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Autopay
Autopay 2023 Auto Loan Review Published 2023-01-01 00:00:00
Written by Allison Martin Written by
Allison Martin’s work started over 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial media 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 writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances by providing concise, well-researched, and clear information 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 better financial choices by offering interactive financial calculators and tools that provide objective and unique content, by enabling users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that compensate us. This compensation can affect the way and where products are displayed on this website, for example for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home loan products. But this compensation does affect the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial offerings that could be accessible to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information that is included, including rates and fees provided in the review is correct as of the date of the review. Look over the information on the right as well as the lender’s site for the most current details.
A glance 4.2 Rating: 4.2 stars out of five
Bankrate Score
Rating of Availability: 4.5 stars out of 5
Affordability Rating: 3.6 stars out of 5
Customer Experience Rating: 4 stars out of 5.
A rating of transparency: 4.5 stars out of 5
Find out about auto loan rates
Autopay Loan amount: $2,500 to $100,000.
Min. credit score Not specified
APR as low as 2.99%
Funds available in As only one business day
Autopay Pros and cons There are some key benefits and drawbacks to Autopay auto loans to think about before applying.
PROS Convenient
Application that is streamlined
Perfect credit not required
CONS Lack of transparency around the maximum APR
Down payment
No purchase made previously
Autopay is an online lending marketplace that assists consumers in finding the best price on car loan financing. You can view potential loan offers from lenders in their network in a matter of minutes without impacting your credit score. If there’s 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 provide specific lending requirements on its website. However, you will need to provide specific vehicle details when you apply for a loan with an lender to be approved in full. Prequalification can be obtained within minutes by filling out the online form to view the possibility of loan offers. The application is easy to fill out and being prequalified will not affect the credit rating of your prospective lender. What we like and what we don’t like Consider these benefits and drawbacks of Autopay loan that comes with Autopay before signing off on the application.
What we like Convenient: You can look into loan options from a variety of banks as well as credit unions, and online lenders all at once without harming your credit score. A streamlined application process: Autopay features a simplified application process designed to help you secure the new car loan within a fraction of the time it’d require at the dealership or bank. Credit score not necessary: You may be eligible for an auto loan through a lender through Autopay’s Autopay network even if you have less than perfect credit. We are not a fan of the lack of transparency regarding the maximum APR: The minimal rates of 2.99 percent advertised on the website is only available to well-qualified people with good credit. A down payment is required for some applicants. require cash to get a car loan. However, down payments generally aren’t necessary for auto loan refinancing. Don’t make purchases that are used If you’re trying to buy a used vehicle it’s best to look elsewhere. Contact information for Autopay If you’re thinking of applying the auto loan using Autopay visit their site to submit an online inquiry or contact customer service by phone. Support is available Monday to Friday between 7 a.m. to 7 p.m. MT and Saturday between 9 a.m. to 5 p.m. (MT). You can also reach the customer service representative through text messages.
Auto loan kinds offered The lenders within the Autopay network offer new vehicle loans and three types of refinancing.
New and used car loans
Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: From 2.99 2.9%
If you’re looking for a new ride You can partner with Autopay for help in finding the best auto loan that fits your budget. With prequalification, it lets you shop with confidence at the dealership and save time sitting around waiting until the department of finance to accept the loan. The Autopay team assists applicants throughout the application process. Traditional refinancing
Loan quick facts Amounts: $2,500-$100,000 Terms: 24-96 months APR: Beginning at 2.99%
If you’re looking to cut your monthly auto loan payment or obtain a lower interest rate Refinancing your loan through an autopay lender within the Autopay network could help you meet your goal. You can also go this route to cut down your loan duration and to pay off your car loan quicker. Cash out refinancing
Loan quick facts Amounts: $2,500-$100,000 Terms: 24-96 months APR: Beginning at 2.99 percent
If you’re planning to tap into your car’s equity, refinancing it with cash back could be a viable alternative. You can receive up to $12,000 in cash , and utilize the money however you see fit. Some people choose to pay off debts with high interest and free up funds for other financial goals. Lease buyout
The loan amount is $2,500 to $100,000 Terms: 24-96 months APR: From 2.99 percent
This financing option could help you when the lease expires. It is also possible to pay off your lease early. Plus, you can save on mileage charges in the event that you’ve exceeded the maximum stipulated in the lease contract. How do you apply for Autopay’s loan through Autopay After obtaining the required documents, fill out Autopay’s application form. It does not require a credit check. Autopay will search your data to lenders in its network and will present possible loan offers to you. loan proposals to your if there’s a match. If you decide to pursue then the lender will pull your credit and go over the supporting documents prior to granting full approval.
Documents required for application Driver’s license Evidence of insurance Proof that you earn income residency A payoff letter (if refinancing) Additional documents as needed for your lender match
FAQs on Autopay
Do you require a good credit score to be eligible for a loan via Autopay? A few lenders in Autopay’s large network offer loans to those with lower credit scores. The majority of the time, good or excellent credit is needed to secure the best deal for auto financing.
Can you apply with an additional co-applicant in order to improve your chances of getting approved? Yes, Autopay allows applicants to to strengthen their approval odds. The person you add should have a solid credit history and a reliable, consistent source of income to provide the best chances to be approved.
Does Autopay provide vehicle service contracts for the borrowers? Yes, you can purchase an auto service contract when you apply for an entirely fresh loan or refinance an existing one. This kind of protection can keep you from having to pay for costly repairs and maintenance costs. Certain vehicle service contracts feature roadside assistance coverage.
How do you know if Bankrate rates Autopay?
Overall score
4.2
Availability
4.5
Autopay’s vast network of lenders gives it wide coverage in the areas of loan amounts, state availability and terms. Additionally, it doesn’t have dealer limitations.
Affordability
3.6
Affordability will vary depending on the lender you’re working with, which means Autopay is in mid-range.
Customer experience
4.0
Autopay offers customer service six days a week, complete online access and a purchase duration of 30 days giving it a better customer service score.
Transparency
4.5
Rates and fees are partially accessible on Autopay’s site Prequalification options boost its score.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether rates and fees are readily available and the range of APR all affect lender scores. These scores are broken up in four different categories. Availability: Loan amounts and repayment options, dealership requirements, and state availability all contribute to this section. Affordability: This section contains APR ranges as well as acceptance criteria, fees and discounts. Customer experience: The length of time you have to spend shopping, customer service availability, whether you have an app or autopay available are all covered within this category. Transparency: This category accounts for the accessibility of rates and fees as well as the availability of prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are solely the views of the reviewer. They have not been evaluated or approved by any advertising company. The information, including rates and fees provided in the review is accurate as of the date of the review. Check the data on the right and the lender’s site for the most recent information.
Written by
Allison Martin
Allison Martin’s career began more than 10 years ago as a digital media strategist, and she’s since been published in several leading 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 editing and writing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to manage their finances through providing clear, well-researched information that breaks down complicated topics into manageable bites.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products andservices or when you click on specific links on our website. This compensation could affect the way, location and in what order products appear within listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own proprietary website rules and whether or not a product is available within your area or at your self-selected credit score range may also influence how and when products are featured on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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