Carputty vs. Autopay: Which Offers Better Auto Loans?

When it comes to financing a new or used vehicle, borrowers have a plethora of options to choose from. Two popular platforms that often come up in discussions are Carputty and Autopay. Both offer a range of auto financing options, but they differ in their approach and features. In this article, we'll compare Carputty and Autopay based on their loan amounts, terms, eligibility guidelines, and other key factors to help you make an informed decision.

Carputty: The Innovative Auto Loan Financing Platform

Carputty takes a unique approach to auto loan financing by offering a flexible line of credit, called Flexline™, to borrowers seeking auto loan financing. With a single application, borrowers can purchase up to 15 current and future new or used vehicles, refinance an existing loan, or undergo a lease buyout. Carputty's innovative approach simplifies the process and provides a free tool to help borrowers find the right vehicle at a reasonable price. Additionally, Carputty offers same-day funding for auto loans, making it an attractive option for borrowers who need quick access to funds.



Autopay: The Online Lending Marketplace for Auto Financing

Autopay is an online lending marketplace that simplifies the auto financing process for borrowers by allowing them to compare loan options from its extensive network. Borrowers can gain approval and funding as soon as one business day, making it a convenient option for those who need quick access to funds. Autopay's network of lenders offers new and used purchase loans, refinancing, and cash-out refinancing options. However, borrowers may have to make a down payment to secure financing, and lenders in some states may assess a loan origination fee.

Carputty vs. Autopay: Key Differences and Their Impact on Borrowers

1. Loan Amounts: Carputty offers lines up to $250,000, with individual advances ranging between $10,000 and $150,000. In contrast, Autopay offers loan amounts ranging from $8,000 to $120,000. Carputty's higher loan limits make it more suitable for frequent car buyers, small business owners with a fleet of vehicles, or those looking to finance more expensive vehicles. Autopay's lower limits may be more appropriate for borrowers with lower credit scores or those seeking to pull cash from the equity in their vehicles.
2. APRs: Carputty's APRs start from 4.33%, while Autopay's APRs start from 4.85%. Carputty's lower starting APR could result in lower interest payments and overall costs for borrowers with good to excellent credit. Autopay's APR range may be more suitable for borrowers with lower credit scores, as they might not qualify for Carputty's lower rates.
3. Loan Term Lengths: Carputty offers variable loan terms, while Autopay offers fixed loan terms ranging from 12 to 96 months. Carputty's variable loan term allows for more flexibility in repayment, as borrowers can pay off their balance at their own pace. Autopay's fixed loan terms provide a clear understanding of the repayment period, which may be more suitable for borrowers who prefer a structured repayment plan.
4. Fees: Carputty charges a 1% finance fee per transaction and a $250 removal fee when a vehicle is removed from the line of credit. Autopay's fees are not specified, making it difficult to compare the total cost of borrowing between the two platforms.
5. Minimum Credit Score: Carputty requires a minimum FICO score of 680 for approval, while Autopay does not specify a minimum credit score requirement. Each lending partner in Autopay's network sets its eligibility guidelines, so borrowers with lower credit scores may have better luck with Autopay.
6. State Footprint: Autopay is available in all 50 states and Washington, D.C., while Carputty is available in 46 states and Washington, D.C. Autopay's broader state footprint may make it more accessible to borrowers in states where Carputty is not available.
7. Time to Funding: Carputty offers same-day funding for auto loans, while Autopay offers funding as soon as one business day. Carputty's faster funding time may be more convenient for borrowers who need immediate access to funds, while Autopay's one business day funding time may still be sufficient for most borrowers.
8. Refinancing Restrictions: Carputty has age, loan-to-value, and mileage restrictions for refinancing, while Autopay does not specify any refinancing restrictions. Carputty's refinancing restrictions may limit the eligibility of certain vehicles for refinancing, while Autopay's lack of specified restrictions may provide more flexibility in refinancing options.

In conclusion, the choice between Carputty and Autopay depends on the borrower's individual needs, credit score, and preferences. Carputty's innovative approach, higher loan limits, and lower starting APR make it an attractive option for borrowers with good to excellent credit who need quick access to funds. Autopay's online lending marketplace, broader state footprint, and flexibility in credit score requirements make it a more suitable option for borrowers with lower credit scores or those seeking to pull cash from the equity in their vehicles. Ultimately, borrowers should carefully consider their financial needs and preferences when choosing between Carputty and Autopay.