Where does Auto Approve do business?
Auto Approve is a marketplace lender based in Maple Grove, MN. It was founded in 2016 and offers auto loans in 50 states (and Washington, DC).
How much can you borrow via Auto Approve?
Auto Approve auto loan amounts start at $12 and go up to $84.
What APR does Auto Approve offer on its auto loans?
Auto Approve offers a fixed APR auto loan product that ranges from 2.74% APR up to 19.99% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
What is the maximum loan term you can get with Auto Approve?
Auto Approve has auto loans with terms ranging from 12 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
Does Auto Approve charge an origination fee?
Yes, Auto Approve may charge a loan origination fee of $399
Does Auto Approve charge a late fee?
No, Auto Approve will not charge you a late fee.
Does Auto Approve charge prepayment fees?
No, Auto Approve will not charge you a fee for paying your loan early. Whenever possible choose lenders like Auto Approve that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.
What do you need to qualify for a loan with Auto Approve?
Applicants with a credit score of at least 500 can apply for a loan via Auto Approve. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of identity
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for an auto loan via Auto Approve?
Auto Approve will typically approve (or deny) an auto loan application within 1 hour and fund the loan within 2 business days of approval.
Does Auto Approve report loan payments to credit bureaus?
Auto Approve may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|No Late Fees|
|Origination Fee ($)||$399|
|Credit Score Range||
500 - 850
850 300 500
|Immigration Status Considered||
|Minimum Annual Income||$24,000|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$12 - $84|
|Loan Term (Months)||12 - 84|
|APR (Fixed APR)||2.74% - 19.99%|