Founded in 2007 and based in Denver, Autopay is a digital auto-loan marketplace that connects borrowers with various financing partners, including banks, credit unions, and online lenders. It’s important to note that Autopay is not a direct lender itself. They offer financing options for: – Purchasing new or used vehicles through dealers – Refinancing auto loans – Lease buyouts – Private-party and cash-out refinance options Loan amounts can range from $2,500 to $100,000, with terms varying from 24 to 96 months, depending on the lender you choose. When applying, you’ll go through a soft credit pull for pre-qualification, and a hard pull will be done when you finalize your loan.
Rates And Loan Details
Looking to refinance? Check out the advertised APR, which starts at a tempting “as low as 2.99%.” For purchases, the APR typically falls between 1.99% and 17.99%, depending on your credit score and the vehicle you choose. When it comes to loan terms, you can go for a maximum of 96 months for both purchase and refinance options, but the minimum is set at 24 months. To qualify, you’ll need a credit score of around 600 and a monthly income of about $2,000. As for fees, there’s no application fee, but keep in mind that some loans might come with origination fees that vary by state. Plus, GAP insurance and service contracts are available through our partners.
What Is Good About Autopay
Discover the ease of applying once and comparing offers from multiple lenders all in one spot, and the best part? It only takes a soft pull on your credit! With a wide network of lenders, including credit unions, you can find competitive rates that are lower than you might expect. Plus, if you’re looking for long-term loans, you can stretch your terms up to 96 months, which can really help ease those monthly payments. Don’t forget about the pre-qualification window! Rate offers are good for 30 days, giving you the chance to shop around before you commit. And if you’re considering a purchase or refinance, co-applicant support is available to help you through the process.
Risks And Drawbacks
While there are some upsides, Autopay is surrounded by quite a bit of controversy. First off, there’s the rate bait-and-switch issue: numerous users have pointed out that the rates they see advertised don’t align with the final offers they receive. They undergo hard inquiries right from the start, only to be hit with higher APRs later on. Then there are the variable origination and documentation fees, which can be pretty steep and are often revealed at the last minute. Transparency is another big concern: many applicants feel misled when those low advertised APRs seem to disappear during the application process. Customer service and title issues are also common complaints, with users reporting slow processing times, errors in title registration, and representatives who are hard to reach. On top of that, there are privacy worries, particularly regarding the sale of applicants’ personal data to lenders and dealers without enough transparency. When it comes to reviews, the scores are mixed: Trustpilot shows around 2.2 out of 5, with a lot of complaints; the BBB gives it an A+ rating, although there are still some grievances; and Google users rate it about 4.7 out of 5 based on numerous reviews.
Real BorrowerAccounts
Negative Experiences “They advertise rates as low as 4.95%, but when I applied, they offered me 6.49%—which is even higher than what I’m currently paying!” bankrate.com +1 trustpilot.com +1 “It’s a total bait-and-switch.” “Worst experience ever… the interest rate jumped from 3.3% to 8.02%.” bankrate.com +12 consumeraffairs.com +12 reddit.com +12 “Autopay decided they owned my car… they messed up the title.” investopedia.com +15 reddit.com +15 nz.trustpilot.com +15 👍 Positive Feedback “I worked with Paxton, and he cut my interest in half… the whole process was smooth and efficient.” reddit.com +3 bankrate.com +3 thecreditreview.com +3 “Autopay approved me for a loan at 7%, which significantly lowered my monthly payment… the process was a breeze.” money.usnews.com +10 nz.trustpilot.com +10 autopay.com +10 “Getting my loan approved was super quick. The paperwork was straightforward and fast… I highly recommend them.” autopay.com +1 nz.trustpilot.com +1 These contrasting opinions highlight that experiences can vary greatly, likely due to different credit profiles and how well they match with lenders.
Tips If You Use Autopay
New version: Be cautious with all the rates you see advertised—make sure to double-check the final offers thoroughly. Start by pre-qualifying with a soft pull, and take the time to compare quotes fairly. Don’t forget to read the fine print regarding fees; there might be origination or documentation charges involved. Keep a record of every step—track your loan application, the lender you matched with, the terms, and the title paperwork. After closing, confirm the title and registration to avoid any unexpected surprises. Stay connected—regular calls and follow-ups can help minimize delays and tackle any issues that come up. And remember to shop around—comparing options with direct lenders like credit unions and banks might lead you to better APRs.
Final Assessment
Autopay is a handy platform that lets you compare loans from different lenders without too much hassle upfront. It can be especially useful for borrowers with fair credit or those looking for long-term financing. However, there are a few things to keep in mind: You might encounter disappointing rates compared to what’s advertised. Watch out for hidden fees and differences in loan structures. Customer service can be a bit of a headache, and there might be issues with documentation or titles. Also, consider privacy and data-sharing concerns. If you decide to use Autopay, stay alert and think of it as a way to explore your options—but don’t make any commitments until you fully understand the final terms. And always make sure to compare offers with direct lenders to ensure you’re getting the best deal possible.
TL;DR Table
Detect AI-generated content and transform it into something that feels more human with our AI Content Detector. Just paste your text, and you’ll receive accurate, relatable results in no time! Here’s the text we’re looking at: Feature: Autopay Summary Type: Loan marketplace (not a lender) Loan amounts: $2.5K–$100K Terms: 24–96 months APR range: ~1.99–17.99%, refinance as low as 2.99% Prequal: Soft pull; 30-day offers Pros: Easy comparison, long terms, range of credit levels Cons: Bait-and-switch rates, hidden fees, service/title issues, data privacy Reviews: Mixed—Trustpilot low, BBB high, others varied
