Key takeaways
- Carputty is a strong fit for a borrower with good credit who intends to switch up their car on a frequent basis.
- Autopay is best for those who want to get cash through a vehicle’s equity.
- When comparing auto loan options, look out for special features, available rates and requirements.
Carputty is a direct online lender that extends lines of credit, called Flexlines, to borrowers seeking auto loan financing. Autopay is an online lending platform that allows borrowers to compare loan options from its extensive network. The lines of credit make Carputty better for frequent car buyers, while Autopay is ideal for borrowers who want to pull cash from the equity in their vehicles.
Carputty vs. Autopay at a glance
Both Carputty and Autopay feature an assortment of auto financing options. Still, it’s vital to compare the two since how each operates along with the loan amounts, terms and eligibility guidelines differ.
| Carputty Flexline | Autopay | |
|---|---|---|
| Bankrate score | 4.2 | 4.6 |
| Better for |
• Frequent car buyers with good or excellent credit • Small business owners with a fleet of vehicles |
• Borrowers looking to pull equity from their vehicles • Borrowers with lower credit scores |
| Loans offered | New and used purchase loans, refinancing, lease buyouts | New and used purchase loans, refinancing, cash-out refinancing |
| Loan amounts | Lines up to $250,000 | $8,000–$120,000 |
| APRs | From 4.33% | From 4.85% |
| Loan term lengths | Variable | 12–96 months |
| Fees |
• 1% finance fee per transaction • $250 removal fee when a vehicle is removed from your line of credit |
Not specified |
| Minimum credit score | 680 | Not Specified |
| State footprint | 46 states and Washington, D.C. | All states and Washington, D.C. |
| Time to funding | As soon as the same day | As soon as one business day |
| Autopay discount? | Not specified | Not specified |
| Refinancing restrictions |
• Age: up to 8 years • Loan-to-value: capped at 110 percent for used vehicles and 100 percent for new vehicles • Mileage: limited to 85,000 |
Not specified |
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Carputty takes an innovative approach to auto loan financing. Instead of offering traditional options like most lenders, borrowers can access a flexible line of credit to purchase up to 15 vehicles between $10,000 and $150,000 apiece that meet the lender’s age and mileage restrictions. The cap on the Flexline is $250,000 (or $800,000 for LLCs), and you can also use it for traditional refinancing or lease buyouts.
Carputty simplifies the process and provides a free tool to help you find the right vehicle at a reasonable price. You can also get preapproved quickly, and same-day funding is available. And you won’t have to apply each time you want to purchase or refinance your current vehicle once the Flexline is open.
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Pros
- Personalized customer support through V3 tool
- High loan limits for individual cars or total portfolio
- Online preapproval with no credit check
Cons
- Not available in all 50 states
- Maximum rate not listed
- Vehicle-related lending restrictions
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Autopay is not a direct lender. Instead, it is an online lending marketplace that simplifies the auto financing process for borrowers. The lenders in its network extend new and used purchase loans. Alternatively, you can refinance your current loan for more favorable terms or borrow against your equity. Borrowers can also gain approval and funding as soon as one business day. But you may have to make a down payment to secure financing. Lenders in some states also assess a loan origination fee.
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Pros
- Get loan quotes with no credit score impact
- Loan terms of up to 96 months
- Options for borrowers with lower credit scores
Cons
- Limited rate disclosures
- Down payment requirement with select lenders
- Loan origination fee applies with lenders in some states
How to choose between Carputty and Autopay
Carputty is a strong fit for a borrower who intends to switch up their car on a frequent basis, while Autopay is best for those who want to get cash through a vehicle’s equity.
APR range
Carputty takes the cake here with a slightly lower starting APR of 4.33 percent compared to 4.85 percent for Autopay. If your credit score doesn’t fall in the “excellent” category, you could get a better deal with the latter.
Carputty’s Flexline also makes it easier to manage auto loan debt, as you’ll make a single payment for multiple vehicles. If you operate a boutique used-car dealership or small business with a fleet of vehicles, choosing Carputty for your financing needs can help simplify financial operations.
Minimum credit score
You’ll need a 680 or higher to do business with Carputty. Autopay does not specify a minimum credit score requirement. Each lending partner in the network sets its eligibility guidelines, so you may have better luck with Autopay if your score is on the lower end.
Autopay’s partner lenders also offer a cash-out auto refinancing option if you have a sizable amount of equity in your vehicle and want to convert it to cash. It could be a wise decision if you’re planning to consolidate debt or use the funds to improve your financial situation, especially if you qualify for a competitive rate. And you don’t need perfect credit to qualify for financing.
Loan amount
Borrowers get more purchasing power with Carputty. The maximum loan amount per vehicle is $150,000, while you’re capped at $100,000 with Autopay. It’s worth noting that the loan minimum with Carputty starts at $10,000. That makes Autopay a better fit if you have a tight budget since its lending partners offer car loans as low as $2,500.
But if you plan to purchase frequently, the flexibility that Carputty offers makes it a clear winner. You’ll have access to the V3 tool to monitor buying and selling trends. Plus, there’s no need to apply for financing each time you want to purchase or refinance a vehicle.
Fees
Carputty assesses a 1 percent finance charge each time you acquire a vehicle. The amount is added to your outstanding balance, so you don’t have to come out of pocket to cover the cost at the time of purchase. The fees enforced by Autopay aren’t disclosed on the website, as they vary by lender.
The bottom line: Which lender is better?
Carputty and Autopay are options to include on your list if you’re ready to purchase your next vehicle. But if you plan to buy or finance more than one car or truck sooner rather than later, Carputty is likely the best fit. On the other hand, Autopay comes with more flexible lending guidelines, and you can access fast cash by borrowing from your car’s equity if you need it.
Compare more lenders before applying
Weigh the benefits and drawbacks of each and compare other refinance loan options to make an informed decision.
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