Auto Approve Auto Loan Review: Features, Plans, and More!
Auto Approve Auto Loan Review: Features, Plans, and More!
Auto Approve was founded in 2016 and offers to help customers find the ideal auto loan refi rates. It is true that it’s not a loan lender exactly, Auto Approve works closely with a wide lender network that consists of banks, credit unions, and finance companies across the United States. With Auto Approve, you can refinance loans for your car, SUV, truck, motorcycle, recreational vehicles (RVs), boats, all-terrain vehicles (ATVs), and much more. Read our full review below to find out all that this company has to offer you!
Auto Approve at a Glance
The marketplace lender Auto Approve has been in business since 2016. Its head office is located in Brooklyn Center, and its services are available everywhere around the U.S. The company offers many auto refinancing loans and is very well known for car owners who are struggling with high-interest rates on their current car loans.
However, it's important to mention that Auto Approve does not lend loans directly. Instead, it connects you with auto refinance loans from a variety of banks and credit unions that partner with Auto Approve. These loan providers include finance companies, commercial banks, credit unions, and other financial institutions. Auto Approve’s remarkable relationship with its auto loan provider partners can help you get bargain rates on auto refinancing. However, one thing to know is that your credit score will be a big factor in how much you can save on interest charges.
How Does Refinancing Work with Auto Approve?
The process of refinancing or getting an auto loan with Auto Approve is simple and easy to understand. The following is a brief of how you can expect the process to go:
1. Get a free quote
This process will only take you a few minutes, and you won’t need to provide your Social Security number. Moreover, there’s no impact on your credit score. Finally, the quote is obligation-free!
2. Get connected with loan providers
The company will share your information with banks, loan providers, and credit unions in their network to secure the best rate for you.
3. Choose an offer
In case you find an offer that you are interested in and you choose to move forward, the company will have direct contact with the lender on your behalf and will process a new loan for you. This means that you will not need to worry about doing any paperwork that comes with refinancing a vehicle.
How Do You Qualify for an Auto Approve Auto Loan?
To be eligible for an auto loan from Auto Approve, you will need need to meet a certain criterion with a few minimum requirements. The following is a detailed description of what you need to have in order to get an auto loan from the company:
Below are all the criteria that you need to meet in order to qualify for an auto loan:
- A credit score of 580 or more.
- You need to be at least 18 years old.
- You need to prove that you have a minimum monthly income of $1,500. (However, note that the company's auto loan is also open to working with applicants who are unemployed only if they can prove to the company that they will repay their obligations on time).
- The vehicle you want to refinance needs to have a loan balance that is at least $7,500.
- The vehicle cannot have more than 150,000 miles on it and it cannot be older than 10 years old.
- You need to be a citizen of the United States or a permanent resident.
Documents needed to support your application:
When you apply for an auto loan from Auto Approve, there are a few documents that you need to make sure you have within your application. The following is a list of all the documents needed:
- Driver’s license
- Government-issued photo ID
- Proof of identity
- Proof of income
- Business formation documents
- Loan payoff statements
- Current vehicle registration
- Recent pay stubs
- Proof of insurance
- Proof of citizenship or residence permit
The approval for the loan gets back within one hour of submitting your application. If your refi is approved, your loan funds should be dispersed within two business days. After that, when your first payment comes due will depend on several factors, including when you finalize the loan and which lending partner or bank you choose to work with.
It is important to know that Auto Approve auto loan reports your payment history to Equifax, Experian, and TransUnion (the three credit bureaus). This means that failing to make payments or making late payments will hurt your credit score drastically.
What Is the APR with Auto Approve?
The Annual Percentage Rate (APR) over twelve months is usually fixed in the Auto Approve auto loan process. As of June 1st, 2021, they set the APR percentage to 2.25% for the best-qualified auto loan borrowers.
Auto Approve will offer to show you multiple options regarding the loan offers to help you find the best rate for you. Factors like your credit score, monthly income, and existing debts will affect what loan options you get. If you have high credit card debt or/and another car loan with a lower credit score, you will most likely need to pay a higher APR.
There is a high chance you’ll see competitive rates through the Auto Approve site for someone who matches your credit profile.
What Fees Does Auto Approve Charge?
You will not be charged any fee on applying for refinance loans with Auto Approve. Neither will you be paying any late fee, or prepayment penalty. This makes refinancing with Auto Approve a cost-effective and affordable option. You can also benefit from this service for a lease buyout. Not many finance companies have this much flexibility, low fees, and low available interest rates as Auto Approve.
If you had already gotten a high-interest car loan within the last two years and your credit score has shown significant improvement ever since, then you can save a lot of money every month by refinancing. Additionally, if you have a current car loan that includes a co-signer with credit that can stand on its own, Auto Approve can help you by buying you a new car loan of your own without asking you to pay high loan origination fees.
Auto Approve Customer Service
Auto Approve is keen on providing excellent, personalized customer service for its clients. They offer various customer support options, including phone, email, in person, and through their social media accounts. You can contact the Auto Approve customer support team via phone at (833) 312-1519. You can also contact them via fax at 360 338 3934. If you prefer written support, you can reach out to them via email at [email protected].
Auto Approve office is located at the following address:
6200 Shingle Creek Pkwy, Suite 400
Brooklyn Center, MN 55430
Auto Approve has been in business since 2016. Its head office is located in Brooklyn Center, and its services are available everywhere around the U.S. The company offers many auto refinancing loans and is very well known for car owners who are struggling with high-interest rates on their current car loans.
They offer various financing options that you can choose from. The higher your credit score is, the better your chances are of getting various loan offers from different loan providers. However, the company also works with people who have a credit score as low as 580. You can refer to the review above to better understand the requirements they ask for to get you a loan offer deal. You can also find a detailed list of all the documents you need to provide with your application.
The company's customer service is excellent and personalized. They offer various customer support options, including phone, email, social media accounts, and in person. You can reach out to their customer care team via the contact details provided above!
To get your new lower rate, we’ll need the following documents and information: ● Driver’s License ● Current Proof of Insurance ● Current Registration ● Pay Stubs or Proof of Income ● Current Loan Finance Contract (optional) That’s it — contact one of Auto Approve expert loan consultants to get started.
You will need to provide a number of information to get started. After that, the Auto Approve team takes care of the entire process: Step 1. Provide your personal, vehicle, and employment information. Step 2. Our loan consultants will determine which loans you qualify for and walk you through your options. Step 3. We submit your application to your chosen lender. Step 4. Auto Approve will generate all of your new loan and title documents. We’ll send them to you for an e-signature. Step 5. Auto Approve will handle the rest and get your loan funded. We’ll also work with the DMV to take care of the vehicle title. Step 6. You’ll begin to make your payments to the new lender.
Receiving a quote online only takes a few seconds. Once your information is received, your dedicated loan consultant will work with you to submit your application to one of Auto Approve preferred lending partners. In most cases, you will receive a decision within minutes of submitting your application.
The due date of your monthly payment will be listed in your loan package. Your first payment is typically due 45 days from the contract date, which means you get to skip a payment. Auto Approve even offers a 90-day deferred payment option for qualified applicants.