Auto Approve Reaches $2 Billion in Loans With 75,000 Customers

Auto Approve uses advanced technology to match consumers with the best auto loan refinancing, saving them about $150 a month on their loan payments

CHICAGO, Sept. 19, 2022 /PRNewswire/ -- Today Auto Approve, a fintech company that helps consumers refinance their auto loans, announced that it has refinanced more than $2 billion in loans for more than 75,000 customers. Overall, the company has saved its customers about $225 million in monthly loan payments. Auto Approve, which was just listed as one of Inc. Magazine's fastest growing companies in America, doubled its total financing from $1 billion in loans to $2 billion in just over twelve months.

"Auto Approve is leading the auto refinance space because of our national network of trusted lenders and our terrific customer service," said Alex Hooper, CEO of Auto Approve. "With rising interest rates and historic inflation, it's more important than ever for consumers to get a fair deal on their car loans, and our company is dedicated to making that happen. There's growing recognition of just how broken the auto finance industry is, and our goal is to get consumers the best deal possible – and push for more fairness and transparency in the industry as a whole. I'm grateful to our fast-growing team for working hard every day to serve our customers."

Auto Approve, which has offices in Chicago and Minneapolis, brings sophisticated financial analysis to the everyday consumer. Auto Approve uses advanced technology to quickly find consumers the best auto loan refinancing deals from across the country, saving customers an average of about $150 a month. Most car buyers get stuck in loans from dealerships or manufacturers, and those loans are often unaffordable, with interest rates higher than a consumer should be paying.

Auto Approve's established relationships with verified lenders across the country, including many credit unions, allow it to match consumers with the best loan in order to fit their unique circumstances in a simple, convenient, and hassle-free way, saving them both time and money.

Auto Approve is a financial technology company that is remaking consumer finance, starting with helping car owners refinance their loans and pay less — saving them $150 a month on average. Since its founding in 2016, Auto Approve has served over 75,000 customers helping them refinance $2 billion of car loans, while saving tens of millions of dollars on monthly car payments. Investment in Auto Approve has been led by the Chicago-based Bluhm family office. Auto Approve has offices in Chicago, Illinois and Brooklyn Center, Minnesota.

Press contact:
Hanah Foy
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SOURCE Auto Approve