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Refinancing a car is a bit of a game when it comes to timing. You get the most bang for your buck when the stars align, but if it’s not meant to be it can be a waste of time. So how do you know when the time is right to refinance, and when the time is not right?Let’s talk about when you should refinance your car and when you should wait.When should you refinance a car loan?Why refinance? Car loan refinancing has a lot of benefits, but the biggest benefit is that it can save you money. But in order to save money, the timing must be right. Here are a few signs that you might benefit from car loan refinance.Your credit score has improved.Your credit score is the number one thing lenders look at when determining your eligibility for a car loan refinance. It will also help them to determine what interest rate you should be offered. Credit scores give lenders a good indication of how likely you are to repay a loan. A high credit score tells lenders that:You make on time paymentsYou are not in too much debt You can manage making payments across multiple varying accountsThe better your score is, the better the interest rate you are offered will be. If your credit score was so-so when you initially financed, the interest rate that you were offered might not be ideal. But if you have worked to improve your credit there is a good chance you will qualify for a better interest rate. There are many reasons why your credit score may have improved in the past few years:You made full and on time payments to your accountsYou paid off some debtYour debt to income ratio improved (either due to decreased debt or increased income)A negative event expired (such as a bankruptcy)You have a better mix of creditIf you are considering car loan refinance, it’s a good idea to get a copy of your credit report and look for any errors. Correcting any errors can improve your score a good deal. Reviewing your report can also give you an idea of what areas you can improve on. But if your score is higher than it was when you initially financed, refinancing might be worth it.The market rates have decreased.Another way you can secure a lower interest rate on your car loan is if the market rates have decreased since you initially financed your car. The car market has been all over the place in the past several years, so this will very much depend on when you actually financed.You want to pay off your loan early.Sure, there are ways to pay off your loan early without refinancing. But if you do refinance your loan you can save money while doing so. When you shorten your repayment period lenders will often give you a lower interest rate which can save you a significant amount of money. If you couple this with a better credit score, it can mean a significantly lower interest rate. A shorter period also means you will be paying interest for less time, so you can save a lot of money in the long run.You are having trouble making your monthly payments.Even if you might not necessarily qualify for a lower interest rate, refinancing might still be a good idea for your finances. When you refinance your loan you can change your repayment period. If you are having trouble making monthly payments, lengthening your repayment period can spread out your repayment over more time and thus reduce your monthly payments a good deal (we are talking hundreds of dollars per month). While you will end up paying more over the life of the loan, this can still be a good move for you. Loosening up extra money every month can allow you to allocate that money to other payments, which may be important to you and help your overall financial health.When should you not refinance a car loan?Just as there are times when refinancing your car is a great idea, there are also times when refinancing does not make sense. If any of the following apply to you, it might not be a good time to refinance.You have an older car.If your car is older or has a lot of miles on it, chances are you will have a hard time refinancing your loan. Cars that are ten years old (or older) or have more than 100,000 miles on them are less likely to be approved for refinancing. Your loan is underwater.If your car loan is underwater, you will have a very hard time refinancing it. This means that you owe more on your car than your car is worth. A car loan can become underwater if you do not put a large enough down payment on your car initially and/or make minimum payments on your account. Certain types of cars have a higher rate of depreciation, so simply having a car with a high depreciation rate can mean your loan can end up underwater.Your loan is less than six months old.If your loan is less than six months old it is a good idea to wait a little longer before you refinance. While there is no strict rule on how long you can wait to refinance your loan (you generally only need to wait as long as it takes for the paperwork to go through), experts recommend waiting at least six months to a year. This will give your credit score a chance to bounce back from the hard inquiry and give you a chance to establish that you are making consistent payments. This can lead to a better interest rate and better terms for your refinance. Your loan has less than two years left on it.If your loan has less than two years left on it you may have trouble getting approved, or it may simply not be worth it to you. Car loan payments are designed so that you pay the bulk of the interest upfront. The nearer you are to the end of your loan period, the less you will actually save on interest as your payments will primarily be going towards the principal (this is called an amortized loan). The earlier you refinance the more you will be able to save on interest payments.You have a lot of prepayment penalties.Some car loans come with hefty prepayment penalties. These fees might outweigh any benefits of refining, so do the math before you commit to moving forward.How can I refinance my car loan?If it seems like now is a good time to refinance your car loan, contacting a company that specializes in refinancing is the best option for most people. Using a company that specializes in refinancing, like Auto Approve, makes the application process super fast and easy. They can also help you decide which loan is the best for you. Step One: Gather your information.The first step to refinancing is gathering all of your information. You will need the following information to get the process started:Current loan information. You will need the name of your current lender, your account number, and your payoff amount. It’s good to have the contract handy to compare specific terms as well. Personal information. You will need identification, proof of employment, proof of residence, and your contact information.Vehicle information. You will need your car’s VIN, make, model, year, and mileage.Step Two: Research and ApplyYou should aim to apply with 3-5 different lenders for your refinance. Read online reviews, ask friends and family, and determine which lenders might be a good match for you. Consider a mix of traditional banks, credit unions, and online lenders. When you narrow your list down you can apply.Step Three: Compare and SignWhen your offers come in, be sure to compare all of the terms. Look at the interest rates, the repayment period, the prepayment penalties, and all of the other terms. When you decide on a loan, you can simply sing and start saving. Your new lender will most likely handle paying off the old loan (but be sure to double check this). If you use Auto Approve for your refinance, they can help you with this entire process. From selecting which lenders to apply with to determining the best fit for you, our experts are your advocate for the refinancing process. That’s how you can determine if it’s a good time to refinance your car (and how to decide if you should wait).Refinancing can help you to save a lot of money, but only if the time is right. Our experts at Auto Approve can help you determine if you qualify and can help guide you through the process. Get your free quote to find out if now is the right time for you!GET A QUOTE IN 60 SECONDS

