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If you want to refinance your car loan, you have many options. Applying with different lenders and completing multiple applications can seem overwhelming (or annoying).
But with Auto Approve, this doesn’t happen – you can complete one application and have multiple auto loan rates to choose from.
Check out how it works below in this Auto Approve Review.
Auto Approve is an online auto loan refinance marketplace. In other words, it’s a platform for you to shop for the best auto loan refinancing rates. You complete one application and get offers from multiple lenders and credit unions.
Today it’s one of the easiest ways to shop for an auto refinance loan. You don’t have to take up a ton of time or resources applying with different banks. You do everything one time and have offers sent to you.
It’s easy to use Auto Approve. It starts with a simple quote. You complete a quick application that lets Auto Approve know more about you, and they do a soft credit pullto see if you qualify for any loans.
The soft credit pull doesn’t hurt your credit score, and it leaves you with offers within minutes. If you choose an offer, you’ll work directly with the bank, but in the meantime, Auto Approve does all the work for you – all you have to do is take that first step and apply.
If you have a high-interest rate on your auto loan and have improved your qualifying factors, you may qualify to refinance. Since rates are low now, many people take advantage of offers at Auto Approve and lower their monthly payments.
We caution you to look at the big picture, though. For example, if you extend your term, you won’t save as much money as you think since you’ll pay interest for a longer period, even if the rate is lower. If you keep the same term (or shorten it) and get a lower rate, you’ll likely save money.
If you’ve decided to buy the car you leased, you’ll need the financing to do so. Most auto loan marketplaces don’t offer a lease buyout program, but Auto Approve does.
Before you apply, make sure you’ve checked your credit and paid down any other debts so you get the best rates on your lease buyout terms.
Just like auto financing, you can refinance your motorcycle loan and save money. If you have a high payment and can afford a shorter term or improve your credit, so you qualify for the best rates, you may save money every month on your motorcycle just by refinancing.
Even though Auto Approve is an online program, you don’t have to only use it online. They offer personalized services made just for you. If you prefer to work with someone over the phone versus on the computer, you’ll get a dedicated customer service agent who will work with you from start to finish in securing your loan.
You’ll save time and money using Auto Approve. There’s one application to complete, which means no back and forth with multiple banks, getting confused and frustrated. Plus, Auto Approve doesn’t charge anything, so you can use the service for free to shop for the right auto refinance loan.
Unlike some auto loan refinance marketplaces, Auto Approve doesn’t markup your APR. What you see is what you get with the APR.
Speaking of APRs, Auto Approve offers some of the most competitive rates in the industry. This makes it easier and more beneficial for thousands of car owners to refinance their car loans.
Qualification Requirements
To refinance your auto loan, you must prove your identity, income, loan status, and insurance. Lenders may ask for:
It’s free to use Auto Approve. Once you choose a lender and move on with the loan, you may pay fees, though. Always read the fine print, so you know what to expect and to make the right decision.
Caribou is another auto loan refinance marketplace. They work with lenders all over the country, some of which offer APRs as low as 1.49%.
Like Auto Approve, Cariboudoes a soft credit pull to determine if you qualify for a loan, so it doesn’t hurt your credit. Caribou does all the legwork to secure the best loan – all you have to do is apply and see what rates/loans you can get.
>> More: Full Caribou Review
AutoPay is another online loan marketplace for applicants looking to refinance their car loan. They are also a good resource if you’re looking to buy a car. AutoPay works with borrowers with less than perfect credit but who want options when refinancing their car loan.
You need great credit to get the best APRs, but they offer loans 1.99% – 17.99% APRs. You’ll need a 600-credit score to qualify, and you can use a co-applicant if needed.
>> More: Full Autopay Review
RefiJet offers personalized support when looking for an auto loan refinance. You work with a live person, not a computer, to get matched to the best loan. RefiJet lenders offer APRs from 2.45% – 17.99%, and you only need a 580-credit score to qualify.
RefiJet has loans with a prepayment penalty, and you must make at least $2,000 a month to qualify.
>> More: Full RefiJet Review
Yes, Auto Approve is legit and a great way to refinance your auto loan. You’ll get multiple offers to compare, and you won’t have to deal with time-consuming applications or overwhelming conversations with multiple lenders.
Yes, you can build the cost of gap insurance into your loan with Auto Approve, so you know you’re always covered even if you end up upside down on your loan.
Auto Approve lenders offer loans from $7,500 to $150,000. How much you can borrow depends on your qualifying factors and the amount on your outstanding loan.
Auto Approve offers APRs starting at 2.5%, but that’s reserved for borrowers with great credit. You can get different APRs based on how much you borrow, your loan payment history, credit score, type of car, and age.
Auto Approve doesn’t charge any fees. But, once you choose a lender, they may charge fees, so always read the fine print to find out.
Yes, it’s safe and smart to use Auto Approve. You’ll get great service, you may save money, and you’ll have someone holding your hand to help you figure out the process from start to finish.
If you’re thinking about refinancing your car loan, look at Auto Approve. They offer an incredible selection of loans and don’t charge any fees for you to shop around. Look at your various options, make sure you’re saving the most money, and don’t overpay in fees to refinance your car loan.
Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.
