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Is Auto Approve a Reputable Company?
Auto Approve is an online marketplace that connects customers looking to refinance their auto loans with multiple lenders. However, many people want to know if Auto Approve is a legitimate company or if it’s too good to be true. In this comprehensive review, we’ll take an in-depth look at Auto Approve’s reputation, customer reviews, business practices, and more to determine whether or not it can be trusted.
Better Business Bureau Rating and Reviews
One of the best places to check the legitimacy of a company is the Better Business Bureau (BBB). The BBB collects customer reviews and gives companies an overall rating between A+ and F based on factors like response to complaints, transparency, and truthfulness in advertising.
Auto Approve’s BBB Rating: A+
Auto Approve has been an accredited BBB member since 2015. As of this writing, the company has an impressive BBB rating of A+. This top-tier rating indicates Auto Approve maintains high standards when it comes to how they conduct business and interact with customers.
Customer Reviews on BBB
The BBB also has over 470 customer reviews on file for Auto Approve. A strong majority of these reviews give the company positive feedback, with many customers praising Auto Approve’s simple online application process and the competitive interest rates they were able to receive after refinancing their auto loan. Negative reviews tend to be from those who didn’t qualify for a loan rather than due to any issues with Auto Approve itself. Overall, this positive review history with the BBB helps support that Auto Approve operates legitimately.
Licensure and Regulatory Compliance
While Auto Approve itself is not a direct lender, the company claims to work only with reputable, licensed lenders that adhere to all state and federal lending laws. To verify this, we checked the National Multistate Licensing System (NMLS) consumer access database.
Auto Approve’s Licensing Across All States
This database allows anyone to look up information on financial companies and confirms whether they hold the proper lending licenses in each state where they conduct business. Searching for “Auto Approve” brought up their NMLS record, which listed licenses in all 50 states and DC. This licensing matches the geographic coverage Auto Approve advertises on its website.
Beyond lending licenses, Auto Approve must also comply with various consumer protection regulations as a marketplace. Some of the major acts and agencies that oversee Auto Approve’s operations include:
- Fair Credit Reporting Act (FCRA): Regulates how consumer report/credit data is handled.
- Consumer Financial Protection Bureau (CFPB): Oversees fairness of lending/banking practices.
- Federal Trade Commission (FTC): Prohibits unfair/deceptive business acts.
No public regulatory actions or complaints appear to have been taken against Auto Approve, indicating they operate well within the bounds of applicable laws and regulations. Overall, Auto Approve passes the legitimacy test when it comes to necessary licensure and regulatory standards.
Customer Experience with Auto Approve
Now that we’ve determined Auto Approve maintains a positive reputation and complies with regulation as a business, the next question is how they treat individual customers. Let’s examine Auto Approve’s application process and what customers say about working with the company.
Simple Application and Approval Process
Applying through Auto Approve is designed to be straightforward and user-friendly. Prospective customers simply fill out an online or mobile application providing basic contact and vehicle information.
No Obligation Pre-Qualification
Auto Approve then shares these details with multiple lenders in their network. Customers appreciate that they only have to fill out one application rather than applying separately with different lenders. The company also advertises “no obligation” pre-qualification – so customers can see their estimated rates without a hard credit inquiry.
For those who get pre-approved, Auto Approve facilitates the full application process directly through the lender. Most customers report getting a response back on their pre-qualification within a few business days or less. This competitive, streamlined experience has helped Auto Approve earn a reputation as a convenient one-stop-shop for auto loan refinancing.
Positive Reviews from Satisfied Customers
Beyond regulatory bodies, one of the best indicators of customer experience comes directly from users. Looking at reviews on sites like the BBB, Google, and Trustpilot, the overall sentiment toward Auto Approve is very positive. Some common themes include:
Common Positive Themes
- Easy to use website and quick online applications.
- Competitive interest rates secured – often 1-3% lower than original loans.
- Friendly and knowledgeable customer support teams.
- Simple documentation and signing process handled entirely online.
- Appreciate being matched with multiple lenders through one source.
Of course, no company can make every single customer completely happy. Some negative reviews mention not qualifying for the very best rates or having questions that took longer than hoped to get answered. But in the grand scheme, dissatisfied customers appear to be in the minority.
