Auto Approve 2024 Review
Auto Approve Refinancing Review – Pros, Cons, Features & More
Refinance your car to reduce your interest rate and your monthly car payments with Auto Approve. Applying for a quote is quick and convenient!
Auto Approve is a leading online auto refinancing company that can help you get out of your high interest loan and reduce the price of your monthly car payments.
Many prefer Auto Approve over leading competitors because of their straightforward application process and top-notch customer service.
In this Auto Approve review, we’ll cover everything you need to know about the application process, pros and cons, features, pricing, FAQ and more!
Auto Approve Refinancing: What You Need to Know
Auto Approve is an auto refinancing company based out of Minnesota. Their mission is to help vehicle owners refinance their high interest auto loans to make their car payments more affordable.
This company refinances loans on cars, trucks, SUVs, RVs, motorcycles, ATVs, boats, and other personally owned vehicles.
As long as you’re over 18, meet their minimum income requirements and have a qualifying vehicle, you can apply for auto refinancing with Auto Approve.
You can apply through Auto Approve online and receive offers for refinancing in a matter of minutes.
Each applicant is paired with a personal Loan Consultant, so if the auto loan and refinancing jargon is a little confusing to you, there is no need to worry. You’ll have someone to guide you every step of the way.
Key Features of Auto Approve Auto Refinancing
- Request quote online in a few minutes
- Refinancing options for cars, trucks, RVs, motorcycles and more
- Minimum monthly income of $2,000 required for approval
- Loans between $10,000 and $150,000
- Each user is assigned a personal loan consultant
- Loans from credit unions and other financial firms across the United States
- No application fees or prepayment fees
- No refinancing options for company owned vehicles
- Interest rates starting at 4.99% APR
- Terms from 12 to 120 months
How Does Auto Approve Refinancing Work?
Refinancing a loan with a new term and lower interest rate can save you thousands of dollars over the lifetime of your loan. Auto Approve offers refinancing on vehicles including cars, trucks, motorcycles, ATVs and more.
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You fill out the Auto Approve application online or over the phone, and one of Auto Approve's dedicated Loan Consultants will work hard to connect you with your best loan option through Auto Approve’s premier lender network of financial firms and credit unions across the country.
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Auto Approve will generate loan decisions for you in minutes.Upon submitting your application, Auto Approve finds you the best lender and offer based on your needs and information provided. You then can decide to have your application submitted to a lending partner for final approval. From that point, you have 30 days to accept.
The point of refinancing is to make your monthly loan payments work best for you. During your application process, you’ll indicate how long of a term you are seeking.
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Shorter terms come with higher monthly payments towards principal and lower payments towards interest. Longer terms will cut your monthly payments, but you’ll pay more interest in the long run.
There are some criteria that you must meet before even being considered for an auto loan refinance from Auto Approve.
Here are some basic requirements that the applicant must meet:
- Applicant must be 18 years or older
- Vehicle must be under 10 years old
- Applicant must have a gross monthly income of $2,000 or greater
- The remaining principal and anticipated interest must be greater than $10,000
- Vehicle must have less than 100,000 miles on it
Once you are approved, you will receive a new loan from one of Auto Approve’s lenders. Their list of lenders includes banks, credit unions and other financial institutions throughout the United States.
Please note that availability based on location is subject to the licensing and policies of the lenders.
After you’ve accepted the loan offer, you will likely have 45 days to make your first payment. While the 45 day deadline is standard, you can request to have your payment delayed to 90 days after acceptance.
Who Should Refinance with Auto Approve?
The goal of refinancing your vehicle is to make your payments more affordable. This could mean one of two things: You can either refinance to reduce your monthly payments so that it fits better into your budget, or you can shorten the length of your term to save money over time.
When you stretch your loan over a longer period, the monthly payments will be reduced. However, as you stretch it out, you’ll pay less towards the principal—or original amount owed—and more towards interest each month.
Over time, the interest will add up, and you’ll likely end up paying more than you were to begin with. However, this approach is helpful if you are trying to make your car payments more affordable.
If you shorten your term, your monthly payments will be higher, but you’ll pay exponentially less in interest. You’ll pay more for the car, but less for the money that you used to borrow the car.
