Auto Approve Auto Loan Refinancing: 2023 Review

Auto Approve offers refinancing loans up to $150,000 in every state. Pre-qualification comes with a soft credit check, and rate discounts are available.
Whitney Vandiver
Aug 9, 2023

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Our Take


NerdWallet rating
The Nerdy headline:

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

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Auto Approve – Refinance loan
Auto Approve – Refinance loan

Est. APR
Loan amount
Min. credit score
on Auto Approve's website

Pros & Cons


  • Offers pre-qualification with a soft credit check.

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

  • Available in all states.

  • Co-borrowers or co-signers are allowed in nearly all cases.


  • Charges an origination fee of up to $488.

  • Application is not fully online. Some verification done by phone.

Full Review

Auto Approve offers auto refinancing loans. Applicants can choose terms for loans up to $150,000 from a variety of lenders. There are some bankruptcy limitations to qualify, and applicants must have an annual income of at least $24,000 to apply. But co-signers and co-borrowers are allowed, in most cases, to help applicants qualify.

Applicants should be prepared to pay an origination fee when they refinance with Auto Approve, with the exact amount varying by lender. And borrowers can qualify for an annual percentage rate discount with some of Auto Approve’s lenders by setting up autopay.

Auto Approve's website offers resources to give advice to car owners. Applicants will find financial education articles and answers to frequently asked questions.


Nerdy Tip

Auto Approve is an auto loan aggregator, meaning it works with a network of lenders to match borrowers with loans. Aspects of your loan — such as fees, service and how your personal information is used — will depend on the lender.

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 score.

  • Prefer to use a co-signer or co-borrower. Most 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.

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.

  • Application process
    • Origination fee: Yes, up to $488.

    • Personal information needed: Social Security number or ITIN, address, time at address, phone number, email address, citizenship status, birth date, employment status, employer name, housing status, housing payment amount, basic vehicle information and vehicle identification number.

    • Pre-qualification available: Yes, with a soft credit check.

    • Online, in-person or both: Majority can be completed online, but some verification must be done by phone.

    • Approval speed: Did not disclose.

    • Minimum FICO credit score: 580.

    • Minimum credit history: 24 months.

    • Minimum annual gross income: $24,000.

    • Maximum debt-to-income ratio: 50%.

    • Bankruptcy-related restrictions: There are bankruptcy-related restrictions, but Auto Approve did not provide specifics.

    • States covered: All states.

    • Maximum vehicle age: 10 years or more; depends on the lender.

    • Maximum vehicle mileage: Up to the low 200,000s.

    • Other vehicle restrictions: Refinancing is not available for commercial vehicles.

    • Loan amount minimum: $7,500.

    • Loan amount maximum: $150,000.

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

    • Refinancing restrictions: Some lenders require a waiting period after the title is transferred.

    • Loan terms: 12-120 months.

    • Rate discount: Some lenders offer a discount of 0.25 to 0.50 percentage points with automatic payments.

    • Greater-than-minimum payments: Yes, with automatic payments in most cases.

    • Biweekly payments: Did not disclose if accepted.

    • Late payment fee: Yes, varies by state and lender.

    • Prepayment penalty: None.

    • Co-applicants allowed: Co-signers and co-borrowers are allowed in nearly all cases.

    • Payment options: Check by mail, phone, online banking, mobile app, website, ACH (electronic bank-to-bank) and in person. Varies by lender.

    • Selected payment date: Borrowers are not able to select their payment due date.

    • Cash-out refinancing: Not offered.

    • Hardship plans: Yes. Details not provided.

    • Existing loan payoff: Did not disclose.

    • Assistance provided: Customer service agents can assist with the application and payment processes. Has team of Spanish-speaking loan consultants.

    • Availability: Customer service hours are Mon-Fri, 9 a.m. to 5 p.m. CT; Sat, 8 a.m. to 2 p.m. CT; Sun, 10 a.m. to 2 p.m. CT.

    • Contact options: Phone, email, chat and text.

More from Auto Approve

Auto Approve offers other services, including GAP insurance to cover the difference if you’re in an accident and your car’s value is less than your loan. The company also offers vehicle protection plans for refinanced vehicles to provide coverage after warranties end. Options can include roadside assistance, towing services and rental car reimbursement up to $50 a day.

Auto Approve auto loan rates

Credit requirements vary by auto lender, but Auto Approve lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of about 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.

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.

on Auto Approve's website

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Frequently asked questions

  • Applicants must have a FICO credit score of 580, earn at least $24,000 in gross annual income and have a credit history of 24 months.

  • It depends on the lender, but some offer loans up to 120 months and up to $150,000.

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