AutoPay is a marketplace lender that allows you to compare a variety of loan options from multiple lenders with only one application. It partners extensively with credit unions set up with low overheads so they can offer more competitive rates to borrowers than other traditional lenders.


Though AutoPay does match borrowers with original purchase loans with strong rates, perhaps its greatest strength lies in its ability to help borrowers escape upside down car loans.

85% of the loans it gives out are refinance loans for borrowers who have improved their credit score since taking out an initial car loan. If you feel as if you are paying too much on your monthly car payment, AutoPay may very well be able to help you.

Car Loan Application Requirements

AutoPay requires a minimum credit score of 600, so it’s ideally designed for borrowers with average credit 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 the purpose of your application, you’ll need to know specifically how much you make a year and month.

Loans are also available in all 50 states, so you can qualify no matter where you live. Your car loan amount must be at least $2,500 and can be no higher than $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 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 Auto Loans Available

Auto Refinancing

Cashback 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 refinance loan.

On average, AutoPay is able to cut rates in half for qualifying customers. For example, some customers report going from 15.76% to 6.77%. Most borrowers are able to save about $165 a month on car 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 profile (excellent, average, or rebuilding)
  • What you want your refinance term to be (how long would you like to make payments)

New and Used Car Loans

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 a 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 at for your car.

Fees and Rates

There is no fee to apply to AutoPay, so if you are simply curious about what kind of rates you would receive for a refinance or purchase loan, there’s no reason not to apply.

This is especially true since pre-qualification only entails a soft credit check. Any quoted rates you’ll see are good for 30 days, provided the information you entered is correct.

APRs through AutoPay range from 1.99% to 17.99%. To qualify for a lower rate you’ll need a credit history that shows consistent on-time payments, and the ability to juggle a variety of credits. 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.

Also, if you decide to pay off your car early, none of the lenders AutoPay works with charge a prepayment penalty.

AutoPay’s Application Process

Unlike many other online lenders, 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 check 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 simply put in your full legal name and whether or not you’re applying by yourself or with a co-borrower. From here you’ll state whether or not you’re looking to purchase or refinance.

If you click purchase, you’ll be presented with the following purchase options:

  • Buy from a dealer
  • Buy from a private seller
  • Buy a currently leased vehicle

Click Dealer and AutoPay will then 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 just 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 lender may ask for more information or documentation. If everything looks good after receiving information on any loose ends, your loan may get approved.

Types of documentation needed when applying through Autopay include:

  • Driver’s license
  • Insurance
  • Proof of Income, including pay stubs and tax returns
  • Proof of Residence, such as a utility bill or lease agreement
  • When refinancing, a payoff letter

Special Features

You can use a co-signer to strengthen your application, which could potentially help you qualify for better rates. If the co-applicant has a strong credit score, a high monthly gross income, and a credit history with low to zero blemishes on it, getting him or her to cosign for you could potentially get you a much better rate than if you were to go into it alone.

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 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’re rate shopping, and don’t want your curiosity to hurt your credit score. Of course, once you decide to go through with the lending process a hard credit will be performed to verify the information you entered during the pre-qualification process was correct.

Bottom Line

If you’ve improved your credit score since the last time you took out an auto loan, AutoPay can help you get a better rate and save money on your monthly payments. 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. If you have the credentials, AutoPay is one of the most solid auto loan brokers in the industry today.