In both cases, you want to opt for a new loan with lower interest rates than your current auto loan. That on it’s own could save you hundreds, if not thousands, of dollars by the time you pay your car off.
Where is Auto Approve Available?
Auto Approve's services are available in all 50 U.S. states.
How Much Does Auto Approve Cost?
Applying through Auto Approve is absolutely free. Interest rates are determined by Auto Approve’s Lenders.
Does Auto Approve Offer Other Kinds of Refinancing?
Auto Approve offers refinancing for auto loans on personally owned vehicles. This includes trucks, cars, SUVs, boats, motorcycles, RVs and ATVs that are 10 years or newer and have less than 100,000 miles on them.
Commercial vehicles and heavy equipment do not qualify for refinancing from Auto Approve.
Pros of Auto Approve
Auto Approve comes with a ton of benefits. Let’s look at some of the reasons that you should go with Auto Approve.
No Application Fees
It is absolutely free to apply to refinance your auto loan with Auto Approve.
Easy-to-Use Application Portal
Applying for refinancing with Auto Approve is simple. Their online application portal is totally straightforward. You can fill out the form in less than 10 minutes, and you’ll receive your offers in no time.
If you would prefer to apply over the phone, you can do that, too.
Loans up to $150,000
Owe a hefty amount on your vehicle? Do not fret. Auto Approve refinances loans of up to $150,000! This is perfect for those who are looking to refinance their luxury cars, boats and RVs.
Please note that the minimum loan you can refinance with Auto Approve is $10,000.
Highly Professional Sales Reps
Many past users rave about Auto Approve’s team of highly professional sales reps. Each applicant is assigned an individual sales representative who will guide them through the process.
Prefered Access to Loans
Since Auto Approve has built strong relationships with a collection of banks, credit unions and other lenders, you can get prefered access to loans when you apply through Auto Approve.
This means that you get exclusive rates and discounts from Auto Approve’s lenders.
Cons of Auto Approve
Auto Approve has so many pros, but there are a few potential setbacks to note. These cons aren’t applicable to all applicants, but they are important to consider.
Some Limitations on Vehicle Eligibility
If your vehicle is over 10 years old and has over 100,000 miles on it, you will not qualify for refinancing. You also must owe at least $10,000 on the vehicle.
No Company Owned Vehicles
Auto Approve only refinances personal vehicles. Commercial or company issued vehicles do not qualify for refinancing. Heavy equipment is also excluded.
Minimum Monthly Income Requirements
A minimum monthly income of $2,000 is required to refinance with Auto Approve. Unless your gross monthly income is $2,000 or greater, you will not be approved.
Auto Approve Refinancing Customer Reviews
We did a little digging to see what users had to say about Auto Approve. There were so many positive reviews by people who were pleasantly surprised by how fast and easy it was to refinance their vehicles with Auto Approve.
Auto Approve scored 4.8 out of 5 stars on ConsumerAffairs and had dozens of stellar reviews on TrustPilot.
One car owner on ConsumerAffairs had a great experience with Auto Approve:
“Auto Approve was my salvation, after searching my local area without success, Auto Approve I called them. They took information and in a few hours I was already approved for car refinancing. It was very easy to work with them.
Elvin was incredibly kind, cleared all my doubts and guided me through the whole process that lasted less than a week. Now I have a new loan with an incredibly comfortable interest compared to the 25% I had. I am happy and grateful to Auto Approve.”
Here are a few more reviews about Auto Approve from past users:
“I wasn't sure what to expect and was so pleasantly surprised. I reduced my interest rate on my car significantly lowering my monthly payment by $100. I worked with this lovely woman named Sarah who was reliable and extremely helpful. It was a great experience and I would highly recommend it.” - Fran
“Unbelievably easy and fast way to find the lowest rate auto loan around. My original loan was at 7.5% and they secured a 3.6% loan. My loan rep, Cynthia, was a joy to work with and kept me informed every step of the way. I would recommend Auto Approve to everyone!” - Mari
Looking for more auto refinancing options? The Credit Review has got you covered. We have a slew of reviews of great auto refinancing companies that can help you save money: See More Reviews
How to Apply for Quote from Auto Approve Refinancing
You can apply for auto refinancing through Auto Approve in just a few easy steps both on the web and by phone.