We don’t get new cars all the time, so when the time finally rolls around to pick one it is incredibly exciting. But with so many makes, models, and options available to you it can be hard to know where to start. Getting organized and prioritizing your needs is a great place to start, so we are here to help.Here are 8 steps to finding the perfect car for you.Step 1: Determine what you need.The first step when purchasing a car is to determine what you need. There are so many cars on the market with so many features, so you need to prioritize what you will be using your car for and what you need. Here are some questions to ask yourself:Will I be commuting long distances and need good fuel economy? Do I live in an area where I need four wheel drive or all wheel drive?What features are important to me? Do I need a backup camera? Leather seats? All weather mats? Make a list of your must-have features. Then, make a list of features that you would like to have but that aren’t totally necessary.Is this going to be the family car? Do I need to fit multiple passengers and have the best safety features?Do I need a lot of cargo space? How important is trunk space or towing capacity?These questions can help point you towards the type of car you should be considering and give you an idea of where to start. Step 2: Determine what you can spend.The next major factor in the car you choose is your budget. If you are planning on purchasing a car upfront with cash, this answer will probably be pretty straightforward. But if you are like most of us you will need to lease or finance your car. You will ultimately need to determine two things:What down payment can I afford?What monthly payment can I afford?Look at your monthly budget to see how much you can swing every month. There is a general rule that you should not spend more than 20% of your monthly income on transportation expenses (this includes gas, tolls, maintenance, parking, insurance, etc) and you should not spend more than 15% of your monthly income on your car payment. Play around with numbers and your budget to see what you can comfortably afford. You don’t want to put yourself in a position where you are struggling month to month to make your payments. It’s better to underestimate the amount that you can spend every month instead of overestimating.Step 3: Determine if you want a new car or a used car.Think about if you want a new car or a used car. Keep in mind that getting a used car doesn’t mean that you are buying a beater car. You can get a certified pre-owned car that is in great condition with a significantly lower price tag. And most times you will still have the option to finance it. But with a lower price tag comes more wear and tear, an unknown history, and more maintenance costs. A new car allows you to skip the questionable past and the wear and tear, but as a trade off you are paying a good amount more as your car will experience instant depreciation.Step 4: Determine if you are going to lease or buy.When it comes to new cars, you have the option to either lease or buy. There are pros and cons to both, so it will depend on how you plan to use the car and what your preference is. Leasing a car might be a good option if:You want to get a new car every few yearsYou are on a tighter budget and still want a nicer carYou don’t care to work on your car or customize your carYou can stay within the mileage restraints of the lease periodOn the other hand, buying a car might be a good option if:You like to work on your car and customize itYou want the freedom to keep your car and sell it whenever you wantYou drive a lot and will not be able to keep within the mileage restraintsYou want the equity of ownershipLeasing is generally cheaper than financing, so if you are on a tighter budget leasing might be the right choice for you. You can always buy your leased car if you end up loving it.Step 5: Determine what car size and car type is right for you.Now is the time to determine what type of car you need. You already know what features are important to you and how you plan on using the car, so now you get to narrow down what type of car is right for you. Here are the major contenders:SedanCoupeHatchbackSports CarLuxurySUVMinivanVanTruckElectric or HybridAgain, look at how you will be using your car. If you have a family, a minivan or SUV will probably make more sense than a coupe. If you are looking for a nicer ride with all the bells and whistles, a luxury car or sports car is more up your alley. Is gas mileage important? An electric car or coupe is the way to go. Step 6: Determine what brand is right for you.Once you know what type of car you need, you can start narrowing down what brand you should look at. There are lots of brands with different price points and different pros and cons. Most people have a preference off the bat of what brands they like and what brands they want to steer clear from. When researching brands, be sure to consider the following:Who is well known for making the type of car I want? For example, a Subaru is a great option for a rugged SUV, while a Kia is a great option for an affordable sedan.What brand fits in my budget?What do the reviews say? Are people happy with their cars from the brand you are interested in?Is this brand known for safety?Your budget and the type of car you are interested in should help you to narrow this brand list down significantly. Talking to friends and family and reading online reviews can help you to make a final decision.Once you’ve determined the brand that is right for you, you should be able to select the perfect model based on your needs, wants, and budget. Picking the exact color and trim level is also very important. Keep in mind that being flexible on these features may help you get the car a little quicker. If you have a lot of special requests you may have to special order the car from the manufacturer which can take several months.Step 7: Determine where you will buy your car.Now that you know what you are looking for, you need to decide where to actually buy it. This is now easier than ever, as you can do an inventory search online on many sites such as Edmunds to find where you can get the exact car you want. You can even plan to have a car shipped to you if you find the perfect car that’s out of state.Even if you buy a car online, it’s a good idea to take your car for a test drive. You can go to most dealerships and go on a commitment free test drive. There might be something that you don’t actually like about the driveability of the car, so it’s a good idea to physically drive it before committing.Step 8: Sign and drive.When you have landed on the perfect car, you need to cross your t’s and dot your i’s. If leasing, you will have to finalize the terms such as the lease period. If you are financing you will need to apply to lenders and compare the offers. Look at the interest rate, loan term, and prepayment penalties. Keep in mind that you can always refinance your car loan in the future so long as the prepayment penalties are not prohibitive. You will also need to decide how much of a down payment you will put down. Experts recommend putting down at least 20% to help protect your car from depreciation. If you end up in a situation where you owe more than your car is worth, it can be a problem down the road. And that’s it! Once you sign the papers and write the check you can drive your car as soon as it is available. That’s how you can choose the perfect new car in just 8 steps.Buying a new car can feel overwhelming, but following these steps can help you choose the perfect car for you and your family. If you already have your perfect car but have a less than perfect car loan, Auto Approve can help! By refinancing your current car loan you can get a better interest rate, better terms, and a loan that works for you. Our experts can help determine if you qualify for refinancing and help guide you through the process. GET A QUOTE IN 60 SECONDS

You may have preferences on a lot of details about your new car. The make, the model, the trim level. But you will have to decide on more than that when you choose to lease a car. You will also have to decide on the length of the lease, which you may be undecided on. Let’s talk about the best length of time for a car lease and how you can decide what is right for you.What is a lease term?When you lease a car you are essentially renting the car from the dealership. The lease term is the amount of time that you agree to rent the car for. Some dealers offer short term leases, which can be 3 month, 6 month, 9 month, or 12 month lease terms. On the other end of the spectrum there are longer term leases that are 4 years. But it is much more common for dealers to offer 2-3 year leases. When determining which lease term is right for you, you should consider the following:Your monthly budget for car paymentsHow you intend to use the car and why you are leasing in the first placeThe shorter the lease term is, the more expensive the monthly payments will be. Additionally, if you are leasing because you want to get a new car every few years, it doesn't make sense to get a longer lease.What lease term should I choose?Short term leaseShort term leases are not very popular, and for good reason. You will pay the most amount of money per month for a short term lease (and it may even be more expensive than financing). But there are still times when it may make sense to you. If you have another car that requires extensive repairs and you know you will need a car for several months, this may make more sense to you than a rental car. Rental cars charge by the day so they can quickly turn into a money hole.2-3 