Are you considering a refinance or auto lease buyout loan from Auto Approve? Before you decide, it’s best to understand how their loan products work. It’s equally important to weigh the benefits and drawbacks of the platform to make an informed decision.
In this guide, you’ll learn more about Auto Approve as a company, its offerings and how they’re perceived by past and current customers.
Who is Auto Approve?
Auto Approve is an online lending marketplace that works with borrowers to secure low-interest refinancing on auto and motorcycle loans. It also features auto lease buyout loan products and refinancing options for boats, ATVs and RVs.
The online platform partners with several credit unions, banks and finance companies to identify competitive auto loan offers and allow you to easily compare their terms.
Refinance Your Auto Loan
Is Auto Approve a Legitimate Company?
Yes! Auto Approve LLC is accredited by the Better Business Bureau (BBB) with an A+ rating. It also took the top spot for auto finance providers on Lending Trees’ list for Q4 of 2020, and boasts over 1,500 excellent reviews on Trustpilot from past and current customers. And Consumer Affairs gives it 4.3 stars based on customer feedback.
What Do They Offer?
You can get the lower monthly payment you deserve by refinancing your loan through Auto Approve. Plus, these loans let you add a vehicle protection plan and GAP coverage to the balance, which means you won’t spend several thousand out of pocket.
With the vehicle protection plan, you’ll have the freedom to select any ASE-certified mechanic throughout the nation to repair your ride. Plus, you’ll get 24/7 roadside assistance, rental car reimbursement of up to $50 per day, free towing and more, all for one low monthly rate.
Quick note: Some ATVs, RVs and boats qualify for a refinance loan.
Like the vehicle refinance loan product, the motorcycle refinance loan is also designed to lower your monthly payment and possibly get you a reduced interest rate. And you can add on a motorcycle protection plan GAP coverage with the same perks you’ll get with a vehicle refinance loan.
Plus, you could get up to three months before your first payment is due.
If you’re looking to convert your lease to a loan and buy the car outright, consider a lease purchase loan through Auto Approve. You could qualify for a loan product with a competitive rate that allows you to add on an extended auto warranty and GAP coverage and roll the costs into the principal balance.
Refinance Your Auto Loan
The Pros and Cons of Using Auto Approve to Refinance
Pros of Auto Approve
- It’s easy to apply for a refinance or auto lease purchase loan.
- There are no application fees.
- You could get an interest rate as low as 2.25 percent APR, and there are no rate mark-ups.
- Auto Approve handles the loan process from start to finish.
- You can speak with a human if you need assistance selecting the best loan offer.
Cons of Auto Approve
- You likely won’t qualify if you’ve had credit mishaps in the past that resulted in a low credit score.
- There are no options for consumers seeking a purchase loan.
How Auto Approve Rates On Review Sites
Here’s what some customers had to say:
The process was smooth and fast. My rate was lowered from 7.99% to 3.04% The agent I had was also very knowledgeable and patient, and he kept me up to date on what was happening the entire time. It took less than five days to refinance the loan.
– Shirley C. (Trustpilot review)
Auto Approve handled the entire transaction with dispatch and professionalism, and I was happy with the results. What more is there to say?
– Steven S. (Trustpilot review)
This was a simple process and I’m saving $120 on my car payment. My interest was also cut in half, and I definitely plan to use Auto Approve again.
-Debra G. (Trustpilot review)
My loan consultant was very polite and answered all my questions. I was pleased with how I was treated and would definitely use Auto Approve again for my financial needs. Thanks again!
– Patrice (Consumer Affairs review)
This was the easiest loan process I’ve ever gone through. I got my car payment and interest rate lowered. They explained the entire process and made it effortless for me. I did everything on the phone while taking my dog for a walk. I had the same representative for the entire process, and he was fast and helpful. This was the easiest major financial deal I’ve ever done in my life.
– Sarah (Consumer Affairs review)
My rep provided excellent customer service and was very patient. He guided me through the entire process and got my interest rate reduced by five points. I was able to add a 105k extended warranty. I’d recommend Auto Approve to anyone!
– William (Consumer Affairs review)
How to Apply for Motorcycle or Vehicle Refinancing with Auto Approve
Are you ready to apply for vehicle or motorcycle vehicle refinancing with Auto Approve? Or maybe you’d prefer to check your rates to determine if refinancing is worthwhile?
Either way, you can use the online form to get started. It only takes a few minutes of your time to complete, and you could get quotes from lenders in the Auto Approve network in seconds.