AUTOPAY is an online auto loan refinancing broker. With its easy-to-use platform, customers can compare rates and terms from financial institutions and credit unions across the nation all in one place. All applications require a soft credit pull, and loans are available for all credit scores. AUTOPAY customers save an average of $95 per month with one of its three refinancing loans, according to the company.
Overall Satisfaction Rating
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- Easy application
- Good average savings
- All credit scores accepted
- Little personal support
- Limited website information
AUTOPAY offers three refinancing options from lenders across the U.S. Customers can pre-qualify for loan offers without any effect on credit scores. The average borrower saves $95 per month and gets a 50% lower interest rate.
What is AUTOPAY?
AUTOPAY is an online auto loan broker offering car loan refinancing. It partners with a large network of trusted lenders across the country, including credit unions and financing institutions. These lenders, not AUTOPAY, set their own rates and terms, which allows customers to find truly customized refinancing loans, no matter their credit score or vehicle. Customers using AUTOPAY in 2018 and 2019 saved an average of $95 per month on their refinance loan, according to the company. The process is completely online, though you can call the team with questions from Monday through Saturday.
How does AUTOPAY work?
AUTOPAY combines technology with lending to create an easy-to-use platform for users. Its marketplace of lenders gives customers access to many of the best rates available. Customers will fill out an online application that connects them to a wide variety of rates and terms to help them find the best loan.
There are three types of refinancing available through AUTOPAY: traditional refinancing, cash-back refinancing and lease-payoff refinancing.
- Traditional refinancing: Refinancing is when you take out a new loan to pay off your existing loan, often to get lower rates.
- Cash-back refinancing: With cash-back refinancing, you’re borrowing against the equity in your vehicle in order to take out more money than you owe on your car loan. AUTOPAY lets you get as much as $12,000 in cash back.
- Lease-payoff refinancing: If you want to buy your leased vehicle, you can take out a lease-payoff refinancing loan. This can help you avoid paying mileage and other fees.
AUTOPAY offers refinancing rates as low as 1.99% for qualified applicants. Not all users are eligible for this rate, and not every lender offers rates this low. Each company sets its own terms and rates. That said, the average customer gets a 50% lower interest rate and monthly savings of $95. To find out what rates you qualify for, fill out the form on AUTOPAY’s website; there is no hit to your credit score.
- Does AUTOPAY do a hard credit check?
- Not during the pre-qualification process. To get access to rates, you only need a soft credit check. Once you choose a loan option and seek lender approval, a hard credit check takes place.
- How much can I save on my loan with AUTOPAY?
- The average AUTOPAY customer saves $95 per month after refinancing their loan, according to the company.
- What loan amounts does AUTOPAY offer?
- Loans between $2,500 and $100,000 are available.
- What loan terms does AUTOPAY offer?
- AUTOPAY offers terms between 24 and 84 months, depending on the applicant’s qualifications.
- What documents do I need to apply for an AUTOPAY loan?
- AUTOPAY requires the following documents to process a refinance application: driver’s license, insurance information, proof of income (tax returns, pay stubs), proof of residence (utility bill, lease agreement) and a payoff letter. In some situations, customers may be asked to provide additional details by the lender.
Is AUTOPAY legit?
AUTOPAY is a legitimate online broker for refinancing loans. Customers are able to easily compare their options through its online application process without having to worry about hard credit pulls, annoying salespeople and wasted time and effort. Some people may prefer more hands-on support. But for those who simply want a more efficient way to find the best rates, AUTOPAY is a good option.
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The agent assigned to me was very good. He was thorough and made sure he answered all my questions. He made it smooth and he got it to me pretty much done before the deadline of when my next payment was with my last loan. The rates and terms are very good. Before, it was a lot higher. I liked that the warranty was offered again for three years. Especially, with a used car, it helps. I’m very satisfied. I would recommend it to anybody else looking for refinancing. It's definitely a good process.
