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Autopay

Autopay: 2023 Auto Loan Review Published 2023-01-01 00:00:00

Written by Allison Martin Written by

Allison Martin’s work started over 10 years ago as a digital content strategist. She’s been published in several leading financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial deals that could be open to you.

About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are only those of the reviewer and are not reviewed or approved by any advertising company. The information, including rates and fees, presented in the review is accurate up to the date when the review first appeared. Check the data on the right, and the lender’s website for the most recent information.

At a look 4.2 Rating: 4.2 stars out of 5

Bankrate Score

Availability Rating: 4.5 stars out of 5

Cost of Affordability: 3.6 stars out of 5

Customer Experience Rating: 4 stars out of 5

Transparency Rating: 4.5 stars out of 5

Check rates for auto loan rates

About Autopay Loan amount $2,500-$100,000.

Min. credit score Not specified

APR from 2.99%

Funds available in As just one day

Autopay Pros and Cons There are a few key advantages and drawbacks to Autopay auto loans to consider before applying.

PROS Convenient

Application that is streamlined

Perfect credit not required

CONS Lack of transparency around maximum APR

Down payment

No used purchase

Autopay offers an on-line marketplace for loans which helps customers find the most affordable car loan financing. You can view potential loan offers from lenders within their network within minutes, without affecting your credit score. If the offer is a good match, the application procedure is simplified, allowing you to easily close your auto loan without any stress.

Do you qualify? Autopay does not specify requirements for lending on its website. But, you’ll have to provide specific information about your vehicle when you apply for a loan with a lender to receive full approval. Prequalification can be obtained within a matter of minutes by using the online form to look at possible loan offers. The application is easy to fill out and being prequalified will not impact your credit score. What we like and what do not like. Consider the benefits and disadvantages of Autopay loan with Autopay prior to signing the application.

What we like Convenient: You can look into loan options from a variety of banks, credit unions and online lenders in one place without hurting the credit rating. A streamlined application process: Autopay features a simplified application process designed to help you get the best deal on your new auto loan in just a less time than it’s going to take at the bank or dealership. No credit score is required. You could qualify for an auto loan with the lender within Autopay’s Autopay network even when you don’t have perfect credit. We don’t like the lack of transparency regarding the maximum APR: The minimal APR of 2.99 percent that is advertised on the site is only accessible to people with good credit. A down payment is required for some applicants. require cash to secure a new car loan. But, generally speaking, down payments don’t have to be made to qualify for automobile loan refinancing. No used purchases: If you’re looking to purchase a pre-owned vehicle it’s best to look elsewhere. Contact Autopay If you’re interested in applying to get an auto loan with Autopay go to the website to submit an online inquiry or call the customer service via phone. Support is available Monday through Friday from 7 a.m. to 7 p.m. on MT, and on Saturdays between 9 a.m. to 5 p.m. (MT). It is also possible to connect with the customer service representative through text messages.

Types of Auto loan varieties offered by the lenders in the Autopay network offer new vehicle loans as well as three kinds of refinancing.

New and used car loans

Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: Starting at 2.99 percent

If you’re looking to buy a new car, you can work with Autopay in order to locate the ideal auto loan that fits your budget. Having prequalification in hand lets you shop without trepidation at the dealership and not sit around waiting until the department of finance to approve your loan. The Autopay team is there to help applicants through the application process. Traditional refinancing

Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: Starting at 2.99 2.9%

If you’re looking to reduce your monthly auto loan payment or obtain a lower interest rate, refinancing with a lender through the Autopay network can aid you in achieving your goals. You could also take this route to cut down your loan term and pay off your car loan faster. Cash out refinancing

The loan amount is $2,500 to $100,000 Terms: 24-96 months APR: Beginning at 2.99%

If you’re planning to draw on your vehicle’s equity, refinancing with cash-back could be a viable option. You could receive up to $12,000 in cash and utilize the money however you see fit. Some people choose to pay off high-interest debt and use the funds to fund other financial goals. Lease buyout

The loan amount is $2,500-$100,000 Terms: 24-96 months APR: Starting at 2.99 percent

This financing option can help you when the lease period is over. You could also pay off your lease early. In addition, you’ll avoid excess mileage fees if you’ve exceeded the limit stipulated in the lease contract. How to apply for Autopay’s loan using Autopay After you have gathered the required documents, you need to fill out the application form. This form doesn’t require a credit check. Autopay will shop your information to lenders that are part of its network, and then present auto loan offers to you if there’s a match. If you decide to pursue then the lender will pull your credit report and scrutinize the supporting documents prior to granting full approval.

Documents required for application Driver’s license Insurance proof of income Proof of residency A letter of payoff (if refinancing) Additional documents required by your lender match

Autopay FAQs

Do you require a good credit score to be eligible for a loan via Autopay? A few lenders in Autopay’s large network are able to accommodate borrowers with lower credit scores. In general, excellent or good credit is required to get the best price on auto financing.

Do you have to submit co-applicants to boost your chances of getting approved? Sure, Autopay allows applicants to to strengthen their approval odds. The person you are adding should have a solid credit history and a consistent, verifiable source of income to give you the best chance at getting approved.

Does Autopay provide vehicle service contracts for borrowers? Yes, you can purchase the service contract for your vehicle when you apply for a new loan or refinance your current one. This type of insurance can keep you from having to pay for costly maintenance and repair costs. Certain vehicle service contracts include roadside assistance.

What rates do Bankrate charge Autopay?

Overall score

4.2

The availability

4.5

Autopay’s vast network of lenders allows for extensive coverage of loan amounts, state availability and terms. Additionally, it doesn’t have dealer limitations.

Affordability

3.6

The cost of financing will be depending on the lender you’re working with This means that Autopay is in an upper middle.

Customer experience

4.0

Autopay offers customer service six days a week, complete online access, and a shopping time of 30 days, which gives it a higher customer service score.

Transparency

4.5

Fees and rates are only accessible on Autopay’s website in part Prequalification options boost the score.

Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, rates and fees are readily available and the APR range are all factors that affect lender scores. The scores are divided into 4 categories. Accessibility: Loan amounts and repayment options, dealership requirements, and state availability all contribute to this category. Affordability: This section contains APR ranges as well as acceptance criteria, fees and discounts. Customer experience: The length of time you’re required to shop, customer service availability, whether there’s an app or autopay option are covered within this category. Transparency: This category is responsible for the accessibility of rates and fees along with whether prequalification is available.

Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the views of the reviewer. They have not been evaluated or acknowledged by any advertiser. The information that is included, including rates and fees that are included in the review are accurate as of the date of the review. Check the data on the right and the lender’s website to find the most up-to-date details.

Written by

Allison Martin

Allison Martin’s work began over 10 years ago as a digital content strategist. Since then, she’s been published in several leading financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to manage their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

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