Do you need good credit to qualify for a loan with Autopay?

Some lenders in Autopay’s extensive network cater to borrowers with lower credit scores. Generally, good or excellent credit is required to get the best deal on auto financing.

Can you apply with a co-applicant to increase your chances of getting approved?

Yes, Autopay allows applicants to add a co-signer to strengthen their approval odds. The person you add should have a solid credit history and a consistent, verifiable source of income to give you the best chance at getting approved.

Does Autopay offer vehicle service contracts to borrowers?

Yes, you can purchase a vehicle service contract when you take out a new loan or refinance your existing one. This form of protection helps prevent you from incurring hefty maintenance and repair costs. Some vehicle service contracts also feature roadside assistance coverage.

Autopay: 2024 auto loan review

Published 2024-07-08 13:00:00

Written by

Rebecca Betterton

Edited by

Rhys Subitch

At a glance

4.3

Bankrate Score

Availability
Rating: 5 stars out of 5
Affordability
Rating: 3.5 stars out of 5
Customer Experience
Rating: 4.2 stars out of 5
Transparency
Rating: 4.5 stars out of 5

Compare auto loan rates

See Rates

About Autopay

Loan amount

$2,500-$100,000
Min. credit score

Not specified
APR from

4.67%
Funds available in

As little as one business day

Best for drawing on your car’s equity

Autopay offers cash-out refinancing, meaning you refinance your existing loan for more than you owe and pocket the difference. You’ll have to pay interest on the extra sum, but if you have another high-interest debt you want to pay off, Autopay’s competitive rates could make this type of loan a smart move.

While this loan product isn’t unique to Autopay — some competitors, like RefiJet, also offer cash-out refinancing — it helps this lender stand out.

Types of car loans that Autopay offers

	New/used car loans	Traditional refinancing	Cash-out refinancing	Lease buyout
APR	5.69%	4.67%	4.67%	4.67%
Loan amounts	$2,500-$100,000	$2,500-$100,000	$2,500-$100,000	$2,500-$100,000
Loan terms	Terms: 24-96 months	Terms: 24-96 months	24-96 months	24-96 months

New/used car loans

If you’re in the market for a new ride, you can work with Autopay to find the perfect auto loan for your financial situation. Like most online lenders, Autopay allows you to view your possible rates without affecting your credit score by prequalifying. The 30-day prequalification period allows you to shop with confidence at the dealership.

Traditional refinancing

Whether you want to lower your monthly auto loan payments or secure a lower interest rate, refinancing with a lender in the Autopay network may help you meet your goal. You can also shorten your loan term and pay off your car loan faster.

Cash-out refinancing

If you want to draw on your vehicle’s equity, cash-back refinancing could be a viable option. You can receive up to $12,000 in cash and use the funds however you see fit. Some borrowers opt to pay off higher-interest debt and free up funds for other financial goals.

Lease buyout

This financing option can help you keep your leased vehicle when the lease term is up. Or you could pay off your lease early. Plus, you can avoid excess mileage fees if you’ve exceeded the limit specified in the lease agreement.

Where Autopay stands out

Convenient: Autopay serves as an auto loan marketplace, which makes it easy to explore many loan options at once. Through a single streamlined application, borrowers can see loans from multiple banks, credit unions and online lenders without damaging their credit.
Long maximum terms: Autopay has lenders in its network that offer loan terms of up to 96 months. This is much longer than what's offered by most lenders, and can be beneficial for those who want to extend their payoff timeline. But remember that a longer term means you will pay more interest.
Range of credit accepted: Autopay works with a wide range of lenders and can thus help you find a match that approves many different credit levels. If you have less-than-perfect credit and have struggled to get acceptance elsewhere, Autopay is a strong option.

Where Autopay falls short

Unknown APR: While the advertised minimum rate is competitive, it is only available for the most qualified borrowers. More than that, the maximum interest rate is not disclosed, which can make it difficult to gauge affordability for bad credit borrowers.
Down payment: Depending on the lender or your state of credit, borrowers may be required to put cash down to secure a new car loan. Though, it is not needed for auto loan refinancing.
Potential fees: Autopay’s website notes that borrowers may be charged a loan origination fee, depending on their state of residence. The fee amount is unknown, though it is included in the APR given.