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The customer service guy helped me a great deal, answered all of my questions accurately and made me comfortable with the process. And he emailed me the documents for me to sign and walked me through that. So, anytime I had any questions, I call and ask. And when I did, he would answer. Or if he didn't answer, it wouldn't be long before he returned my call and I was happy with that. So, overall, I'm very happy with AUTOPAY. It helps my pockets. I'm headed in a good direction, even if I have to shed out a little more money. But it really works for me. So, I would refer anybody to them, even people in my family, or even if I'm at a restaurant and I hear people talking about they need to refinance their vehicle. I'll hurry up and say, "Call AUTOPAY."
AUTOPAY's interest rate was way lower than what I currently had. It's a lot better than it was before. Also, the reps were attentive. They got back to me quickly on everything. I texted the rep most of the time through the whole thing and didn't have to talk to him on the phone or deal with anything. Simple and easy. However, they had an issue. I've got dual residency, so the title of the car was in a different state than where we're currently living in. And we don't actually have a utility bill to prove where we lived before. So, it took a little longer than expected to provide proof of residency. Other than that, it would have just been a couple of days. Overall, it was a decent experience.
Everything went well. It was smooth from day one. The transition part with the payoff part took a little longer than expected. Other than that, the rep I was working with was very responsive. That personable approach won me over. There were a couple of things that I was able to get with this transition that I wasn't expecting, especially as far as my extended warranty is concerned. And it was something that I was looking for. So, the fact that it happened without me even having to ask for it was amazing. And even my new rate that I'm paying with this refinance was amazing. So, I'm satisfied with everything. I would refer AUTOPAY to other people.
At first was leery of even working with AUTOPAY since I found it on an Instagram ad and other places were unable to help me. But it all worked out. There was another company that is similar to AUTOPAY. They advertise the same thing as what AUTOPAY advertises. And they told me that my loan was still too new, my credit score wasn't high enough and that they wouldn't be able to help me. That is what I expressed to my representative from AUTOPAY, that I didn't want to go through the process just to be told, "Oh, yeah, we can't help you" at the end. And he assured me that that wouldn't happen, and that he already had me preapproved.
The process was a little slow compared to if I were to go to traditionally refinance at a credit union or bank, where everything is usually done in a day. It was a little over a week, because they had to mail paperwork to sign. They couldn't do it electronically, especially the DMV stuff. The only thing that I didn't like that they could improve on is the communication as far as the payment being sent to the old lender and the timeframes.
Since AUTOPAY is a third party, I tried calling the credit union who took over my new loan, and they had misinformation as far as the process, because their customer service people weren't used to dealing with it when it's through a third party. Because they said the way they typically do it is the check is mailed to the customer, and the customer sends it to the old lender to pay off the loan. But to my understanding, since it was through AUTOPAY, it was sent directly to my old lender, and it takes a couple of weeks to process. Other than that, everything was good. Aaron, the guy who helped me, kept in communication. We would text a couple of times with questions, and he answered. Because it's easier for me to text because of work.
Overall, my experience with them was good. They answered all the questions that I had and they were willing to work with me. Going through the process, I didn't have any issues converting over.
Everything went smoothly with Autopay. The rep named Cheyenne was very helpful, got back to me quickly and answered all the questions. If anything, I could just call and she would talk me through it. They were very helpful.
Unfortunately, because the person I was working with said she was new and that was her first time dealing with the process, there was some miscommunication and misunderstanding that delayed the process with AUTOPAY, which was highly frustrating. The knowledge of the process and documentation that's needed in order to complete the process could have been handled better. So, they could do additional training for the employees so that they have a better understanding of what's needed in order to streamline that process. Other than that, I did recommend AUTOPAY to my family members in order to refinance their vehicle. In my case, it's saving me money on the front end, which is what my intent was. So, that worked out.
So far, so good. But it was really confusing dealing with all the online stuff. It also took about two months to get it all put through and that was a pain. The interest rate is fine. It's better than what I had. Saves me a little bit of money. The only thing is they sent no paperwork. Just, “This is your bill. This is when it’s due.” But I'm happy I did it.
The experience went very well when I signed up. It didn't take long. Once I've done my part, they let me know everything I needed. I was approved the next week. I'm very satisfied.
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