year leaseThese are the most popular lengths of car leases. They allow you to have the car for a decent amount of time while still giving you the benefits of leasing. Typically your warranty will last the entire period of your ownership, so you do not need to worry about expensive repairs. You will also find decent monthly payments by choosing 24-36 months. Choosing the 36 month lease will give you a better interest rate though.Long term leaseYour other option is to select a long term lease, which is typically 4 years. This will give you the lowest monthly payments, although you do run the risk of outlasting your warranty or growing bored with the car before the lease is over. How to decideIt simply comes down to your preference. Are you happy to pay a little more and get to trade your car in 2 years? Would you rather pay less every month and stick it out a little longer with your ride? Considering what is important to you and what you can afford will help you to make the right choice.What happens at end of car lease?No matter how long your lease term is, your car lease will eventually end. And then what? You will have three options at the end of your lease term:Trade in for a new leaseTurn the car in and walk awayPurchase your leased car from the dealershipTrade in.Many people who lease like to have a new car every few years, and leasing allows them to do so with minimum stress. Trading in is a great option if you would like to continue leasing, haven’t gone over the mileage limit, and haven’t had major wear and tear on your car. You can simply return your car, pick out a new one, and sign a new lease agreement.Turn the car in.If you have decided that leasing isn’t right for you, you can simply turn your lease in and walk away. You will be responsible for any fees due to excessive mileage and excessive wear and tear, but beyond that you will be free to do as you wish. Maybe you do not need a car at all, or maybe you’d be happier buying a new or used car. Buyout your lease.Buying out your leased car is another popular option that might be right for you. Buying out your lease will allow you to purchase your car for the residual value that is listed in your contract. This is a great option if any of the following apply to you:The residual value of the car is less than the market value of the carYou really like your car and you don’t want to part with itYou have gone over the mileage allowance and will be responsible for overage feesYou have significant wear and tear and will be responsible for feesIt is very common right now for residual values that are listed in the contract to be less than the market value of a car. This is because residual values are determined at the beginning of the lease and cannot be changed. The increased competition in the used car market has caused an increase in market value, so it is very common for the buyout price to be cheaper than the car’s value. This means that even if you do not want to keep the car you can buy your leased car and sell it for a profit. Getting a lease buyout loan is a great way to do this.Or, maybe you just really like your car and don’t want to part with it. Buying your lease out is a great way to own the car that you love, and it is usually a very affordable option.That’s everything you should know about car lease terms and how you can decide what lease term length is right for you.Leasing a car is a popular option for many people, but it can be hard to decide how long of a lease term is appropriate. Taking a look at your needs and your budget can help you determine which lease term length is best for you. And when your lease ends, a car lease buyout loan can help you keep the car you love (or sell it for a pretty penny).If you are interested in buying out your lease, contact Auto Approve today! Our agents can help guide you through the application process and find the car lease buyout loan that is right for you!GET A QUOTE IN 60 SECONDS

The past few years have been, well, challenging, when it comes to buying a new car. If you’ve been holding off and waiting for things to level off economically, 2023 might not bring what you are hoping for. But with some preparation and personal considerations buying a new car in 2023 is not impossible. Here’s what you should know about buying a new car in 2023.Why are auto loans increasing?Auto loans are continuing to climb for two main reasons: increased interest rates and increased car prices. Over the course of 2022 car loans have increased by 8.59% according to Experian. And this trend is expected to continue over the next several months.Supply shortages led to an increased demand in cars during the pandemic, and we are still feeling the ripple effects of this. Semiconductors, raw materials, and other shortages meant that manufacturing was incredibly delayed in 2020, 2021, and even 2022. Increased demand leads to increased prices, which is one reason auto loans are significantly higher than they have been in the past.High prices coupled with high interest rates from the Fed’s increasing prime rates have made getting a new car more expensive than ever. So what can we expect in the upcoming year?How will the car market be in 2023?It’s always impossible to predict exactly what the market will look like in the next year. The car market is highly dependent on a number of factors, all of which will contribute to the affordability and accessibility of new cars in 2023. There might still be supply chain issues.One of the major contributors to the heated car market of the past two years was a semiconductor shortage that jammed the brakes on new car production. It’s not exactly clear how long this shortage will continue for, but experts expect it to continue into the summer. There is hope that the shortage will be solved by the third quarter, but there are no guarantees.New car prices will most likely stay the same.While we would all hope that the price of new cars would come down drastically in 2023, that doesn’t appear to be the case. Dealerships are keeping less inventory on their lots, which is in part a strategy to keep prices high. They are no longer offering incentives as they used to, and that will continue to be the new norm. Manufacturer incentives right now make up about 2% of a new car price, compared to 11% back in 2020 according to Kelley Blue Book. Dealers and manufacturers want to continue this trend as it means more profits. This results in less vehicle affordability for the rest of us.Car loan rates may still be high.As we are still battling our way out of inflation, interest rates will remain high throughout 2023. These increased rates have made financing more difficult for many people and has put new car ownership out of reach. Unfortunately this will continue throughout 2023.Will next year be a good time to buy a car?It’s safe to say that 2023 is not going to be the ideal year to buy a new car. But that doesn’t mean it is impossible, and it doesn’t mean you will get a bad deal. But it does mean you may need to work a bit for it and be a bit more cautious.Think about your job and income.While things seem to be improving economically, there is no guarantee for what 2023 will bring. Much is still up in the air and it is possible we will end up in a recession. If you feel like your job is not particularly stable or that your hours might be cut, it’s probably not a good idea to buy a car.Get your credit score in shape.Car loan APRs are not going to decrease drastically in 2023, so it’s more important than ever to make sure your credit score is in good shape. Ensure you are making full and on time payments, request higher credit limits, and review your credit report for errors to get your score as high as possible. If your score is low, you will have a difficult time finding a reasonable car loan APR.Consider EV over gas.Electric cars are becoming more and more popular, and more and more manufacturers are prioritizing them. Many of the concerns that used to linger over purchasing an electric car don’t apply anymore. An increased demand for electric cars means that there are more charging stations, and increased ownership means wider availability of replacement parts. Buying an electric car will still cost you more upfront, but the savings in gas over the years will easily make the investment worth it (electric cars consume an average of $1,000 in electricity per year, while gas powered cars consume about $5,000 in gas per year).Buyout your lease instead.If you have been leasing a car for the past few years, it may make more sense to buy your leased car rather than getting a new one. Lease buyouts are conducted using your leased car’s residual value, which is the value it is expected to have at the end of the lease period. This number is predetermined before your lease begins and is non negotiable. This means that if your car’s residual value is lower than your car’s market value, you can buy your car at a steal. Used car values are still inflated due to supply chain issues, so chances are your residual value is less than the estimated market value. Even if you do not like your leased car and want to sell your car, you can keep the profit. Securing a car lease buyout loan can help make this happen.That’s what to expect when buying a new car in 2023.While we can be hopeful that the new year will bring good changes, it’s hard to predict exactly what will happen in the coming months. If you really need to buy a new car in 2023, make sure you do your research and prepare your finances as much as possible. This will give you the best chance to get a reasonable car loan rate.If you are interested in buying out your lease or looking to refinance your existing loan, we can help! Auto Approve can help connect you with lenders and get you the best rates possible on your auto loan, even in uncertain times. Don’t wait, contact Auto Approve today to see how much we can save you!GET A QUOTE IN 60 SECONDS

