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Autopay: Auto Refinance Review In-Depth Review

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Autopay review: Refinance amounts, rates and terms
Best company for: Online car refinancing with a low balance.

Starting Rate
1.99% APR
Amounts Financed
Loan Terms
24-96 months
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Autopay is an online marketplace where borrowers can find loans to buy or refinance a car. For purposes of this Autopay review, we’ll focus on refinance car loans.

Autopay’s partners offer a competitive starting rate and flexible terms and amounts, but you won’t know your exact APR or term until you go through the full application process. Autopay might be best for those who have improved their credit scores since taking out their original car loan.

Autopay reviews: Pros and cons

Autopay provides auto refinance loans as well as loans to buy a new, used or leased vehicle in all 50 states. Auto refinancing could be a good fit for you if you have a small remaining loan balance or your credit has improved. There’s no fee to apply.

Pros of an Autopay auto refinance loan

 Flexible amounts: Some lenders prefer to refinance larger loans but Autopay allows relatively small amounts. There’s one catch: 24 months is the minimum term, so an Autopay loan may not be useful if you’re close to paying off your original loan. Extending your term is an option, but there are risks to long-term auto loans.

 Fair credit accepted: Lenders on the Autopay network work with customers with all levels of credit.

 Prequalification available: It’s possible to get an idea of what rate you might receive from Autopay without impacting your credit score. However, a prequalification isn’t a firm offer — some Autopay reviews had complaints of higher rates once borrowers went through the full application process.

Cons of an Autopay auto refinance loan

 Higher rates possible: Autopay advertises a starting rate of 1.99% APR, but its calculator shows a higher starting rate for those with excellent credit. Compare offers from multiple refinance companies to make sure you receive your best rate.

 Vehicle restrictions: The vehicle you’re refinancing must be 2011 or newer with 150,000 miles or less.

 Negative reviews. There were only a handful of Autopay complaints filed with the Consumer Financial Protection Bureau (CFPB) in 2020, but some Autopay reviews noted problems with refinancing, including one reviewer who said they were pressured to buy add-on products. Extended warranties or guaranteed asset protection (GAP) typically aren’t requirements to get an auto loan — refuse them if you don’t want them.

Pro tip: If you do want GAP or an extended warranty, compare Autopay prices to other providers. You could save hundreds by price shopping.

How to apply for an Autopay auto refinance loan

The first step to finding a car refinance on Autopay is to fill out an online prequalification form on its website. You’ll be asked for your:

  • Personal information: Name, email, phone number, date of birth, address and how long you’ve lived at that residence
  • Financial information: Monthly housing expense, gross annual income
  • Vehicle information: Year, make, model, trim options, payoff amount, mileage. It may be necessary to call your current lender to get the payoff amount.

Based on this information, Autopay shares potential offers with you. All offers are good for 30 days. If you see one you like, you can submit an application, which will involve a hard credit pull. This can have a small negative impact on your credit report, and is a routine step in securing financing from almost any lender. The lender may request a copy of your:

  • Driver’s license
  • Auto insurance
  • Pay stubs or tax return
  • Utility bill or lease agreement
  • Payoff letter

Autopay vs. other auto refinance companies

Autopay offers a competitive starting APR but you should shop around and get offers directly from lenders. We compared Autopay with a credit union and a large national bank. If you’re still not sure whether refinancing is right for you, play around with the numbers using our auto refinance calculator.

Autopay vs. competitors
Autopay Navy Federal Credit Union Bank of America
Starting APR 1.99% 4.54% 5.99%
Terms 24–96 months Up to 96 months Up to 72 months

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