Want a better deal on a car loan? Auto Approve LLC might be just what you need.
Auto Approve specializes in helping drivers get refinancing deals with lower interest rates. This means you could save money on your monthly car payments.
Within minutes, Auto Approve could show you refinance loans with the lowest interest rates and the highest loan amounts you qualify for.
By the end of our Auto Approve review, you’ll know for sure if this service is the best choice for refinancing your car loan.
What Is Auto Approve?
Auto Approve is a marketplace lender that’s been in operation since 2016. Its head office is in Brooklyn Center, Minnesota, but its services are available everywhere in the United States.
The company offers auto refinancing loans and is especially popular for car owners who have high-interest rates on their current car loans.
But Auto Approve does not lend money directly.
Instead, it shows you auto refinance loans from a variety of banks and credit unions who partner with Auto Approve.
These partner lenders include finance companies, commercial banks, credit unions, and other financial institutions.
Auto Approve’s unique relationship with the lenders it partners with can help you get bargain rates on auto refinancing.
However, your credit score will be a big factor in how much you can save on interest charges.
Auto Approve Refinance Benefits:
- Paying off your car loan faster. (The faster you pay back your car loan, the less interest you pay over time.)
- A lower interest rate, which can mean lower monthly payments and less interest paid over time.
- Some lending partners let borrowers skip one or multiple payments if necessary.
- Having a co-borrower removed on your original car loan.
- You’ll get just a soft credit check to see loan offers. Later, if you apply for a loan, the actual lender will run a hard credit check.
- Better Business Bureau (BBB) rates Auto Approve A+ and you can find positive reviews on Trustpilot and Consumer’s Advocate.
Great reviews and fast service matter, but saving money matters a lot more to drivers who are paying too much on their existing car loan.
How much you can lower your interest rate or monthly payment will depend on the lender you get connected with on this site.
But Auto Approve lets you control whether to shorten or lengthen the term of your loan to better suit your convenience or financial situation.
Auto Approve’s refinancing services are available not only to car owners, but also to owners of motorcycles, RVs, SUVs, trucks, ATVs, and boats who would like to refinance.
You could also use one of these loans to buy out an existing lease.
How Do You Qualify for an Auto Approve Auto Loan?
To be eligible for an Auto Approve Auto Loan, you’ll need to meet a few minimum requirements.
- A minimum credit score of 580.
- You must be at least 18 years old.
- You must have a minimum monthly income of $1,500. (That said, Auto Approve Auto Loan is open to working with applicants who are unemployed but can prove that they can repay their obligations on the due dates.)
- The vehicle you are refinancing must have a loan balance of at least $7,500.
- The vehicle must not have more than 150,000 miles on it or be older than 10 years old.
- You must be a United States citizen or permanent resident.
Documents Needed to Support Your Application:
- Driver’s license
- Government-issued photo ID
- Proof of identity
- Proof of income
- Business formation documents
- Loan payoff statements
- Current vehicle registration
- Recent pay stubs
- Proof of insurance
- Proof of citizenship or residence permit
After submitting your application you should know within an hour whether you can get approved. If your refi is approved, loan funds should be dispersed within two business days.
When your first payment comes due will depend on several variables including when you finalize the loan and which lending partner you choose to work with.
It’s important to know Auto Approve Auto Loan reports your payment history to Equifax, Experian, and TransUnion (the three credit bureaus).
Failing to make payments or making late payments will hurt your credit score.
Auto Approve Application Process
Applying with Auto Approve is simple and easy. Just enter your information on the platform’s online application and you should see loan quotes in a matter of minutes.
Unlike most loan aggregators, Auto Approve can help you get an auto refi loan even if you don’t want to apply online.
Just give the company a call and a rep can walk you through the process and help you compare loan offers.
How Much Can You Borrow from Auto Approve?
Depending on factors such as your credit score, the term of your loan, the value and condition of the vehicle, and so on, you can borrow as little as $7,500 or as much as $150,000 from one of this site’s lending partners.
Borrowers who need an unusually large loan amount will likely see fewer options since only a handful of Auto Approve’s lending partners write loans larger than $100,000.
Loan terms on this platform typically range from 12 to 84 months. Larger loans normally offer longer loan terms than smaller loans.
For example, an $8,000 refi loan may offer only a 36-month term while a $25,000 loan could allow 60 or 72 months.
Longer loan terms can lower monthly payments, but they also charge more interest across the life of the loan since you’d owe money for a longer period of time.
What Is the APR with Auto Approve?
With an Auto Approve Auto Loan, the annual percentage rate (APR), which is your payable interest over 12 months, is usually fixed. As of 6/1/21, this starts at 2.25% APR for the best-qualified borrowers.
Auto Approve will try to show you multiple loan offers so you can choose the best rate available to you.
Your credit score, monthly income, and other debts will affect your loan options. If you have a lot of credit card debt and another car loan, for example, and you have a lower credit score, you’ll likely pay a higher APR.
There’s a good chance you’ll see competitive rates through this site for someone who matches your credit profile.
But remember, no single site includes all auto lenders. You may find a better deal elsewhere, especially if you’re a well-qualified borrower.
What Fees Does Auto Approve Charge?
Refinance loans from Auto Approve do not charge an application fee, late fee, or prepayment penalty. This is why refinancing with Auto Approve is such a cost-effective option.
This service can help with a lease buyout, too. Very few finance companies can match this combination of flexibility, low fees, and low available interest rates.
If you got a high-interest car loan a year or two ago and your credit score has improved significantly since then, you could save a lot each month by refinancing.
Also, if your current car loan includes a co-signer but your credit can now stand on its own, Auto Approve could help you into a new car loan of your own without requiring high loan origination fees.
Auto Approve does charge a fee for transferring your car’s title documents to a new lienholder, but this fee typically becomes part of your new loan balance. You won’t have to pay it upfront in cash.
Is Auto Approve the Best Choice For You?
If you want a loan for a new car, Auto Approve isn’t for you. You may want to try out LendingTree if you’d like to compare various loan offers for a new car.
Auto Approve is an excellent choice if you’d like an easy and quick way to get the best deal on refinancing an auto loan on a car you already own.
Applying is easy. You’ll need only a few minutes to get the process rolling online.
The platform connects you with auto lending partners who offer some of the lowest interest rates and friendliest terms available to someone with your credit profile.
With Auto Approve’s loan consultants, finding an auto loan with an interest rate and other refinancing terms that best suits you becomes almost effortless.
The personalized customer experience, no application fees, and fast approval times make the entire process a breeze. And just as important, the service is available to not only car owners, but also to the owners of trucks, SUVs, motorcycles, boats, ATVs, and RVs.