Autopay Auto Purchase, Refinance and Lease Buyout Loans: 2023 Review [COMPARISON TABLE]

Full Review

Autopay works with more than 20 lenders to offer applicants different loan terms to choose as their best option. Applicants can apply entirely online and find out within minutes if they pre-qualify for a loan. Potential borrowers can also apply with co-signers or co-borrowers. While there is a minimum income requirement for applicants, the amount varies by lender. So applicants can pre-qualify with some potential lenders despite not pre-qualifying with all of them.

While some lenders might charge an origination fee — which is an upfront cost — a few offer a rate discount if applicants set up autopay for monthly payments. And when it comes to your loan, Autopay’s lenders do not charge a prepayment penalty. So you can pay off your loan early without extra fees.

The Autopay website also offers several tools. Potential borrowers can use the company’s refinance calculator to see how much they could save with a new lender, and current borrowers may benefit from a glossary of terms and blog posts to better understand their loans. Autopay’s FAQ page also provides readers with simple answers to questions about applications, loans and additional services.

Autopay may be a good fit for those who:

• Want to apply with co-signers or co-borrowers. Autopay allows co-signers and co-borrowers on all applications.

• Need a lease buyout loan without restrictions. Autopay has no restrictions on age, mileage or model of vehicle for lease buyout loans.

Autopay at a Glance

• Application processApplication process

  • Origination fee: Some lenders might charge an origination fee.

  • Personal information needed: Social Security number or ITIN, address, time at address, phone number, email address, citizenship status, birth date, employment status, employer name, housing status, housing payment amount, basic vehicle information and vehicle identification number.

  • Pre-qualification available: Yes, pre-qualification is available with most lenders.

  • Online, in-person or both: Online.

  • Approval speed: More than 10 minutes but usually less than 24 hours.

• QualificationsQualifications

  • Minimum FICO credit score: 560.

  • Minimum credit history: Applies in nearly all cases, but did not disclose required length of credit history.

  • Minimum annual gross income: Varies by lender.

  • Maximum debt-to-income ratio: 50%.

  • Bankruptcy-related restrictions: Most lenders have restrictions, but they vary by lender.

  • States covered: Available in all 50 states.

• RestrictionsRestrictions

  • Maximum vehicle age: 10 years.

  • Maximum vehicle mileage: 100,000 miles.

  • Other vehicle restrictions: None.

  • Loan amount minimum: $8,000.

  • Loan amount maximum:Did not disclose.

  • Refinancing time restrictions: Borrowers must refinance for at least $8,000 and cannot refinance after closing on a previous auto loan until the title can be transferred.

• Other loan detailsOther loan details

  • Loan terms: 24-96 months.

  • Rate discount: Not all lenders offer discounts. Available discounts with autopay vary by lender.

  • Greater-than-minimum payments: Yes.

  • Bi-weekly payments: Did not disclose.

  • Prepayment penalty: None.

  • Co-applicants allowed: Co-signers and co-borrowers are allowed in all cases.

  • Payment options: Varies by lender.

  • Selected payment due date: Yes, borrowers can choose their own payment dates.

  • Offers cash-out refinancing: Yes.

  • Hardship plans: Did not disclose.

  • Existing loan payoff: Funds are sent directly to the previous lender.

• Customer serviceCustomer service

  • Assistance provided: Borrowers can reach out to Autopay for application support and after their loans have been transferred to their chosen lender.

  • Availability:Mon-Fri 7 a.m.-7 p.m., Sat 9 a.m.-5 p.m. MT.

  • Contact options: By phone, email and online.

» MORE: Compare lenders that offer auto lease buyout loans

More from Autopay

Autopay has additional services that can be rolled into the cost of a loan. These include guaranteed asset protection — or GAP — insurance and extended service contracts for vehicles that are outside of their manufacturer warranties. Roadside assistance plans are also available in some cases.

Autopay states on their website that they saved borrowers an average of $1,158 annually in 2022; however, this information cannot be verified by NerdWallet.

Autopay auto loan rates

Credit requirements vary by auto lender, but Autopay lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of about 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.

Loan example:

According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-500 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.