Auto Approve offers loans for various vehicle types, including cars, trucks, SUVs, ATVs, and boats. They are liberal in the vehicle age they’ll refinance (up to 10 years) and mileage (up to 150,000). The loan terms are favorable, having competitive interest rates and up to 84-month financing. Loan requirements meet market standards.
Auto Approve Auto Loans Review
Auto Approve provides vehicle refinancing to individual consumers. The company is based in Minnesota and has grown based on pairing prospective customers with a loan consultant who serves as a single point of contact, which streamlines the loan application and approval processes.
Auto Approve Auto Loans Highlights
$7,500 - $150,000
LOAN REPAYMENT TERM
12 to 84 months
MIN CREDIT SCORE
APR FIXED RATE
2.94% - 15.99%
MAX VEHICLE AGE
SOFT CREDIT PULL
Pros & Cons
- Low APRs for qualified buyers
- Available in all 50 states and the District of Columbia
- $0 prepayment fee
- Quick funding (1-2 business days)
- High origination fee ($399)
- Support is not available on weekends
- No new car financing
- No commercial vehicle loan refinancing
Auto Loans Types
- Lease Buyouts
- Auto Refinance Loans
Auto Approve Auto Loans Terms & Requirements
How to Apply
To apply with Auto Approve, follow the company’s application process provided on their website to ensure a straightforward and simple transaction:
- Provide personal, vehicle, and employment information
- Speak with a loan consultant who will explain your loan options
- Submit to a ‘hard’ credit check if you decide to move forward with refinancing
If approved, you’ll then sign the necessary documents and submit payments directly to your new lender.
- Min. credit score: 640
- Income: $18,000 or higher
- Citizenship: U.S. citizens/permanent residents/green card holders
- Co-signer: allowed to help the applicant qualify for better rates and terms
Required documents: loan payoff statements, recent pay stubs, proof of income, proof of insurance, driver’s license or government-issued photo ID, proof of identity, proof of citizenship or residence permit, U.S. tax identification number
Application Steps & Time Frames
- Complete application/provide documentation: 1-2 hours
- Receive funding decision: 1-2 business days
This is a very simple process if you provide the required documents in a single submission and in a timely manner. It compares favorably with other lenders in the vehicle refinancing market.
Available in all states
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.
After submitting vehicle and existing loan information online, we found Auto Approve’s response time highly acceptable. Within 60 minutes, we were contacted via email by a loan consultant who was eager to assist. The email included a toll-free number to contact the consultant directly.
Auto Approve’s reputation for solving prospect’s problems and answering their questions is very positive, which is reflected in their reviews on Trustpilot, which awarded them a 4.5/5 star review based on 5700 consumer comments.
Auto Approve provides an easy-to-navigate website and a positive buying. They take the time to learn about each potential borrower’s situation concerning their credit score and vehicle to pair them with a lender interested in working with them. Prospective customers work directly with a single point of contact within Auto Approve and are provided personal attention from start to finish.
Other than Auto Approve not providing new car loans, they are looked upon favorably in the vehicle refinancing marketplace.