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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2024 Auto Approve Auto Loan Review

Updated on:
Content was accurate at the time of publication.

Refinance auto loans
Starting APR6.24%
Loan terms12 to 120 months
Loan amounts$10,000 to $150,000
See Refinance Rates

Car loans can be one of your biggest monthly expenses, but refinancing your auto loan can save you a significant amount of money — especially if you do your research when choosing a refinancing company.

Auto Approve is a refinancing company that works as a liaison between you and a network of lenders, including banks, finance companies and credit unions. It offers refinancing for cars and motorcycles with loan terms of 12 to 120 months, as well as lease purchase, or buyout plans. Unlike many loan companies, however, it doesn’t offer traditional car loans to purchase new or used cars.

In this Auto Approve review, we’ll cover what you need to know about these refinancing and lease buyout options, their pros and cons and who they might be best for. Read on to learn more about the company and its application process to determine if it might be the right auto loan refinancing option for you.

  • Easy application process: Auto Approve’s online application process requires basic personal and employment information to get started.
  • Delayed initial payment: Your first payment is due 45 days from your contract date — this allows you to skip a payment, as car payments are typically due every 30 days. However, the company also offers a 90-day deferred payment option for qualified applicants.
  • Quick approval: Once you submit your application, you’ll receive a quote within seconds and, in most cases, a decision within minutes.
  • Best for refinancing: If you’re in search of a refinancing option with longer terms rather than a new loan for a new or used car, Auto Approve may be the best choice for you.

Auto Approve is an auto refinancing company that offers a quick, easy and straightforward application and approval process when you need to refinance your vehicle. However, the fact that it’s not a direct lender might mean some extra steps for you in researching your best loan options. Auto Approve could get you the refinance rate you want, since it acts as a middleman between you and its lender partners — still, it’s important to get at least one other auto refinancing quote directly from another lender to determine if you truly are getting the best rate.

Below are some other key details to know about Auto Approve offers:

ProsCons

 No application fees

 Offers extended warranties and Guaranteed Asset Protection (GAP) insurance

 Social Security number not required for approval

 No new or used car loan options

 Lender partners are not disclosed online

 Only offers refinancing for autos and motorcycles

Auto Approve has an A+ rating at the Better Business Bureau, as well as a 95% customer satisfaction rating on LendingTree — but if you’re in search of a new auto loan for a new or used car rather than a refinancing deal, then it won’t be the right option for you.

In addition to auto refinancing, Auto Approve offers lease-end buyouts, which allows customers to purchase their vehicle when their lease ends. It also offers an early buyout option, which allows customers to purchase their vehicle before their lease ends. Further, the company features motorcycle refinancing as another of its core products.

Both car and motorcycle refinancing may come with extended warranties (also known as vehicle protection plans) and guaranteed asset protect (GAP) insurance, which covers the difference between what your car is truly worth and what you owe on your Auto Approve auto loan.

To get started with your Auto Approve application, you’ll need to gather key documents, including your driver’s license, proof of insurance and vehicle registration, as well as pay stubs or other proof of income. Afterwards, you’ll provide your contact information and estimated credit score, in addition to your vehicle and employment details.

Auto Approve’s loan consultants will then quickly review your provided information, determine which loan offers you qualify for, and go over your options with you. Once you’ve nailed down your selection, Auto Approve will submit your application to your chosen lender.

Once your loan is approved, Auto Approve will generate your loan and title documents, collect electronic signatures from you, and then take care of the rest of your loan details to get your loan funded for you. From there, you’ll begin to make your monthly payments to your new lender.

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The table below demonstrates how Auto Approve compares to similar refinancing companies:

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Auto ApproveTreslLendingClub
Starting APR6.24%Varies by lender4.99%
Loan terms12 to 120 monthsNot disclosed24 to 84 months
Loan amounts$10,000 to $150,000Not disclosed$4,000 to $55,000
Minimum credit score650Not disclosedLow 600s

When comparing Auto Approve to the above competitors, it’s difficult to measure how it stacks up. That’s because Tresl doesn’t explicitly disclose its rates, terms, loan amounts and credit score requirements. LendingClub, meanwhile, offers a higher starting APR, lower minimum credit score and lower maximum loan amount than Auto Approve does for auto refinancing loans.

When it comes to finding an auto refinance loan that’s worth your while, it’s important to shop around, especially when considering a company that works with lender partners rather than providing a loan directly, as Auto Approve does. If you have a preferred lender you’re eyeing, it’s worth comparing what they could offer you directly to see how it stacks up to Auto Approve.

However, based on its top-notch reviews from the BBB and customers alike, as well as the fact that you’ll get a dedicated loan consultant working to find the best option for you, Auto Approve may well be a great option for you — especially if you have excellent credit to qualify you for its low starting APR.

If auto refinancing is what you’re after, Auto Approve is a good option — that’s what the company specializes in rather than new loans for new or used cars. The company also specializes in motorcycle refinancing.

Auto Approve doesn’t charge an application fee to get approved for a loan. Once you’re approved and decide to move forward with a refinancing loan, it’ll include administrative/documentation fees, title transfer fees, any applicable state fees and costs for any other services you’ve signed up for (for example, a GAP, an extended warranty or any other optional service plans).

Based on Auto Approve’s high ratings on both the BBB and LendingTree, as well as customer reviews confirming as much, it’s safe to say Auto Approve is a legitimate company to work with for refinancing your car loan.