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Auto Loans

Autopay Auto Refinance: Can You Save Money on Your Loan?

  • Rates (APR): Starting at 4.67%
  • Loan terms: 24 – 84 months
  • Loan amounts: $7,500 – $100,000

Autopay is an online marketplace offering auto loans to consumers. The focus of Autopay is on refinancing loans, but there are also options for purchase loans available as well.

Autopay isn’t a direct lender but instead lets consumers compare loan offers from various financial organizations. As an online marketplace, it aims to operate what it calls a “virtual financial office.”

Getting an auto loan through Autopay

To prequalify for an auto loan through Autopay, the platform does a soft credit inquiry to let users compare rates with no impact on one’s credit score.

A hard credit pull isn’t done until the potential borrower selects a specific offer. Since there are different lenders offering financing through Autopay, interest rates can vary.

The prequalification process can take a few minutes, and then the applicant can receive a decision right away, but that doesn’t mean there is final approval. There is no application fee, and loan offers made to applicants through Autopay are valid for 30 days.

Documentation required by Autopay for application processing includes a driver’s license, insurance, proof of income in the form of tax returns or pay stubs, and proof of residence.

Basic information: rates, terms, fees, and limits

Rates (APR)Starting at 4.67%
Loan amounts$7,500 – $100,000
Loan terms24 – 84 months
Minimum credit scoreNot disclosed but lower scores will have higher rates

The loan amounts available through lenders featured on Autopay range from $2,500 to $100,000, and the minimum loan term starts at 24 months. Loan terms go up to 84 months.

While lenders do create their own requirements, the general guidelines for the site are that 720 or above is considered excellent credit, while 690 to 719 is considered good. For borrowers with lower credit scores, financing may still be available but at higher interest rates.

The lowest minimum APR is 4.67% for qualified applicants shopping through Autopay.

Refinancing your auto loan with autopay

According to Autopay, when consumers use this marketplace to refinance auto loans, they may lower their interest rates by half. The company says it is also able to save consumers an average of $165 a month when they refinance.

There are different kinds of refinancing available including:

  • Traditional refinancing: Payments are reduced, interest rates are lower, and borrowers can shorten the length of their loan.
  • Cashback refinancing: With this option, borrowers can get as much as $12,000 cash back, and then use the funds to pay off debt with higher interest rates or make large purchases.
  • Lease payoff refinancing: This option allows borrowers to keep their car when their base term ends, pay off their lease early and avoid paying high mileage fees.

When a consumer applies to prequalify for refinancing on Autopay, they start by entering their payoff amount, remaining term and current APR.

They can also rank their credit as excellent, average or rebuilding. Since there are several lenders who are on the Autopay platform, even people with less-than-perfect credit scores may find refinancing through the marketplace.

Vehicle make and model restrictions can vary depending on the individual lender.

Pros and cons


  • All-online process

    This might be convenient for borrowers who don’t want to have to work with a dealership or go in person to a bank or lending institution.

  • Large network of lenders

    This helps people with lower credit scores or anyone who wants to be able to shop around and find the best rates and deals conveniently.

  • Cosigners allowed

    This feature helps those with lower credit scores get approved.

  • Prequalification available

    A prequalification inquiry takes a few minutes, and it’s a soft credit pull until you go further in the process.


  • Lack of transparency in fees

    A primary customer complaint is that Autopay may advertise low interest rates, but once all the fees charged are factored into the equation, some customers said they ended up paying more than they did before refinancing.

One specific fee that consumers feel Autopay isn’t transparent about is the doc fee, so before taking financing from a lender on Autopay, it may be worth making sure you’ve gone over the fine print and have factored all of the fees into the cost of your new loan or your auto refinancing loan.

Is Autopay auto refinance right for you?

Autopay can be a convenient way to compare auto purchase and refinance loans from a variety of lenders, including credit unions. Autopay offers:

  • A fast, easy online application process
  • ​The chance for borrowers even with less-than-perfect credit to find financing
  • ​A marketplace to compare rates
  • ​The option to use a cosigner
  • Loan amounts ranging from $2,500 up to $100,000

Although there are opportunities to save money using Autopay, make sure you’re clear on all fees and costs upfront. If not, you might not save as much money as you expected – or you might end up paying more.