Autopay Car Loans and Refinancing – Pros, Cons, and Options

An online provider that helps individuals and families secure fast and easy vehicle loans. With a diverse marketplace, you can get the best rate available.

When shopping for a new or used vehicle, it’s easy to feel overwhelmed by financing options. Occasionally, borrowers get pulled into loans with less than favorable interest rates. When you don’t know your options, it’s difficult to make the best decision.

Autopay is an online lending company that understands why borrowers want to secure the best terms possible. As a revolutionary marketplace, Autopay’s mission is to find favorable terms and solutions that can help their customers’ overall financial situation.

At Autopay, it’s not enough to simply scrape by with any old car loan. Instead, the team is committed to expanding opportunities and choices for deserving borrowers. This helps customers get the car that they want in the first place, while feeling good about the time and money they can save.

Part of Autopay’s mission is to offer something for everyone. This policy acknowledges financial situations that are less than ideal. So whether you come to the car-buying table with solid history or a shaky foundation, you know that you’re being treated fairly.

Autopay Auto Refinancing: What You Need to Know

As a company, Autopay maintains a team-oriented mindset. This collaborative approach brings together technologists, customer service advisors, and financial advisors. Together, these professionals use their shared experiences to help customers around the clock.

Autopay’s business and company culture is built around four primary values. These are:

• Integrity - an emphasis on trust
• Optimism - belief in a solution
• Hard work - going further improve systems
• Growth - an emphasis on learning and sharing

These core values not only affect how employees are encouraged to work, but they also change the way that Autopay views its service to customers. With a positive belief that all things are possible, Autopay is committed to helping customers achieve their financial goals when it comes to auto loans and refinancing.

Check out some of Autopay’s positive customer testimonials here: https://www.autopay.com/reviews

How Does Autopay Work?

In order to secure a new auto loan with Autopay, the company recommends the following steps:

• Set your designated budget
• View deals on available cars
• Submit a loan application
• E-sign the terms and agreement

Autopay’s process is designed to remove the stress involved when buyers sit in a dealership’s financial office. After focusing on getting the best price for the car, buyers then have to negotiate or settle for the terms that they’re given.

To help remove some of that stress, Autopay’s loan process works alongside the initial car shopping process. Customers can shop for a new or pre-owned car with more confidence in the lending step.

Because Autopay uses a marketplace, they have a wide variety of lenders to choose from. This is in contrast to a car dealership, which may push all loans to one or two banking institutions. As a result, it’s no wonder that buyers are pigeonholed into a very small number of choices!

To get started with Autopay, simply submit an online application.

The Process: Learn the Options, Apply, Agree to the Terms

Autopay’s homepage is full of interesting information about the company and the process. On your first visit, take time to research and learn about the company’s history. On the top menu, you’ll see two options:

• New Auto Loan
• Refinance

These are the auto lending options that you can pursue. Based on whether you need to buy a car or lower your interest rate on an existing loan, you can select one of the options and proceed to next steps.

Both financial products require a complete application. On the refinancing page, you can even use a built-in calculator to determine how much you could potentially save by using Autopay.

In your application process, you’ll be asked to provide specific personal information. Autopay also needs to verify legal documents, such as your driver’s license, in order to review your information and provide a decision. When Autopay prequalifies you, there is no negative impact on your credit score.

After you receive a decision and interest rate from Autopay, the pre-qualification and lender-approved offer is valid for 30 days. You will be asked to E-Sign through Autopay’s system to agree to the terms of the loan.

What do Autopay customers have in common?

Autopay customers are savvy car buyers who know they want options. While everyone’s financial and personal background is unique, there are several common characteristics that make up Autopay’s community of customers.

• Autopay customers know that they want to shop for options.
• Autopay customers want a different experience than they’d receive at a dealership.
• Autopay customers are familiar with online lending and are excited to explore rates.

Whether you have an excellent credit score or it needs some work, Autopay can help you better understand exactly what you’re eligible for.

Where is Autopay Available?

Autopay’s network of lenders is currently found within the United States. This means that most buyers are located within the country. Autopay’s services are not limited to certain states.

