Autopay Auto Buyout, Refinance, and Purchase Loans

Dec 10, 2022 By Susan Kelly

Autopay is a web-based loan exchange where consumers may locate auto financing for either new or used vehicle purchases or refinancing. This Autopay evaluation will centre on the process of refinancing an automobile loan.

The partners of Autopay provide a competitive initial rate as well as adaptable payment schedules and sums, but you won't know your specific annual percentage rate (APR) or term until you complete the application. Those whose credit has increased since taking out the auto loan may benefit most from setting up automatic payments.

The Refinancing Process with Automatic Payments

Loans for purchasing a new or pre-owned vehicle, or financing a lease, are all available from Autopay. If you have a low remaining loan debt or your credit has improved, auto refinancing may be an option for you. It's free to submit an application.

Automatic loan repayments are one of the benefits of a car refinancing with Autopay.

Modifiable sums: Autopay provides for far smaller loan amounts than some other refinancing options. The one catch is that the minimum duration for an Autopay loan is 24 months, so it might not be helpful if you're very near to paying off your initial loan. However, there are potential drawbacks to taking out a car loan for an extended period of time.

Reasonable Credit Permitted: Autopay's participating lenders will lend to borrowers of varying credit histories.

Possibility of prequalification: You can check your estimated rate with Autopay without affecting your credit. However, a prequalification isn’t a firm offer - some Autopay reviews featured concerns of higher rates once borrowers went through the whole application procedure.

The Downside of an Automatically Refinanced Car Loan

It's possible to get better rates: Autopay promises a starting rate of 1.99% APR, although its calculator indicates a higher starting rate for people with great credit. Make sure you get the best deal possible by shopping around for a refinancing company.

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

Remarks that are not positive. Some Autopay reviews mentioned issues with refinancing, and one reviewer even claimed they were pressed to buy add-on items, but only a small number of complaints were made with the Consumer Financial Protection Bureau (CFPB) in 2020. Auto loans rarely necessitate the purchase of optional protections like GAP or extended warranties; you can decline them if you don't want them.

Examine the pricing of competitors to Autopay if you're interested in GAP or an extended warranty. You might save hundreds simply price shopping.

The Refinancing Process with Automatic Payments

To begin your search for an auto refinance on Autopay, fill out a prequalification form on their website. Information such as:

Individually Identifiable Data: Provide your full legal name, email, phone number, birth date, current address, and length of time at that location.

Data pertaining to finances: Total annual income compared to housing costs incurred monthly

Vehicle information: Year, make, model, trim choices, payback amount, mileage. It's possible you'll have to contact your current lender to find out the payoff amount.

Autopay uses this information to suggest relevant deals to you. These specials are valid for a full 30 days. An application submission will initiate a hard inquiry into your credit if you decide to pursue this option. This can have a tiny negative influence on your credit report, and is a typical step in receiving financing from practically any lender. The lender may request a copy of your:

Permit to Drive

Auto insurance

Proof of income, such as a W-2 or 1099,

Utility bill or lease agreement

Letter of settlement

Autopay vs. other auto refinancing companies

The initial APR offered by Autopay is cheap, but you should still compare rates from several lenders to get the best one for your situation. We looked how how Autopay measured up against both a credit union and a major national bank. Try out several scenarios with our car refinance calculator to help you decide if a new loan is the best option for you.

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