At a Glance
Rating Breakdown
About Autopay
Autopay, formerly known as RateGenius, was founded in 2007 in Austin, Texas (now headquartered in Denver) and has facilitated over $5 billion in auto loan refinancing through its marketplace model. Like Splash Financial for student loans, Autopay is not a lender. It operates as an intermediary that distributes your application to a network of banks, credit unions, and online auto lenders who compete for your business. Autopay earns referral fees from the lending partners, not from borrowers. The company rebranded from RateGenius to Autopay in 2022 to reflect an expanded product line that includes new car financing, used car financing, and lease buyout loans alongside its core refinancing product. The auto loan refinancing use case is compelling because dealership financing is systematically overpriced. Dealers earn profit through rate markup: the lender approves you at 5%, the dealer quotes 8%, and the 3% spread is split between the dealer and the lender as a kickback. This practice is legal and nearly universal, which means most buyers who financed through a dealership are paying 2-4% above the rate they could qualify for independently. Autopay's marketplace connects these over-charged borrowers with lenders willing to refinance at the lower rate. A single application generates 2-5 competing offers, and Autopay handles the entire payoff process with the existing lender including title transfer. Autopay's minimum credit score of 550 and APR range starting at 5.19% suggest a wide borrower base, but the best rates require 720+ scores and vehicles under 7 years old with fewer than 100,000 miles. Older vehicles, high-mileage cars, and subprime borrowers will see significantly fewer offers and higher rates. Cash-back refinancing is available for borrowers whose vehicle is worth more than their loan balance, essentially allowing you to borrow against vehicle equity for any purpose. However, this extends your loan term and increases total interest paid, so it should only be used when the alternative is a higher-rate form of credit like credit cards.
Key Features
Multi-Lender Marketplace
One application generates offers from a network of banks, credit unions, and online lenders.
Handles Payoff Process
Autopay manages the payoff of your existing loan directly with your current lender.
Cash-Back Refinancing
Eligible borrowers may receive cash back when refinancing a vehicle with significant equity.
How It Works
Check Your Rate
Submit a single application and receive competing offers from multiple lenders in minutes.
Compare Offers
Review side-by-side rate comparisons and estimated monthly savings from each lender.
Select Your Lender
Choose the offer that provides the best combination of rate, term, and monthly payment.
Autopay Handles the Rest
Autopay pays off your existing lender and transfers the title to the new loan.
What They Do
- Auto Loan Refinancing
- New Car Financing
- Used Car Financing
- Cash-Back Auto Refinance
- Lease Buyout Financing
Debt Types They Take On
- Existing Auto Loans
- High-Interest Dealer Financing
- Lease Buyout Debt
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
Dealership Markup Refinance
A buyer with a 690 FICO financed a 2023 Honda CR-V through the dealership at 11.4% APR over 72 months with a $28,500 balance. The dealer had marked up the rate from the bank's approved 6.9% by 4.5 percentage points. Monthly payment: $554. After 8 months of payments, the remaining balance was $26,800 and the borrower's credit score had improved to 710.
Cash-Back Refinance for Emergency Expenses
A borrower had a 2022 Toyota Tacoma with a loan balance of $24,000 at 8.2% APR. The truck was valued at $33,000 (KBB), providing $9,000 in equity. The borrower needed $5,000 for an emergency medical expense and was considering a personal loan at 18% APR or a credit card cash advance at 25.9%.
Pros & Cons
Pros
- Marketplace model generates 2-5 competing offers from one application, introducing price competition that consistently beats the rate buyers originally received from dealership financing
- No platform fees to borrowers: Autopay earns from lender referral fees, so the service itself is free and the rates you see are the actual rates from lending partners
- Full payoff management means Autopay handles paying off your existing lender, managing the title transfer, and coordinating with the new lender, making the refinance process nearly hands-off
- Cash-back refinancing allows borrowers with vehicle equity to access cash at auto loan rates (5-10%) rather than personal loan rates (14-18%) or credit card rates (22-28%), providing a low-cost emergency funding source
- Minimum credit score of 550 and verified client reputation indicate both accessibility and operational reliability, with only 290 CFPB complaints over three years, which is exceptionally low for the company's volume
Cons
- As a marketplace, the final lending experience depends entirely on the partner you select. Customer service quality, payment portal usability, and issue resolution vary by lender and Autopay cannot intervene after funding
- Older vehicles (8+ years) and high-mileage cars (100,000+ miles) receive significantly fewer offers or no offers at all, as many lenders restrict refinancing to newer vehicles with sufficient remaining useful life
- Some lending partners impose minimum loan balance requirements ($7,500-$10,000), which means borrowers close to paying off their existing loan may not qualify for refinancing even if the rate savings are substantial
- Cash-back refinancing extends your loan term and increases total interest paid, which can lead to being underwater (owing more than the car is worth) if the vehicle depreciates faster than expected
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Important Auto Loan Disclaimers
- Annual Percentage Rates (APRs), loan amounts, and terms displayed are estimates based on publicly available information and may vary based on your creditworthiness, income, and other factors. Actual rates, terms, and availability may differ from what is shown here.
- Checking your rate or pre-qualifying with a lender typically involves a soft credit inquiry that does not affect your credit score. However, submitting a formal application will result in a hard credit inquiry, which may temporarily lower your score.
- Origination fees, late fees, prepayment penalties, and other charges vary by lender. Review all loan terms, fees, and conditions in the loan agreement before signing.
- Personal loans are not suitable for all financial situations. Failure to repay a personal loan can result in collection activity, negative credit reporting, lawsuits, and wage garnishment. Consider your ability to repay before borrowing.
- Zogby does not originate, fund, or service loans. We are an independent comparison service and do not make lending decisions or guarantee approval for any product.
This page is informational, not financial or legal advice. Talk to a qualified professional before making any big money decisions.
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