Overall, it’s clear from reviews that Auto Approve strives to provide a stress-free auto loan refinancing experience for most users. Their easy application process and highly rated customer service help explain Auto Approve’s appeal among thousands of satisfied past customers.
Delving into Auto Approve Loan Details
We’ve looked at Auto Approve’s positive track record and reviews, but no review would be complete without understanding the nitty-gritty of their loan products and terms. Let’s examine Auto Approve’s loan offerings in more depth:
Eligible Vehicles and Loan Amounts
Auto Approve specializes in refinancing existing auto loans rather than new auto financing. They can refinance loans for used or new vehicles dating back up to 10 model years. Maximum loan amounts typically range between $10,000 to $150,000, dependent on vehicle value, income, and credit profile.
Interest Rates and APRs
Interest rates quoted through Auto Approve can vary significantly based on individual credit. They advertise rates as low as 2.49% APR, but the majority of approved applicants likely fall in the 3-7% range. Still, refinancing even a few points lower than an original loan can save borrowers hundreds or thousands over the term.
Auto Approve also claims to offer special discounted rates for certain high credit tiers and repeat customers. Customers must have good-excellent credit (690+ FICO score usually required) to access the most competitive promotions. The company is transparent that less-than-perfect credit means higher rate offers.
Terms and Repayment Options
Typical loan terms through Auto Approve range between 24-72 months. Longer terms up to 84 months are possible, but come with higher total interest paid. Customers can choose their preferred monthly payment amount or pay off loans ahead of schedule without penalty.
Auto Approve also facilitates bi-weekly payment schedules for some lenders, which uses the accelerated loan payoff inherent in those schedules. Customers appreciate the flexibility and transparency Auto Approve provides regarding terms.
Fees and Additional Costs
No refinance loan is completely free of fees. It’s important to understand any associated costs upfront. Here are the main fees customers may encounter through Auto Approve:
- Application/Origination Fee: Most lenders charge around $150-500 to process a refinance. This covers underwriting and documentation.
- Prepayment Penalty: Some more niche lenders add this fee for paying off early. Mainstream Auto Approve partners do not charge it.
- Late Fees: $15-40 depending on lender for missing a payment beyond a 10-15 day grace period.
- Skipped Payment Fees: A few direct lenders charge $25-50 if you opt out of auto-pay.
- Tax/Licensing/Registration: Standard vehicle ownership fees remain the borrower’s responsibility.
On the plus side, Auto Approve itself does not charge customers anything to use their marketplace services. They make money through lender origination fees only after facilitating a successful refinance. Upfront transparency into all applicable fees is a hallmark of reputable loan brokers like Auto Approve.
Industry Recognition and Media Coverage
Another sign of legitimacy is third-party recognition from expert reviewers and mainstream media outlets. Auto Approve has received numerous accolades indicating their trustworthiness and success:
Recognitions and Awards
- Rated top auto refinance marketplace by Forbes, LendingTree, and Bankrate.
- Named a “Best Auto Refinance Company” repeatedly by sites like Kiplinger and MagnifyMoney.
- Regularly cited for innovation and customer service excellence.
- Featured positively in major publications like The New York Times, Consumer Reports, and US News & World Report.
- Chosen as a recommended partner by personal finance experts like Clark Howard.
Clearly, Auto Approve has more than proven itself within the auto loan industry. Major reviewers only highlight reputable sources, so this level of acclaim is a true sign Auto Approve delivers on its promises to customers. Their recognition provides one more data point that Auto Approve is an honest and legitimate company.
Final Thoughts on Auto Approve’s Legitimacy
In summary, after an exhaustive review of everything from regulations to reviews, it’s evident that Auto Approve passes the test as a trustworthy organization:
- Strong reputational markers like an A+ BBB rating and media recognition.
- Thorough licensing and compliance with all applicable lending laws.
- Overwhelmingly positive customer service reviews and satisfaction reports.
- Simple, transparent, and competitive loan offerings.
Auto Approve’s commitment to providing a seamless auto loan refinancing experience, coupled with their transparent practices and positive track record, make them a reputable choice for consumers looking to refinance their auto loans.