Auto Loans
Top Companies in 2024
Auto Approve vs RefiJet Auto Loans
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- Online quote and calculator tools
- Pre-qualification with a soft credit check
- Added coverage and protection option
- 12 to 84-month loan terms
- 45-day payment-free period
- Accepting most credit scores
- Fully online application
- Nationwide coverage
- No prepayment penalties
- Not a direct lender
- No new or used car loan options
- Lender partner network not disclosed
- Lack of transparency regarding loan details
- No in-person service
- Not a direct lender
- Limited to refinancing
- Only eligible for cars 10 years old or newer
Auto Approve, established in 2016 and based in North Plymouth, Minnesota, offers auto loan refinancing and lease buyout services. They aim to streamline the process for customers looking to reduce monthly payments or purchase their leased vehicles. Serving a variety of vehicles, including cars, trucks, motorcycles, and RVs, Auto Approve partners with a network of lenders to provide refinancing options tailored to individual needs. A key feature of their service is the online application process, which allows for pre-qualification without requiring a Social Security number. They also offer optional GAP insurance to protect against vehicle depreciation. While some customers appreciate the efficiency and flexibility, others have noted concerns with communication during the process. Auto Approve holds an A+ rating from the Better Business Bureau (BBB), reflecting their commitment to resolving customer issues. If you’re interested in exploring how their services could meet your refinancing needs, take a closer look at the full review for more insights into their offerings and customer experiences.
Founded in 2016 and based in Denver, Colorado, RefiJet offers auto loan refinancing and lease buyout loans, utilizing advanced technology to ensure seamless customer service and robust data security. RefiJet's features include a fully online application process, accommodating various vehicle types and credit scores, and connecting borrowers with a nationwide network of over 20 lenders. They offer competitive interest rates starting at 2.49% for highly qualified borrowers, with loan terms ranging from 24 to 96 months. Customers generally praise RefiJet for their efficient service and knowledgeable staff, highlighting the ease of securing better interest rates and terms. However, some have experienced delays and communication issues. RefiJet also provides additional services such as Guaranteed Asset Protection (GAP) and Extended Service Contracts (ESC) for extra financial security. Pricing includes an origination fee of up to $495, added to the total loan amount, with no prepayment penalties. RefiJet's comprehensive refinancing solutions cater to a wide range of financial needs, making them a viable option for many borrowers seeking improved loan conditions.
- Loan Terms : 12 to 84 months
- Minimum Accepted Credit Score : Undisclosed
- APR : Undisclosed
- BBB Rating : A+
- Loan Terms : Ranging between 24 and 96 months
- Minimum Accepted Credit Score : 500
- APR : Range between 5.29% and 21.99%
- BBB Rating : A+
- Social Security number not required for a quote
- 90-day payment deferral available
- Co-signers permitted
- Auto lease purchasing
- Highly compliant
- Variety of vehicle coverage
- Highly secure
- Lease Buyout
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Lease Buyout
- Loan Refinancing
- New Vehicle
- Private Party
- Used Vehicle
- Extended Warranty
- GAP Insurance
- Limited Warranty
- Mobile Application
- Online Account Management
- Return Policy
- Extended Warranty
- GAP Insurance
- Limited Warranty—Undisclosed
- Mobile Application—Undisclosed
- Online Account Management
- Return Policy
- Hard Credit Check—Undisclosed
- Income—Undisclosed
- Minimum Credit Score—Undisclosed
- Pre-qualification With Soft Check
- Hard Credit Check
- Income
- Minimum Credit Score
- Pre-qualification With Soft Check
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees—Undisclosed
- Origination Fee—Undisclosed
- Prepayment Penalties
- Title Transfer Fee
- Upfront or Application Fees
- Documentation/Processing Fee
- Late Payment Fees
- Origination Fee
- Prepayment Penalties
- Title Transfer Fee
- Upfront or Application Fees
- Automatic Payments—Undisclosed
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments—Undisclosed
- Mail-In Payments—Undisclosed
- Online Payments—Undisclosed
- Phone Payments
- Automatic Payments
- Cash
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments
- Mail-In Payments—Undisclosed
- Online Payments
- Phone Payments—Undisclosed
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
RefiJet vs. Auto Approve
When choosing between RefiJet and Auto Approve for auto refinancing, each company offers unique benefits tailored to different needs. Both specialize in refinancing existing auto loans, yet their services and approaches vary, offering distinct advantages based on borrower preferences.
Service range and offerings
RefiJet focuses on auto refinancing for various vehicle types, such as cars, trucks, SUVs, and motorcycles, with access to over 20 lenders nationwide. Their broad network provides diverse loan options, which can help borrowers secure competitive terms.
Auto Approve also offers refinancing for vehicles like cars, trucks, and motorcycles, but they extend services to include RVs, boats, and ATVs. Additionally, their lease buyout options let customers purchase leased vehicles before or at the end of a lease, giving more flexibility for those looking to own their vehicles.
Pricing and loan terms
Both RefiJet and Auto Approve work with lender networks, so specific fees and interest rates vary. RefiJet advertises rates as low as 2.49% for well-qualified applicants and offers a three-month payment-free period. Meanwhile, Auto Approve provides an online quote tool that doesn’t require a Social Security number, protecting privacy early in the process. Their fees, like administrative and document costs, are generally rolled into the loan, avoiding upfront payments.
Security and compliance
RefiJet is SOC 2 certified, ensuring stringent data security measures and compliance with CFPB and FTC standards. Auto Approve has an A+ BBB rating, reflecting their compliance and customer service focus. Both companies conduct soft credit checks for pre-qualification, so exploring options won’t affect your credit score.
Advantages and disadvantages
RefiJet Advantages: Their broad lender network provides multiple options for varying credit profiles, accepting applicants with scores as low as 500. Additionally, RefiJet offers GAP insurance and extended service contracts, which can provide added financial protection.
Auto Approve Advantages: Auto Approve's lease buyout options and ability to refinance a wide range of vehicle types are significant benefits. The online quote tool helps maintain privacy during the initial application phase.
RefiJet Disadvantages: RefiJet is limited to refinancing and lease buyouts, and they do not offer new purchase loans. Also, they only work with vehicles less than ten years old, which might limit some borrowers' options.
Auto Approve Disadvantages: Auto Approve does not disclose lender partners upfront, which might concern those who want more transparency. Additionally, they only focus on refinancing and lease buyouts, excluding new and used car loans.
Conclusion
RefiJet and Auto Approve provide effective auto refinancing options but cater to different needs. RefiJet is ideal for those looking for flexibility in lender options and additional protections. At the same time, Auto Approve’s lease buyouts and broad vehicle coverage make it a good fit for borrowers seeking specialized services. The right choice will depend on your specific refinancing needs and vehicle type.