score since taking out an initial car loan. So if you feel as if you are paying too much on your monthly payment, AutoPay may be able to help you.
AutoPay Application Requirements
AutoPay requires a minimum credit score of 600, so it’s ideally designed for borrowers with fair credit scores or better. You also must have a minimum stable income of at least $2,000 each month, which is average for car loan lenders. For your application, you’ll need to know specifically how much you make a year and month.
Auto refinance loans are also available in all 50 states, so you can qualify to refinance an existing loan, regardless of where you live. Loan amounts range between $2,500 and $100,000. The maximum mileage the vehicle can have is 125,000 miles, while the maximum age is 11 years. The norm for financial institutions is 10 years, so you get a little more flexibility here.
When applying for an AutoPay auto refinance loan, you’ll also need to know:
- How long of a term you want (meaning how long do you want to make payments).
- The specific car you plan to buy or refinance.
- How much you pay for rent or mortgage each month.
Types of AutoPay Auto Loans Available
Auto Loan Refinancing
Cash out refinancing allows you to get a lump sum of up to $12,000 when refinancing if you have equity in your car. While this may seem risky, it could work to your benefit to pay off high-interest debt by taking out cash with a lower interest auto refinance loan.
On average, an AutoPay auto refinance loan can cut rates in half for qualifying customers. For example, some customers report going from 15.76% to 6.77%. As a result, most borrowers save about $165 a month on monthly payments — this equals about $1,983 a year.
If you want to calculate the amount you’d save, go to their refinance page, and enter the following information:
- Payoff amount
- Remaining months on loan term
- APR
- Your credit scores (excellent, good, fair, or rebuilding)
- What you want your refinance term to be (how long would you like to make payments)
New and Used Cars
AutoPay offers both new and used car loans. The minimum and maximum loan terms they offer are 24 to 84 months (or two to seven years). You’ll need to have your vehicle picked out before you apply for an AutoPay auto loan, unlike some other online lenders who partner with dealerships during the pre-qualification process. On the plus side, you’re less limited in the places you can shop for your car.
Lease Buyout Loans
AutoPay offers lease buyout loans which allow individuals to purchase the vehicle they have been leasing at the end of the lease term. These loans can be used to pay off the remaining balance on the lease and take ownership of the vehicle.
AutoPay Fees and Rates
There is no fee to apply to AutoPay. So, if you are simply curious about what interest rate you would receive for an auto refinance or purchase loan, there’s no reason not to apply.
This is especially true since pre-qualification only entails a soft credit inquiry. Loan offers and the quoted interest rate you see is good for 30 days, provided the information you entered is correct.
APRs through AutoPay range from 1.99% to 17.99%. To qualify for the lowest interest rate, you’ll need an excellent credit history that shows consistent on-time payments and the ability to juggle various credit accounts. To get a firm rate, you’ll need to be able to specify what kind of vehicle you plan to purchase. Certain vehicles have higher APRs than others.
Furthermore, if you decide to pay off your new loan early, none of the lenders AutoPay works with charge a prepayment penalty. However, some of them do charge an origination fee.
AutoPay Reviews
AutoPay has a strong track record of success, with over 700,000 satisfied customers served over the course of 15 years in business. This dedication to customer satisfaction is reflected in AutoPay’s impressive 4.7 out of 5.0 rating on Google, based on nearly 7,000 reviews.
Furthermore, the Better Business Bureau (BBB) currently gives AutoPay an A+, and they have few complaints. You will find many 4- and 5-star AutoPay reviews at other review sites as well.
AutoPay Loan Application Process
Unlike many other online lenders, with AutoPay, you can check your car loan rate without having to enter your Social Security number. In short, this means you won’t have a hard pull performed on your credit until you’re ready to officially apply for a loan.
Apply online and you’ll receive the results of your pre-qualification within a matter of minutes. To start, put in your full legal name and whether you’re applying by yourself or with a co-borrower. From here, you’ll state whether you’re looking to purchase or refinance.
If you click purchase, AutoPay will present you with the following purchase loan options:
- Buy from a dealer
- Buy from a private seller
- Buy a currently leased vehicle
Click Dealer and AutoPay will want your contact information (email and cell phone number), date of birth, address, annual income, and how much you currently pay for rent or mortgage.
AutoPay will then ask you specifics about the car you’re looking to purchase. You can give the VIN or license plate number, but the easiest is to choose the make and model of the car you want.
This means if you’re coming to AutoPay for a new purchase loan for either a used or new car, it’ll be easier to get reliable rates if you know what kind of car you want beforehand.
Once you see your rates through the soft pull, you can choose an offer to move forward with. When you do, you’ll have a hard credit pull on your credit report, and your chosen online lender or credit union may ask for more information or documentation. If everything looks good after receiving information on any loose ends, your loan may get approved.
Documentation Needed
- Driver’s license
- Auto Insurance
- Proof of Income, including pay stubs and tax returns
- Proof of Residence, such as a utility bill or lease agreement
- For auto refinancing loans, you’ll need a payoff letter
Special Features
You can use a cosigner to strengthen your application, which could potentially help you qualify for better rates. Look for a co-applicant who has a strong credit score, a high monthly gross income, and strong credit history. Having a cosigner may help you secure a more favorable interest rate than if you were to apply for a loan on your own.
Borrowers can get GAP insurance (guaranteed asset protection) which covers their loan in the event of a total loss of your vehicle. This means that the ‘gap’ between what the car is worth, and the loan amount needed to pay it off is paid through insurance.
Through AutoPay, you can get pre-qualified with only a soft credit check. This is ideal if you are rate shopping and don’t want your curiosity to hurt your credit score. But, of course, once you decide to go through with the lending process, the lender will perform a hard credit to verify the information you entered during the pre-qualification process was correct.
Bottom Line
If you’ve improved your credit scores since you took out an auto loan, AutoPay can help you get a better rate and save money on your monthly payments. In addition, for a new purchase loan (for either use or new vehicles), their finance range is one of the largest in the industry — a low of $2,500 and a maximum of $100,000 is pretty rare.
With AutoPay, you can buy an inexpensive car to help you get back to work, or you can buy the car of your dreams. With an exceptional customer service team, AutoPay is one of the most solid auto loan brokers in the industry today.
Still Searching?
Check out our other auto loan reviews below to continue exploring your options.