Your car is a primary workhorse in your life. With insurance, car payments, and potential repairs, though, it can be a financial nightmare. To get yourself ahead of the costs, you need to look at auto refinancing options. We here at LowerMyBills look at some of the auto refinancing options in the industry. Today we are breaking down Auto Approve, one of the biggest auto refinance marketplaces around.
Do they live up to their ratings? What kind of options and requirements will you find with them? Let’s take a closer look.
Breaking Down Auto Approve
Auto Approve is an auto refinance marketplace that began in 2016 out of Minnesota. Auto Approve works as a middle man, connecting customers with the best auto lenders in the industry to get them a great deal on auto refinance loans. By taking in some necessary information, like make and model of your car and your financial information, they can break down which lenders will work best with your needs. Customers looking to refinance are generally eager to find the lowest interest rates and payments.
That covers the basics, but what do they offer in the fine print? Let’s look further.
Auto Approve Auto Refinancing Options
While the specific options on what you may find vary depending on the lenders, Auto Approve specializes in refinance loans and lease buyouts. If you need a more standard loan or non-auto loan, this might not be the option for you.
Because you get your choice between several different lenders, handpicked to suit your needs, you have a large amount of control over interest rates and payment schedules.
Application Process And Requirements
Auto Approve has a few requirements for its customers to pass before they can offer any loans, but the requirements hit a lot of the usual industry standards. Customers must have a stable source of income of at least $1,500 a month. The loan on their car must be at least $7,500. The vehicle itself must be less than 10 years old and have less than 150,000 miles on it.
To apply, you must submit the above information alongside vehicle registration, insurance information, and driver’s license. Your credit score should be above 580, but Auto Approve only uses soft credit score inquiries.
Rating Their Service
Auto Approve boasts no application fees or up-front costs, which is a significant mark in favor of their service. You will get the results from your application back in minutes more often than not, and with no hard credit pull, that is a significant win for convenience and ease.
However, once you are dealing with an individual auto loan lender, it is out of Auto Approve’s hands. There you may face hard credit pulls, though if they are within a 14-day window of the original credit check, the impact is not as high.
Auto Approve is a powerhouse of a provider, but they are one of many. With all the details out in the open, does Auto Approve look like a great choice, or are you still looking for better options?
Whether it is an auto refinance or other financial management, we here at LowerMyBills have a lot of ways to keep your money working. Are you looking for more information on how you can save? Check out our blog for more!