Should You Refinance Your Auto Loan With Auto Approve? (2021)
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Auto Approve offers low interest auto loan refinancing. If you want to save money on your monthly car payments or if your credit score has recently increased, it may be a good idea to consider refinancing your car loan. Finance companies like Auto Approve let you apply in minutes and sign a refinance deal the same day.
We’ve done what it takes to help you decide whether it’s worth applying for automatic refinancing through Auto Approve. In this article, we take a look at the details of the business loan, the application process, and customer reviews.
If you want to start comparing auto loan rates, visit AutoApprouver.com.
In this article:
About automatic approval
Auto Approve LLC helps clients refinance auto loans for cars, trucks, SUVs, ATVs, motorcycles, recreational vehicles, boats, and all-terrain vehicles. Based in Minnesota, the company has associated clients with low-interest loans for more than 40 years.
The company has lending partners such as banks and credit unions who will find the right car loan for each customer after reviewing their borrower profile.
| Automatically approve Advantages |
Automatically approve The inconvenients |
|---|---|
| Low interest rates | Only offers loan refinancing, no purchase loans |
| Strong reputation for customer service | Does not offer loans to drivers with very bad or no credit |
| Simple and fast application process |
Auto Approved Loans: Borrowing Limits, Interest Rates, and Fees
Auto Approve’s main product is automatic loan refinancing. This means that only drivers with existing car loans can use its services. The company does not offer standard purchase loans or refinancing for commercial vehicles.
Refinancing your loan means that you borrow money from a lender to pay off your existing car loan. Instead of making payments to your old lender, you are making payments to your new lender instead. The reason is that you may be able to get a lower interest rate or a longer payment period which will lower your monthly car payments.
Be aware that some lenders have prepayment penalties. This means that you will be charged a fee for prepaying your loan. While Auto Approve loans don’t have prepayment penalties, your original car loan can, which means you’ll have to pay a fee to refinance.
The details on loan amounts, terms and interest rates offered by Auto Approve lenders are described below:
| Auto Approval Loan Details | |
|---|---|
| Loan amount range | $ 5,000 to $ 85,000 |
| term of the loan | 12 to 84 months |
| Annual percentage rate (APR) | As low as 2.25% |
| Penalty for early repayment | Nothing |
You can choose the length of your loan, but your APR will depend on your borrower profile. Factors that affect the interest rate you may receive include:
- State
- Lender
- Credit history
- Vehicle
- Preferred payment terms
- Monthly income
Those with higher income and an established history of paying off their debts will qualify for a lower interest rate.
Automatic approval does not charge an application fee. You will not be paying anything out of pocket when you start a refinance loan with the company.
Having said that, there are other costs beyond the principal amount of the loan. The setup fee is the cost of getting the loan and covers things like customer service and business expenses. There is also a nominal fee to transfer title from your old lender to Auto Approve. These fees cover the expenses of DMV.
You don’t have to pay the above fees out of your pocket, but they are included in your total loan amount.
Auto Approve also offers lease buyout options. This allows a person with a leased vehicle to take out a new loan and purchase the vehicle at the end of the lease.
If you’ve fallen in love with your ride and just don’t want to give it up, this can be a good option. You can find a loan with Auto Approve online and at a competitive annual percentage rate.
Application process
The automatic approval request process is quick and easy. Customers can apply online on the company’s website. After you submit your application, a credit counselor will find loan opportunities and contact you to discuss them. After selecting an auto loan, the necessary documents can be done digitally by signing documents online.
The whole process only takes a few minutes and the offers are valid for 30 days. You can therefore continue to compare quotes from other companies without giving up your Auto Approve offer.
There is no application fee, but you may need to pay an origination fee after you take out your refinanced auto loan.
When you begin the application process, you will be required to provide information such as your name, address, credit score, and monthly income. Before an auto loan is secured, you will also need to upload copies of the following documents:
- Driving license
- Proof of valid automobile insurance
- Current vehicle registration
- Recent pay stubs or proof of income
- Current loan financing agreement (optional)
Proof of citizenship or permanent residence may also be required.
Will you be eligible for loan refinancing with automatic approval?
Not all drivers are eligible for auto loan refinancing through Auto Approve. Those with particularly low credit scores or who do not have sufficient income may be turned down. See minimum borrower details for automatic approval in the table below.
| Self-approval borrower eligibility conditions | |
|---|---|
| Minimum credit score | 580 |
| Minimum income | $ 1,500 / month |
| Minimum loan balance | $ 5,000 |
Automatic approval of reviews and reputation
Auto Approve is accredited and holds an A + rating from the Better Business Bureau (BBB). The company also has a score of 4.7 out of 5.0 stars based on approximately 400 reviews. There have been 27 complaints filed against Auto Approve over the past three years, and all of them have been dealt with and resolved by the company.
Many customers are happy to find lower financing rates for their auto loans through the company. They praise Auto Approve’s helpful staff, who are able to guide clients through complicated terms and contracts. One customer wrote:
“Quick, easy and efficient process for refinancing my car loan. Saved me [money] by reducing my interest rate by 3%. Other lenders only offered me a 1% rate reduction. I worked with Josh who was extremely helpful and responsive, always taking the time to fully answer my questions along the way.
– Rebecca F. via BBB
Client complaints usually involve confusion with contracts, with some clients having loans blocked due to problems with their documents. In many cases, these issues appeared to be the result of customer error, but Auto Approve has worked hard to rectify the situation.
Our opinion on automatic approval: 4.0 stars
Although Auto Approve only offers one type of auto loan (auto refinance), it does it well. The online application process is very quick, and there is no charge, there is no reason not to submit an application if you have met the loan eligibility requirements. You may be able to find a lower interest rate and save money each month.
Overall, here’s our verdict on automatic approval:
| Engine Rating 1 | 4.0 |
|---|---|
| Loan details | 3.5 |
| Loan availability | 3.5 |
| Application process | 4.5 |
| Customer service | 4.5 |
One of the downsides of Auto Approve is that refinance loans may not be available to those with particularly poor credit. Also, keep in mind that the company does not administer loans itself, but rather finds auto loans on behalf of clients. There may be a surcharge for this service.
To compare auto loan rates, visit AutoApprouver.com.
Disclaimer: Our research team strives to keep this information accurate and up to date, but you will get the most recent information from financial institutions. Prices and conditions vary depending on the applicant and market conditions. We do not offer any guarantees for any loan products or services mentioned on the site, and we recommend that you carefully read the terms and conditions of a financial institution before making a decision regarding a loan product.
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