Do you have the best interest rate on your auto loan, or are there better options out there beyond what the financial institution your loan is with offers? The only way to know is to shop around. Luckily, platforms like Auto Approve make this easy to do without dragging down your credit score.
What is Auto Approve?
Auto Approve LLC is an online platform that makes it easy to refinance your vehicle. It’s not a direct lender but a network of credit unions, banks and finance companies that provides consumers with more competitive interest rates on their auto or motorcycle loans.
You can also get a loan for a lease buyout.
How Does Refinancing Work with Auto Approve?
Here’s an overview of how the loan process works:
- Step 1: Get a free, no-obligation quote from Auto Approve. It only takes a few minutes, and you won’t need to provide your Social Security number. Plus, there’s no impact on your credit score.
- Step 2: Auto Approve will share your information with banks and credit unions in their network to secure the best rate for you.
- Step 3: If you choose to move forward, Auto Approve will work directly with the lender on your behalf to process the new loan. This means you won’t have to worry about paperwork or any of the other tedious tasks that come with refinancing your car or motorcycle. Plus, the loan consultants will work with the Department of Motor Vehicles (DMV) in your state of residence to ensure the title is successfully transferred.
- Step 4: Start making payments to the new lender for your new auto loan.
That’s all there is to it. You can also use Auto Approve to help you purchase a car you’re currently leasing if you’d prefer not to turn it in at the end of the lease term. More on that shortly.
*Quick note: Select borrowers are eligible to skip up to three payments on their vehicle loan. This benefit helps you keep even more of your hard-earned money in your pocket so you can use it to cover unexpected expenses or work towards other important financial goals.
What Does Auto Approve Offer?
Auto Approve offers three types of loan products through its partnering lenders – vehicle loan refinancing, motorcycle refinancing and auto lease buyouts.
Vehicle Refinance
Are you tired of overpaying for your car loan? Or maybe interest rates have dropped, or your credit has improved since you initially took out the loan. Either way, you could get better terms, save on your monthly payment, and keep more of your hard-earned money in your pocket by refinancing with Auto Approve.
You can also add a Vehicle Protection Plan to your loan when you refinance with Auto Approve for a low monthly cost. The plan includes 24/7 roadside assistance, free towing and rental car reimbursement for up to $50 per day. Plus, you can choose the ASE-certified mechanic you prefer to repair your vehicle, and Auto Approve will handle the rest.
Guaranteed Asset Protection (GAP) insurance is also available for under $14 per month (in most instances). It shields you from sustaining monetary losses if your car is totaled and you owe more than it’s worth.
Motorcycle Refinance
Auto Approve also offers motorcycle refinancing solutions to help lower your annual percentage rate (APR) and monthly payments. Even better, you can skip the first three payments with the new lender to get your finances on track, boost your savings or meet a financial goal.
There’s also a Motorcycle Protection Plan that could shield you from steep repair costs. You’ll get 24/7 roadside assistance, your choice of mechanic, rental-car reimbursement (limited to $50 daily) and courtesy towing for a low monthly cost. And GAP is another add-on you can purchase when you refinance your motorcycle loan.
Quick note: You may be eligible for financing through Auto Approve if you own an ATV, RV or boat.
Auto Lease Purchase
Have you fallen in love with your leased vehicle and would prefer not to turn it in at the end of the term? Auto Approve may be able to assist with its auto lease purchase program. You can find a loan that’ll help you buy out your lease minus the hassle. Plus, you can purchase a vehicle protection plan and GAP insurance to secure the added protection you need.
Auto Approve Fees
It’s free to get a quote from Auto Approve. However, you’ll be responsible for the fees associated with refinancing your auto loan. These include:
- Administration and documentation fees
- State fees (in some cases)
- Title transfer fees
If you select other add-ons, like extended warranties, service plans or GAP insurance, you’ll also be on the hook for those expenses. Pricing varies by the upgrades you select, along with the mileage, year, make and model and model of your vehicle.
Auto Approve Loan Terms
The loan amount and terms you receive will depend on your financial profile. Consequently, APRs vary, but you can expect a loan term between 12 and 120 months.
What Do You Need to Qualify to Refinance with Auto Approve?
The qualification criteria vary by product and lender. Ideally, your credit score should be higher than when you took out the current loan. You should also have a steady income source that’s sufficient to cover the monthly payments.
Get pre-qualified with Auto Approve and inquire directly to learn more.
Is Auto Approve Legit?
Yes, Auto Approve is accredited by the Better Business Bureau (BBB) with an A+ rating. It also boasts a 96 percent approval rating from past customers on LendingTree, and you’ll find a 4.7-star rating from nearly 7,000 reviews on Trustpilot.
Here’s what people had to say in these recent Auto Approve reviews :
- “The entire refinance process was seamless, from filling out the application to being approved. They were able to significantly reduce my monthly car payments, which I’m over the moon about. They were there for me every step of the way, ready to answer any questions I had. Overall, I’m extremely pleased with their professionalism and care. It’s clear that they take their work seriously and prioritize customer satisfaction.”—S.B. (BBB review)
- “The team at AutoApprove was incredibly helpful in securing me a better interest rate and was upfront about all the details. They enabled me to make a more informed decision about my payments and whether refinancing was the right choice for me. They patiently answered all my questions, repeating themselves until I fully understood every aspect of the refinance process. I was especially grateful for their patience when the automated online loan application failed to work for me. They quickly provided me with a viable solution that still expedited my loan application process. I couldn’t be happier with the level of service and care provided by the team at AutoApprove.”—M.T. (BBB review)
- “The refinance specialist I worked with was courteous, kind, and quick to provide me with all the help I needed. From day one until the finalizing of my refinance, I had the same specialist who was in daily contact with me, keeping me up-to-date on the process. There were no hidden admin fees or doc fees, and they were upfront and honest with me from the very beginning. I can’t thank them enough for their professionalism and kindness throughout the entire process. In less than a week, they had my refinancing completed, saving me $155 a month on my car payment! All I had to do was answer a few questions and let them do the leg work to help me get the best deal. I am truly grateful for their hard work and dedication to providing excellent service.”—B.K. (BBB review)
- “I had an amazing experience with this service! The one-on-one interaction with my customer service representative was top-notch. And the fact that I only had to deal with one person throughout the entire refinance process made it even better. From start to finish, the service was exceptional!—D.S. (Trustpilot review)
- “I had a great experience working with the representative who helped me with my vehicle refinance. He was not only pleasant to work with but also efficient in getting the job done. Thanks to his hard work, I’m now saving money!”—C.S. (Trustpilot review)
- “They did an amazing job at helping me refinance my car. The steps were simple and easy to follow, and my loan consultant was truly an MVP! He was never overbearing and was always available to answer any questions I had. Overall, it was a great experience—which is saying something, as this kind of thing can often be a real headache.”—C.B. (Trustpilot review)
How to Get Started with Auto Approve
Applying for auto financing with AutoApprove is simple. You’ll need the following to get started:
- Driver’s license and current registration
- Current proof of insurance
- Proof of income (i.e., pay stubs)
- Current loan finance contract (if applicable)
Visit the Auto Approve website to get started.