Being in an upside down loan is less than ideal. It’s something no one ever anticipates, but it can happen to the best of us for a number of reasons. An upside down loan (also called an underwater loan) is when you owe more on your car than your car is worth. But just because you are underwater, all is not lost. There are a few steps you can take to swim to shore and get out of your situation. Here’s everything you need to know about upside down loans (and how you can get out of one).How do you get upside down on a loan?First up: how do you even get an upside down loan? When it comes to buying a car, it’s actually pretty easy to end up underwater.You financed with no money down.Dealerships are constantly running “deals” that feature financing with no money down. This is never a good idea. Cars depreciate quicker than almost every other asset, losing about 20% of their value in the first year alone. New cars lose 10% of their value simply by leaving the lot. So if you put no money down, you are immediately going to be in an upside down loan.Let’s look at an example. You decide to finance a $30,000 car with no down payment. This means that once you leave the lot, your car is only worth $27,000, and your loan is still for $30,000. Financing with no money down is the quickest way to get an upside down loan, and it will be hard to turn that around.You picked a long repayment period.Another easy way to end up in an upside down loan is to choose too long of a repayment period. The longer your repayment period is, the smaller your monthly payments will be. And this may seem great for your monthly bills, but this means that the depreciation on your car will outpace your monthly payments quickly and your loan will be upside down in no time.You didn’t do enough research.You can also get upside down in a loan by simply not doing enough research and paying too much for your car in the first place. If your car is really only worth $27,000 brand new and you paid $29,000 for it, there’s a good chance your loan will be upside down quickly.You bought a luxury car.Luxury cars tend to depreciate at a faster pace. Therefore if you are making minimum payments or have a longer repayment period, depreciation can very quickly get ahead of you.You bought a car that was out of your budget.Buying a car that is out of your budget in the first place can land you in an upside down loan. This means that you will have a hard time keeping up with your monthly payments, and you may end up upside down.You got a lot of unnecessary add on features.Nothing ticks up a new car price faster than add ons. And a lot of the time they do not truly add value to the car. You got a high interest loan.The higher your car loan APR is, the more money that is going to the bank and not to paying down the balance. Depreciation will quickly outpace low repayment with high interest loans.How do I know if I am in an upside down loan? Is being upside down on a loan bad?If you are wondering if you have an upside down loan, it’s pretty easy to figure out. Start by calling your lender and asking them for a payoff amount. This will include all of your remaining payments as well as any additional fees. Then compare this number to the market value of your car (you can check Edmunds or Kelley Blue Book to see what market value is). Then simply compare the two numbers. If the payoff amount is higher than the market value, you are in an upside down loan. If your payoff amount is lower than the market value, you are ok (but make a note of how close these numbers are to make sure you aren’t toeing the edge of an upside down loan).While it doesn’t sound good to owe more on your car than it is worth, is it really that bad? Not necessarily, but it does put you at a higher risk financially. Things happen unexpectedly, and if you need to get rid of your car, you will be in a less than ideal situation.Your car gets totaled.If your car is totaled your insurance will only pay out what the current value of your car is. So if you owe $20,000 on your car and insurance only pays you $15,000, you are left on the hook for $5,000.You need a different car.If for some reason you need to get rid of your car and get a new one, you will not really be able to get more than market value for your car (but you will still owe the bank on the total amount of the loan).You are unable to keep up on payments.If you are unable to keep up on your monthly payments (probably because the car was out of your budget in the first place), then you will need to sell your car to get a different one. But again, you will only be able to get the market value of your car and will need to continue making payments to your lender.What can I do with an upside down loan?Drive through the loanIf you don’t plan on needing a new car soon and you are able to comfortably make your monthly payments, you don’t necessarily need to do anything. You can simply drive through the loan, making consistent monthly payments and driving as normal. You will eventually pay off your car and it won’t be an issue.Make extra paymentsIf you are able to make extra payments every now and then, that will greatly help you catch up to your car’s true value. Extra payments will usually go towards the principal (not the interest) and can make a real difference.Refinance to a shorter repayment periodIf you are able to refinance your car loan to a shorter repayment period this can also help get you out of an upside down loan. This will help close the gap between depreciation and your loan’s value. Many lenders do not refinance loans that are upside down, but if you have good credit you may be able to secure a different loan.Get GAP insuranceGAP insurance (Guaranteed Asset Protection) is designed to cover the difference between what the car is actually worth and the amount that you owe on the car. In other words, if you total your car and owe $2,000 more than what your insurance will pay out, your GAP insurance will pay that difference. It’s another added cost but it might be worth it in the event of an emergency.What can I do to prevent an upside down loan?It’s best to avoid getting an upside down loan in the first place if you can help it. Here are some ways to keep your loan amount in check.Make a down payment.Down payments are always a good idea when it comes to buying a car. A down payment is arguably the best thing you can do to ensure depreciation doesn’t put you upside down immediately. Experts recommend a 20% down payment to put you in the best position.Pay your taxes and fees upfront.Many dealers will allow you to roll your taxes and fees into your car payments so that you can pay nothing (or next to nothing) upfront. Avoid doing this as it will just add more to your loan.Do your research.You should always do your research when making a large purchase like a car. You want to be sure of the following:You aren’t overpaying on the actual market value of the carThe car you are buying has a slow depreciation rateThe car payments will fit into your monthly budget (transportation costs should be less than 20% of your monthly budget–car payments, gas, parking, and insurance)Pick a repayment period that isn’t too long.A long repayment period means smaller payments. If the only way you can afford a car is to pay it off over six years, then you can’t afford the car. That’s everything you need to know about upside down car loans.While it’s best to avoid an upside down loan altogether, sometimes we end up in less than ideal situations. If you are unable to make extra payments on your loan, consider getting GAP insurance to help prepare against an emergency. If you’re not underwater but having trouble making payments, consider refinancing your car loan with Auto Approve. We can help save you money, time, and frustration! So don’t wait, contact Auto Approve today to get your free quote!GET A QUOTE IN 60 SECONDS

