Are you looking to refinance your auto loan? There’s no shortage of options, but not all are the same. In fact, some lenders charge hidden fees and aren’t always straightforward with the new loan terms. But online loan matching tools, like Auto Approve, can help you take the guesswork out of finding the right lender. Plus, Auto Approve reviews indicate that past and current customers receive great service and enjoy a seamless lending experience.
The online platform will also help you identify some of the best rates on the market in just a few clicks. You won’t pay hidden fees, and there are no markups or strings attached. Plus, it may be possible to score a lower interest rate on your motorcycle or other recreational vehicles.
About Auto Approve
Auto Approve LLC helps consumers save on their monthly payments with competitive refinance offers. It’s a Better Business Bureau-accredited platform that boasts an A+ rating.
When you fill out the online form, it shops your information to lenders and finance companies in their extensive network to find the best deal. This means you can view an assortment of loan offers in minutes. Even better, there’s no impact on your credit score, and you won’t have to provide your Social Security number to view potential loan opportunities.
With Auto Approve, you can refinance your car, motorcycle, ATV, boat or RV. There’s also an auto lease purchase program to help you buy out your lease before it ends.
How Does Refinancing Your Vehicle with Auto Approve Work?
Below is a step-by-step breakdown of what to expect:
- Step 1: Complete the online form to request a free quote. It’s free, and there’s no impact on your credit score.
- Step 2: Auto Approve will disseminate your information to credit unions, banks and financial institutions in their network to find the most competitive loan product. If there’s a match, you’ll receive an online quote in seconds.
- Step 3: Review your options, including loan amounts and terms, and work with a loan consultant to select the best offer. You’ll have 30 days to make a decision as your rate is locked in for this period.
- Step 4: If you decide to move forward, you’ll complete the formal application, and Auto Approve will forward it to the lender on your behalf.
- Step 5: Upon approval, Auto Approve will send your loan and title documents to you for review. You’ll sign the documents electronically if you agree with the terms and conditions.
- Step 6: Auto Approve will coordinate with the lender to ensure the loan is funded.
- Step 7: Auto Approve will connect with the Department of Motor Vehicles to sort out the title transfer.
Once the loan is funded, you will start making monthly payments to the new lender. Most borrowers have 45 days from the initial contract date to make a payment. However, you could qualify for a 90-day deferral period.
Auto Approve Vehicle Refinance
What Do You Need to Qualify?
Each lender has its own set of qualification criteria. Auto Approve will request the following to determine your eligibility:
- Driver’s license
- Current registration
- Paystub (or other proof of income)
- Loan finance contract (if requested)
How Much You Can Borrow?
It depends on your credit score, loan term, your vehicle’s current value and several other factors.
What Are the Refinance Loan Terms?
Most customers get a loan term between 12 and 120 months. Interest rates vary by your credit rating and start at 5.24% APR. However, the lowest rates are generally reserved for borrowers with excellent credit.
What Are the Fees Auto Approve Charges?
You won’t pay a fee to apply with Auto Approve. But if your loan application is approved, you’ll pay administrative and documentation fees, title transfer fees, state fees (if applicable) and any other customary expenses related to refinancing an auto loan.
Extended warranties, service contracts, GAP insurance and other loan add-ons are also your responsibility.
Advantages of Auto Approve Refinance
Auto Approve comes with several key benefits that make it an ideal choice when you’re ready to refinance your auto loan:
- Exceptional customer support: Auto Approve is known for its top-rated, personalized customer service. Its loan consultants work closely with you to understand your specific financial goals, helping you find the best possible refinancing terms. This tailored approach ensures that your refinance is not just a one-size-fits-all solution but customized for your unique situation.
- Competitive rates: By working with a network of preferred lenders, they can provide you with potential refinancing options that meet or even beat your current loan’s interest rate. This can result in significant savings over the life of the loan.
