Instead of offering auto loans, AUTOPAY acts as an online marketplace where you can compare deals from different loan providers. AUTOPAY shows several types of auto loans that come with their terms and requirements. The following loan types are shown on AUTOPAY’s website:
New or Used Car Loan
This search simply compares auto loans available on the marketplace for buying a vehicle. Browse through the loans offered and choose the one that meets your needs.
Loan refinancing is the practice of taking your existing loans and replacing them with loans that are cheaper, saving you money in the process. For example, if you took out an auto loan when your credit rating was 600, and your credit rating has since moved to 650, you will be able to take out a new loan to repay your existing loan at a cheaper rate. Ultimately, this will save you money each month. AUTOPAY offers three types of loan refinancing:
- Traditional loan refinancing: Traditional loan refinancing reduces your monthly payments or interest rate. Alternatively, you can shorten the length of your loan so that you save money in the longer term.
- Cash back refinancing: This allows you to refinance your existing loan to a loan that is more than you owe, and you then receive the balancing figure in cash. AUTOPAY allows cash-back refinancing up to $12,000.
- Lease buyout refinancing: You can pay your lease off early with lease buyout refinancing. This option helps you avoid paying higher mileage and extra lease fees, and when base term finishing you keep the vehicle.
AUTOPAY’s marketplace offers loans between $2,500 and $100,000, with loan terms from 2 to 7 years. Compared to other lenders, this is quite a lengthy loan period, so AUTOPAY may not be suitable for people at the end of their loan terms. You’ll need a credit rating of 560 or higher, with the best interest rates reserved for people with credit ratings of over 690. APRs are offered between 2.99% and 17.99%.
The APRs offered by AUTOPAY are competitive, especially for those with a good credit rating. The large number of direct lenders shown through AUTOPAY’s marketplace gives a great range of options for auto loans, and the terms are in line with the market average or better.
If you want to obtain an auto loan through AUTOPAY, you will need to meet the following criteria:
- 18 years of age or older
- Must be able to prove a steady stream of income
- Must be a US citizen or permanent resident
In addition to this, the car you want to buy must comply with the following:
- Under 10 years old
- Have less than 150,000 miles
- Be the borrower’s car, registered in their name