How Much Does Autopay Cost?

To apply for pre-qualification and submit an application, Autopay does not charge a fee. It’s completely free to submit your information for review!

As with any loan, you are required to fully pay back the amount of your loan. While Autopay offers loans up to $100,000, it’s important to apply for and receive only the amount of money that you need to make a vehicle purchase. Over the life of the loan, you are required to pay back the principal amount (original sum of money) plus accrued interest.

Autopay also offers GAP insurance and warranties that may alter the total amount you owe. These numbers are usually available in the early stages of the process so that you can make a decision before signing any agreement.

Auto Loan and Refinancing Options from Autopay

Autopay’s services are very straightforward. This means that most borrowers come to Autopay for one specific type of loan, usually for a new or used car.

The benefit of using this type of online lender is that it is highly specialized. This means that Autopay can work with the best options in the industry to provide customers with more choices and better rates. It may be more difficult to provide the same assurances if they were open to all types of loan products. Below are the main loans that you can receive from Autopay.

1. Loan Option A - New Car Loan

Autopay offers loans for the purchase of brand new vehicles that have never been driven off the lot. Autopay works with a variety of budgets to help customers get the new car they desire. Autopay allows you to:

• Shop for a new vehicle at a dealership
• Compare car prices and negotiate the best deal
• Send information of the final car price to Autopay for a final rate confirmation

2. Loan Option B – Used Car Loan

Similar to the new car loan process, Autopay also offers loans on used cars. Many times, used car loans have smaller principal amounts. This is because cars lose value as they age and gain mileage. Autpay can still offer competitive interest rates for the purchase of used cars.

3. Refinancing

Autopay also offers several refinancing options. The refinancing process is perfect for borrowers who want to consolidate their debt and lower their interest rate. On average, Autopay helps customers save nearly $95 per month in addition to securing 50% lower interest rates.

These savings can really add up and help customers transform their financial futures. Autopay also offers several different types of refinancing, which expand opportunities based on unique financial situations. Autopay’s refinancing offers include:

• Traditional Refinancing: Refers to the typical processes of securing a lower interest rate by reducing monthly payments. This route also helps borrowers find a lender that’s more suited to their personal needs. Traditional refinancing can shorten the length of the loan repayment term.
• Cash Back Refinancing: Refers to the process of getting as much as $12,000 cash back on the current loan. With this cash sum, borrowers can use the funds to pay off high interest obligations in other areas or afford large purchases relating to home or family life.
• Lease Payoff Refinancing: Refers to the ability to keep your current vehicle at the end of your base term. With lease payoff, you can complete your leasing obligations early. You can also avoid paying high mileage or other fees that a dealer may charge.

Pros and Cons of Autopay Online Lending Services

Of course, there are positives and negatives to using any loan provider. Sometimes, these pros and cons are based upon personal preference and need. For creative and flexible borrowers, options like Autopay can open up doors that may not otherwise exist.

Below are several pros and cons of using Autopay for your loan or refinancing needs.

Pros

• Offers an alternative to the traditional car-buying experience
• The application is free, quick, and simple
• Autopay’s customer support representatives are available to help
• A competitive network ensures the lowest interest rate possible
• Using Autopay for pre-approval can shorten the timeline for buying a car
• There is no prepayment penalty with Autopay

Cons

• There is no in-person financial representative like at a dealership
• All contact and customer support is carried out over the phone or computer
• Competitive rates are based upon credit score and history, and some borrowers may not be eligible for the lowest advertised rates
• Autopay only offers loans and refinancing for cars, so you can’t consolidate other debts

Any Discounts on Autopay?

Autopay is committed to offering very competitive interest rates in the auto-buying industry. In some cases, borrowers can secure rates as low as 1.99%. The rate is determined by the borrower’s history and credit score.

Autopay can’t offer any special discounts on the price of the car you buy or the insurance you need to secure. These amounts are generally deducted at the car dealership or through your insurance provider.

Autopay Customer Reviews and Testimonials

When you work with any online lender or financial institution, it’s important to have peace of mind about the team you’re working with. This security can come in the form of third party reviews, customer testimonials, or other important accolades and certifications.

