Autopay Review: Auto Loan Refinance Made Easy

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When you are ready to buy a vehicle or think about refinancing the one you have, the process can feel overwhelming.

You have to figure out who has the best auto loan rates, make sure all your paperwork is done, and then wonder if you did receive the best rate.

Autopay eliminates those fears by collecting your information and bringing the marketplace to you!

Best for Online Auto Loan Refinance
Autopay Refinance
Autopay Refinance Rates
  • Loan Amount
    $2,500 - $100,000
  • Est. APR
    1.99% - 17.99%
  • Learn More
  • Auto Loan Details

What is Autopay?

Autopay helps you finance a new car or refinance your current vehicle by offering different lender options.

Autopay acts as a marketplace that gathers your information and selects the top lenders for you based on your credit history.

They do this through a soft inquiry which has no impact on your credit score when buying a car. There is no cost to use Autopay, and you are under no obligation to accept any of the offers.

How Does Autopay Work?

When you register with Autopay, they do a soft inquiry into your credit report. Although this has no negative impact on your credit score, it allows Autopay to select their top lenders, which are made up of credit unions and financing institutions across the country, to you based on your credit report.

You are not obligated to accept the offers, and Autopay allows 30 days for you to make a decision.

If you select an offer, you will then go through that lender’s application process, in which a hard inquiry will need to happen before final approval.

Autopay Auto Loans and Refinance Pros and Cons


  • Autopay has a low starting APR of 1.99% for refinancing.
  • Auto financing starts with as little as $2,500.
  • You have loan term options of 24 months to 84 months.
  • Prequalification is given through soft inquiries on your credit report.
  • All credit scores 600 and above are encouraged to apply.
  • You can have a co-signer that is at least 18 years old.
  • The first step is to get prequalified. Autopay makes a soft inquiry to your credit which does not negatively affect your credit score.
  • Autopay provides you 30 days to decide if you would like to accept an offer.
  • There is no prepayment penalty nor application fees.


  • You must be 18 years old or older.
  • You will need to have an income of at least $2,000 per month.
  • There are vehicle restrictions on the age (11 years old) and miles (less than 125,000).

Autopay New Auto Loans & Refinance Products

  • New Auto Loans: Autopay functions as a virtual financial office that guides you through the auto loan process. When you have a vehicle in mind, apply through Autopay at no cost to you, and have lenders present their best rates to you based on your financial and credit situation.
  • Refinance Current Auto Loan: Autopay states that, on average, they save members $95 per month and about 50% lower interest rates when refinancing your auto loan through Autopay. Autopay offers three different types of refinancing: Traditional, cash-back, and lease payoff.

Autopay Auto Loans Features and Benefits

Here are some features and benefits of Autopay auto loans.

Competitive APRs

Since Autopay acts like a marketplace and brings multiple lenders to you, there are no set rates on their site.

However, you are able to see rates from the results they propose to you prior to accepting any offers.

Allows You to View Multiple Rates at Once

Upon completing your application with Autopay, and they pull your credit via a soft inquiry, you will receive multiple rates/lenders that are deemed the best fit by Autopay.

You are under no obligation to accept any offers, nor is there any cost for this.

Saves Money & Time

Utilizing Autopay will save you time and money because they bring lenders to you at no cost.

You do not need to “shop” around spending time and money looking for the best rates.

How to Apply for Auto Refinance or a New Auto Loan Through Autopay

Applying through Autopay is easy and quick. On the Autopay website, click the orange “apply now” button, put in your name, and select either applying alone or with a co-signer.

You then input some personal information, and within minutes you will receive a list of lenders and their rates to you. Up until this point, a soft inquiry has been pulled.

If you select one of the lenders, in which you have 30 days to make a decision, you will then submit additional details, and a hard inquiry will be pulled by that lender to present your final loan terms.

Does Autopay Have Any Restrictions?

Yes, Autopay has restrictions on both the personal side and for vehicle qualifications. You must be 18 years of age and have a minimum monthly income of at least $2,000.

When it comes to the vehicle, the vehicle needs to be newer than 11 years old and have less than 125,000 miles on it.

How Does Autopay Compare to Other Auto Loan Lenders?

Here is how Autopay compares to other auto loan marketplace facilitators.

#1. Autopay vs. Caribou

Caribou is similar to Autopay in that it provides a marketplace specifically for auto refinancing.

Caribou advertises rates as low as 1.49% APR and that no SSN is required to view your pre-qualified offers. Caribou is broken down into three steps.

  1. Share minimal information to see results from lenders.
  2. Select one of the offers that work best for you and your budget.
  3. Finalize your refinance by submitting a few more pieces of information.

Caribou provides loans from $5,000 to $50,000 for 12 months to 60 months.

>> More: Full Caribou Review

#2. MyAutoLoan vs. Autopay

MyAutoLoan refinancing starts at 1.99% APR and has a $5,000 minimum loan amount with the maximum amount dependent on the individual credit score.

You can select terms from 24 months to 72 months. You need a FICO score of at least 575 and must live within the lower 48 states.

Upon filling in some information, MyAutoLoan will run a soft inquiry and provide up to 4 lenders, and their rates that they feel are best suited for you. You can then decide if you want to accept any of the results.

Since MyAutoLoan has a network of more than 20 lenders, you will probably be contacted by other lenders that do not come back as the top 4 choices.

>> More: Full MyAutoLoan Review

#3. Autopay vs. RefiJet

RefiJet states they help car owners lower their car payment on average of $150 a month! They do this by having rates start at 2.49%.

To further help with your transition to RefiJet, they offer you the first two months with no payments! Having a credit score in the upper 500’s can normally get you approved through RefiJet.

However, to get the lowest rates, you will need a credit score that is higher than 700. Like the other options, you input basic information so RefiJet can do a soft inquiry on your credit report, and then they match you with the lenders in their network that they feel are the best match for you.

>> More:Full RefiJet Review

Autopay Reviews: FAQs

Here are some frequently asked questions about Autopay Auto Loans & Auto Refinance.

Is Autopay a Legitimate Company?

Yes, Autopay is a legitimate company and has been in business for over a decade and has an A+ rating with the BBB.

Does Using Autopay Hurt Your Credit Score?

No, using Autopay does not hurt your credit as they do a soft inquiry. However, if you select one of their lenders, that lender will pull a hard inquiry which will have a small negative impact on your credit report.

Is Autopay a Good Place to Refinance Auto Loans?

Since Autopay is free and does not hurt your credit score, you have nothing to lose to check out their lender network rates, as you are under no obligation to accept any offers.

Is Autopay Free?

Yes, using Autopay is completely free to use.

Bottom Line: Autopay Review

If you are looking to purchase a new/used vehicle or on the market for car loan refinancing, Autopay allows you to see rates from their lender network at no cost to you.

Within minutes you will receive a list of lenders and their terms. You have 30 days to decide if you would like to accept any offers, and you are under no obligation to do so.

Where Autopay seems to excel at is if you have a current auto loan and your credit score has increased since getting that loan, Autopay can then help refinance your auto loan under better rates/terms.

Brian Latchford
Brian Latchford

Brian is a serial entrepreneur that loves financial technology and personal finance. From working with start-ups to creating his own recruiting company, Brian knows first hand what it takes to manage money. Throughout his career, Brian has become a respected writer covering topics in personal finance, business, and financial technology.