Auto Approve Reviews
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About Auto Approve
Auto Approve is an auto loan marketplace that specializes in helping you find a bank, credit union or auto lender for car loan refinancing or lease buyout. By refinancing your vehicle or doing a lease buyout with Auto Approve, you can potentially get a lower APR and start paying less each month. The application process is quick, and refinancing has no out-of-pocket cost.
- Nationwide lending network
- Compare multiple lender rates simultaneously
- Soft credit prequalification
- Option to add or remove a co-borrower
- No application fee
- Not a direct lender
- Rates and fees vary by lender
Helpful Reviews
What is Auto Approve?
Auto Approve is an online marketplace that connects customers with banks, credit unions and auto lenders for refinancing and lease buyouts on cars, trucks, SUVs, motorcycles and recreational vehicles.
Commercial vehicles and heavy equipment are ineligible for refinancing, as are any vehicles registered under a company name.
How Auto Approve works
Auto Approve helps you refinance your existing car loan by connecting you with lenders in its network. The company itself isn’t the lender; instead, it matches your application with banks, credit unions and finance companies that may offer a new loan with better terms.
The online application is straightforward. Auto Approve doesn’t charge an application fee, though some partner lenders in its marketplace may. When you apply, the company reviews your credit score, monthly income, loan balance, vehicle age and vehicle mileage.
If your application meets the basic requirements, an Auto Approve loan specialist shops it to lenders in the company’s network to find potential refinancing offers. If you choose one of the offers, the new lender pays off your existing car loan and replaces it with a new loan, ideally with a lower interest rate or monthly payment.
How to apply for Auto Approve loans
Auto Approve has a simple application. To apply, you’ll need information about your current car loan, including the balance, interest rate and term. To finalize the application, you’ll also need to provide personal documentation, including:
- Loan payoff statement
- Recent pay stubs or bank statements
- Driver’s license
- Valid proof of insurance
Once you submit an application, Auto Approve reviews your information and works with its network of partner lenders to determine which refinancing offers you may qualify for. An Auto Approve loan specialist will contact you to walk you through your options.
If you choose an offer, Auto Approve submits your application to the selected lender, and in most cases, you’ll receive a decision within minutes. If approved, Auto Approve then prepares your new loan and title documents for electronic signature. Your rate offer is typically valid for 30 days.
Auto Approve fees
Auto Approve doesn’t charge an application fee. Refinance-related costs are typically rolled into the loan, so you won’t pay anything upfront. However, if your current loan has prepayment penalties, you may still be responsible for those costs.
Your annual percentage rate (APR) will vary depending on your vehicle, loan terms and credit history. Your lender may also have its own fee structure once your new loan is established. Loan amounts, fees and costs differ by lender and state. These may include administrative fees, documentation fees, Department of Motor Vehicles fees and title fees, depending on the lender and repayment term.
FAQ
How much are Auto Approve loans?
Overall costs depend on your loan amount and APR, which can change regularly. To get an idea of rates and fees, you’ll need to submit an application and get a quote.
How do I qualify for Auto Approve refinancing?
To see if you qualify, get a quote on Auto Approve’s website. Getting a quote doesn’t affect your credit score.
Does Auto Approve charge an application fee?
No, Auto Approve doesn’t charge an application fee itself, but some of the lenders in its marketplace might.
Can I refinance a commercial vehicle with Auto Approve?
No, Auto Approve doesn’t refinance commercial vehicles purchased in a company’s name.
Can I choose my refinancing loan term?
Yes, when you refinance a vehicle with Auto Approve, you get to decide if you want to shorten or extend the term of your loan. Auto Approve refinancing loans typically range from one to eight years (12 to 96 months).
Will refinancing with Auto Approve affect my credit score?
Simply getting a quote from Auto Approve doesn’t impact your credit score. But if you choose to refinance with Auto Approve, a hard inquiry will be required, which can temporarily affect your credit score.
Where is Auto Approve headquarters?
Auto Approve headquarters are located in St. Louis Park, Minnesota.
Still have questions?
Is Auto Approve legit?
Yes, Auto Approve is a legitimate auto loan marketplace that connects borrowers with banks, credit unions and other lenders for refinancing and lease buyouts. It operates nationwide and works with a network of partner lenders.
Because Auto Approve isn’t a direct lender in most cases, final loan terms, fees and approval decisions come from the lender you’re matched with. This is typical for loan marketplaces, but it means your experience may vary depending on the lender.
ConsumerAffairs reviewers frequently mention a fast application process, responsive customer support and noticeable savings on interest rates and monthly payments. The service may be a good fit if you want help comparing multiple refinancing offers without applying to each lender individually.
Auto Approve Reviews
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Auto Approve Company Information
- Company Name:
- Auto Approve
- Address:
- 233 South Wacker Drive, Suite 3900, Floor 39
- City:
- Chicago
- State/Province:
- IL
- Postal Code:
- 60606
- Website:
- www.autoapprove.com
