Autopay Marketplace Review
Autopay auto loans at a glance
| Starting APR | Loan terms | Loan amounts | ||
|---|---|---|---|---|
| New auto loans | Not specified | 24 to 96 months | $2,500 to $100,000 | See Auto Loan Rates |
| Used auto loans | Not specified | 24 to 96 months | $2,500 to $100,000 | See Auto Loan Rates |
| Refinance auto loans | Not specified | 24 to 96 months | $2,500 to $100,000 | See Auto Loan Rates |
If you’re shopping around for an auto loan or refinance, a lending marketplace like Autopay can help.
Autopay offers prequalification from a variety of auto lenders, which means you may find a better car loan more quickly than you would on your own. Plus, their starting annual percentage rates (APRs) are competitive.
Of course, you’ll have to be an excellent applicant to qualify for the lowest rates, and there’s no guarantee you’ll like the offers you get.
- A marketplace for loans: Autopay submits your application to multiple lenders and presents you with the best offers.
- Prequalify without a hard inquiry: You can get prequalified for a car loan and see offers without a hard credit pull, so your credit scores won’t be impacted unless you decide to apply for a loan.
- Low credit score requirement: Autopay only requires that you have a least a 550 credit score. Keep in mind that if you do have a poor score, you won’t qualify for Autopay’s lowest rates.
- Fees vary: Your loan origination fee will depend on the state you live in.
- Best for comparing large loans: Autopay offers new, used and refinance car loans at amounts up to $100,000. Because Autopay is a marketplace, this makes it convenient to compare many large loans at once.
Autopay auto loan requirements
Other than a minimum credit score of 550, Autopay doesn’t provide many specific credit requirements such as payment history or length of credit experience. That’s because Autopay is a lending marketplace, so when you use their service, your information will be used to generate auto loan offers from multiple lenders, each one with different requirements to qualify.
However, Autopay does specify the following criteria:
- Vehicle must be 10 years old or newer
- Vehicle must have less than 150,000 miles
- You must have a minimum income of $2,500 a month
If you’re concerned about getting denied, you can use Autopay to prequalify for loans, which means you can see which loans you’re most likely to qualify for before you submit a full application and take a hit to your credit.
Autopay pros and cons
When you use a loan marketplace like Autopay, you get to compare offers from multiple lenders. The upside is that Autopay can save you the hassle of applying to separate lenders in order to properly shop around and compare loans. On the downside, it’s difficult to know loan requirements and fees up front, since they vary by lender.
| Pros | Cons |
|---|---|
Prequalify without hurting your credit Co-applicants are allowed Low starting APRs | Maximum APR is not disclosed Lenders may charge origination fees (vary by state) |
You can use Autopay to search for new and used car loans, auto refinance loans and lease buyout financing. When you submit your information to Autopay, the company forwards it to a variety of credit unions and financing institutions in their network, and you can quickly get loan quotes to see what you might qualify for.
Just make sure to review the fine print before accepting a loan through Autopay’s marketplace. As with any lender, your final offer could be different from your prequalification offer. Plus, you may have to pay a loan origination fee, and Autopay doesn’t disclose the range of fees.
Autopay company overview
Autopay was founded in 2007. The company is headquartered in Denver, Colo., and is relatively small, with less than 500 employees. Like rateGenius and Tresl, Autopay is owned by The Savings Group.
Autopay customers appear generally satisfied with the service. The company has an A+ rating from the Better Business Bureau (BBB) and a strong customer rating of 4.51 out of 5 stars. Autopay is also rated well on other sites that gather customer reviews, such as Consumer Affairs and Trustpilot.
However, some customers complain about seeing higher rates in their final loan offers than in their preapproved offer or the marketing materials they received from Autopay. On this note, keep in mind that neither preapproved nor prequalified offers are set in stone and serve as more of an estimate of what a lender may be willing to provide.
Autopay primarily serves customers online. You can’t contact the company via chat or in person, but you can call for live support during limited hours or submit a message through the website.
Autopay auto loan types offered
Autopay can help you find offers for a variety of auto financing products. They include:
- New and used car loans: Rates start at 5.69% APR for new and used loans, and the first payment won’t be due for 45 days.
- Lease buyouts: Lease buyout loans start at 4.67% APR, and the first payment isn’t due for 45 days.
- Auto refinancing: Autopay’s lowest rates are available on refinancing, starting at 4.67%. The website boasts that customers save an average of $100 a month by refinancing, but that figure doesn’t include loan fees.
- Cash-out refinancing: Cash-out auto refinancing lets you borrow more cash than you need to pay off your original car loan. When you take out one of these loans, you can use the extra funds to pay off high-interest debt and consolidate it into a new loan.
How to get an auto loan with Autopay
You can apply for a car loan through Autopay’s website or by phone. Here’s what their application process looks like:
- Provide the requested information and documents. This can include your driver’s license, insurance, proof of income and proof of residence. If requested, confirm your details or provide further documentation.
- Review your loan offers. Pay attention to details such as interest rates, fees, repayment terms and how much the lender is willing to offer. Try to compare at least three lenders.
- Finalize and sign your contract online. Once you choose a lender, you’ll have to close on your loan and sign a contract. Be sure to read through the fine print so you fully understand the scope of the agreement.
Is an Autopay auto loan right for you?
If you’re financing a car or refinancing a current auto loan, using a marketplace like Autopay can be helpful. Autopay can quickly generate multiple prequalification offers for you, and their starting APRs are competitive.
But there’s no guarantee you’ll find the best deal available by using Autopay. Whether or not the service is right for you will depend on the details of your final loan offer, including your interest rate and loan origination fee.
How Autopay auto loans compare
If you want to use an online marketplace to find a car loan, myAutoLoan is another option. Like Autopay, you’ll see multiple prequalification offers (with no credit hit) and the APR on new car loans is competitive with Autopay’s rates.
If you want a more traditional alternative, you might try a lender that offers loans online. LightStream is worth considering as long as you have good or excellent credit. However, LightStream does not offer preapproval.
Here’s how their financing for new cars compares:
| Autopay | LightStream | myAutoLoan | |
|---|---|---|---|
| Starting APRs | 5.69% | 7.24% (with autopay) | 6.99% |
| Loan terms | 24 to 96 months | 24 to 84 months | 24 to 72 months |
| Loan amounts | $2,500 to $100,000 | $5,000 to $100,000 | $8,000 and up |
| Minimum credit score | 550 | Not disclosed | 600 |
To learn more about how these options compare to Autopay, read our review of myAutoLoan and LightStream auto loans.
Frequently asked questions
You’ll need at least a 550 credit score to qualify for an Autopay car loan, but each lender in their network has its own requirements. In general, the credit score needed to buy a car is at least 660, but some companies — like Autopay — are willing to work with lower scores.
Autopay does not do a hard credit pull in order to provide you with prequalification offers, which means you can see several rate quotes before you apply. Once you officially apply, the lender will perform a hard credit pull, which can cause your score to drop by a few points.
Autopay works with several auto lenders, and each lender determines how payments will be accepted. For example, your lender may or may not accept payments online.