- Flexible repayment periods: Auto Approve offers flexible loan terms ranging from 12 to 120 months. This flexibility allows you to choose a loan term that fits your budget and financial goals. For example, you can opt for a shorter loan term to pay off your loan faster or a longer loan term to lower monthly payments and improve cash flow.
- Accessibility: With Auto Approve, there are no application fees, and they offer fast approval times. This means that you can act quickly to take advantage of available refinancing and potentially start saving money sooner.
- Seamless application process: Auto Approve has a transparent and straightforward pre-qualification process that involves a soft credit check, preserving your credit score. This allows you to shop around for the best refinancing option without worrying about multiple hard inquiries on your credit report.
Factors to Consider When Choosing Auto Approve Refinance
Before moving forward with a loan through Auto Approve, here are some important factors to evaluate:
- Interest rate: To make the most out of refinancing, it’s essential to choose a loan with a lower interest rate than you have on your current loan. A lower interest rate will translate into reduced monthly payments and potentially help you save in the long run.
- Terms and conditions: Look for flexibility in loan terms and payment options. It’s a good idea to ensure that any penalties or hidden fees are clearly explained before committing to an agreement.
- Reputability: It’s also beneficial to research potential lenders’ reputations and customer reviews. This information can help you decide if a refinancing company is trustworthy and reliable.
- Your unique financial situation: Evaluate your current financial situation. Reflect on your credit score, income, and debt-to-income ratio, as these aspects will likely influence the refinancing options available to you. Run the numbers to confirm that you meet the minimum requirements set by the lender and that you’ll be able to comfortably manage the monthly payments.
Other Products Auto Approve Offers
Motorcycle Refinance
If you’re a motorcycle owner, you may be interested in refinancing your loan. Refinancing could help you get a lower interest rate and monthly payment, possibly saving you money in the long run. Auto Approve offers a motorcycle refinance program that can help you achieve these savings.
In addition to potentially lowering your interest rate and monthly payment, Auto Approve’s motorcycle refinance program offers valuable add-ons. These include:
- Motorcycle Protection Plan: includes 24/7 roadside assistance, rental-car reimbursement of up to $50 daily and free towing
- Guaranteed Asset Protection (GAP): protects you from financial losses if your motorcycle is totaled and you owe the lender more than it’s worth, which can be a lifesaver in the unfortunate event you’re involved in an accident or if your motorcycle is stolen
Finally, select borrowers may be eligible to skip the first three payments on their new loan. This can provide some breathing room in your budget, giving you time to get back on your feet financially.
Ultimately, if you’re a motorcycle owner, consider refinancing your loan with Auto Approve. You may be able to save money on interest and monthly payments while also getting valuable add-ons like a Motorcycle Protection Plan and GAP coverage. Plus, with the option to skip the first three payments, you can get some immediate financial relief.
Auto Lease Purchase
Auto leasing is a popular option for those who want to drive a new car without the commitment of owning it. However, at the end of the lease term, many people find themselves unsure of what to do next. This is where auto lease purchase programs come in.
Auto Approve offers an auto lease purchase program that makes it easy to buy out your lease. With this program, you can get help securing a car loan for your leased vehicle, even if you’ve exceeded the mileage threshold. This means that you can keep the car you’ve grown to love without worrying about mileage penalties.
Beyond helping you secure a car loan, Auto Approve’s auto lease purchase program also offers vehicle protection plans and GAP coverage. These added options can give you peace of mind, knowing that you’re protected in case of unexpected repairs or accidents. Plus, they can help you save hundreds or even thousands of dollars in repair costs.
So, if you’re nearing the end of your auto lease and aren’t ready to say goodbye to your car, consider an auto lease purchase program like the one offered by Auto Approve. It can make the process of buying out your lease simple and stress-free while also providing added protection for your vehicle.
How to Apply for Auto Refinance with Auto Approve
Ready to apply for an auto refinance with Auto Approve? Simply complete the online form to get a quote in seconds and start your application process.
