Auto Approve Auto Loans: 2024 Review

Auto Approve is best for seamless refinancing 

Finding the right refinancing loan requires weighing your current loan terms and rates against new ones. For some, this process can be overwhelming. Auto Approve streamlines this process by handling the heavy lifting: It matches you with lenders, does the DMV paperwork and contacts your previous lender. 

Refinance auto loans 

Refinancing your car involves replacing your current loan with a new one. If Auto Approve refinance matches you with a lender offering a lower APR, you could enjoy smaller monthly payments and savings on interest across your loan’s lifetime. You could also extend your lease term, lowering your monthly payment but increasing your total interest paid.

Lease buyout 

Auto Approve has two lease buyout options. A lease-end buyout allows you to buy or refinance your leased car at the end of the lease agreement. An early buyout option, on the other hand, can help you finance the cost to buy your leased vehicle before the lease ends.   

Where Auto Approve stands out  

• Customer support: Borrowers will be matched with a customer representative that will assist you throughout the funding process.
• Vehicle add-ons: When financing, you have the ability to add on gap insurance, an extended warranty or a service plan.
• Joint applications: Auto Approve allows co-borrowers and can also help with removing or adding one to your new loan.

Where Auto Approve falls short  

• Varying fees: While Auto Approve itself doesn't charge fees, some of its lending partners do. Depending on which you match with, you may have to pay documentation and other fees.
• Unknown lenders: Auto Approve doesn’t list all the lenders they work with — you’ll just have to see which ones you match with.
• Limited loan products: You can not finance the purchase of a new or used vehicle with Auto Approve, though lease buyouts are available.

Auto Approve customer experience

The Auto Approve lending network allows borrowers to refinance to receive more favorable financing or purchase their leased vehicle. The online application and funding process is seamless and encourages you to take advantage of personalized service that can provide step-by-step advice.

Customer support 

Auto Approve’s website has a chat box to answer any introductory questions on your loan application. For more in-depth questions, contact support via email or over the phone from Monday through Friday.  

Digital experience 

Auto Approve has a feature where you can get your rate in just 60 seconds. The website itself does not list much in terms of possible rate ranges or loan amounts, likely because the company connects you with lenders to help you find the best rates and terms based on your financial background and situation.    

What people are saying about Auto Approve

Auto Approve scores a close to perfect 4.6 out of 5 stars on Trustpilot. Reviewers on Trustpilot praise the help of real agents they were connected to during the process. Others said the process was easy, fast and helped them save money. 

Here’s what one borrower had to say:

“I truly enjoyed working with my representative Taylor Smith (he's based out of Minnesota). He was extremely prompt, informative and helped guide me along the way to refinancing my vehicle. I hope more clients experience the professionalism that I did. Thank you Taylor!!”

— Trustpilot user

Another said in part, 

“The pleasing doggedness of Susana Lopez and Kayla Lauber who assisted Susana near the finish. Both were very professional and very patient with our navigating through a process that was new to us and somewhat daunting in learning how to utilize platforms we had never experienced.”

— Trustpilot user

Negative reviews stated that the company was pushy with communications and it was challenging to cancel once the loans were processed. Others had issues getting connected with agents. 

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How this lender compares 

Working with a lender aggregator might not be the best financial choice for every type of borrower. Before signing off with Auto Approve, it is important to compare other refinance rates. 

Auto Approve vs. Ally 

If you like the convenience of online funding and loan handling, consider checking out Ally. The bank-funded lender offers refinance, purchase loans, leases and lease buyout options, as well as the ability to view real loan terms if you prequalify for financing. Ally also boasts flexible requirements. Borrowers may qualify while earning just $2,000 per month, even with less-than-perfect credit.   

Auto Approve vs. Tresl 

Tresl boasts a seamless online application that allows you to prequalify for rates through a soft credit check. But it discloses less information upfront than Auto Approve — it’s not clear what loan amounts or APRs it offers. Both Tresl and Auto Approve offer online assistance when handling refi documentation, which can streamline the process. 

Do you qualify for an Auto Approve auto loan? 

Auto Approve requires a minimum credit score of 620, which falls within the fair range, according to Experian. However, the lender works with an extensive network, so specific qualification requirements will vary by partner. 

Auto Approve offers refinance loans for cars, motorcycles, RVs, ATVs and boats. However, it does not refinance heavy equipment or commercial vehicles.  

How to get an Auto Approve auto loan 

Applying for a loan with Auto Approve can be done completely online. According to the lender's site, it takes only a few steps, and you will receive a quote in seconds.

1. Enter information: First, you must enter information on the online form covering information on yourself and your vehicle.
2. Compare options: At this point, a loan consultant will present you with loans that you best qualify for and explain the options.
3. Apply: Once you determine which lender is best for your needs your consultant will help you apply and handle the creation of new title documents.
4. Receive a new loan: Auto Approve will work with the DMV to get the new vehicle title. You can now start making payments.

How Bankrate rates Auto Approve 

 Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.