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.
The good news is you can use an online platform, like Auto Approve, to 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 helps consumers save on their monthly payments with competitive refinance offers. When you fill out the online form, it shops your information to lenders in their extensive network to find the best deal. This means you can view an assortment of 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.
Refinance Your Auto Loan
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 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 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 84 months. Interest rates vary by your credit rating and start at 2.25 percent. 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.
Refinance Your Auto Loan
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.
Other Products Auto Approve Offers
You can also refinance your motorcycle loan to possibly get a lower interest rate and monthly payment. But that’s not all that Auto Approve offers motorcycle owners.
If you decide to move forward with this product, these valuable add-ons are available:
- 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
Plus, select borrowers can skip the first three payments on the new loan.
Auto Lease Purchase
Auto Approve makes it easy to buy out your lease. With the auto lease purchase program, you can get help securing a car loan for your leased vehicle, even if you’ve exceeded the mileage threshold.
You can also add a vehicle protection plan and GAP coverage to your new loan to get peace of mind and possibly save hundreds or thousands in repairs.