Refinancing your auto loan can save you hundreds of dollars, but is Auto Approve the right choice? According to Auto Approve, customers save an average of $100 per month when they refinance a car loan through the company.
This Auto Approve review takes a closer look at the company, explaining the loan application process, minimum qualifications, customer reviews and more. Learn about Auto Approve and decide if it’s worth your time to submit an auto refinance application.
Learn more about our methodology and editorial guidelines.
Auto Approve Review
We at the MarketWatch Guides Team rate Auto Approve 9.3 out of 10.0 because of its strong customer service reputation and simple application process. While there have been some customer complaints about unresponsive agents, many report satisfaction with their experience and their loan contracts.
Unfortunately, Auto Approve only offers auto refinancing loans and lease buyouts, not purchase loans. If you need a loan to purchase your vehicle, you’ll need to look elsewhere.
Auto Approve Ratings
Below you can compare our ratings for Auto Approve:
| Rating Category | Score (Out of 10) |
|---|---|
| Overall Rating | 9.3 |
| Reputation | 8.9 |
| Availability | 9.5 |
| Loan Details | 9.2 |
| Rates | 9.6 |
| Customer Experience | 8.3 |
About Auto Approve
Founded in 2016, Auto Approve offers to connect customers with the best auto loan refinance rates. Auto Approve has its own lending arm and works with a lender network consisting of banks, finance companies and credit unions across the U.S.
Through Auto Approve, customers can refinance loans for their cars, trucks, SUVs and motorcycles.
Auto Approve Loan Details
Starting APR: 5.49% (minimum requirements for this rate are: 2019 model year or newer vehicle, 730 or above FICO credit score and loan term up to 72 months)
Loan amounts: $10,000 to $150,000
Term lengths: 12 to 96 months
Application fee: None
Year established: 2016
Headquarters: St. Louis Park, Minn.
Because Auto Approve works with a number of lenders and financial institutions, your loan terms may vary. Depending on the state and lender, charges for your loan could include DMV and title fees, administrative fees, and document fees. These costs will be included in your loan amount. While Auto Approve’s annual percentage rate (APR) starts at 5.49%, only borrowers with excellent credit will be eligible for rates that low.
The benefit of working with Auto Approve is that after submitting your initial application information, you will be paired with a trained loan consultant. An Auto Approve consultant can explain your best options based on the details you provide, such as your vehicle information and credit score. While you may pay a premium for the service, it also means that you will have an expert to guide you through the application process and point you toward your best options.
Working with a company like Auto Approve can be a good choice for those who want to refinance their auto loans but aren’t sure where to begin or how to compare offers. The nice thing about applying with Auto Approve is that the initial application does not involve a hard credit check. This means that your credit score will not be affected, and you can compare potential offers with peace of mind.
Who Is Eligible for Auto Approve Auto Loans?
Minimum credit score: 620
Minimum gross monthly income: $2,000
Minimum loan balance: $10,000
In addition to the requirements mentioned above, to be eligible for auto refinancing with Auto Approve, your vehicle can be as old as model year 2005 and must have fewer than 125,000 miles on the odometer.
Auto Approve Application Process
The application process for Auto Approve is straightforward and simple:
- Provide personal, vehicle and employment information.
- You will be contacted (often within minutes) by a consultant who will explain your loan options.
- Should you choose to refinance, your application will be submitted to the lender. This will entail a hard credit check, which will typically reduce your credit score by fewer than five points, according to FICO. Therefore, only take this step when you are sure this is the right offer for you.
- Auto Approve handles the rest. If your application is approved, Auto Approve will forward you the necessary documents to sign. This is done entirely online.
- You make monthly payments directly to your new lender.
The prequalification process (steps one and two) is fairly straightforward. Should you proceed with a loan application, you may be required to submit more documents, such as copies of your driver’s license, proof of insurance, vehicle registration and pay stubs.
Depending on your lender, the final application may take some time to process. While it may ultimately take longer to refinance through Auto Approve (since you need to work with two companies rather than directly with one lender), the Auto Approve representatives help streamline the whole car financing process and can be a big help when you’re comparing offers.
Auto Approve Reviews
Auto Approve is accredited by the Better Business Bureau (BBB), where it holds an A+ rating. It has an exceptional 4.5 out of 5-star BBB customer review score based on over 1,250 reviews and has fielded just over 100 complaints through the BBB website in the past three years.
Positive Auto Approve Reviews
Positive Auto Approve reviews typically reference high-quality customer service. Many borrowers appreciate being walked through the loan process. One of the advantages of Auto Approve commonly mentioned by consumers is that the refinancing process is made simple.
Negative Auto Approve Reviews
Not everyone is pleased with Auto Approve. Some complaints mention slow service after customers complete their initial loan applications. One customer reported not hearing back from their agent after their first conversation.
Our team reached out to Auto Approve for comment on its negative reviews but did not receive a response.
Auto Approve Review: The Bottom Line
Auto Approve earns a rating of 9.3 out of 10 for its easy refinancing process and high customer service ratings. While some customers report problems, the lender’s refinancing services are mostly well received. We recommend that you shop around and compare options before making a decision on a refinance auto loan provider.
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Auto Approve: FAQ
Below are some frequently asked questions about Auto Approve:
Auto Approve is a legitimate company. It is accredited by the BBB, where it holds an A+ rating. Customer reviews on the BBB website rate Auto Approve 4.38 out of 5.0 stars and recognize its simple and reliable financing services.
While Auto Approve does not charge an application fee, you may be required to pay administration fees if you accept your loan offer.
Refinancing will not typically hurt your credit. Taking out a new loan can reduce your credit score, but paying your old loan off could improve your credit score.
Auto Approve is the name of an auto loans company. The company’s name is a reference to the fact that it offers auto refinance loans and that even those with bad credit scores are often approved for these loans.
How We Rated Auto Approve
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list.
Here are the factors our ratings take into account:
- Reputation (30% of total score): Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
- Availability (20% of total score): Companies that cover a variety of circumstances are more likely to meet borrowers’ needs.
- Loan Details (15% of total score): We considered the types of loans, term lengths and loan amounts that are available from each lender to determine this score.
- Rates (25% of total score): Auto loan providers with low APRs scored highest in this category. Available discounts were also taken into account.
- Customer Experience (10% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.
*Data accurate at time of publication.
