About lender
Since 2016, Auto Approve LLC has been helping people refinance loans for cars, trucks, SUVs, motorcycles, campers, and other powerboats. For over four decades, the Minnesota-based company has helped borrowers find manageable interest rates on loans.
Auto Approve isn't a direct lender but has relationships with various financial institutions in the United States.
The business works with a network of banks, credit unions, and other financial institutions to find the best auto loan for each borrower. So, Auto Approve offers customers attractive ways to refinance, which lets them lower their monthly payments and, therefore, their total cost of financing. After you fill out the online form and send it in, it will send your information to all lenders in their huge network until you get the best rate.
Pros and cons
Pros
Assigns a specialist to research financing options
Get an estimate without revealing your SSN
Excellent ratings from previous customers
Affordability for those with an excellent credit history
Obtainable even by those with poor credit ratings
Simple application process.
Cons
Not able to offer any new auto loans, only refinancing and lease buyouts
Indirect lender
Non-eligibility for commuting vehicles.
Terms and conditions
Auto Approve will help you with different parts of the lending process depending on what kind of loan you want.
Rates begin at 2.94% (minimum requirements for this rate are: 2019 model year or newer vehicle, 730 or above FICO credit score, and loan term up to 72 months).
You can borrow loan amounts between $7,500 and $150,000.
The loan terms range from one to seven years.
The amount you'll pay in interest on a loan depends on where you live and to whom you choose to lend.
Auto Approve offers loans in every 50 states plus the District of Columbia.
Administrative and documentation fees, DMV and title fees, state fees (if applicable), and other fees common to vehicle loan refinancing will be due.
Funding a loan
Auto Approve is not a lending company; instead, it works with a network of other financial companies to help people refinance their cars. More than one bank will offer you a loan, but this is not a sure thing. You can apply for a loan online or over the phone with Auto Approve.
A quote is available in a matter of seconds, and no sensitive information, like your SSN, is required.
Auto Approve gives you financing options beyond the usual refinancing. For example, you can buy a leased car at the end of the lease period or before it ends. Refinancing loans for motorcycles, ATVs, RVs, and boats is another service this business offers.
