2023 Auto Approve Auto Loan Review
If your car payment is eating a hole in your pocket each month, Auto Approve could help you refinance. The company isn’t a direct lender but it works to connect you with lenders so you can see potential loan offers and then apply for the best one. It specializes in lease buyouts and auto refinancing loans for cars, trucks, SUVs, boats, motorcycles and RVs. Auto Approve reviews are largely positive and the company is legit.
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Auto Approve loans at a glance
Auto Approve is a middleman company, so the exact loan terms you receive will depend on the lending partners it works with. By partnering with banks, credit unions and online finance companies, Auto Approve is able to feature a large range of terms and loan amounts, giving borrowers options.
|Loan type||Starting APR||Terms||Amount||Min. credit score|
|Refinance||2.94%||12 to 84 months||$5,000 to $85,000||Not disclosed|
Auto Approve refinancing pros and cons
Auto Approve can help you score the refinancing deal you want. However, as a broker, Auto Approve also has the ability to inflate your auto loan APR (annual percentage rate) and take the difference as profit. Be sure to get at least one auto refinancing quote directly from a lender of your choice, without a middleman, so you know the type of rate you qualify for.
No application fees
Joint applications are allowed
Specialty vehicle refinancing available
Loan counselors help with paperwork
No auto purchase loans
No business financing
No disclosed list of lender partners
Possibly inflated APR
A closer look at refinancing with Auto Approve
Auto Approve reviews online are largely positive. The company has a Trustpilot rating of 4.7 stars out of 5 and an A+ grade from the Better Business Bureau (BBB). Besides car refinancing, also offers the following loan products:
Special vehicle refinancing
Most specialty vehicles are considered luxury items, and as such, it can be harder to find a good refinancing deal for them. By working with multiple lenders, Auto Approve could help you find a lender and the best refinance loan for:
Lease buyout loans
If you want to purchase your leased car rather than turn it in, you will likely need a lease buyout loan. Not all auto lenders offer this type of loan, but it works similarly to a car refinance loan; you submit an application and, once approved, your new lender pays off the original leasor. Auto Approve offers both end-of-lease buyout loans and early buyout loans.
Vehicle protection plans and GAP insurance
Auto Approve sells extended warranties (also called vehicle protection plans and vehicle service contracts) and GAP insurance. Both products can be useful and valuable in the right situation, but make sure that you understand how much they cost.
A less-scrupulous sales consultant might say something like, “Congratulations, your refinance payment is $50 less each month and includes an extra warranty. Does that sound good?” Most people will agree. What the consultant might not say is that without the extra warranty, your payment could be $75 less each month.
How to apply for an Auto Approve auto loan
1. Fill out a form on Auto Approve
You’ll need to provide basic information about yourself and your vehicle. For each applicant on the form, you’ll share:
- Full legal name
- Contact information and address
- Employer and income amount
Then for the vehicle, you’ll share:
- Year, make and model or the vehicle identification number (VIN)
- How much you owe on your current car loan (you can get this number from your current lender by asking for the “payoff amount”)
2. Choose the best loan option
Based on that information, an Auto Approve loan consultant will work to match you with several lenders and then go over your loan options with you.
3. Apply to a lender
From the various options that are presented, you will then choose which one you’d like to apply to. The loan consultant will help you with any additional paperwork and send your loan application to the lender, who will perform a hard credit pull and, ideally, issue an official approval.
4. Sign the paperwork
If you like the loan you’re offered, your loan consultant will guide you through the rest of the paperwork to get everything signed, sealed and delivered. Your new monthly payment typically starts in 30 to 45 days from the day you submit the contract.
How Auto Approve auto loans compare
At the time of publication, Auto Approve has a lower starting APR than most lenders. It also has a wide range of available terms and amounts. Like other companies however, it doesn’t share a minimum credit score requirement. Remember that the lowest APRs will go to borrowers with excellent credit.
|Auto Approve||Fifth Third Bank||Bank of America|
|Terms||12 to 84 months||Up to 75 months||Up to 72 months|
|Amount||$5,000 to $85,000||$5,000 to $80,000||Minimum of $7,500|
|Min. credit score||Not disclosed||Not disclosed||Not disclosed|
Is an Auto Approve loan right for you?
If you’re looking to refinance your auto loan and you have excellent credit, Auto Approve might be a great option. It has a low starting interest rate and the fact that you have an assigned loan consultant helping you at every step can be attractive.
It’s still important however to get a quote or two directly from lenders, without a middleman. Auto Approve doesn’t disclose a list of their current partner lenders, so if you want an offer from a particular lender, consider applying to them directly. Look at what your local credit union or current bank offers and see if what they offer beats the rate you get through Auto Approve.