Having a small business can be incredibly difficult at times. From juggling all of the day to day responsibilities to worrying about profits, it can be overwhelming. But one huge advantage of owning your own business is that you can lease a car through your business. Here’s your how-to guide on leasing a car through your business.What are the advantages of leasing a car?Leasing a car isn’t for everyone; some people prefer buying a car so that they can customize it, drive it on their terms, and ultimately have an asset at the end of their payments. But leasing has some distinct advantages that work better for some people.The monthly payments are lowerWhen you lease a car, the payments will be much lower than if you choose to buy a car and finance it. In fact, car leases are typically between 30-60% less than financing payments.You can drive the latest carA lease period is typically only a few years, so you can get the newest car when your lease period is over. If you like to have the newest cars and technology, leasing is likely a good fit for you.You generally don’t have to pay for repairsLease periods typically line up with warranties, so you generally do not have to pay for most repairs.You need less money up frontWhen you lease a car, you are not usually required to make a down payment. Additionally, any fees that may be required up front can be rolled into your monthly payments. This means you don’t need a lot of money to get a lease.No need to sell your used carWhen your lease is over, you can simply hand the keys back over to the dealership. You don’t need to deal with the hassle of selling your used car (which can be a real pain sometimes).You can write off your lease paymentsOne of the biggest advantages to leasing is that you can write off your lease payments if you are a business owner (or self employed) and use the car for business purposes. Even if you do not own your own business, you may be able to write off part of your lease as a usage credit depending on what state you live in.How to lease a car through your businessIf you are looking to lease your car through your company, you will need to find a dealer that handles commercial leases. That doesn’t mean that you will need to get a commercial style vehicle, but it means that they have different programs and financing options. Select your carDetermine what car works best for you and your business. Is a simple passenger vehicle sufficient? Do you need cargo room for heavy hauling? Determine what type of car will work best for you and your business.Determine if you should lease or buyAs a business owner you are also eligible to write off car payments, but they will be significantly more than a lease payment will be. The answer will depend on what type of business you have and what your business finances are like. If you buy a car, you have an asset at the end which can be a good thing. But the higher payments may not make it worth it. Evaluate which option is better for your situation.Bring your business’s financial documentsYou will need to prove that your business is capable of making payments on the lease. They will want to see cash flow, revenue, and debts, all of which will affect your ability to repay the lease. You want to bring anything that will help to prove that your business is financially stable and that you will not have an issue paying for your monthly lease.Be prepared to guarantee the loanIf the bank does not feel that your business is in good enough standing to warrant a lease, they may require you to guarantee the lease personally. This means that if anything should happen, you will be responsible to make payments on the lease and your personal credit is on the line. Be sure you are comfortable taking on this responsibility.Iron out the details and negotiateWhen you are approved for the lease, be sure that you are comfortable with all of the fine print. Fees, mileage limits, the lease term–be sure that everything is correct. And that’s it! Once the papers are signed, the lease is yours.How to write off a car lease for your business in 2023If you are eligible to lease your car through your business, it can save you a lot of money in taxes. But even if you lease your car through your personal finances, you can still benefit from write offs. You can determine your “business portion”–the portion of your lease that’s eligible to be written off–by determining how many miles you drove for personal use and how many miles you drove for business use. If you drove 10,000 miles on your lease, and 4,000 of those miles were for work and the rest were personal, your business portion would be 40%. When you write off these expenses, there are two ways you can do so.Use the actual expensesYour first option is to use the actual expenses to determine your write off amount. You are eligible to write off any costs that are related to driving, such as:Your lease paymentFuelInsuranceRepairsIf your total cost for the year was $12,000, you would calculate what your business portion of those costs would be (i.e. $12,000 x 40% = $4800) and that is the amount you can write off on your taxes.Use the standard mileage deductionAlternatively you can choose to write off per mile. The IRS has a set number that you can write off per mile (in 2022 it was $0.585 per mile for the first six months, then $0.625 per mile for the rest of the year). You can determine how many miles you drove that year, multiply it by the standard deduction, and then multiply that by your business portion. That’s everything you need to know about leasing a car through your business.Leasing a car can be a great option for many people, especially business owners and those who are self employed. And if you love your car by the end of the lease, you can always purchase your car with a car lease buyout loan. Auto Approve specializes in car lease buyout loans, so we can help you (and your business) stay in the driver’s seat.GET A QUOTE IN 60 SECONDS

When your lease is up, you have a number of options. And one of those is to keep your car and sell it privately. With the car market (both new and used) still in flux, this might be a very smart and lucrative venture for you. But what is it like to sell a car privately? Here’s how to decide if you should sell your car privately and what steps you should take to make the most money.What is the best thing to do at the end of a car lease?When your car lease ends you have three main options: Return your car and get a new car lease.Return your car and walk away.Buy your leased car.Every lease has a predetermined residual value. This is the amount that the car is worth at the end of the car lease, and ultimately it is the amount you will need to pay in order to buy your car. The most important thing to remember is that the residual value cannot be altered after your lease is up, so if your car has increased in value, you can still buy it for the low residual value.This is particularly important in today’s car market. An unprecedented couple of years has created a very competitive car market. All of the following factors have contributed to an increased price in new cars:Decreased production due to pandemic shutdowns, delays in raw materials, and a microchip shortage.Increased interest in purchasing a new car due to low interest rates.Record high inflation.All of these factors caused the new car market to skyrocket in prices. The average new car in summer 2022 cost $48,301 according to Kelley Blue Book. That’s an increase of 11% in just one year.An expensive new car market leads to an expensive used car market. So the lease that you are driving around in is worth more than it was anticipated to be worth in your contract. In other words, your car’s actual market value is most likely much higher than your car’s residual value. Buying your lease makes sense now in two scenarios:You love your car and want to keep it for yourself.You know you can buy your car and sell it privately for a much higher price.While it depends on your particular situation, buying your lease may make a whole lot of sense right now.Where do you get the most money selling your car?When selling a car you have three main options:A dealershipAn online dealerA private partyThere are pros and cons to each of these options. If you sell your car to a dealer, it will be convenient and easy. The payment to you will be secured, you can avoid DMV paperwork, and it can be done quickly (within one day). But by going to a dealership you will certainly have to haggle, and this may mean you will not get as much as you could for your car.Selling to an online dealer is also a quick and convenient option. By simply going to their website and filling out some information you can get an instant offer. You will also be offered a secured payment and can avoid the pesky DMV. By going to an online dealer you can avoid the negotiations that will be unavoidable at a physical dealership. But neither of these options will get you as much money as you