Auto Approve Auto Loans Review 2025

Auto Approve loan terms and requirements

Compare other lenders:

Auto refinancing lenders.
Lease buyout lenders.

About Auto Approve: a closer look

Auto Approve offers auto refinancing and lease buyout loans through its network of about 35 lenders. Applicants can pre-qualify with a soft credit inquiry, which enables them to see a lender's offer without affecting their credit scores. Auto Approve presents the single best lender offer, which shows the loan term and estimates for interest rate, monthly payment and total interest paid.

If you move forward with Auto Approve's refinance or lease buyout loan offer, expect a hard credit inquiry, which will cause a slight and temporary drop in your credit scores. During the loan application process, Auto Approve's in-house team works with borrowers through each step and is available to answer questions. This isn't always the case with loan aggregators, with some immediately passing borrowers on to the lender.

Auto Approve told us it recently expanded its lender network to include "more accessible lending options to customers in challenging life circumstances." Based on the minimum credit score and credit history requirements Auto Approve shared, borrowers with a low credit score or limited credit history may be able to get a loan; however, borrowers with fair or bad credit are likely to receive a high interest rate.

To review and rate auto lenders, NerdWallet writers gather information about customer experience, transparency, loan affordability, loan requirements and flexibility. Auto Approve tends to score high for its flexibility of loan features and requirements, such as offering a wide range of options for loan term (12 to 96 months) and the ability to have a co-signer or co-borrower on the loan.

Do you qualify for an Auto Approve auto refinance or lease buyout loan?

Here are Auto Approve's borrower requirements to qualify for an auto refinancing loan. Because Auto Approve works with many different lenders, some requirements shown are the lowest and highest among all lending partners. Meeting these requirements doesn’t guarantee approval. Also, some lenders may be more flexible with requirements when taking into account an applicant's total financial picture.

Other Auto Approve details

• Pre-qualification and preapproval. The company says all eligible applicants can receive a pre-qualified offer based on a soft credit check. Once a loan is approved, the amount of time that the offer is good varies by lender.

• Upfront fees. Applicants should be prepared to pay an origination fee of up to $550 when they get a loan through Auto Approve, although the exact amount will vary by lender. This fee can usually be financed as part of the loan amount, but that also varies by lender.

• Interest rate discounts. Less than half of Auto Approve's lending partners offer an APR discount (0.25% up to 0.50%) when a borrower sets up automatic payments, so availability of a discount depends on the lender you're matched with.

• Refinancing time restrictions. Auto Approve will refinance as soon as the previous loan's paperwork is complete and the title can be transferred. Borrowers must have at least a $5,000 balance and 12 months remaining on their previous loan in order to refinance.

• Deferred payments. Auto Approve offers deferred payments for up to 90 days at the beginning of a loan.

• Contacting Auto Approve. During the application process, borrowers can reach Auto Approve by phone, email and text, with Spanish-speaking agents available. Hours are Mon-Sat 8 a.m.-6 p.m. CT.

Back to About Auto Approve

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, so it's a good way to see the rate you may qualify for and compare it to other lenders.

• Could benefit from having a co-applicant: Auto Approve can match applicants to lenders that allow both co-signers and co-borrowers. Having a co-applicant can help borrowers who might not qualify alone.

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

Before you apply to Auto Approve

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. 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 and information. Auto Approve requires the following to submit an initial auto loan refinancing or lease buyout application: 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 auto refinance or lease buyout loan

1. Pre-qualify on Auto Approve's website. Use the "Get My Rate" button to pre-qualify with a soft credit pull. This won’t affect your credit scores. You’ll be asked to provide a limited amount of personal information, which does not include Social Security number at this point. Also be prepared to provide details about your current loan and your car, including make, model and year. 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 an offer from a single lender that it determines is the best fit. This offer shows the loan term and estimates for interest rate, monthly payment and total interest you will pay. If you decide to accept the offer, the lender will perform a hard credit check, which can cause a temporary dip in your credit scores. You will work with Auto Approve employees through the loan process. After the loan is complete, servicing moves to the lender, where you will make payments.

Back to About Auto Approve

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.