As of 2017, Autopay was awarded an A+ rating from the Better Business Bureau. Additionally, Autopay was named a Top 3 award for Customer Satisfaction in Auto Finance by Lending Tree.

On top of these awards and recognitions, customers are also extremely happy with Autopay’s services, rates, and support. In fact, Autopay maintains a 4.9 star rating and has over 700 reviews available on the company website. Below are some of the comments that customers shared in public reviews.

One customer who used Autopay to refinance a car this year said:

“This was the easiest experience I've ever had refinancing a car. They not only got me a better interest rate and cut my payment in half. They also were able to get me a better interest rate on the loan I just got to help my husband get a car when his old car died at a very inconvenient time. They were easy to contact via secure texting so I didn't have to deal with long hold times. Would 100% use them again.”

Here are a few other comments shared by real customers using Autopay:

“Wanted to refinance and I submitted an application online. Travis was awesome and answered all my questions. I work full time so I don't always have time to answer my phone. Travis was very professional with constantly keeping updated via text. Everything was super smooth and now I have an even better rate on my car!” - Reviewer from March 2020

“The entire process was friendly, easy, and self explanatory. I was given an email and text number and every question was promptly answered no matter when it was. I'm not the easiest person to deal with because I question everything. [Our representative] never got frustrated with me and if he didn't honestly know, he quickly found out for me. I would use them again!” - Reviewer from February 2020

“After comparing different auto loan companies, AutoPay came out on top. They offered the best competitive interest rate in the market. They're able to achieve this by analysing a lot of lenders out there in order to bring you the best offer in the market. I am happy with my loan as its interest rate is half of what it used to be. The agent I worked with was phenomenal. He was patient and quick to respond. He is knowledgeable and experienced in his field. I am glad to have worked with him and the overall experience with the company. I would recommend this company to anyone looking to refinance and save money.” - Reviewer from December 2019

How to Apply for an Autopay

Applying for an Autopay loan is easy from your computer or smartphone. Throughout the process, you’ll be able to submit personal financial information, see competitive interest rates, determine a lending period, and sign.

On the Web

1. Go to https://www.autopay.com/.

2. Select whether you want to compare Auto Loans or Refinancing.

3. You can quickly locate the applications by clicking the orange “Start Now” button.

4. In the first portion of the application, you’ll provide your name and clarify whether you’re applying individually or as a co-borrower.

5. Proceed through the application steps (checking rates will not affect credit score).

6. Finalize the application and confirm details are accurate.

7. Once prompted, connect with an agent to answer any questions and confirm details.

8. E-sign your paperwork according to the loan terms and conditions.

By App

Autopay applications are not currently available through an app. At this time, all applications for both car loans and refinancing options are done on the website.

By Phone

Customers can not currently apply for an Autopay loan over the phone. However, customer service representatives are available to answer questions and provide assistance throughout the application process.

How to Contact Autopay

Address: PO BOX 40469 Denver, CO 80204 Hours of Operation: Mon – Fri: 7:00 AM – 7:00 PM MST Sat: 9:00 AM – 5:00 PM MST Sun: Closed Customer Service: 844.467.8650 _The number above is helpful for any borrower trying to get in touch with the Loan Champion Team at Autopay. If you’re looking to make a loan payment, call 855.219.0123 or login to the customer portal. _ Website: https://www.autopay.com/ Email Support: Inquiries are handled through phone, rather than email. Facebook: https://www.facebook.com/AUTOPAYDirect/ **Instagram: **https://www.instagram.com/autopay/ Twitter: https://twitter.com/AutopayDirect

Does Autopay Offer Other Services?

Autopay primarily focuses on financial products related to the sale of automobiles. Borrowers can purchase either new or used vehicles with Autopay’s financing options. At this time, other types of loan products (home, life, medical) are not available.

Autopay Review – Summary

By now, you’ve seen how Autopay is uniquely positioned to help customers and borrowers beat the traditional car-buying process and secure competitive rates. This customer-first mentality creates expanded opportunities and flexible interest and repayment terms. Contact Autopay today to learn how they can help!