Auto Approve Auto Loan Review

Auto Approve Auto Loan is offered by Auto Approve LLC, a marketplace lending platform founded in 2016 and based in Maple Grove, MN. Auto Approve Auto Loan is available in 50 states (and Washington, DC).

How much can you borrow via Auto Approve Auto Loan?

Auto Approve Auto Loan auto loan amounts start at $7,500 and go up to $150,000.

What APR does Auto Approve Auto Loan offer on its auto loans?

Auto Approve Auto Loan 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 Loan?

Auto Approve Auto Loan 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 Auto Loan charge an origination fee?

Yes, Auto Approve Auto Loan may charge a loan origination fee of $399

Does Auto Approve Auto Loan charge a late fee?

No, Auto Approve Auto Loan will not charge you a late fee.

Does Auto Approve Auto Loan charge prepayment fees?

No, Auto Approve Auto Loan will not charge you a fee for paying your loan early. Whenever possible choose lenders like Auto Approve Auto Loan that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Auto Approve Auto Loan loan?

Yes, you can. Auto Approve Auto Loan does not charge a prepayment fee, so you can save money by paying your auto loan early.

What do you need to qualify for Auto Approve Auto Loan?

Applicants with a credit score of at least 500 and up to 850 are eligible for Auto Approve Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loans with Auto Approve Auto Loan, applicants need a minimum annual income of $24,000 or higher. Auto Approve Auto Loan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Auto Approve Auto Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Auto Approve Auto Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Loan payoff statements
• Recent pay stubs
• Proof of income
• Business formation documents
• Proof of insurance
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit
• References

What is the estimated funding time for an auto loan via Auto Approve Auto Loan?

Auto Approve Auto Loan 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 Auto Loan report your account activity to credit bureaus?

Auto Approve Auto Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.