Auto Approve Auto Loan Review

Auto Approve Auto Loan is offered by Auto Approve LLC, a licensed broker founded in 2016 and based in Brooklyn Center, MN. Auto Approve Auto Loan is available in 15 states (and Washington, DC).

How much can you borrow via Auto approve?

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

What APR does Auto approve offer on its car loans?

Auto approve offers a fixed apr car loan product that ranges from 1.9% 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 auto loan term you can get with Auto approve?

Auto approve has car loans with terms ranging from 12 to 84 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto 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.

Can I pay off early my Auto approve loan?

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

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

Applicants with a credit score of at least 580 and up to 850 may be 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. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

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
• U.S. tax identification number
• References

What is the estimated funding time for a car loan via Auto approve?

Auto approve will typically approve (or deny) a car loan application within 1 hour and fund the car loan within 2 business days of approval.

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

Yes, 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 may help improve your credit.