All You Need to Know About Autopay

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  • What is Autopay?
  • Autopay 101
  • Application process
  • Is it for you?
  • Cheap insurance
Autopay specializes in auto refinancing, but also partners with credit unions and financial institutions to offer car loans online. It works with lenders to offer loans to a wide range of people at various credit levels.
Autopay is also known for offering very low starting interest rates, but there is a catch—you must have excellent credit to qualify for these low rates.
Wherever you find a great refinancing deal or car loan, always make sure that you’re insured on your new ride. Nowadays, it is easy to find car insurance with Jerry. Not only will Jerry find you a great deal on insurance, it can tell you everything you need to know about securing a loan or refinancing a car loan online.
Keep reading to learn more about Autopay auto refinance and car loans.
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What is Autopay?

Autopay is an online marketplace specializing in auto refinance and car loans. It’s not a direct lender, but it pairs shoppers with lenders within its network to find the best loan or refinancing options for them.
Because it works with so many lenders, Autopay can find loans and deals for shoppers with excellent credit scores as well as those with poor credit, and most people in between.

Specialists in auto refinancing

Autopay focuses on refinancing deals. Not only does it offer traditional refinancing options, but Autopay is also known to offer cashback refinancing and lease buyout refinancing.

Cashback refinancing

Cashback refinancing is when a borrower replaces their current loan with a new one. At the same time, they borrow an extra amount of money against the equity of their new car.
Depending on what’s been negotiated, the borrower might have scored a low-interest rate and walked away with extra cash in their pocket.
This might seem like a steal of a deal, but not quite. Taking on a new loan with cashback actually increases your debt, and there’s always a risk that you’ll quickly owe more on the loan than the new car is worth.
Key Takeaway Cashback financing will increase your debt and may put you upside down on your new car loan.

Lease buyout refinancing

Lease buyout refinancing helps you buy a car you’re currently leasing, so long as your lender allows it.
Be aware, this type of financing often carries a higher interest rate than a new car loan.

Low starting interest rates

The starting interest rates offered on Autopay are often lower than other lenders, sometimes as much as 2% lower.
As mentioned above, only those with excellent credit will qualify for such low rates.

A loan amount for every budget

On Autopay, you’ll be able to find a wide variety of loans—anywhere from $2500 to $100,000—to fit every budget.
Typically, the minimum loan a lender will offer is $7,000.
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Autopay under a microscope

You’ll be able to find a variety of loan terms on Autopay, anywhere from 24 to 84 months of financing. Also, you won’t need to worry about application fees or prepayment penalties.
Prepayment penalties refer to the fees that you have to shell out for if you pay your loan off early.
Another bonus of finding a lender in Autopay’s network—you’re allowed to have a co-applicant on your loan!
Keep in mind, you may be required to make a downpayment, depending on the particulars of your loan. Be sure to ask.
If you’ve got low credit, Autopay allows you to prequalify for loans. Prequalifying gives you an idea of the interest rates you’ll likely be offered. Prequalification comes with just a soft credit check, so your credit score won’t be downgraded.
Be aware though, if you choose a prequalification offer, your lender will perform a hard credit check on you, which will temporarily lower your credit score. This is routine.
For an extra fee, Autopay offers various extended warranty options, as well as guaranteed asset protection insurance, also known as “Gap insurance”.
Gap insurance makes up the difference between the current value of your car if it’s declared a total loss or stolen, and the amount of money you currently owe on your loan.
Key Takeaway Autopay offers a wide range of loans, as well as loan terms running anywhere from 24 to 84 months.

How to apply

To apply for a loan on Autopay, you can call 1-855-219-0123, or simply fill out an application online for a prequalification loan.
So long as you qualify, you’ll see potential loan offers. If you choose, you can submit an application to your selected vendor and see if you are approved, along with the terms of the loan.
Be sure to check your credit before you apply for a loan. The higher your credit, the more likely you are to qualify for loans with lower interest rates.

Is Autopay right for you?

Autopay can work for many people. If you are trying to build up your credit, Autopay is a great place to find a loan that works for you, as you’ll have access to a wide network of lenders.
If you have excellent credit, Autopay can also help you, especially if you want to refinance a car loan at a lower interest rate. Even if you’re looking for a refinanced loan with a shorter term and higher monthly payments, you’re likely to find one through Autopay.

Finding affordable car insurance

Just as Autopay can help you find a great refinancing deal, Jerry is a car insurance broker and comparison shopping app that can help you find the best car insurance for you.
Jerry’s sign-up process takes just 45 seconds before generating competitive quotes from the country’s top insurers. It’s great service without forms, phone calls, or hassles!
“I wanted to buy my first car soon, so I needed cheap and fast insurance. Jerry was a lifesaver! Their fast and friendly service got me affordable insurance quickly! Thank you!” —Parker A.
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