Be sure to have your driver’s License, current proof of insurance and current registration handy because you’ll need them to fill out the application.
Here are the processes for each application method.
On the Web
- Go to Auto Approve's website
- Input information about your goal for refinancing
- Fill in information about your vehicle, loan and credit score
- Add personal contact information
- Fill in information about your employment
- Submit your quote request
By Phone
You can call Auto Approve to get a quote in minutes. The process is nearly identical to applying on the phone. All of the same information is required, so have it handy.
How to Contact Auto Approve
Address: 2860 Vicksburg Ln, North Plymouth, MN 55447 Customer Service: (877) 256-7180 Website: Auto Approve Email Support: [email protected]
Alternatives to Auto Approve
There is no shame in shopping around for auto refinancing services. The goal is to make your auto payments more affordable, so why not take a look at what else is on the market.
Keep in mind that applying for multiple auto refinancing quotes within a small timeframe has the same impact on your credit score as applying for one. All of the quote requests are lumped into one item on your credit report rather than each being listed individually.
That being said, feel free to check out some of the other recommended auto refinancing companies on The Credit Review.
We have designed information-packed reviews of the top competitors in the auto refinancing space to give you all the information you need to make your decision.
Auto Approve In a Nutshell
If you have decided that refinancing your auto loan is the right choice for you, Auto Approve is a wonderful option.
This Minnesota-based auto refinancing company stands by their mission to help people make their car payments more affordable by refinancing with lower interest loans. Their goal is to help vehicle owners take a step towards financial wellness.
You can apply directly on their website or by calling their sales team at (877) 256-7180. The Auto Approve application process is fast and free and a social security number is not required to receive a free quote.
Auto Approve will assign you a personal sales rep who will stay by your side throughout the entire process. You can go to your rep with any questions or concerns about your application, loan offers and more.
Once you’ve accepted your new loan, auto approve will contact the DMV to make any additional changes so that you don’t have to.
If efficiency and customer service are valuable to you, you’ve got to check out Auto Approve today!
Frequently Asked Questions
How can I reach Auto Approve?
There are a couple of ways you can reach Auto Approve with questions about their refinancing services or to get a quote for refinancing your car. You can email them at [email protected] or give them a call at (763) 200-4560.
Is refinancing with Auto Approve good for all auto owners?
While refinancing a vehicle is a great option for a lot of people, it is not for everybody. If your credit score has improved since your original loan was issued, refinancing is a great option since you’ll likely qualify for lower interest rates. However, if your credit score has dropped since you purchased your vehicle, refinancing probably isn’t of benefit to you.
Refinancing is also not the best move if you owe more on your car than what it’s worth.
Does my term restart when I refinance with Auto Approve?
When you refinance, you’re getting a brand new loan. This means that you decide what sort of term you’d like. You can apply for terms as short as 12 months or as long as 120 months. What you choose will depend on the reason that you have chosen to refinance.
Will refinancing with Auto Approve hurt my credit?
Applying to refinance your auto loan will affect your credit. Applying with Auto Approve appears as a soft inquiry on your credit report.
However, if you are applying to multiple auto refinancing companies within a small time period, they will likely be listed as one collective item on your credit report rather than a bunch of individual items. This means that it doesn’t hurt to apply for Auto Approve if you are already applying to several others.
How long do I have to accept my new loan after approval?
If you are shopping around and requesting quotes from other auto refinancing companies, that’s totally fine. You have 30 days before you approved offers expire.
What is the best interest rate I can get from Auto Approve?
Interest rates depend on a variety of things, but ultimately, they are decided by the lender.
The lowest rates available from lenders on Auto Approve start at 4.99% APR.
Reviews for Auto Approve
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2 Auto Approve Consumer Reviews and Complaints
Randall Lofton, on February 10, 2021
Super Easy! Saving me over $100 a month. My account manager Ryan did all the work.
Laurie Koshgarian, on March 23, 2021
Great experience. Just with a few phone calls and emails, I was able to lower my car interest rates from almost 6% to 3%, saving myself $200+/month. Not bad!