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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


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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 Pros Auto Approve Cons
Low interest rates Only offers loan refinancing, not purchase loans
Strong customer service reputation Does not offer loans to drivers with very bad credit or no credit
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 Length 12 to 84 months
Annual Percentage Rate (APR) As low as 2.25%
Prepayment Penalty None

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.

Loan 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.


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 Score 580
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.

Auto Approve Rating: 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 Rating 4.0
Loan Details 3.5
Loan Availability 3.5
Application Process 4.5
Customer Service 4.5

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


FAQ: Auto Approve

Is Auto Approve legit?

Yes, Auto Approve is a legitimate auto loan refinance company. It holds an A+ rating with accreditation from the BBB and has a 4.7-star rating from customers. Auto Approve has been in business for over 40 years.

Does Auto Approve charge a fee?

Auto Approve does not charge an application fee. However, there may be other fees, such as a loan origination fee or title transfer fee, that are included in the final balance of the loan. You don't have to pay for these out of pocket.

How long is auto loan approval?

You can be approved to refinance your loan with Auto Approve within hours of submitting the application (during the business day). The process is completely electronic, which means you can refinance your auto loan on the same day.

Disclaimer: Our research team aims to keep this information accurate and up to date, but you'll get the most recent information from financial institutions. Rates and terms vary according to applicant and market conditions. We do not offer warranties for any loan products or services discussed on the site, and we recommend you read through a financial institution’s terms and conditions carefully when making a decision on a loan product.