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FAQ

Frequently asked questions

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How does refinancing my vehicle work?

All we need is a little information from you to get started. Then our team takes care of the rest:

Step 1

Provide your personal, vehicle and employment information.

Step 2

Our loan consultants will determine which loans you qualify for and walk you through your options.

Step 3

We’ll submit your application to your chosen lender.

Step 4

Auto Approve will generate all of your new loan and title documents. We’ll send them to you for an e-signature.

Step 5

Auto Approve will handle the rest and get your loan funded. We’ll also work with the DMV to take care of the vehicle title.

Step 6

You’ll begin to make your payments to the new lender.

It’s that simple and fast!

What do I need to get started?

To get your new lower rate, we’ll need the following documents and information:

Driver’s License
Current Proof of Insurance
Current Registration
Pay Stubs or Proof of Income
Current Loan Finance Contract (optional)

That’s it — contact one of our expert loan consultants to get started.

Does refinancing affect my credit score?

Getting a quote does not affect your credit score. The ‘soft’ inquiry that Auto Approve performs is viewable only by you (no one else reviewing your credit can see these types of inquiries) and it does not impact your credit score in any way. When you choose to move forward with refinancing your vehicle, a ‘hard’ credit inquiry will occur and appear on your credit history. This is standard practice and is generally not a significant impact on your overall credit score. The short-term impact that a ‘hard’ inquiry may have on your credit will likely be far outweighed by the long-term benefits of finding a loan with more favorable terms.

What are the benefits of refinancing my car?

Most of our customers consider refinancing to enjoy the benefit of lower monthly payments. With our help, Auto Approve customers save over $100 per month on average. That’s money you can put toward paying off bills or use for exciting purchases. If nothing else, it’s added peace of mind for when life’s unexpected moments catch you off guard.

Why should I choose Auto Approve?

At Auto Approve, you’ll be our top priority.
We operate with a customer-first mentality.
We value your time and work hard to save you money.
Our customers love us — we have an A+ rating on BBB and a 96% customer satisfaction rate on Lending Tree.
We work with premier lending partners to get you the best loan rate possible.

Do you only refinance cars?

Auto Approve refinances cars, trucks and SUVs. We also refinance:
Motorcycles
RVs
Boats
ATVs
At this time, commercial vehicles and heavy equipment machinery are not eligible for refinancing. We are also unable to refinance a vehicle under a company’s name.

When is my first payment due?

The due date of your monthly payment will be listed in your loan package. Your first payment is typically due 45 days from the contract date, which means you get to skip a payment. We even offer a 90-day deferred payment option for qualified applicants.

How soon will I know if my application is approved?

Receiving a quote online only takes a few seconds.

Once your information is received, your dedicated loan consultant will work with you to submit your application to one of our preferred lending partners. In most cases you will receive a decision within minutes of submitting your application.

Why does my offer expire?

Interest rates fluctuate for a variety of reasons, and they can even change daily. When you receive a lender-approved offer from Auto Approve, we lock in your rate so it doesn't change for up to 30 days.

Does Auto Approve charge an application fee?

No, Auto Approve does not charge an application fee.Receiving a quote is free and completing your refinance requires no out of pocket fees.

Once you move forward with refinancing your vehicle, the cost of refinancing your auto loan includes admin/doc fees, title transfer fees, state fees (if applicable) and the cost of any extra services you choose to add, such as a GAP and extended warranty or other optional service plans.

Your dedicated Auto Approve loan consultant will provide you with an itemized breakdown as part of your auto loan refinance package.

Can I add or remove a co-borrower?

Yes. You can add or remove a co-borrower (also called a co-signer) to your new loan. Your new loan will be determined based on the person(s) applying or being removed.

Will my information be secure?

Yes. We value your trust in us and work with credible lending partners who also use up-to-date data security software to ensure your information remains private.

Auto Approve does not sell, rent or lease its customer lists to third parties.

For more information, please refer to our privacy policy.

What are the terms of Auto Approve loans?

Loan terms vary for each customer as there are serveral factors that impact the terms of your new loan. Loan terms typically range from 12 to 84 months. We work across options to find you the best loan.

Your dedicated loan consultant will help you find the right loan for you.

Can I buyout/refinance my lease with Auto Approve?

Auto Approve is proud to assist our customers with multiple lease buyout options:

Lease-End Buyout allows you to purchase/refinance your vehicle at the end of your lease.

Early Buyout option gives you the chance to purchase your vehicle before your lease is up.

Don’t see the answer you’re looking for?

Check out our resources page for more topics or simply contact us. Our answer gurus are waiting.

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*APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV and title. Advertised 6.24% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans subject to credit and lender approval.

Auto Approve has an A+ rating with the BBB and is located at 5775 Wayzata Blvd, Suite 700 #3327 St. Louis Park, MN 55416-1233. Auto Approve works to find its customers the best terms and APR, which are based on factors like credit history, vehicle, and desired payment terms. Loan amounts, costs, and fees vary by state and lender; they generally include admin fees, doc fees, DMV, and title fees, depending on the lender and period of repayment. There is no fee to obtain a quote and all refinancing-related costs are included in the amount financed so there are no out-of-pocket costs! For more information, please go to AutoApprove.com.

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