What Auto Approve Offers
Auto Approve offers refinancing for several types of vehicles as well as lease buyout loans. These loans range from $5,000 to $85,000 and come with terms from 12 to 84 months.
Both loan options allow borrowers to add a vehicle protection plan, which covers work by mechanics certified by Automotive Service Excellence (ASE), 24/7 roadside assistance, rental car reimbursements and courtesy towing.
The company also works with borrowers to ensure they have GAP insurance on new loans. The costs of both this insurance as well as the vehicle protection plan are rolled directly into your monthly payments.
Vehicle and Motorcycle Refinancing
Auto Approve’s main offering is refinancing for cars and motorcycles, but the company also provides refinancing for trucks, SUVs, recreational vehicles (RVs), boats and all-terrain vehicles (ATVs). Note that Auto Approve doesn’t refinance commercial vehicles, heavy equipment or vehicles that are titled in a company’s name.
According to the company, most of its refinancing customers benefit from lower monthly payments.
Lease Purchase
Auto Approve provides two types of lease buyout loans:
- Lease-end buyout: This allows borrowers to purchase or refinance their vehicle when their lease comes to an end.
- Early buyout: This option lets borrowers purchase their leased vehicle before their lease term ends.
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Minimum Borrower Requirements
Auto Approve doesn’t publicly disclose the credit requirements or other underwriting criteria for any of its products. However, these will likely vary depending on which of its partner lenders you work with.
Additionally, the company says that you’ll need a credit score of at least 730 and must choose a loan term of at least 72 months to qualify for its lowest advertised interest rate. Ultimately, whether you’ll be approved as well as what rate you’ll get will depend on your creditworthiness, payment terms, the vehicle being financed and the individual lender.
What Fees Will You Pay?
Auto Approve fees vary by state and lender as well as if you’re refinancing or buying out a lease. For refinancing, you can generally expect administrative fees, doc fees, title transfer fees and state fees (if applicable), though you won’t have to worry about an application fee. These fees are incorporated into your loan amount, which means there won’t be any out-of-pocket fees for completing your refinance.
Note that you could also incur additional costs for optional plans like GAP insurance or extended warranty coverage.
How to Apply for an Auto Approve Auto Loan
If you want to work with Auto Approve, follow these steps:
- Check your rate. Whether you are refinancing or looking to buy out your lease, it’s important to shop around and compare as many auto refinance lenders as possible to find the right loan for your needs. To see your personalized rate from Auto Approve, you’ll need to request a quote and submit some basic information like your name, contact information, credit score and vehicle information. You don’t need to provide your Social Security number to get a quote, and it won’t impact your credit score.
- Review your loan options. Auto Approve provides loan quotes within seconds. After you’ve provided your information, a loan consultant will walk you through the options you qualify for and help you choose which one works best for you.
- Complete an application. After you select a loan option, the loan consultant will assist you in submitting a full application and any additional documentation to the lender you picked. Loan approval typically takes only a few minutes, and if you’re approved, your rate will be locked in for 30 days. Keep in mind that if you decide to move forward with a loan, the lender will conduct a hard credit inquiry, which could cause a slight but only temporary drop in your credit score.
- Sign your loan documents. Auto Approve will generate all of the necessary loan documents for you to sign electronically, including your loan agreement and title documents. The company will also handle the loan funding and will work with your local Department of Motor Vehicles (DMV) to update the vehicle title.
- Manage your payments. After your loan is processed, you’ll receive a loan package that includes your monthly payment due date—usually 45 days from the contract date. Qualified applicants might also have the option to defer their payments for up to 90 days.
What to Do if You Get Turned Down
If your application through Auto Approve is rejected, contact the lender you applied with to find out why. If it’s a situation where the application contained inaccurate or incomplete information, you might be able to reapply.
Other common reasons for denials include insufficient income, low credit score or too much debt. If your application was rejected for one of these reasons, you’ll need to focus on improving that specific area to potentially get approved in the future.
You could also think about applying with a creditworthy co-signer to increase your approval chances. Keep in mind that a co-signer agrees to share responsibility for the loan. This means they’ll be on the hook if you don’t make your payments—so be sure to consider what you can reasonably afford to pay on the loan.
Also be sure to shop around and compare your options from as many lenders as possible. Some lenders have less stringent requirements than others, so you could have better luck with one versus another. This might also help you find a better interest rate.
Auto Approve Customer Service
Current and prospective borrowers can contact Auto Approve via phone or email. The lender’s customer support team is available Monday through Friday from 8 a.m. to 6 p.m. Central Standard Time.
These hours are more limited compared to many other auto lenders, which could make it harder to reach a representative. That said, Auto Approve provides online resources and a list of frequently asked questions to help its customers.
What People Are Saying About Auto Approve
As of Oct. 5, 2022, Auto Approve’s Better Business Bureau (BBB) rating is 4.41 out of 5.00 stars based on 432 customer reviews. The BBB has closed 42 complaints in the last 12 months and 66 complaints over the last three years.
The company has received an A+ rating from the BBB—though keep in mind that these ratings don’t factor in customer reviews. Instead, it’s based on how the company responds to complaints, its size, time in business and other factors.
Auto Approve has received a 4.7 star rating on Trustpilot based on 5,291 reviews as of Sept. 7, 2022. Positive reviews focus on the high quality of customer service provided by loan representatives and the streamlined application process. That said, customers also report slow loan payoff speeds and disorganized communication as well as a confusing application and refinancing process.
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Our Methodology
We reviewed Auto Approve based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Auto Approve based on the weighting assigned to each category:
- Loan cost: 30%
- Eligibility and accessibility: 25%
- Loan details: 20%
- Customer experience: 15%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges, applicable fees and available discounts. We also looked at minimum credit score requirements, maximum accepted mileages, whether each lender accepts co-signers or co-borrowers and the geographic availability of the lender.
Finally, we evaluated Auto Approve’s customer support tools, borrower perks and features that simplify the borrowing process—like online application options, mobile apps and turnaround time.
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