Auto Approve loan review: Marketplace for refinance loans

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Editors’ take: Loans through Auto Approve may be a suitable option for people looking to get prequalified and compare a number of offers for car, boat, ATV, motorcycle or RV refinancing. Those who prefer to work with a direct lender rather than an online marketplace should look elsewhere.

Auto Approve auto loans at a glance

Starting APR Competitive
Loan amounts $5,000 to $85,000
Loan terms 12 to 84 months
Minimum credit scores required Not disclosed
Loan fees Varies by state and lender chosen
Prepayment penalty Not disclosed
Availability Available in all 50 states and Washington, D.C.
Ability to apply for prequalification or preapproval? Yes, prequalification
How to apply Online or by phone
Other requirements Must be 18 years or older
Only auto refinance loans are available
Commercial vehicles not eligible


  • No Social Security number needed to get a quote
  • Motorcycle, ATV, RV and boat refinancing available, as well as lease buyout


  • Not a direct lender
  • Commercial vehicles not eligible

What you need to know about Auto Approve auto loans

Not a direct lender

Auto Approve is not a direct lender — instead, it works with various banks and credit unions across the country to offer auto refinancing. You may get loan offers from a variety of companies — but there’s no guarantee you’ll get a loan offer.

Easy application process

Auto Approve has a fully online application process, but you can also call in. You can get a quote within a few seconds, without providing your social security number. All you’ll need to provide are details on your vehicle, your current loan and your current employment. If you select a lender that Auto Approve identifies for you, you may have to go through extra steps to complete its loan process.

Wide range of refinancing programs

Beyond traditional loan refinancing, you can apply to take out a loan through Auto Approve to buy a vehicle you are currently leasing, either at the end of your lease term or before. The company also refinances loans on motorcycles, ATVs, RVs and boats.

How does the Auto Approve loan process work?

Because Auto Approve is not a direct lender, the company’s loan process differs a bit from traditional lenders. You’ll begin by filling out Auto Approve’s online form to request a rate quote, which starts by providing your contact information. You’ll also need to provide other info and documents including:

  • Driver’s license
  • Current registration
  • Proof of insurance
  • Pay stubs or other proof of income
  • Current loan details

Once you’ve sent in your information, you’ll need to work with an Auto Approve loan specialist to sort through your options from the company’s lending partners. Auto Approve will help you submit any additional information the lender will need to consider your loan application.

Who qualifies for the best rates?

Auto Approve promises competitive rates on refinance loans, but not everyone will qualify for its best terms. The company says the lowest rates are based on your vehicle’s age, your credit scores and the loan term you choose. Auto Approve says an example of a customer getting the best rate would be someone with a credit score of at least 730 choosing a loan term of 72 months or less, to refinance a vehicle that’s a model year 2019 or newer.

Not sure if Auto Approve is right for you? Consider this alternative.

  • Autopay auto loan: If you’re buying a new car instead of refinancing, you might consider the Autopay marketplace — which offers both new and used vehicle financing.

About the author: Andrew Dunn is a veteran journalist with more than a decade of experience as a reporter and editor at North Carolina news organizations, including the Charlotte Observer and the StarNews in Wilmington. In those roles,… Read more.