Auto Approve Auto Loan Refinancing and Lease Buyout Loans: 2024 Review

Auto Approve matches applicants to the best auto refinancing or lease buyout loan from a network of lenders.
Funto Omojola
Last updated on April 2, 2024
Edited by
✅ Fact checked and reviewed
Chris Hutchison
Edited by
✅ Fact checked and reviewed

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NerdWallet's auto loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have also appeared on NerdWallet's "Smart Money" podcast.

Auto loan reviews

Auto Approve – Refinance loan
Auto loan refinancing
The Nerdy headline:

Best for applicants who want longer loan terms for auto refinancing and lease buyout loans, and want a variety of loan offers to compare.

Auto loan refinancing review

Auto Approve – Refinance loan
Auto Approve – Refinance loan

NerdWallet rating
Est. APR
Loan amount
$10,000 - $150,000
Min. credit score
on Auto Approve's website


  • Offers pre-qualification with a soft credit check.

  • Co-borrowers or co-signers are allowed.

  • Available in all states.

  • Provides Spanish-speaking agents by phone, email, text and chat.


  • Charges an origination fee of up to $550.

  • Less than half of lenders offer a rate discount for automatic payments.

Best for applicants who want to compare multiple loan offers without affecting their credit.

Compare refinance
Est. APR
Loan amount
Min. credit score
Visit Lenderon RefiJet's website
on RefiJet's website
5.29- 21.99%
$5,000- $150,000
4.99- 17.99%
$3,000- $250,000
Visit Lenderon Gravity Lending's website
on Gravity Lending's website
5.24- 29.90%
$5,000- $100,000
5.95- 28.55%
$10,000- $125,000
5.24- 24.55%
$10,000- $150,000
Visit Lenderon Auto Approve's website
on Auto Approve's website
View more

Auto lease buyout loan review

Auto Approve - Lease buyout loan

NerdWallet rating
Est. APR
Loan amount
$6,000 - $150,000
Min. credit score
on Auto Approve's website


  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer a rate discount with automatic payment.

  • Co-borrowers and co-signers are allowed.

  • Provides Spanish-speaking agents by phone, email, text and chat.


  • Charges an origination fee of up to $550.

  • Not available in all states.

Best for applicants who want longer loan terms and multiple loan offers to compare.

Full Review of Auto Approve

Auto Approve offers auto refinancing and lease buyout loans through its network of lenders. When an applicant pre-qualifies for a loan through the lending platform, they'll receive loan and rate estimates from one of Auto Approve’s lending partners. If an applicant chooses to move forward with a loan offer, the lender will then be in charge of the loan servicing, including managing the title transfer and disbursement of funds as well as processing and tracking monthly payments, until the loan has been paid off.

Note that there are some bankruptcy limitations to qualify through Auto Approve, and applicants must have an annual income of at least $18,000 to apply. But co-signers and co-borrowers are allowed, in most cases.

Applicants should be prepared to pay an origination fee of up to $550 when they get a loan with the lending platform, although the exact amount will vary by lender. Borrowers can also qualify for an annual percentage rate discount with some of Auto Approve’s lenders by setting up autopay.


Nerdy Tip

Aggregators can connect you to several lenders with one application. However, you should be aware that aspects of your loan — such as fees, customer service and how your personal information is used — will depend on the lender.

Table of contents

Auto Approve at a glance

Auto Approve works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

Minimum credit score


Minimum credit history

At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is three months.

Minimum annual gross income


Maximum debt-to-income ratio


Maximum loan-to-value ratio


Loan terms

12-120 months.

Co-applicants allowed?

Co-signers and co-borrowers allowed.

Pre-qualification or preapproval offered?

Offers pre-qualification with a soft credit check.

Origination/processing fee?

Up to $550.

Rate discount offered?

Less than half of lending partners offer an APR discount (ranging from 0.25% - 0.50%) when a borrower sets up autopay.

States covered

Refinance available in all states. Lease buyouts are not offered in CA, CO, FL, GA, KY, MA, MO, NJ, NY, PA and RI.

    • Maximum vehicle age: 10 years or newer, excluding 2024 and 2025 model years.

