For many borrowers, automatic payments are one of the simplest and most effective ways to stay ahead of financial obligations. If you’re wondering about the benefits of using autopay for auto financing, it’s not just a matter of convenience. Autopay can help you build better credit and potentially save you money.

Make payments easier — and harder to miss

The most immediate benefit of using autopay is convenience. Once enrolled, your payment is automatically withdrawn from your bank account on the date you select, eliminating the need to log in, write checks, or remember due dates. If you’re busy, enrollment can remove a task from a packed to-do list.

It also significantly reduces the risk of missing a payment, which can result in late fees and added stress. With autopay, your bill is paid on time, every time — provided your account has sufficient funds.

Build your credit automatically

One of the most important factors in your credit score is payment history. Late or missed payments can negatively affect your score, while consistent, on-time payments help build it. When you automate your car payments, you’ll create a system that supports better credit without having to think about it every month.

This consistent behavior can lead to lower interest rates on future financing, attractive credit card offers, and more favorable terms on everything from mortgages to insurance.

Save money where you can

Depending on your lender, enrolling in autopay could unlock special discounts or interest rate reductions. While not guaranteed, some lenders reward borrowers who sign up for autopay by shaving a fraction off their annual percentage rate, which can save you money over time. Even a small reduction can add up to hundreds of dollars in interest saved.

Some potential drawbacks to be mindful of

While autopay is a great tool, you’ll need to stay on top of your bank account. There’s always the risk of overdrafts if your account doesn’t have enough funds when a payment is withdrawn. Monitoring your balance and setting alerts can help avoid this issue. Regular review will also help you catch errors and incorrect charges.

How to Setup Autopay as a Credit Acceptance Customer

Enrolling in Credit Acceptance’s autopay program is simple and can be done at any time in one of three ways:

• Through the customer portal. Log in to your account and select “enroll in autopay”.

• On our mobile app. Download the Credit Acceptance Mobile App, log in, and follow the setup instructions.

• Over the phone. Call 1-800-634-1506 and ask a representative to help you set up automatic payments.

Our autopay service supports payments from checking or savings accounts, as well as debit and ATM cards. Credit cards are not accepted for recurring payments. You can also modify your schedule at any time, including holidays, as long as changes are made before 12:00 a.m. ET one day before the next scheduled payment. Learn more about autopay and other payment options here.

To explore the possibility of financing through Credit Acceptance, including learning the maximum monthly pre-qualified payment, you can get pre-qualified through our website today. While you’re there, you can also use our dealer locator to find dealers near you that can help.