can get by selling your car privately. It will always be more lucrative for you to sell your car yourself, but it does require a bit more time, commitment, and patience. How do I sell my car privately?Selling your car privately requires some preparation, but it’s most likely worth the time and effort.Buyout your lease.When your lease is up (or even before your lease is up) you will need to buy it out. The buyout price will be the residual value of the car plus any taxes and fees that may apply. If you do not have the cash to buy your car outright you can get a car lease buyout loan. Determine your car’s market value.As we said before, the residual value of your car will be stated in your lease contract. But that is separate from the actual market value of your car. To determine the market value of your car you will need to do some research online. Kelley Blue Book and Edmunds are great places to start. Your vehicle’s value will be based on the make and model, year, mileage, and the condition the car is in. Your car’s condition will fall into one of four categories:Excellent Condition. Your car is like-new and in excellent mechanical shape. You’ve never been in an accident and never had any rust, body work, or painting. The engine is clean and works well, you have a clean title history, and it will pass all of its safety and emissions tests. You should also have verifiable service records. Only about 5% of used cars are in excellent condition.Good Condition. Your car is in great shape for the most part. There may be minor blemishes on the interior or exterior but there are no major body or mechanical issues. Your tires should match and be in good condition with a decent amount of tread. There may be a little reconditioning required for resale, but nothing major. This is where most used cars (especially used lease cars) will fall.Fair Condition. Your car has a few mechanical or cosmetic problems, but it still runs relatively well. . It may need some work done, there may be some damage from rust, and you may need new tires.Poor Condition. Your car isn’t in good shape and is running poorly. There may be extensive rust damage or damage to the frame. If your car is in very poor condition, it may not be possible (or worth) selling. Once you determine your car’s condition you can determine your vehicle’s worth using one of the online tools available.Gather all of your paperwork. In order to sell your vehicle you will need to have all of your paperwork in order. You should have the following paperwork:Car Title. If you used a car lease buyout loan to buy your lease, you won’t actually have the title (the bank will). But have that information available. You don’t physically need to have the title to make the sale, the bank will send it to the new buyer when you send them the remaining payment.Service Records. Since your car was a lease you will most likely have accurate service records.Original Sales Paperwork. It’s good to have your original paperwork so that you know all of the options that are available with your car. This can help you bump up the price and give you some extra negotiating power.Warranty Information. If your car is still under warranty, make sure you have your warranty paperwork. Check to see if it’s transferable as well.Prepare your car.To get the best price for your car you want to get your car in its best shape. Here are some of our top tips to get your car looking and driving its best:Get the interior detailed, or at least do a thorough cleaning. Vacuum and shampoo all carpets and clean the interior surfaces.Wash and wax your car’s exterior.Check the oil and other fluids.Ensure all lights are working properly.Fix any minor issues that are quick and relatively cheap, like replacing wiper blades. Take good pictures.After your car is looking its best, take some good pictures outside. Make sure to get pictures of any special features, such as a sunroof.Cross advertise for best results.It’s a good idea to advertise in a few different places to maximize the amount of exposure–and offers–you will get. Tell friends and family, advertise on Facebook, and look for local publications to get the word out. Show your car–safely.When people start to contact you to see your car, have a plan as to where you will meet them and how you will allow for a test drive. It is recommended to meet in a public space and bring a friend along for added safety. Sign the papers.When your buyer is ready to seal the deal, get payment as soon as possible (a cashier’s check is recommended). Be ready to sign the paperwork over to them. Check your state laws to determine what specifically you need to do to complete the sale.Selling your car privately requires a little more work, but it can be worth it in today’s car market to sell your leased car.If your lease is ending, it may be worth it to buy it and sell it privately for a profit. A car lease buyout loan is the perfect way to do this if buying in cash isn’t an option. Contact Auto Approve today to learn more about car lease buyout loans! GET A QUOTE IN 60 SECONDS

After you refinance your car, you’re done, right? Well, sort of. While refinancing your car loan is super easy, you want to make sure all of your i’s are dotted and all of your t’s are crossed. So let’s talk about refinancing and what you need to do after your car loan is refinancedHere’s what to do after you refinance your auto loan (and why you should refinance your car in the first place).What steps should you take after refinancing your car loan?After your car loan is refinanced, be sure to take the following steps.Step One: Keep Paying Your Original LoanYou want to keep making payments on your original loan until you are sure that your new lender has paid off your old loan. If you overpay on your old loan, they will refund you the difference (just be sure to keep track of what payments you have made). It’s always better to overpay rather than underpay, so continue until it is clear that all of the paperwork is completed.Step Two: Make Your Final PaymentDepending on who you refinance with, you may need to make the final payment to your old lender. Your new lender might handle this directly, just be sure that the original loan gets paid off in full.Step Three: Start Paying Your New LoanThe next step is to start making payments on your new loan. Setting up for autopay can help ensure that you make on time payments. Step Four: Check Your Credit ScoreWhen all is said and done, it’s a good idea to check on your credit score. Refinancing your car loan will cause a dip in your credit score, but it should only last a few months. But keeping an eye on your score is always a good idea.Why do people refinance auto loans?There are a few reasons why people may choose to refinance their car loans. But the main reason people refinance is to save money. Refinancing can get you a lower car loan APRWhen you refinance your car loan, you get to start fresh with a new car loan. That means a new car loan APR. There are a few reasons why you may qualify for a lower car loan APR:Their credit score has improvedThe market rates have improvedTheir debt to income ratio has improvedIf any of these apply to you, there is a good chance you may be able to secure a lower car loan APR, which can save you hundreds (if not thousands) of dollars.Refinancing allows you to change your repayment planIf you are looking to change your repayment plan, refinancing your car loan is the perfect way to do so. Lengthening your repayment term will reduce your monthly payments significantly (although you will end up paying more over the life of the loan since you will be paying interest for a longer time). Shortening your repayment term will increase your monthly payments but it will save you a lot of money in the long term. Depending on your situation, shortening or lengthening your repayment period might be a good idea.Refinancing allows you to add or remove a cosigner There are a number of reasons why you may have a cosigner on your loan. Maybe you bought a shared car with a loved one, or maybe you just needed their good credit score to give you an edge. But you are not able to simply remove a cosigner from an existing loan if your circumstances change. You see, lenders take a lot of factors into account when determining the best car loan APR to offer. And if there are two people cosigning they will look at both of their credit scores and financial histories. If part of that changes, the likelihood of repayment changes (in the eyes of the lender, anyway). Therefore refinancing is the only option to change this situation.On the other hand you may wish to add a cosigner to your loan. If a loved one has a better credit score than you they may be able to help you secure a better car loan APR. Or if you want to help a loved one build credit, adding them as a cosigner is a great way to do that. But whatever the reason is, refinancing is the best way to add