At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Auto Approve
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Loan amount
$10,000-$150,000
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Min. credit score
640
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APR from
4.99%-24.99%
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Funds available in
Varies by lender
Loan amount
$10,000-$150,000
Min. credit score
640
APR from
4.99%-24.99%
Funds available in
Varies by lender
Finding the right refinancing loan requires you to weigh 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.
Consider the benefits and drawbacks of working with a lender aggregator for your next auto financing product.
Customer support
Vehicle add-ons
Joint applications
Varying fees
Unknown lenders
Limited loan products
Auto Approve has a minimum credit score requirement of 640, which into under the fair range according to Experian. However, the lender works with a large 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.
If you like the convenience of online funding and loan handling, consider checking out Ally Auto Loans. 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.
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 lenders offer online assistance when handling refi documentation, which can streamline the process.
The easy-to-use website and dedicated customer support may not outweigh the unknown loan specifics.
Auto Approve’s website has a chat box to answer any introductory questions on your loan application. Following that, support can be found via email or over the phone from Monday through Saturday.
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.
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.
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.
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.
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.
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.
Overall Score | 4.0 | |
---|---|---|
Availability | 4.0 | Auto Approve serves borrowers in all 50 states and has competitive loan amounts. |
Affordability | 3.5 | Though the minimum APR is low, much of the other information is not disclosed. |
Customer Experience | 3.8 | 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. |
To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories.