Carputty is a direct online lender that extends lines of credit, called Flexlines, to borrowers seeking auto loan financing. Autopay is an online lending platform that helps borrowers get the best deal on an auto loan from a lender in its extensive network.

Carputty is better for frequent car buyers, while Autopay is ideal for borrowers who want to pull cash from the equity in their vehicles.

Carputty vs. Autopay at a glance

Both Carputty and Autopay feature an assortment of auto financing options. Still, it’s vital to compare the two since how they operate along with the loan amounts, terms and eligibility guidelines differ.

Carputty Flexline

Autopay

Bankrate score 4.3 4.2
Better for 
  • Frequent car buyers with good or excellent credit
  • Small business owners with a fleet of vehicles
  • Borrowers looking to pull equity from their vehicles
  • Borrowers with lower credit scores
Loans offered New and used purchase loans, refinancing, lease buyouts New and used purchase loans, refinancing, cash-out refinancing
Loan amounts Lines from $25,000-$250,000 $8,000-$100,000
APRs From 7.35% From 4.99%
Loan term lengths See review 12-96 months
Fees
  • 1 percent finance fee per transaction
  • $250 removal fee when a vehicle is removed from your line of credit
Not specified
Minimum credit score 680 Not specified
State footprint 40 states and Washington, D.C. All states and Washington, D.C.
Time to funding As soon as the same day As soon as one business day
Autopay discount? Not specified Not specified
Refinancing restrictions
  • Age: up to 8 years
  • Loan-to-value: capped at 110 percent for used vehicles and 100 percent for new vehicles
  • Mileage: limited to 85,000
Not specified

Carputty Flexline

Carputty takes an innovative approach to auto loan financing. Instead of offering traditional options like most lenders, borrowers can access a flexible line of credit to purchase up to 15 vehicles between $10,000 and $150,000 apiece that meet the lender’s age and mileage restrictions.

The cap on the Flexline is $250,000 (or $800,000 for LLCs), and you can also use it for traditional refinancing or lease buyouts.

Carputty simplifies the process and provides a free tool to help you find the right vehicle at a reasonable price. You can also get preapproved quickly, and same-day funding is available. And you won’t have to apply each time you want to purchase or refinance your current vehicle once the Flexiline is open.

Pros

  • Customer support: Get personalized help with the car-buying process from start to finish through the interactive V3 tool.
  • High loan limits: Loans of up to $150,000 are available for individual cars, or you can access up to $250,000 total for all your vehicles.
  • Online preapproval: You can view potential loan offers without hurting your credit score. Most lenders require a hard credit check for preapproval, so this is an unusual perk.

Cons

  • Limited availability: Auto loan financing is only available in 40 states and Washington, D.C., though the lender’s website says more states are coming soon.
  • Max rate not listed: Prospective borrowers must apply for preapproval to see the full range of available interest rates.
  • Lending restrictions: Vehicles must be no more than 8 years old with mileage under 85,000 to qualify for financing. Many lenders set a higher threshold.

Autopay auto loans

Autopay is not a direct lender. Instead, it is an online lending marketplace that simplifies the auto financing process for borrowers. The lenders in its extensive network extend new and used purchase loans. Alternatively, you can refinance your current loan for more favorable terms or borrow against your equity.

Like Carputty, auto loans are limited to $150,000, but you won’t have the luxury of purchasing multiple cars since its lending partners don’t offer credit lines. Still, the platform can work for you if you seek an affordable monthly payment. Loan terms of up to 96 months are available, and the starting APR for well-qualified borrowers is significantly lower than the national average for new car loans.

You could get approved and funded as soon as one business day. But you may have to make a down payment to secure financing. Lenders in some states also assess a loan origination fee.

Pros

  • Rate shopping: You can get loan quotes from several lenders without negatively impacting your credit score.
  • Lengthy terms: Unlike many lenders, Autopay’s lending partners offer terms of up to 96 months to make monthly auto loan payments more affordable. Just be aware that long-term car loans mean racking up more interest over time.
  • Accessibility: Borrowers with lower credit scores could be eligible for financing with a lending partner in Autopay’s network.

Cons

  • Limited rate disclosures: Autopay publishes its starting interest rate of 4.67 percent, but the maximum APR isn’t published on the site.
  • Down payment requirement: Some borrowers are required to make a down payment if financing a new or used car purchase. (Note: This requirement does not apply to refinance transactions).
  • Fees: You could be assessed a loan origination fee if you live in select states.

How to choose between Carputty and Autopay

Both Carputty and Autopay feature high loan amounts and online preapproval tools that make it simple to explore your options. They don’t quite operate the same, though, and key differences exist in their offerings, terms and requirements.

Choose Carputty if you frequently purchase vehicles

Carputty is ideal for the borrower with good to excellent credit who buys and sells vehicles often. You’ll have access to the V3 tool to monitor buying and selling trends. Plus, there’s no need to apply for financing each time you want to purchase or refinance a vehicle.

The Flexline also makes it easier to manage auto loan debt, as you’ll make a single payment for multiple vehicles. If you operate a boutique used-car dealership or small business with a fleet of vehicles, choosing Carputty for your financing needs can help simplify financial operations.

Choose Autopay if you want to convert your vehicle’s equity to cash

You’re not limited to purchase or traditional refinancing with Autopay. Its partner lenders also offer a cash-out auto refinancing option if you have a sizable amount of equity in your vehicle and want to convert it to cash. It could be a wise decision if you’re planning to consolidate debt or use the funds to improve your financial situation, especially if you qualify for a competitive rate. And you don’t need perfect credit to qualify for financing.

Autopay is also better if you don’t foresee multiple vehicle purchases soon. In this case, a Flexline wouldn’t be a must unless you qualify for better terms with Carputty.

Compare more lenders before applying

Carputty and Autopay are options to include on your list if you’re ready to purchase your next vehicle. But if you plan to buy or finance more than one car or truck sooner rather than later, Carputty is likely the best fit. On the other hand, Autopay comes with more flexible lending guidelines, and you can access fast cash by borrowing from your car’s equity if you need it. Weigh the benefits and drawbacks of each and explore other purchase and refinance loan options to make an informed decision.