or remove a cosigner.When can you refinance a car loan?You can refinance a car loan at any time. And you can refinance more than one time. But there are times when it makes more sense than others. Here are our top tips for when to refinance your car loan.Wait six months to a yearExperts recommend waiting six months to a year before refinancing a car loan. This will give your credit score some time to rebound before you start looking for a new car loan. It will also give you time to make full, consistent, on time payments on your existing loan, which will also help ensure you get the best rates possible. Wait until you will be offered a better APRIf you know that your credit score has not improved or that market rates have not improved, you may not be able to refinance effectively. While you can still refinance to change your repayment period or to add/remove a cosigner, it’s best to take the time to ensure you will get the best rates and terms possible. So before you refinance, take the following steps:Request a copy of your credit report and review for errorsMake it a priority to make consistent, full, on time payments to all of your lendersEnroll in autopay to ensure you don’t miss paymentsRequest higher credit limits to improve your credit utilization ratioDon’t wait until the end of your loanRefinancing will save you less and less money as time goes on. The closer you are to the end of your loan term, the less benefits you will see from refinancing. Refinancing when there are at least two years left on your loan will help maximize your savings.Those are the steps to take after you refinance your loan.Refinancing has a lot of benefits, so it’s worth pursuing if you suspect you might be overpaying. When all is said and done you can save a lot of money, but it’s important to follow up to be sure that your original loan gets paid off and that your credit score stays in good shape.Refinancing your car loan is especially easy when you use a company that specializes in car loan refinance, like Auto Approve. Contact us today to get started!GET A QUOTE IN 60 SECONDS

Fall is one of the best times to enjoy a getaway on your bike. The crisp fall air is a welcomed change from the heat of summer and the leaves are changing color to create the perfect scenic backdrop. No matter where you live in the contiguous United States there is a beautiful fall motorcycle adventure awaiting your tires. So take one (or a few) weekend rides before parking your bike for the winter and check out these top road trips for leaf peeping!Here are our favorite fall motorcycle road trips to see the fall foliage (no matter where you live!)NortheastIt’s hard to beat the northeast in the fall. After all, who doesn’t imagine rolling Vermont hills speckled with orange and yellow leaves when they think of fall? And a motorcycle trip to the Northeast is the perfect way to truly enjoy all that autumn has to offer. Moosehead Lake, MEMoosehead Lake is Maine’s largest lake, and the second largest lake in all of New England. Located in the northwestern part of the state, it offers beautiful views year round, but in the fall it is pretty unbeatable. Ride up to the Attean Overlook to see all of Moose River Valley and stop at one of the lakeside towns such as Greenville or Rockwood to grab a bite to eat or stay the night. Coastal Route 1, METake a ride up Coastal Route 1 on the other side of the state to see the Atlantic coast in fall. From the Canadian border at Calais you can drive down to see all of the lighthouses and seascapes while the leaves change colors. There are tons of quiet villages to visit, but you will never be bored driving down the coastline and seeing all that the coast has to offer.US Route 7, VTVermont is at its best in the fall, and a perfect way to see it all is to take a drive up US Route 7. It weaves from Green Mountain State Forest up to Burlington and is full of gorgeous views, small towns, and roadside attractions. And with so many parks and covered bridges along the way, you are sure to take in some gorgeous fall scenes.Route 666, PAPennsylvania has some beautiful regions, and fall is the perfect time to enjoy the scenery. Route 666 (also referred to as Route 666-One Hell of a Ride!) is in the northwest part of the state in the Allegheny Mountains. Full of twists and turns, it’s a fun ride as well as a scenic one, full of natural rock formations, babbling brooks, and beautiful views. While the route is only about 30 miles, there are tons of other routes and towns nearby that you can enjoy, so it’s well worth the trip. SoutheastThe Fall in the southeast might be a little warmer than up north, but it is just as full of beautiful scenic rides. There are countless mountains and national forests in the south that can be enjoyed year round but are especially beautiful in the fall months.Blue Ridge Parkway, NC & VAThe Blue Ridge Parkway is lovingly referred to as “America’s Favorite Drive”, and with good reason. This 469 mile road runs from The Great Smoky Mountains in North Carolina to Shenandoah National Park in Virginia. In the nearly 500 miles of this stretch you can see the highest mountain peak in the eastern United States (Mount Mitchell), the deepest gorge east of the Grand Canyon (Linville Gorge), and the highest waterfall east of the Rockies (Whitewater Falls). And there is no better time to visit than in the fall when the leaves are changing.Tail of the Dragon (Deal’s Gap),TN & NCDeals Gap runs along the Great Smoky Mountains on the North Carolina and Tennessee border. Also known as The Tail of the Dragon, the road is 11 miles of twists and turns that take you through a scenic wonderland of fall foliage. With over 318 curves and turns with names such as Copperhead Corner and Brake or Bust Bend, it is perfect for any thrill-seeking motorcycle enthusiast. Blue Ridge Mountains, GAGeorgia has some stunning fall drives, but the Blue Ridge Mountains are definitely at the top of the list. From the Russell Brasstown Scenic Byway in northern Georgia you can ride through the Blue Ridge Mountains and along the Chattahoochee River. There are a number of great small towns on the way, including Helen and Clayton, that you can stop at on your way to Brasstown Bald. Brasstown Bald is the highest point in Georgia, offering stunning views of the state.MidwestThe midwest transforms itself in the fall as the temperatures start to drop. From the tip of Michigan down to the scenic byways of Kansas, it’s hard to go wrong with a midwest tour of fall.Tunnel of Trees, MIMichigan in the fall is simply beautiful, especially if you start out near Lake Michigan. One of the best features of this area is the Tunnel of Trees, part of the M-119. This 20 mile stretch runs on a bluff overlooking Lake Michigan, and has some sharp twists and turns that make it a fun ride as well as a scenic one. Continue on Lake Michigan’s northeastern shores to visit some small fishing towns, lighthouses, and beautiful coves.Shawnee Forest Country, ILLeaf peepers from everywhere flock to Route 127 between Murphysboro and Jonesboro during the fall months. Located along the Shawnee National Forest, it is a beautiful motorcycle ride with rolling hills and lots of beautiful trees and scenes. Surrounded by dense forests, it is the perfect place to see the leaves change colors. You can round out your trip with apple picking, or by heading to one of the local wineries or breweries. Kettle Moraine Scenic Drive, WIKettle Moraine is a beautifully unique region in Wisconsin that really shines in the fall. The area is highly glaciated, meaning it was formed by glaciers millions of years ago (it’s even part of the Ice Age National Scenic Trail). Because of this, it has a hilly terrain and lots of glacial landforms, making it a distinctive and fun ride for any motorcycle rider. The incredible fall foliage only makes it that much better.WestNo matter where you are on the west coast, it’s pretty beautiful in the fall months. You are guaranteed to find a beautiful leaf peeping drive in any of the western states. Columbia River Gorge, ORThe Columbia River Gorge begins in Portland and runs to the Columbia River, separating Oregon and Washington. It has been shaped by geological events over the course of time, and while the river is at sea level, cliff sides run as high as 4000 feet on each side. With countless twists and turns, the Historic Columbia River Highway is perfect for any motorcycle lover. Waterfalls, fall colors, and gorgeous cliffsides make this a perfect fall riding destination.Crested Butte, COCrested Butte has the largest aspen grove in the United States, making it a beautiful fall road trip destination. Located in the Rocky Mountains of Colorado, Crested Butte is famous for its stunning alpine lakes and wildflower meadows. A motorcycle trip on The West Elk Loop Scenic and Historic Byway is the perfect way to celebrate fall, with a stop in town to stroll Elk Avenue and