Should You Refinance Your Car Through Auto Approve?

Are you considering a refinance or auto lease buyout loan? Auto Approve can streamline the process and help you find the financing you need for your vehicle. The company has helped many of its borrowers save thousands of dollars on their auto loans. Before you decide if Auto Approve is right for you, 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 what past and current customers think about their experiences with the company.

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. You won’t have to submit dozens of loan applications to find good financing for your auto loan. Instead, Auto Approve speeds up the process and shares your application with their lending partners so you can get quick access to a car loan or another financial product. Receiving many offers from the same platform also opens the doors to more competitive interest rates and favorable loan details. In addition, borrowers won’t feel stuck with the first lender that approves their application.

Is Auto Approve a Legitimate Company?

Getting a loan is a significant decision, and consumers tend to do a lot of research before entrusting a lender. Skepticism is a good trait as it can help consumers make better decisions. So it’s no wonder many people ask if companies like Auto Approve are legit.

Luckily, Auto Approve is a trustworthy company. It’s easy to find a customer talking about their great experience on a review site, and 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. Reviews are a good indicator of a company’s trustworthiness since they encapsulate customers’ experiences. Auto Approve delivers with over 6,700 excellent reviews on Trustpilot from past and current customers. The company’s average Trustpilot rating is 4.7 out of 5 stars. And Consumer Affairs gives it 4.7 stars based on customer feedback. 

What Do They Offer?

Auto Approve offers several financial products that can help you save money by securing better loan terms. Here are the choices you have if you seek an Auto Approve auto loan. 

Vehicle Refinance

You can get the lower monthly payment you deserve by refinancing your loan through Auto Approve. Borrowers can also shorten their loans to get out of debt sooner and capitalize on lower interest rates. You don’t have to provide a social security number to fill out Auto Approve’s form and receive loan offers. 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. 

Motorcycle Refinance

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. Auto Approve also has motorcycle protection plans that include additional coverage, courtesy towing if necessary, and 24/7 roadside assistance.

Plus, you could get up to three months before your first payment is due.

Lease Purchase

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. You can then roll the costs into the principal balance. Owning a car instead of making monthly lease payments can save you a lot of money in the long run. You can eventually pay off the loan, but you are stuck with monthly lease payments until you stop owning a car or buy a car outright.

The Pros and Cons of Using Auto Approve to Refinance

Auto Approve is a popular auto lending marketplace beloved by thousands of reviewers and even more customers. However, it’s important to assess the pros and cons before giving Auto Approve a try.

Pros of Auto Approve

Getting your auto loan refinancing with Auto Approve has many perks. Here are some of the advantages you can expect.

• It’s easy to apply for a refinance or auto lease purchase loan. The application process only takes a few minutes, and you will receive loan offers and rates shortly after.
• There are no application fees. 
• You could get an interest rate as low as 2.94 percent APR, and there are no rate markups. A lower interest rate can make a big difference in how much you save, but it depends on your credit score. People with higher credit scores get closer to the 2.94 percent minimum.
• Auto Approve handles the loan process from start to finish. The company offers a streamlined process that saves its users a lot of time while providing competitive loan offers.
• You can speak with a human if you need assistance selecting the best loan offer. A professional can walk you through the pros and cons of each of your top loan choices.

Cons of Auto Approve

Every lender has pros and cons. While Auto Approve has a lot to offer, keep these cons in mind when assessing your options.

• You likely won’t qualify if you’ve had credit mishaps in the past that resulted in a low credit score. Auto Approve has a vast network of lending partners that may accommodate lower credit scores, but you may get a higher interest rate. This disadvantage is rampant among auto lenders and lending platforms. It isn’t exclusive to Auto Approve.
• There are no options for consumers seeking a purchase loan. You need to get a refinance or convert your lease into a 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 the interest rate was 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)
• The agent was so easy to speak with and available constantly when I had questions! I’m so happy to have worked with them as they helped me out a lot to save money on the car loan. — Amanda Boffo (Trustpilot 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 can get quotes from lenders in the Auto Approve network in seconds. You can receive offers take help you save hundreds or thousands of dollars on your auto loan.