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Auto Approve auto loans: 2024 review

2024-01-01 06:00:00

At a glance

Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.5 stars out of 5
  • Affordability
    Rating: 4 stars out of 5
  • Customer Experience
    Rating: 3.4 stars out of 5
  • Transparency
    Rating: 4.5 stars out of 5
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About Auto Approve

  • Moneybag

    Loan amount


  • Credit Good

    Min. credit score


  • Rates

    APR from


  • Funds available in

    Varies by lender

Best for seamless refinancing  

Finding the right refinancing loan requires weighing your current loan terms and rates against new ones. For some, this process can be overwhelming. Auto Approve streamlines this process by handling the heavy lifting: It matches you with lenders, does the DMV paperwork and contacts your previous lender.

Auto Approve pros and cons

Working with a lender aggregator might not be the best financial choice for every type of borrower.

Green circle with a checkmark inside


  • Customer support
  • Vehicle add-ons
  • Joint applications
Red circle with an X inside


  • Varying fees
  • Unknown lenders
  • Limited loan products

The Auto Approve lending network allows borrowers to refinance to receive more favorable financing or purchase their leased vehicle. The online application and funding process is seamless and encourages you to take advantage of personalized service that can provide step-by-step advice.

Do you qualify? 

Auto Approve has a minimum credit score requirement of 620, which falls under the fair range according to Experian. However, the lender works with an extensive network so specific qualification requirements will vary by each partner.

Auto Approve offers refinance loans for motorcycles, RVs, ATVs and boats in addition to cars. But they do not refinance heavy equipment or commercial vehicles.

Auto Approve versus Ally

If you like the convenience of online funding and loan handling, consider checking out Ally. The bank-funded lender offers refinance and lease buyout options, with the ability to view real loan terms if you prequalify for financing. Ally also boasts flexible requirements. Borrowers may qualify while earning just $2,000 per month, even with less-than-perfect credit. 

See our Auto Approve vs. Ally comparison

Auto Approve versus Tresl 

Tresl boasts a seamless online application with the ability to prequalify for rates through a soft credit check. But it discloses less information upfront than Auto Approve — it’s not clear what loan amounts or APRs it offers. Both Tresl and Auto Approve offer online assistance when handling refi documentation, which can streamline the process. 

See our Auto Approve vs. Tresl comparison

What we like and what we don’t like 

The easy-to-use website and dedicated customer support may not outweigh the unknown loan specifics.  

What we like

  • Customer support. Borrowers will be matched with a customer representative that will assist you throughout the funding process.
  • Vehicle add-ons. When financing you have the ability to add on gap insurance, an extended warranty or a service plan.
  • Joint applications. Auto Approve allows co-borrowers and can also help with removing or adding one to your new loan.

What we don’t like

  • Varying fees: While Auto Approve itself doesn't charge fees, some of its lending partners do. Depending on which you match with, you may have to pay documentation and other fees.
  • Unknown lenders. Auto Approve doesn’t list all the lenders they work with — you’ll just have to see which ones you match with.
  • Limited loan products. You can not finance the purchase of a new or used vehicle with Auto Approve, though lease buyouts are available.

How to contact Auto Approve  

Auto Approve’s website has a chat box to answer any introductory questions on your loan application. Following that, contact support via email or over the phone from Monday through Saturday.

Auto loan types offered 

The Auto Approve network offers products for those looking to refinance their current auto loan or undergo a lease buyout. After you receive an offer, your rate is locked in for 30 days, giving you time to ensure you’ve found the best rate.

Auto loan refinancing

  • Amounts: $10,000-$150,000
  • Terms: 12-84 months
  • APR: 5.24%-24.99%

Refinancing your car involves replacing your current loan with a new one. If Auto Approve matches you with a lender offering a lower APR, you could enjoy smaller monthly payments and savings on interest across your loan’s lifetime. You could also extend your lease term, lowering your monthly payment but increasing your total interest paid.

Lease buyout

  • Amounts: $10,000-$150,000
  • Terms: 12-84 months
  • APR: 5.24%-24.99%

Auto Approve has two lease buyout options. A lease-end buyout allows you to buy or refinance your leased car at the end of the lease agreement. An early buyout option, on the other hand, can help you finance the cost to buy your leased vehicle before the lease ends. 

How to apply for a loan with Auto Approve

The process of applying for a loan with Auto Approve can be done completely online. According to the lender site, it takes only a few steps and you will receive a quote in seconds.

  1. Enter information. First, you must enter information on the online form covering information on yourself and your vehicle.
  1. Compare options. At this point, a loan consultant will present you with loans that you best qualify for and explain the options. 
  2. Apply. Once you determine which lender is best for your needs your consultant will help you apply and handle the creation of new title documents. 
  3. Receive a new loan. Auto Approve will work with the DMV to get the new vehicle title. You can now start making payments. 

Features and additional perks 

When signing off on a loan with Auto Approve, you will have the option to add extra services such as gap coverage, an extended warranty or additional service plans that cover unexpected costs. 

Fees and penalties 

Auto Approve does not charge a fee for applying for a loan. You can receive a quote for free. Once you move forward with a lender in the network fees such as title transfer, state fees or admin fees will be rolled in with the cost to refinance. Your advisor will present you with a breakdown of these costs at that step in the process.  

Auto Approve FAQs 

  • Yes, Auto Approve is a trusted source for auto financing. It carries an A+ rating and accreditation from Better Business Bureau. 
  • Your credit will take a temporary dip following the application process due to the hard inquiry that occurs. But while there is a short-term dip, refinancing can be better in the long run if you are struggling to make your payments. 

How Bankrate rates Auto Approve 

Overall Score 3.9
Availability 3.5 Auto Approve serves borrowers in all 50 states but has undisclosed loan amount information
Affordability 4.0 Though the minimum APR is low, much of the other information is not disclosed.
Customer Experience 3.4 Autopay not being offered by all lenders and no app are among the reasons it scores mid-marks.
Transparency 4.5 Prequalification varies by lender and fees are partially disclosed.


The Bankrate team assessed more than 35 auto lenders to find the best. To rate lenders specializing in auto refinance loans, Bankrate considers 16 different criteria, including the loan amount, disclosed APR and acceptance criteria. Each lender receives a Bankrate score based on four categories

  • Availability: This accounts for loan amounts, vehicle restrictions and availability in each state. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include online access, support availability, funding timeline, option for automatic payment and app availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Personal and Auto Loans