iLending vs Auto Approve
iLendingDIRECT and Auto Approve are top auto refinance companies, connecting borrowers with a marketplace of credit union lenders that can match their needs. With similar refinancing services beyond cars — borrowers can refinance their trucks, motorcycles, boats, RVs, etc. — there is flexibility available through either company.
Minimum credit score requirements for both companies are relatively low at 580. The benefit of working with a marketplace lending company is that it can connect borrowers with various lenders based upon their personal information, allowing them to then choose the best lending partner that will fit their needs. But, if you have an excellent credit score, you will likely receive lower and more competitive interest rates than you would with a bad credit score.
Both iLendingDIRECT and Auto Approve have similar customer reviews, the majority of which are positive and give the company five stars. iLendingDIRECT customers highlight an easy application process and great customer service that made their overall refinancing experience more enjoyable. Similarly, Auto Approve customers were very happy with the overall process, including a quick application, with representatives providing help along the way.
Although both companies are very similar, there are some difference to be aware of:
- Time in business
- Application process
- Verified source of income
- Loan terms
- Additional services
Overview
iLending
18 Years
Auto Approve
8 Years
Ratings
iLending
Auto Approve
Reviews
iLending
Reviews
Auto Approve
Reviews for iLending
Helpful Favorable Review
Jackson
March 7th, 2024
DETAILS
Review Source
ilending it's faster and it's rates are low compared to other companies. Am happy with the team who worked on my vehicle to refinance. Because the process was faster and even I was handled in friendly way so thank you.
Helpful Critical Review
Joseph Zajac
December 30th, 2021
Hazleton, PA
Review Source
I have some credit cards with debt and decided to try to get a personal loan that would combine that debt and make it easier to pay at a lower interest. I went with lending direct and was disappointed in the results and then bombarded like crazy with a bunch of emails and continual contacts. I didn't end up getting a personal loan and consolidating the debt in a better rate, but it was with a different company. I would recommend you shop around for various lenders and rates.
Reviews for Auto Approve
Helpful Favorable Review
Zayden Dumas
June 1st, 2024
DETAILS
Only needed a few documents and Docusign was used along with an online Notary service which was extremely convenient. They found an excellent refinance rate for me and only had to hard pull my credit one time as I accepted the first rate offer. Lowered my interest rate by over 5%! Thank you!
Helpful Critical Review
Larry G
November 10th, 2023
This company did not deliver on the pre approved status that they communicated to me. I tried to refinance my car and after all that they requested was submitted I was denied. I told them in the beginning that I did not want to do it if there were going to be any obstacles. They insisted the loan would be approved. It was not. So I too a hit on my credit report because of their persistence in trying to get me approved. I do not recommend this company to anyone.
The Final Word
Both iLendingDIRECT and Auto Approve offer similar auto refinancing services with positive customer ratings and reviews. Differences between the companies are minimal, although Auto Approve may get you quotes and refinancing faster than iLendingDIRECT. Both companies require borrowers to speak with a company representative at some point of the application and approval process.
Continue reading for differences between iLendingDIRECT and Auto Approve.
Time in Business
iLendingDIRECT has been in business for 14 years, versus Auto Approve with only four years under its belt. However, even though Auto Approve is a younger company comparatively, customers have been very satisfied with its service.
Application Process
Both companies have a similar application process that begins online with the borrower entering some of their personal and financial information. Auto Approve will immediately populate quotes from various lenders based on borrower information, whereas iLendingDIRECT requires borrowers to first speak with a company representative before providing quotes. The wait for this iLendingDIRECT representative phone call is generally short, and no longer than 24 hours, and the borrower should be prepared to discuss their financial goals and reason for auto loan refinancing, as well as other personal, financial, and vehicle information. This could be a long and tedious process for some borrowers who would like to see quotes quickly and easily after entering their information, and so in this case, Auto Approve would be a better option.
Verified Source of Income
Both iLendingDIRECT and Auto Approve require a borrower to have a verifiable source of income. This is a stiff requirement with iLendingDIRECT, but Auto Approve may work with unemployed applicants who can prove their ability to meet their monthly payment obligations.
Loan Terms
iLendingDIRECT does not disclose loan terms on its website, most likely because this may vary with each lender in its network. However, an Auto Approve loan term generally ranges from 12 to 84 months, as outlined on the Auto Approve website.
Additional Services
In addition to auto refinancing, both companies offer lease buyout services. iLendingDIRECT also offers student loan refinancing. If you are looking to refinance your student loans and an auto loan, iLendingDIRECT would be a good option, allowing you to do all refinancing in one place. However, it is important to note that iLendingDIRECT refinances student loans in partnership with College Ave, a private student loan lender.
