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AutoApprove Car Loans Review

Andrew Omalley Andrew Omalley Last update:
Est. APR
2.25-20%
Max loan
$150,000
Months term
12-84

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 AutoApprove 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 Auto Loan Types & Terms

Loan types
  • Refinance
  • Auto lease buyback
Loan amount $7,500-$150,000
Repayment terms 12 -84 months
APR 2.25%-20%
Minimum credit score 580
Lender type Marketplace Lender
Good for: Competitive rates, easy to do, reputable lenders

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AutoApprove Pros

  • Easy to compare quotes from lenders
  • View offers from lenders without a hard credit check
  • Low minimum credit score

AutoApprove Cons

  • Some lenders in their network may have prepayment penalties
  • You’ll need to submit an application to view lending partner information

 

Application Process

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.

 

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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.

Repayment Terms

 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.

Customer Support

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.

Final Thoughts

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.

 

Address

6200 Shingle Creek Pkwy600 B Street,
Suite 400,
Brooklyn Center, MN
MN5543

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Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.