Auto Approve Review: Straight Forward Auto Loan Refinancing

Disclaimer: This post contains references to products from one or more of our advertisers. We may receive compensation (at no cost to you) when you click on links to those products. Read our Disclaimer Policy for more information.

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.

Best for Online Auto Refinance
Auto Approve Auto Refinance
Auto Approve Auto Refinance
  • Loan Amount
    $7,500 - $150,000
  • Est. APR
    1.9% - 19.99%
  • Learn More
  • Auto Loan Details

What Is Auto Approve?

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.

How Does Auto Approve Work?

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.

Auto Approve Auto Refinance Pros and Cons


  • You may secure a lower interest rate and save money
  • You can extend your loan term if you’re having trouble affording your payment
  • You get multiple offers from one application
  • It doesn’t hurt your credit to check your rates
  • Auto Approve has excellent reviews


  • You need at least a 580-credit score
  • Not all cars (type or age) qualify
  • You must make at least $1,500 a month to qualify

Auto Approve Features and Benefits

Vehicle Refinance

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.

Lease Buyout

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.

Motorcycle Refinance

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.

Personalized Services

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.

Saves Time & Money

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.

No Mark-Ups

Unlike some auto loan refinance marketplaces, Auto Approve doesn’t markup your APR. What you see is what you get with the APR.

Competitive APRs

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.

How Do You Qualify for an Auto Approve Auto Loan?

Qualification Requirements

  • A credit score of 580+ (the better your credit, the lower the rate)
  • At least 18 years old
  • Proof of at least $1,500 a month in income
  • A loan balance of at least $7,500 on your car loan
  • A car that’s less than 10 years old and has fewer than 150,000 miles

What Documents Do I Need for Auto Approve Auto Refinance?

To refinance your auto loan, you must prove your identity, income, loan status, and insurance. Lenders may ask for:

  • Paystubs or tax returns
  • Driver’s license
  • Proof of insurance
  • Proof of your loan and its payment history
  • Vehicle registration

Auto Approve Fees Explained: Is It Free?

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.

How Does Auto Approve Compare to Other Auto Refinance Lenders?

#1. Auto Approve vs. Caribou

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

#2. Autopay vs. Auto Approve

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

#3. RefiJet vs. Auto Approve

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

Auto Approve Auto Loans FAQs

Is Auto Approve Legit?

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.

Does Auto Approve Offer Gap Insurance?

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.

How Much Can You Borrow from Auto Approve?

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.

What Is the APR with Auto Approve?

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.

What Fees Does Auto Approve Charge?

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.

Is It Safe to Use Auto Approve?

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.

Bottom Line: Auto Approve Review

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
Kim Pinnelli

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.