Auto Approve Auto Loans: Tailored Refinancing for Your Car

Auto Approve at a Glance

Auto Approve is a financial services company specializing in refinancing loans and lease buyouts. Founded in 2016 and headquartered in North Plymouth, Minnesota, the company emerged with a mission to simplify the auto loan process for consumers across the United States. By leveraging their lending network, Auto Approve aims to provide a seamless experience for borrowers looking to lower their monthly payments or refinance existing loans. Since their inception, the company has served thousands of clients nationwide, focusing on delivering value through efficient service and competitive rates.

In terms of services, Auto Approve primarily offers refinancing options for existing auto loans and lease buyouts. The process is designed to be user-friendly, allowing borrowers to complete their loan applications online with minimal documentation. Clients can typically anticipate a quick pre-qualification process that includes a soft credit check and access to numerous loan offers from partner lenders. This approach allows clients to compare terms and select the best option for their financial needs.

Regarding reputation, Auto Approve has earned an A+ rating from the Better Business Bureau (BBB), a strong indicator of their reliability and customer satisfaction. This rating signifies that they maintain high standards in handling customer complaints, resolving issues, and conducting business.

Features & Services

Auto refinance

Auto Approve offers refinancing options for various types of vehicles, including cars, trucks, and SUVs. Refinancing can allow borrowers to secure a lower interest rate or adjust the length of their loan, which may reduce monthly payments or help pay off the loan faster. This option can be beneficial for individuals who feel they are overpaying on their current loan or whose financial circumstances have changed since the initial loan agreement. By refinancing, borrowers can tailor their payments to fit their current situation better.

Auto lease purchasing

Auto Approve is proud to assist customers with multiple lease buyout options. The lease-end buyout option allows individuals to purchase or refinance their vehicle at the end of the lease term. This is ideal for those who want to keep their vehicle and transition into ownership. The early buyout option allows customers to purchase their leased vehicle before the lease ends, offering more control and flexibility. These options provide a straightforward way to move from leasing to ownership, with financing terms that can be tailored to suit individual financial needs.

Motorcycle refinance

Auto Approve extends their refinancing services to motorcycles, recreational vehicles (RVs), boats, and all-terrain vehicles (ATVs). Borrowers can explore the opportunity to lower their interest rates or adjust payment terms for these vehicle loans. This service is aimed at helping customers who may feel they are overpaying on their current loan or wish to reduce their monthly payments. By refinancing, Auto Approve works with borrowers to ensure the loan terms are better aligned with their current financial situation.

GAP insurance

Auto Approve includes the Guaranteed Asset Protection (GAP) insurance option as part of their refinancing services. GAP insurance helps cover the difference between the remaining loan balance and the actual value of a vehicle if it is totaled or stolen. This protection is especially useful for borrowers whose vehicles have depreciated, preventing them from owing more than the car is worth. GAP insurance can be added to refinancing packages to provide additional peace of mind.

Online quote tool

Auto Approve’s online quote tool allows customers to explore refinancing options by providing essential contact information such as their name, email, and contact details. Additionally, users will input information about the vehicle they wish to refinance, including the year, make, model, and mileage. This user-friendly process helps customers get a personalized quote without affecting their credit score, giving them an idea of potential rates and savings before making any commitments.

Plans & Pricing

Auto Approve partners with various lenders to offer auto loan refinancing, but they are not the direct lenders of the loans themselves. This means that Auto Approve works with a network of lenders to provide auto refinancing, but they do not directly offer the loans. Since the costs involved in refinancing, such as administrative fees, document fees, title transfer fees, and state-specific fees, vary by lender and location, it can be challenging to know the exact costs until you move further into the process. Similarly, the APR you’ll be offered depends on factors like your credit score, vehicle information, and loan terms, but these rates aren’t disclosed initially.

Once you proceed with the refinancing process, Auto Approve will assign you a loan consultant who will provide a detailed breakdown of all the associated costs. The good news is that these fees and any extras you add are included in the amount financed, meaning you won’t need to pay anything upfront, and they do not charge an application fee.

Regarding payments, your first one is typically due around 45 days after the contract date, giving you time before starting repayment. Qualified applicants may even be able to defer payments for up to 90 days, skipping a payment if needed.

They state that additional services like GAP insurance are relatively affordable, typically costing less than $14 per month. This coverage helps protect against financial loss in vehicle depreciation or total loss.

Benefits & Drawbacks

Benefits

• Online quote and calculator tool: Auto Approve offers both an online calculator and a quote tool, providing different ways for customers to estimate potential loan rates and monthly payments. The calculator allows for a quick estimate based on basic vehicle and financial details, while the quote tool provides a more comprehensive idea of whether you’ll be approved for refinancing, helping you make informed decisions without fully committing to the loan process
• Social Security number not required: One major convenience with Auto Approve is that, with their online quote tool, you don’t need to provide your Social Security number, ensuring greater privacy. This makes the process faster and simpler while maintaining the security of your personal information
• Variety of vehicles covered: They are flexible regarding the types of vehicles they refinance. They cover not just cars, trucks, and SUVs but also motorcycles, RVs, boats, and ATVs. This makes them a suitable option for customers with various vehicle types who want to explore refinancing
• Pre-qualification with a soft credit check: You can pre-qualify for refinancing without a hard credit inquiry, meaning it won’t affect your credit score. This soft credit check allows you to explore your options risk-free before moving forward with the full application process
• Co-signers permitted: Auto Approve allows you to add or remove a co-signer or co-borrower on your loan. This flexibility is particularly helpful if you want to improve your chances of securing better loan terms by adding someone with stronger credit or removing a previous co-signer
• Flexible loan terms: They offer flexible loan repayment terms ranging from 12 to 84 months. This wide range allows you to tailor your loan based on your financial situation, whether you want lower monthly payments by extending the term or paying off the loan sooner with a shorter term
• Added protection options: They also provide additional protection services, such as GAP insurance, which helps cover the difference between the vehicle’s value and the remaining loan balance if the car is totaled or stolen. This option is useful in preventing customers from owing more than their vehicle is worth, especially in situations involving significant depreciation