Autopay customer experience

Customer support

If you’re interested in applying for an auto loan with Autopay, visit the website to submit an online inquiry or contact customer service by phone. Customer support is available Monday through Friday from 7 a.m. to 7 p.m. MT and Saturday from 9 a.m. to 5 p.m. MT. You can also connect with a representative via text message.

Digital experience

The Autopay website is easy to navigate and has separate sections depending on the auto product you are interested in purchasing. It also has a chat function via text message that can help potential customers with quick questions.

The site’s knowledge center can benefit borrowers who are unsure if refinancing will save them money. It includes a glossary and an auto loan refinance calculator where potential savings can be found.

What people are saying about Autopay

Autopay has a fairly middle-of-the-road score on Trustpilot at 3.4 out of 5 stars. Many reviews complained of poor customer service and issues with the loan application. One driver described a frustrating and fruitless struggle to get their loan documents after being told their application was approved, adding,

“It’s a merry go round of nonsense.”
— Trustpilot user

A borrower with a better experience had this to say:

“I had recently financed a vehicle through a dealership. The dealership had me in an expensive autoloan with very high interest rate. Then, a few weeks later, I received a letter from AutoPay. I was able to refinance my auto with them. Money back in my pocket! The process was simple, handled very efficiently and quickly. The people at AutoPay are straight forward, very professional, and will save you money on your auto loans. I highly recommend AutoPay!!!”
— Trustpilot user

The lender has a positive track record of getting back to reviewers, with an 83 percent reply rate.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Autopay vs. PNC

PNC Bank offers purchase and refinance loans. Thanks to its large network of branches, it is likely a better option for people who prefer an in-person experience. PNC also stands out for its Total Auto program, which makes it easy to search for vehicles in your area. One major downside is that its loans can be pricier than those through Autopay for people with great credit.

Autopay vs. LightStream

LightStream is another online lender that helps borrowers refinance or purchase vehicles. And, like Autopay, it excels at fast funding, offering loans as soon as the same day. However, the lender does have a slightly higher minimum APR, which means that excellent credit borrowers with strong incomes may be able to get a better deal with Autopay. LightStream also does not offer prequalification.

Do you qualify for an Autopay auto loan?

Autopay doesn’t specify lending requirements on its website. Though, you can get prequalified in minutes using the online form to view potential loan offers. The prequalification process won’t impact your credit score, and once you formally apply, you will need to provide more specific details.

How to get an Autopay auto loan

The Autopay application is handled fully online or over the phone, and the first steps to secure prequalification are done without a hard credit pull.

Fill out an application: Whether you are applying for a vehicle purchase, refinance or lease buyout loan, the first step is to share some details regarding yourself and your vehicle.
Confirm information: At this point, you will be matched with a lender in the Autopay network. The vast network can help borrowers with various credit profiles find a match,
Finalize: Once you have agreed to the suggested lender, you will receive the documents and sign them on your phone.

- Driver’s license.
- Proof of insurance.
- Proof of income.
- Proof of residence.
- A payoff letter, if refinancing.
- Additional documents as needed by your lender match.

How Bankrate rates Autopay

Overall score	4.3
Availability	5.0	Autopay’s wide network of lenders allows for wide coverage in the areas of loan amounts, state availability and terms. It also doesn’t have dealership restrictions.
Affordability	3.5	Affordability will vary based on the lender you’re matched with, which means Autopay falls toward the middle of the road.
Customer experience	4.2	Autopay offers customer service six days a week, full online access and a shopping period of 30 days, earning it a higher customer service score.
Transparency	4.5	Fees and rates are only partially available on Autopay’s website, but prequalification availability bumps its score up.

Methodology

Bankrate's trusted augo loans industry expertise

Read our full methodology

years in business

lenders reviewed

loan features weighed

666

data points collected

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.