How to apply for a loan?
Here's what you need to do to get approved with Auto Approve:
Learn more about your pricing options. Shop around to compare auto refinance lenders to find the best loan for your needs, whether you're trying to buy out your lease or refinance.
Study your loan alternatives. Borrowing estimates from Auto Approve can be obtained in a matter of seconds. After you send in your information, a loan adviser will talk to you about the different options you have and help you choose the best one.
Submit an application. When you've decided on a loan, your loan adviser will help you complete the application and send it to the chosen lender. It simply takes a few minutes to find out if you've been approved for a loan, and if you are, you'll get your rate locked in for the next 30 days.
Finalize the loan paperwork. Auto Approve will make all your loan paperwork, including the loan agreement and title documents, and send them to you electronically so you can sign them.
Take charge of the finances. Your monthly payment due date (typically 45 days after the contract date) will be included in the loan package you get after your loan has been finalized. Eligible candidates may request a payment delay of up to 90 days.
Requirements
Auto Approve keeps all underwriting factors, such as minimum credit scores, a secret. These, however, will likely change according to which of its partner lenders you choose to engage with.
For the lowest interest rate, you also should have a credit score of at least 730 and a loan term of at least 72 months. Ultimately, your creditworthiness, the vehicle being financed, payment terms, and the specific lender will determine whether you are approved and at what rate. Below are the fairly basic requirements for applying for an Auto Approve loan.
You must be 18 years or older
The required minimum gross monthly income is $1,500
The loan amount required to borrow is $5,000
You can't have more than 10 years of age or 150,000 miles on your car's odometer.
Application details
You need to complete the online form that Auto Approve provides to request a fee quote. This form requires you to begin by entering your contact information. You also have to provide the following documents and more information:
A Valid Driver's License
Validation of your Current Insurance Coverage
Your Currently Active Registration
Pay Stubs or Other Verification of Income
Active Financing Agreement for the Loan Balance (optional).
