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Autopay: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital content strategist. She’s been featured in a variety of top financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-researched and well-researched content that breaks down complicated topics into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and compare information at no cost – so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does have no impact on the content we publish or the reviews you see on this site. We do not cover the entire universe of businesses or financial deals that could be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed are only the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review is correct up to the date when the review first appeared. Look over the information on the right as well as the lender’s website to find the most current information.
At a quick glance 4.2 Score: 4.2 stars out of five
Availability Rating: 4.5 stars out of 5
Affordability Rating: 3.6 stars out of 5
Customer Experience Rating 4 stars out of 5.
Transparency Rating: 4.5 stars out of 5
Find out about rates for auto loan rates
Autopay Loan amount: $2,500 to $100,000.
Min. credit score not specified
APR from 2.99%
Funds are available in as just one day
Autopay Pros and cons There are some key benefits and drawbacks of Autopay auto loans to take into consideration prior to applying.
Perfect credit not required
CONS Insufficient transparency regarding APR maximum
No purchase made previously
Autopay can be described as an internet-based marketplace for lending which helps customers find the best deal on car loan financing. You can look up potential loan offers from lenders in their network in minutes without affecting your score. If you find a match, the application procedure is simple, so you can quickly finalize your new auto loan with no stress.
Do you qualify? Autopay does not specify requirements for lending in its site. However, you will need to provide specific information about your vehicle when you submit a formal application to the lender to be approved in full. Or you can get prequalified within a matter of minutes by using the online form to view potential loan offers. The form is simple to fill out, and being prequalified will not impact the credit rating of your prospective lender. What we love and what don’t like Consider these benefits and drawbacks of an auto loan using Autopay before signing off on an application.
We like the convenience: It allows you to explore loan options from multiple banks or credit unions as well as online lenders in one place without hurting your score on credit. Streamlined application process: Autopay features a simplified application process designed to help you get the best deal on your next auto loan in a lesser amount of time it would take at the bank or dealership. Credit score not necessary: You can get 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 clarity regarding maximum APR: The minimal rates of 2.99 percent that is advertised on the website is only accessible to borrowers with excellent credit. The down payment: Some applicants must put cash down to secure a new car loan. However, down payments generally don’t have to be made to qualify for automobile loan refinancing. For used items If you’re trying to purchase a second-hand car then you’ll need to look elsewhere. Contact Autopay If you’re thinking of applying to get an auto loan through Autopay visit their site to submit an online request or reach the customer service via telephone. Customer support is available Monday through Friday between 7 a.m. until 7 p.m. MT and Saturday from 9 a.m. until 5 p.m. MST. You can also reach the customer service representative through text messages.
Types of Auto loan types offered The lenders in the Autopay network offer new car loans and three types of refinancing.
New and used cars loans
Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: From 2.99%
If you’re looking to buy a new car, you can work with Autopay to find the perfect auto loan that fits your budget. Prequalification lets you shop without trepidation at the dealership and save time sitting in line for finance departments to accept the loan. The Autopay team assists applicants throughout the application process. Traditional refinancing
Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: Beginning at 2.99 2.9%
If you’re looking to reduce the amount of your auto loan payments or get lower interest rates, refinancing through a lender through the Autopay network can assist you in reaching your goal. It is also possible to take this route to shorten your loan duration and to pay off your car loan faster. Refinancing cash out
Quick facts about loans: $2,500-$100,000 . Terms: 2496 months APR: Beginning at 2.99 percent
If you’re looking to draw on your vehicle’s equity, cash-back refinancing might be an option. You can get up to $12,000 in cash and use the funds however you want. Some people choose to pay off high-interest debt and use the funds to fund other financial objectives. Lease buyout
Loan quick facts Amounts: $2,500-$100,000 . Terms: 2496 months APR: From 2.99 percent
This financing option can assist you once the lease expires. Or you could take the lease off early. In addition, you’ll save on mileage charges in the event that you’ve exceeded the maximum set in the lease agreement. How to apply for a loan using Autopay After you have gathered the required documents, fill out Autopay’s application form. It doesn’t require a credit check. Autopay will shop your information to lenders that are part of its network, and then present loan offers to you. loan offers to you in the event that there’s a match. If you decide to move forward then the lender will check your credit report and scrutinize supporting documents before issuing full approval.
Required application information Driver’s license Evidence of insurance Proof that you earn income residence A letter of payment (if refinancing) Additional documents that are required to ensure your lender match
Do you require good credit to get a loan via 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 most favorable rate on auto financing.
Are you able to apply with an additional co-applicant in order to improve your chances of getting approved? Yes, Autopay allows applicants to increase their chances of approval. The person you add should have a good credit score and a consistent, verifiable source of income to ensure the greatest chance to be approved.
Does Autopay offer vehicle service contracts for borrowers? Yes, you are able to purchase the service contract for your vehicle when you apply for an entirely new loan or refinance your existing one. This kind of protection can keep you from having to pay for costly maintenance and repair expenses. Certain vehicle service contracts include roadside assistance.
How do you know if Bankrate rates Autopay?
Autopay’s wide network of lenders allows for extensive coverage of loan amounts, state availability and terms. Autopay also doesn’t come with dealership limitations.
The affordability of Autopay will differ based on the lender you’re matched to This means that Autopay falls toward an upper middle.
Autopay provides customer support seven every day of the week, with full online access and a shopping period of 30 days, giving it a better customer satisfaction score.
Rates and fees are partially available on Autopay’s website, but prequalification availability bumps its score.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, fees and rates are offered and APR range all influence lender scores. The scores are divided into four categories. Availability: Loan amounts as well as repayment options, dealer requirements and state availability all contribute to this category. Affordability: This section houses APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you have to shop, customer service accessibility, whether there’s an app or autopay available are accounted for within this category. Transparency: This category is responsible for the availability of fees and rates along with whether prequalification is available.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the views of the reviewer. They are not reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review is accurate up to the date when the review first appeared. Look over the information on the right, and the lender’s website for the most recent information.
Allison Martin’s work started over 10 years ago as a digital content strategist. Since then, she’s been featured in numerous prestigious financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that break down complex topics into digestible chunks.
Auto loans editor
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