    • Maximum vehicle mileage: 100,000 for refinance loans and lease buyouts.

    • Other vehicle restrictions: Does not refinance commercial vehicles. Does not do lease buyouts for car manufacturers Ford, Genesis, Hyundai, Infiniti, Kia, Lincoln, Mazda Nissan, Tesla and General Motors.

    • Loan amount minimum: $10,000.

    • Loan amount maximum: $150,000.

    • Maximum loan-to-value ratio: 140%.

    • Refinance time restrictions: Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred.

    • Bankruptcy restrictions: No bankruptcy history within the last 3 years.

    • Approval speed: Not immediate but takes no more than 10 minutes.

    • Initial deferred payment: Up to 90 days.

    • Existing loan payoff: For refinancing and lease buyouts, funds are sent electronically to the lender if possible.

    • Selected payment due date: Borrowers can select their payment due date when prompted at a specific time during the loan process.

    • Maximum debt-to-income ratio: 60%.

    • Hardship plans: More than 75% Auto Approve’s lending partners offer hardship options in the form of deferred payments.

    • Contact options: Email, phone, text, live chat and website form.

    • Availability: Customer service is available Mon-Sat 8 a.m.-6 p.m. CT.

    • Online resources: Offers content area with articles about car ownership and personal finance, as well as a payment calculator which helps borrowers estimate their monthly car payments.

    • Related services: Offers guaranteed asset protection (gap insurance) for an additional cost, 24/7 roadside assistance and extended auto warranty that can be rolled into borrowers’ auto loans for an additional price. The lending platform also offers reimbursements for rental cars (up to $50 per day) for an additional fee.

Auto Approve may be a good fit for those who:

  • Want to compare terms and rates: Pre-qualification with a soft credit check will not affect an applicant's credit scores.

  • Prefer to use a co-signer or co-borrower: Applicants can qualify with co-signers and co-borrowers.

  • Speak Spanish: Auto Approve has a staff of Spanish-speaking loan consultants available by phone, email or online inquiries.

Do you qualify for an Auto Approve auto loan?

Here are Auto Approve's basic eligibility requirements to apply for an auto loan:

  • Borrowers must be at least 18 years or older.

Here are Auto Approve’s minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

  • Minimum credit score: 620.

  • Minimum credit history: At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is three months.

  • Maximum debt-to-income ratio: 60%.

  • Minimum annual income: $18,000.

Before you apply

Check your credit. You can get your free credit report on NerdWallet or at If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto loan calculator or lease buyout calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. When you know your maximum car payment, a car affordability calculator can help you determine a realistic car price.

Gather your documents. Auto Approve requires the following to submit an initial auto loan refinancing or lease buyout application: Social Security number or ITIN, address, time at address, phone, email, citizenship status, birthdate, employment status, employer name, income, housing status, housing payment amount, basic vehicle information and vehicle identification number.

How to apply for an Auto Approve loan

  1. Pre-qualify online. You can pre-qualify for a loan on Auto Approve’s website. This won’t affect your credit scores. You’ll be asked to provide your name, email and address; information about your car including its make, model and year as well as your current loan details. You can also apply by phone at 844-699-5023.

  2. Make a decision about your loan offer. If you pre-qualify, Auto Approve will present you with rate and payment estimates, total interest estimates and loan terms from a single lender the company determines is the best fit. If you decide to accept an offer, the lender will perform a hard credit check, which can cause a temporary dip in your credit scores.

  3. Stay on top of your loan payments. According to Auto Approve, more than 75% of its lending partners report on-time payments to all three major credit bureaus. On-time payments will help build your credit scores, but missed payments will hurt it. If you can, set up automatic payments to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating aggregators and our process, read our full methodology.

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Frequently asked questions

  • Auto Approve is accredited by the Better Business Bureau (BBB) with an A+ rating. Auto Approve is a lending platform that offers auto refinancing and lease buyout loans, and matches applicants to the best loan option from a network of lenders.

  • Auto Approve offers the option to pre-qualify for a loan with a soft credit check. Pre-qualification won’t hurt your credit scores and you’ll be able to see multiple loan rate estimates and terms from a single lender our company determines is the best fit.

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