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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 refinance loans in 50 states (and Washington, DC).
How much can you borrow via Auto Approve?
Auto refinance loan amounts start at $7,500 and go up to $150,000.
What are the auto loan refinancing rates offered through Auto Approve?
Auto Approve offers a fixed APR auto loan refinancing product that ranges from 2.74% APR up to 19.99% APR.
What is the maximum loan term you can get with Auto Approve?
Auto Approve offers auto refinancing 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 auto refinancing loan, the more interest you will pay.
Does Auto Approve charge an origination fee on auto refinance loans?
Yes, Auto Approve charges a loan origination fee of $399.
Does Auto Approve charge a late fee?
No, Auto Approve will not charge you a late payment fee.
Does Auto Approve charge prepayment fees?
No, there is no prepayment penalty.
What are the key eligibility criteria for Auto Approve auto loan refinancing?
Applicants with a credit score of at least 500 can apply for a loan via Auto Approve. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of citizenship or residence permit
- Recent pay stubs
- Recent bank statements
What is the estimated funding time for an auto loan refinance with Auto Approve?
Auto refinance loan applications are typically approved (or denied) within 1 hour and funded within 1 to 2 days of approval.
Does Auto Approve report loan payments to credit bureaus?
Auto Approve may report payment behavior to one or more of the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|No Late Fees|
|Origination Fee ($)||$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||$7.5K - $150K|
|Loan Term (Months)||12 - 84|
|APR (Fixed APR)||2.74% - 19.99%|