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Auto Approve Auto Refinance

in Auto Loan Refinancing from Auto Approve LLC

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Auto Approve Auto Refinance

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in Auto Loan Refinancing from Auto Approve LLC

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Credit Score Range 580 - 850
Loan Amount $7,500 - $150,000
APR  (Fixed APR) 1.9% - 19.99%
Loan Term (Months) 12 - 84 months

Auto Approve Auto Refinance Review

Auto Approve Auto Refinance is an auto loan refinance offering by Auto Approve LLC, based in Brooklyn Center, MN. Founded in 2016, Auto Approve LLC offers auto refinance loans in 50 states (and Washington, DC).

Key Takeaways
  • Vehicle types. Auto Approve LLC refinances motorcycles, boats, RVs, ATVs, cars, and trucks.
  • Cash-out refinance. Loan amounts can be larger than what you need to pay off your current auto loan. The downside is you may owe more than what your car is worth.
  • Lender Network. Unlike lenders that provide refinance loans directly, Auto Approve LLC is a broker that works with its lender network to fund your auto refinance loan.
  • Lease buyouts. Offers refinancing to buyout an expensive lease or purchase a company car.
  • Fair credit accepted. The credit score needed for Auto Approve Auto Refinance is relatively low. Borrowers with a credit score as low as 580 may qualify for Auto Approve Auto Refinance.
  • Vehicle requirements. Vehicles must have less than 150,000 miles and a maximum age of 10 years.
  • Refinancing for large loan amounts. You can refinance auto loans of up to $150,000 with Auto Approve Auto Refinance.
  • Fast process. In some cases you can refinance your auto loan within 1 business day.
  • Origination fees starting at $399.Origination fees are deducted from the loan amount, so take it into account when deciding how much you need to borrow.
  • No late fees. Missing a payment can seriously damage your credit, but Auto Approve Auto Refinance will not charge additional fees if you miss the due date on a payment.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Auto Approve Auto Refinance.
  • Long loan terms. Auto Approve Auto Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.
  • Minimum income of $18,000. You will need an annual income of at least $18,000 to apply for Auto Approve Auto Refinance, which is below average for the lenders in our database
Auto Approve Auto Refinance Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • Considers applicants with poor credit.
  • Fast funding.
  • Considers older vehicles (max. 10 years)
  • Charges an origination fee.
  • Available in all 50 states.
Auto Approve Auto Refinance FAQ

How much can you borrow via Auto Approve Auto Refinance?

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 Refinance?

Auto Approve Auto Refinance offers a fixed APR auto loan refinancing product that ranges from 1.9% APR up to 19.99% APR.

What is the maximum loan term you can get with Auto Approve Auto Refinance?

Auto Approve Auto Refinance 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 Auto Refinance charge an origination fee on auto refinance loans?

Yes, Auto Approve Auto Refinance charges a loan origination fee of $399.

Does Auto Approve Auto Refinance charge a late fee?

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

Does Auto Approve Auto Refinance charge prepayment fees?

No, there is no prepayment penalty.

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

Applicants with a credit score of at least 580 and up to 850 are eligible for Auto Approve Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loan refinancing with Auto Approve Auto Refinance, applicants need a minimum annual income of $18,000 or higher. Auto Approve Auto Refinance 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 Refinance. 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 Refinance. 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 maximum mileage to refinance with Auto Approve LLC?

Auto Approve LLC is an option for high-mileage vehicles. They will consider auto loan applications for vehicles with up to 150000 miles on the odometer.

What is the maximum car age to refinance with Auto Approve LLC?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

What is the estimated funding time for an auto loan refinance with Auto Approve Auto Refinance?

Auto refinance loan applications are typically approved (or denied) within 1 hour and funded within 1 to 2 days of approval.

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

Auto Approve Auto Refinance 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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

  • Headquarters
  •   6200 Shingle Creek Parkway, Suite 400
    Brooklyn Center, MN 55430
  •   Visit Site

Other Services by Auto Approve LLC

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Application Fee $0
No Prepayment Fee  
No Late Fees  
Origination Fee ($) $399
Credit Score Range 580 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
Maximum Mileage 150,000
Maximum Vehicle Age 10
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Annual Income $18,000
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Vehicle Type
  • Auto
  • Motorcycles
  • Boats
  • RVs
  • ATVs
Verification Documents Required
  • Business Formation Documents
  • Government Issued Photo ID
  • Loan Payoff Statements
  • Proof of Identity
  • Proof of Income
  • Proof of Insurance
  • Recent Pay Stubs
  • References
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Approval Speed 1 hour
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Customizable Payment Dates  
Funding Time Range 1 - 2 days
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
  • Storefront
Pre-Approved Soft Credit Inquiry  
APR (Fixed APR) 1.9% - 19.99%
Loan Term 12 - 84 months
Loan Amount $7,500 - $150,000

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SUPERMONEY NET RECOMMENDATION SCORE

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Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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