Advertiser Disclosure

Auto Approve offers low-interest auto loan refinancing. If you want to save money on your monthly car payments or if your credit score has recently increased, it may be a good idea to look into refinancing your car loan. Finance companies like Auto Approve allow you to apply in minutes and sign a refinancing contract the same day.

We’ve done the legwork to help you decide if it is worth applying for auto refinancing through Auto Approve. In this article, we review the company’s loan details, the application process, and customer reviews.

If you want to start comparing auto loan rates, visit AutoApprove.com.

 

Lending Partner
Loan Term
Min. APR
Min. Credit Score
Highlights
Refinance Loan
Loan Term Up to 72 Months
Min. APR 2.25%
Min. Credit Score 580
Highlights
  • Excellent customer ratings
  • Low rates for good credit customers
  • Strong industry reputation
Refinance Loan
Loan Term 48-84 Months
Min. APR 1.99%
Min. Credit Score 550
Highlights
  • Average monthly savings of $150
  • Work with a personal loan concierge to compare options
  • A+ BBB Rating
Refinance Loan
Loan Term 36-84 Months
Min. APR 1.99%
Min. Credit Score 560
Highlights
  • Average monthly savings of $145
  • Online Application
  • Browse loan options found specifically for you
Refinance Loan
Loan Term 36-72 Months
Min. APR 2.91%
Min. Credit Score 640
Highlights
  • Apply online in minutes
  • A leading provider in refinance loans
  • A+ BBB rating
Refinance Loan
Loan Term 24-84 Months
Min. APR 1.99%
Min. Credit Score 800
Highlights
  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience
Refinance Loan
Loan Term Up to 72 Months
Min. APR 3.99%
Min. Credit Score 300
Highlights
  • Great for customers with limited/no credit
  • Offers special military rates
  • A+ BBB rating
Refinance Loan
Loan Term Up to 84 Months
Min. APR 2.49%
Min. Credit Score 500
Highlights
  • Specializes in auto refinancing
  • A+ BBB Rating
  • No application fee
Refinance Loan
Loan Term 36-72 Months
Min. APR 1.99%
Min. Credit Score 580
Highlights
  • Average savings of $100/month
  • Secure, fully online platform
  • Refinancing available for cars, trucks, & SUVs

All APR figures last updated on 6/6/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

In This Review:

    About Auto Approve

    Auto Approve LLC helps customers refinance auto loans for cars, trucks, SUVs, ATVs, motorcycles, RVs, boats, and all-terrain vehicles. Headquartered in Minnesota, the company has been matching customers with low-interest loans for over 40 years.

    The company is has lending partners like banks and credit unions that will find the right auto loan for each customer after considering their borrower profile.

    Auto Approve ProsAuto Approve Cons
    Low interest ratesDoes not offer loans to drivers with very bad credit or no credit history
    Strong customer service reputation
    Easy and fast application process

    Auto Approve Loans: Borrowing Limits, Interest Rates, And Fees

    Auto Approve’s main product is auto refinancing loans. This means that only drivers with existing auto loans can make use of its services. The company does not offer standard purchase loans or refinancing for commercial vehicles.

    Refinancing your loan means that you borrow money from a lender to pay off your existing auto loan. Instead of making payments to your old lender, you instead make payments to your new lender. The reason to do this is that you may be able to secure a lower interest rate or longer payment period, decreasing the monthly payments on your car.

    Be aware that some lenders have prepayment penalties. This means that you are charged a fee for paying your loan off early. While Auto Approve loans do not have prepayment penalties, your original auto loan may, meaning you will have to pay a fee to refinance.

    Details about the loan amounts, term lengths, and interest rates offered by Auto Approve lenders are outlined below:

    Auto Approve Loan Details
    Loan Amount Range$5,000 to $85,000
    Loan Term Length12 to 84 months
    Annual Percentage Rate (APR)As low as 2.25%
    Prepayment PenaltyNone

    You can choose your loan term length, but your APR will depend on your borrower profile. Factors that impact the interest rate you might receive include:

    • State
    • Lender
    • Credit history
    • Vehicle
    • Desired payment terms
    • Monthly income

    Those with a higher income and an established history of meeting debt obligations will be eligible for a lower interest rate.

    Auto Approve Fees

    Auto Approve doesn’t charge an application fee. You won’t pay anything out of pocket when starting a refinancing loan with the company.

    That said, there are some other costs beyond the principal loan amount. The origination fee is the cost to get the loan and it pays for things like customer service and business expenses. There is also a small fee to transfer the title from your old lender to Auto Approve. This fee covers DMV expenses.

    You don’t have to pay any of the above fees out of pocket, but they are included in your total loan amount.

    Auto Approve Lease Buyout

    Auto Approve also offers lease buyout options. This enables someone with a leased vehicle to take out a new loan and purchase the vehicle at the end of the lease.

    If you fell in love with your ride and just don’t want to give it up, this can be a good option. You can find a loan with Auto Approve online and at a competitive annual percentage rate.

    Application Process

    The Auto Approve application process is quick and easy. Customers can apply online through the company’s website. After submitting your application, a loan consultant will find loan opportunities and contact you to discuss them. After selecting an auto loan, the necessary paperwork can be done digitally by e-signing documents.

    The entire process only takes a few minutes, and offers are valid for 30 days, so you can keep comparing quotes from other companies without giving up your Auto Approve offer.

    There is no application fee, but you may need to pay an origination fee after signing up for your refinanced auto loan.

    What Documents Do You Need To Apply?

    When you begin the application process, you will need to supply information like your name, address, credit score, and monthly income. Before any auto loan is guaranteed, you will also need to upload copies of the following documents:

    • Driver’s license
    • Proof of valid auto insurance
    • Current vehicle registration
    • Recent pay stubs or proof of income
    • Current loan finance contract (optional)

    You may also be asked for proof of citizenship or permanent residence.

