Autopay Auto Refinance and Lease Buyout Loans: 2024 Review

Full Review of Autopay

Autopay is an aggregator that works with a network of approximately 220 lenders to provide auto loan refinancing and lease buyout loans. It also offers cash-out auto refinancing, so borrowers with vehicle equity may be able to receive cash with a new refinance loan.

Autopay offers financing for vehicle purchases on its website, but purchase loans are not covered in this review, since this product is available on a very limited basis.

Auto refinance and lease buyout loans are available in all 50 states through Autopay. The company’s network has lenders that work with borrowers of all credit types, including those with a low credit score and no credit history. However, a borrower with fair or bad credit will most likely receive an interest rate at the high end of Autopay’s rate range.

The loan application on Autopay’s website uses a soft credit inquiry to see if you can pre-qualify with lenders in the Autopay network. If so, you will receive pre-qualified offers that show interest rate, payment and loan term. Pre-qualification with a soft credit check won’t affect your credit scores, but it’s also not an approval of credit. After you select the pre-qualified offer that works best for you, Autopay will run a hard credit inquiry to move forward with approving the loan.

Table of contents

Autopay at a glance

Autopay may be a good fit for those who ...

Do you qualify for an Autopay auto loan?

How to apply for an Autopay auto loan

How auto loan rates work and how we collect them

How do we review auto loan aggregators?

Autopay at a glance

Autopay works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

• Restrictions

  • Maximum vehicle age: 12 years for refinancing; 5 years for lease buyouts.

  • Maximum vehicle mileage: 150,000 miles for refinancing; 100,000 miles for lease buyout.

  • Other vehicle restrictions: None.

  • Loan amount minimum: $8,000.

  • Loan amount maximum: $150,000.

  • Maximum loan-to-value ratio: 150%.

  • Refinance time restrictions: Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred.

  • Bankruptcy restrictions: At least one lending partner has no bankruptcy restrictions.

• Other loan details

  • Approval speed: Applicants will not see pre-qualified offers immediately. Pre-qualification usually takes from 10 minutes up to two hours.

  • Initial deferred payment: Up to 120 days.

  • Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible. Otherwise by check.

  • Selected payment due date: Borrowers can select their payment due date, but only at a specific time when asked during the loan process.

  • Maximum debt-to-income ratio: 60%.

  • Hardship plans: Majority of lending partners offer hardship options, such as deferred payments and extended loan terms.

• More lender details

  • Contact options: Phone, email, text, live chat and website form. Spanish-speaking agents available by phone, email, text and chat.

  • Availability: Mon-Fri 7 a.m.-7 p.m., Sat 9 a.m.-5 p.m. MT.

  • Online resources: Offers an auto refinancing calculator, an auto refinance glossary of terms, auto refinancing FAQs and a very limited number of auto-related articles.

  • Related services: Offers guaranteed asset protection (gap insurance) and vehicle service contracts. If selected, these can be rolled into the auto loan for an additional price.

Autopay may be a good fit for those who:

• Need more flexible loan requirements. The Autopay network includes lenders that work with borrowers who have a low credit score, no credit history or past bankruptcy. However, applicants with bad or poor credit should expect a higher interest rate.

• Could benefit from having a co-applicant. Autopay can match applicants to lenders that allow both co-signers and co-borrowers. Having a co-applicant can help borrowers who might not qualify alone.

• Want cash back with an auto refinance loan. Autopay offers cash-out auto refinancing, meaning you can borrow extra money against the equity in your vehicle and roll that amount into your refinance loan. Cash-out refinancing may be a way to pay off higher-interest-rate debit, but it can also have risks, such as owing more than your car is worth.

Do you qualify for an Autopay auto loan?

Autopay basic eligibility requirements to apply for an auto refinance or lease buyout loan include the following:

• Must be at least 18 years old.

Here are the minimum borrower requirements to qualify for an auto loan with Autopay. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: 580.

• Minimum credit history: At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is three months.

• Maximum debt-to-income ratio: 60%.

• Minimum annual income: $30,000.

Before you apply for auto refinancing or a lease buyout loan

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator or lease buyout calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents and information. Autopay requires the following to submit an initial auto loan refinancing application: address, time at address, phone, email, birthdate, employment status, employer name, income, housing status, housing payment amount and basic vehicle information.

» MORE: Compare auto loan refinancing lenders

How to apply for an Autopay auto refinance or lease buyout loan

1. Pre-qualify on the Autopay website. Use the “Apply Now” button to pre-qualify with a soft credit inquiry, which will not affect your credit scores. You’ll be asked for information like employment status, income, housing information and basic details about your current car. The Autopay application lets you easily select a vehicle make, model and year, but it does not enable you to provide your VIN or license plate number to automatically pull information about your specific vehicle. Autopay also has the option to apply by phone at 844-276-3272.

2. Choose a loan offer. If you pre-qualify and are matched to one or more lenders, you will see offers with estimated interest rate, monthly payment and loan term. After you select an offer and move forward with the loan application, a hard credit inquiry will be done to determine final loan approval and an Autopay representative will contact you. A hard credit inquiry may cause a slight, temporary drop in your credit scores.

3. Stay on top of your loan payments. According to Autopay, all of its lending partners report loan payments to the three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments if available is a good way to make sure your payments arrive by the due date.

» MORE: Compare lease buyout loans

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).