AutoApprove Car Loans
Auto Approve is a marketplace for car loans that allow people to compare rates from various reputable lenders. It has been in business since 2016 and it has its headquarters in Minnesota. Catering to every state, the Auto Approve marketplace is particularly popular for those people who are looking to refinance their existing car loans. It does not really cater to people who are looking to finance the purchase of a new car. This review will look at all of the key aspects of finding a car refinancing loan through Auto Approve.
AutoApprove Loan Types & Terms
|Repayment terms||12 -84 months|
|Minimum credit score||580|
|Lender type||Marketplace Lender|
|Good for:||Competitive rates, easy to do, reputable lenders|
- Easy to compare quotes from lenders
- View offers from lenders without a hard credit check
- Low minimum credit score
- Some lenders in their network may have prepayment penalties
- You’ll need to submit an application to view lending partner information
Auto Approve is a marketplace that allows you to get access to car loan quotes from many different legit lenders. There are certain criteria that you need to meet in order to be able to submit an application. Everything can be done online, with the initial search for quotes only requiring a soft credit check. As soon as you decide upon a specific lender, you will then need to comply with a hard credit check.
You also must submit all sorts of relevant information, including contact details, personal information, details about your employment, and so on. There will usually need to be verification of this information through the likes of payslips, photo ID, and other relevant documents. Generally, the application process from start to finish is pretty seamless when you are using Auto Approve.
Terms & Requirements
There are different types of requirements that will be associated with getting a car loan through Auto Approve. As this is a marketplace, the exact requirements will vary, but here is a general look at what you can expect:
Car Loan Requirements
All states will be catered to by Auto Approve, which is not always going to be the case. As this is a marketplace, the exact car loan requirements are going to vary. However, you will always need to be at least 18 years old and have a credit score of at least 580. Your monthly income needs to be at least $1,500 and you need to either be a US citizen or a permanent resident.
Car Loan Terms
If you are refinancing a car loan, you will need to have a loan balance that is at least $7,500. There are also usually requirements in place on the types of cars that you can get a loan for. For example, it cannot be more than a decade old or have more than 150,000 miles on it. The total that you can borrow can rise as high as $150,000.
The APR rates that you can get will start a slow as 2.25% and can rise significantly depending on your specific situation. There might be some small fees associated with choosing a lender through Auto Approve. This includes an origination fee that will often be deducted from the loan sum.
The length of the car loans that you can get through Auto Approve will range between 12 months and 84 months. Therefore, most people will be able to find a loan length that suits their needs.
Privacy & Security
Auto Approve has an A+ rating with the Better Business Bureau, reflecting the good experience that users of the marketplace have had when it comes to finding car loans. Having been in business for more than five years, Auto Approve has shown itself to be a trustworthy offering.
It also takes the privacy of its users very seriously, making sure to encrypt and protect all sensitive data that is transferred through the offering. Finally, as a marketplace, Auto Approve makes sure to vet all the lenders to make sure that they are fully legit and fair.
The Auto Approve website contains a lot of very useful information when it comes to car loan refinancing. If you still want to get some additional information, you can ring the team and talk to them. Auto Approve professional. This can be a great way to clear up any issues or concerns that you might have. Alternatively, you can send an email to the team and get a prompt reply within 24 hours during the working week.
Auto Approve is not going to be an offering that is for people who want to get a loan to finance the purchase of a new car. It is focused on providing refinancing to people who currently have a car loan that has very high-interest rates. This marketplace only deals with reputable lenders, so you can shop around without having any concerns about dealing with dodgy lenders. The application process is very easy and you can get some very favorable terms of your loan.
6200 Shingle Creek Pkwy600 B Street,
Brooklyn Center, MN