    Lending Partner
    Loan Term
    Min. APR
    Min. Credit Score
    Highlights
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 2.25%
    Min. Credit Score 580
    Highlights
    • Excellent customer ratings
    • Low rates for good credit customers
    • Strong industry reputation
    Refinance Loan
    Loan Term 48-84 Months
    Min. APR 1.99%
    Min. Credit Score 550
    Highlights
    • Average monthly savings of $150
    • Work with a personal loan concierge to compare options
    • A+ BBB Rating
    Refinance Loan
    Loan Term 36-84 Months
    Min. APR 1.99%
    Min. Credit Score 560
    Highlights
    • Average monthly savings of $145
    • Online Application
    • Browse loan options found specifically for you
    Refinance Loan
    Loan Term 36-72 Months
    Min. APR 2.91%
    Min. Credit Score 640
    Highlights
    • Apply online in minutes
    • A leading provider in refinance loans
    • A+ BBB rating
    Refinance Loan
    Loan Term 24-84 Months
    Min. APR 1.99%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term Up to 84 Months
    Min. APR 2.49%
    Min. Credit Score 500
    Highlights
    • Specializes in auto refinancing
    • A+ BBB Rating
    • No application fee
    Refinance Loan
    Loan Term 36-72 Months
    Min. APR 1.99%
    Min. Credit Score 580
    Highlights
    • Average savings of $100/month
    • Secure, fully online platform
    • Refinancing available for cars, trucks, & SUVs

    All APR figures last updated on 6/6/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

    Will You Qualify For Auto Approve Loan Refinancing?

    Not every driver is eligible for auto loan refinancing through Auto Approve. Those with especially low credit scores or who do not have a sufficient income may be denied. See minimum borrower details for Auto Approve in the chart below.

    Auto Approve Borrower Eligibility Requirements
    Minimum Credit Score580
    Minimum Income$1,500/month
    Minimum Loan Balance$5,000

    Auto Approve Reviews And Reputation

    Auto Approve is accredited and holds an A+ rating from the Better Business Bureau (BBB). The company also holds a 4.7 out of 5.0-star customer review score based on about 400 reviews. There have been 27 complaints filed against Auto Approve in the last three years, and all have been addressed and resolved by the company.

    Many customers are pleased to find lower financing rates for their car loans through the company. They praise Auto Approve’s helpful staff members, who are able to walk customers through complicated terms and contracts. One customer wrote:

    “Fast, easy, efficient process getting my car loan refinanced. Saved me [money] by reducing my interest rate by 3%. Other lenders were only offering me a 1% rate reduction. I worked with Josh, who was exceedingly helpful and responsive, always taking the time to fully answer my questions along the way.”

    – Rebecca F. via BBB

    Customer complaints typically involve confusion with contracts, with some customers having loans held up because of problems with their paperwork. In many cases, these issues seemed to be the result of a customer error, but Auto Approve made efforts to address the situation.

    Our Take On Auto Approve: 4.0 Stars

    While Auto Approve only offers one type of auto loan (auto refinancing), it does it well. The online application process is very fast, and with no fee, there is no reason not to submit an application if you have met the loan eligibility requirements. You may be able to find a lower interest rate and save money every month.

    Overall, here’s our verdict on Auto Approve:

    Motor1 Rating4
    Loan Details3.5
    Loan Availability3.5
    Application Process4.5
    Customer Service4.5

    One downside of Auto Approve is that refinancing loans may not be available to those with especially poor credit. Also, keep in mind that the company does not administer loans itself but rather finds car loans on customers’ behalf. There may be a markup for this service.

    To compare auto loan rates, visit AutoApprove.com.

     
    Lending Partner
    Loan Term
    Min. APR
    Min. Credit Score
    Highlights
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 2.25%
    Min. Credit Score 580
    Highlights
    • Excellent customer ratings
    • Low rates for good credit customers
    • Strong industry reputation
    Refinance Loan
    Loan Term 48-84 Months
    Min. APR 1.99%
    Min. Credit Score 550
    Highlights
    • Average monthly savings of $150
    • Work with a personal loan concierge to compare options
    • A+ BBB Rating
    Refinance Loan
    Loan Term 36-84 Months
    Min. APR 1.99%
    Min. Credit Score 560
    Highlights
    • Average monthly savings of $145
    • Online Application
    • Browse loan options found specifically for you
    Refinance Loan
    Loan Term 36-72 Months
    Min. APR 2.91%
    Min. Credit Score 640
    Highlights
    • Apply online in minutes
    • A leading provider in refinance loans
    • A+ BBB rating
    Refinance Loan
    Loan Term 24-84 Months
    Min. APR 1.99%
    Min. Credit Score 800
    Highlights
    • Below-average credit scores accepted
    • Great interest rates
    • Smooth and easy online experience
    Refinance Loan
    Loan Term Up to 72 Months
    Min. APR 3.99%
    Min. Credit Score 300
    Highlights
    • Great for customers with limited/no credit
    • Offers special military rates
    • A+ BBB rating
    Refinance Loan
    Loan Term Up to 84 Months
    Min. APR 2.49%
    Min. Credit Score 500
    Highlights
    • Specializes in auto refinancing
    • A+ BBB Rating
    • No application fee
    Refinance Loan
    Loan Term 36-72 Months
    Min. APR 1.99%
    Min. Credit Score 580
    Highlights
    • Average savings of $100/month
    • Secure, fully online platform
    • Refinancing available for cars, trucks, & SUVs

    All APR figures last updated on 6/6/2022 - please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

    FAQ: Auto Approve