Overview
Autopay is an online lending marketplace that helps consumers find competitive rates on auto loans from a network of lenders.
Key Details
- Loan Amounts: $2,500 – $100,000
- Credit Score Requirements: Not specified, but good/excellent scores likely needed for best rates
- Interest Rates: Starting at 4.67% APR
- Funding Time: As fast as 1 business day
Best For
Autopay is best for borrowers looking to tap into their vehicle’s equity via cash-out refinancing. It also offers competitive interest rates for those with good credit.
How Autopay Works
Autopay lets you easily compare personalized loan offers from multiple lenders without impacting your credit score. If you see an offer you like, you submit a full application directly to that lender.
Pre-Qualification Process
Fill out Autopay’s simple pre-qual form online. It only takes a few minutes. This soft credit check allows you to view potential loan offers with estimated rates and terms. If interested, continue on to formally apply with the matched lender.
Autopay Pros and Cons
Pros
- Fast, easy online process
- Access to multiple lenders from one spot
- Pre-qualify without damaging credit
- No early repayment penalties
Cons
- Rates and fees depend on matched lender
- Minimum credit and income requirements unclear
- Possible loan origination fee
Autopay vs. Competitors
How does Autopay compare to other top auto lenders?
Autopay vs. Lightstream
- Interest rates: Lightstream may beat Autopay for those with excellent credit
- Loan types: Lightstream offers unsecured loans without using the car as collateral
Autopay vs. PenFed Credit Union
- Customer service: PenFed has more branch locations for in-person support
- Loan eligibility: PenFed membership is required; more borrowers are likely to qualify via Autopay
Types of Auto Loans Offered
Autopay provides access to new car loans, used car loans, lease buyouts, and auto refinancing options.
New and Used Car Loans
Finance your new or used car purchase through Autopay’s lender network.
- Amounts: $2,500 – $100,000
- Terms: 24 – 96 months
- Rates: From 4.67% APR
Auto Refinancing
Refinance an existing car loan to improve your rate or monthly payment.
- Amounts: $2,500 – $100,000
- Terms: 24 – 96 months
- Rates: From 4.67% APR
Cash-Out Refinancing
Tap into your car’s equity and take cash out during the refinance process. Use it to pay other debts or fund purchases.
- Amounts: $2,500 – $100,000
- Terms: 24 – 96 months
- Rates: From 4.67% APR
Lease Buyouts
Take over the financing on your leased vehicle instead of returning it at the lease end.
READ ALSO: Upstart 2024 Auto Loan Review
Applying for an Autopay Auto Loan
Follow these steps when applying for auto financing through Autopay:
- Pre-qualify online: Fill out the simple form to view personalized loan offers without impacting your credit.
- Formally apply: Select your preferred offer and complete full application with direct lender.
- Get approved: Work directly with matched lender for final underwriting and approval.
- Sign loan agreement: Review terms, e-sign documents, and get funding in as little as 1 day.
Fees to Know
While specific fees vary by lender, here are some common charges to expect:
- Origination fee
- Late payment fees
- Early payoff penalty
- Bounced check fees
- Documentation fees
To Recap
Autopay makes financing a car purchase or refinance easy and fast thanks to its network of lending partners. It’s best for those with good credit seeking competitive interest rates. Convenience factors like soft pre-qualification checks and quick online processes give Autopay an edge over traditional banks and credit unions. Just be sure to compare all loan estimates and read the fine print before signing your final auto loan agreement.
FAQs
Does Autopay fund the loans?
No, Autopay is a lending marketplace. Once matched, you work directly with the lending partner who funds approved loans.
Can I get approved with bad credit?
Approval odds go up the stronger your credit history. That said, Autopay works with some subprime lenders who may approve those with credit challenges. Rates won’t be the lowest.
Are there prepayment penalties?
No early repayment penalty is mentioned on Autopay’s site. But confirm fees with your matched lender. Some may charge penalties for paying off loan early.
Is there a special financing offer for college grads?
No graduation-specific offer is advertised. But as an online marketplace, specials vary, so check with Autopay lenders for current promotions.
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