Drawbacks

• Not a direct lender: Auto Approve is a broker that connects you with lenders from their network rather than directly providing loans. This means that the terms and conditions of your loan will depend on the specific lender you’re matched with, potentially adding complexity to the process and limiting your ability to compare offers upfront
• No new or used car loan options: They focus only on refinancing and lease buyouts, so if you’re looking for a loan to purchase a new or used vehicle, you’ll need to opt for a different provider. This might limit their appeal to buyers seeking full financing solutions
• Lender partner network undisclosed: They do not reveal the specific lenders they work with, so you won’t know who your loan will come from until later. This lack of transparency may concern those who prefer to know more about their lender upfront
• Lack of transparency regarding loan details: Auto Approve does not provide clear, upfront information on key financial details, such as the range of fees, APR range, and loan terms. Customers won’t know specifics like the minimum or maximum APR, minimum credit scores, maximum loan amounts, or vehicle mileage limits until they move further into the process. This lack of transparency can make it harder to make informed decisions early on

Customer Reviews

Auto Approve holds accreditation from the BBB, where they maintain an A+ rating. On the same platform, customer reviews give them an average rating of 4.36 out of 5, reflecting consistent satisfaction with their services. Additionally, they have earned a strong reputation on Trustpilot and Google Reviews, holding a 4.6 out of 5 and a 4.4 out of 5 rating, respectively.

Positive reviews

Customers praised Auto Approve for their professional and friendly service, often highlighting the clear communication throughout the refinancing process. Many expressed satisfaction with the straightforward experience, with several noting that their payments were significantly reduced and their loan terms improved. The ability to quickly address customer questions and keep them informed was frequently mentioned as a positive aspect of the service.

Additionally, reviewers appreciated the efficiency with which Auto Approve handled the refinancing, emphasizing the smooth process and the ease of completing necessary steps. Many felt that the company’s support and guidance made refinancing less stressful, and they were pleased with the overall savings and service they received.

Negative reviews

Some customers expressed dissatisfaction with Auto Approve, particularly regarding the communication and transparency of the process. Several reviewers reported issues with customer service, such as delays in receiving responses from loan consultants, lack of follow-up after credit checks, and difficulty getting clear information about their loan approval status. Some customers felt the company's marketing and communication strategies misled them due to unexpected fees and higher interest rates than initially advertised.

Additionally, some customers reported problems handling their personal information, stating that they experienced hard credit checks without clear authorization or were asked for excessive personal details without receiving adequate feedback. Others mentioned delays in processing paperwork, including registration and title transfers, which caused unnecessary complications and delays.

Company response

Auto Approve generally responds to customer complaints by addressing specific concerns, confirming credit authorizations, and apologizing for communication delays or errors. In cases where customers raise issues about unauthorized hard credit checks, they explain that in some instances, authorization was given for their lending partners to perform the checks, often confirmed through recorded calls. For complaints about hidden fees, Auto Approve clarifies that fees are included in the loan and not out-of-pocket while acknowledging that the communication may not have been clear. They ensure corrective action is taken and emphasize their commitment to improving customer service.

What Customer Service Options Do They Offer?

Auto Approve is keen on providing excellent, personalized customer service for their clients. They offer various customer support options, including phone, email, and in-person. Contact the Auto Approve customer support team at (866) 948-7954 or (833) 950-1509 or via email at [email protected] if you prefer written support.

Additionally, you can access their FAQ page and educational resources to find more detailed information about their services and the refinancing industry in general. These resources provide helpful insights for customers looking to understand the refinancing process and their offerings.

Final Thoughts

In conclusion, Auto Approve offers a streamlined approach to auto loan refinancing and lease buyouts, helping customers lower their monthly payments or transition to vehicle ownership. Founded in 2016 and headquartered in North Plymouth, Minnesota, they connect borrowers with a network of lenders, providing flexible loan terms and refinancing solutions for various vehicles.

While their user-friendly online tools and pre-qualification process make refinancing easier, potential drawbacks include a lack of transparency regarding fees and lender details. With an A+ rating from the BBB and generally positive customer reviews, Auto Approve has built a reputation for reliable service, though some clients have experienced communication and follow-up issues. Overall, they offer a solid option for those seeking auto loan refinancing, with added services like GAP insurance for extra protection.

To ensure you make the best choice, check out our reviews of top auto loan providers and explore our comparison tool for personalized options. For even more insights and expert advice, head to our blog page.