see this historic Colorado mining town.Eastern Sierras, CAThe Eastern Sierras have so much to offer in the autumn months. This region contains parts of Yosemite National Park and Death Valley National Park making it an amazing destination year round. Take your motorcycle on a ride from Lundy Lake to Mono Lake to see the best that this area has to offer, from waterfalls and alpine lakes to beautiful displays of willows, aspens, and cottonwoods.Those are our favorite leaf peeping motorcycle trips to take in the fall.The fall is one of the best times to enjoy your motorcycle. There are so many routes to take, just be sure to check the local guides to see the best time to see everything in all of its glory. While early October may be best for certain regions, late November may be better for other regions.Fall is also a great time to check in on your finances and make sure you aren’t overpaying on your motorcycle payments. If any of the following apply to you, you might be eligible for a lower monthly motorcycle payment:Your credit score has improved since your initial financingThe market rates have decreased since your initial financingYour debt to income ratio has decreased since your initial financingIf you are overpaying on your motorcycle payments, Auto Approve is here to help. We have relationships with lenders across the country and can secure you the best refinancing rates possible. Spend more time enjoying the fall scenery and less time worrying about payments.GET A QUOTE IN 60 SECONDS

Riding a motorcycle is tons of fun, but paying to fix it? Not so much. Enter motorcycle protection plans, which can help you pay for costly repairs and give you some peace of mind. While some people swear by protection plans, others avoid them like the plague. So how do you know if it’s worth it to get a motorcycle protection plan? Here’s everything you need to know about motorcycle protection plans and how you can decide if getting one is worth it.What is a motorcycle protection plan?When you purchase a new motorcycle it will most likely come with a manufacturer’s warranty. These warranties are guarantees from the company that if something should go wrong with their product they will pay for a repair or replacement. Companies will typically cover mechanical and electrical components that are faulty through no fault of your own. These components can include:EngineGearboxElectrical systemShaft Drive UnitWarranties cover most failures that aren’t a result of wear and tear. They will not cover things that naturally wear and need to be replaced, such as brake pads. Motorcycle warranty coverage will vary drastically from policy to policy, so it’s important to read the fine print and know exactly what is covered.Motorcycle protection plans are different from motorcycle warranties. Protection plans are purchased separately and can work as coverage on top of your warranty or can take over when your manufacturer’s warranty expires. Just like manufacturer warranties, motorcycle protection plans vary a great deal in what they cover.While car warranties typically last 3 years or 36,000 miles, motorcycle warranties are often much shorter in duration, usually only lasting one year. This is one reason a motorcycle protection plan is a good idea–it can give you protection for much longer. What are the pros of getting a motorcycle protection plan?While a motorcycle protection plan may not be worth it for everyone, it can be worth it for some people. A motorcycle protection plan might be worth it if any of the following apply to you.You aren’t comfortable working on your own bike.Older motorcycles are pretty straightforward to fix. Working on your motorcycle used to be part of the culture of owning a bike, but that has shifted a bit in the past few years. Nowadays bikes are much more sophisticated and high tech, so when something goes wrong they can be much more complicated to repair. Even diagnosing a problem can mean a trip to the bike shop. But if you have a repair plan, you can get a diagnosis and repair at no cost to you.You plan to put a lot of miles on your bike.The more you ride, the more likely it is that your bike will need some serious repairs down the road. So if you take long rides on your bike and rack up the miles, a plan might be worth it. If your bike is used and already has a lot of miles on it, a protection plan is also a good idea.It can save you money.If you cannot work on your motorcycle yourself for one reason or another, you will need to take your bike in every time you have an issue. This can add up to a lot of money after a few repairs. Most shops charge $75-$100 per hour of labor, depending on where you live and what type of bike you have. This rate can quickly increase to $125-$150 per hour if you have a more rare or expensive bike. Extended warranties will cover these repairs for you, saving you money and hassle.You have a bike that is high maintenance and tends to have issues.The more high performance a bike is, the more you can expect to pay on repairs. Specialty labor tends to be more expensive as well as the specialty parts they require. An extended warranty can help you prepare for these costly repairs.You don’t have a lot saved up for emergencies.An emergency fund is a necessary part of any budget.  After all, emergencies are unexpected and leave you little time for creative problem solving, so we highly recommend that everyone prioritize getting a solid emergency fund up and running.But if your fund was recently sucked dry, a major repair on your bike could really set you back financially and cause a big problem for you. Instead, you can add on a small monthly payment that can cover the unexpected and give you a lot more peace of mind.There are other perks.Depending on the details of your motorcycle protection plan, there may be other perks. For example, when you get a motorcycle protection plan through Auto Approve as part of a motorcycle refinance, the following perks are available to you:Courtesy towing. Towing costs are an added expense that no one wants to pay. But Auto Approve will cover this under your protection plan.24/7 roadside assistance. If you break down, help is just one phone call away. Rental car reimbursement. If your bike is your main ride, a breakdown can really cramp your style. You can easily get stuck with hundreds of dollars in rental car costs. But with Auto Approve these costs are reimbursed to you up to $50 per day.In addition to those perks, a protection plan with Auto Approve will cover repairs with any ASE-certified mechanic. This way you know that the repairs are done the right way. Auto Approve also allows you to build your protection plan into your financing so everything is in one low payment. This makes it convenient as well as affordable.What are the cons of getting a motorcycle protection plan?While a protection plan will absolutely make sense for a lot of riders out there, it will not make sense for everyone. Here are some of the cons of motorcycle protection plans.There’s a chance you won’t get your money’s worth.With any extended warranty you run the risk of not getting your money’s worth. While you don’t want something to go wrong with your bike, you certainly want to feel like any money you are paying towards your protection plan is saving you from more costly repairs. This is a valid concern, but in general it’s better to be prepared for the unexpected rather than get blindsided with a costly repair bill.It can be a commitment.Most protection plans will ask you to commit for a few years. And while some protection plans are transferable, not all of them are. If you are unsure if you will be keeping your bike (or just don’t like the obligation of a contract) a motorcycle protection plan might not be right for you.Is it worth it to get a motorcycle protection plan?The value of a motorcycle protection plan will vary a lot from person to person. Maybe it sounds like a great idea to you, or maybe it seems like a waste of money. But in general if you answer yes to any of the following questions, a motorcycle protection plan might be a great idea for you.Does your motorcycle have a reputation of needing significant repairs?Do you not have the time or inclination to work on your motorcycle yourself?Have you voided the warranty by making changes to your bike?Is your bike used? Does it have high mileage?Do you plan to keep your bike beyond the factory warranty expiration?Do you put more than 8,000 miles per year on your bike?If you have a motorcycle, you probably know how much time and money they can cost. A motorcycle protection plan is an easy way to prepare for the unexpected and give you a little more peace of mind.The good news is that motorcycle protection plans aren’t that expensive. And if you bundle it with your motorcycle payments, they are even more affordable. Let’s face it: you are probably overpaying on your motorcycle payments every month. But if you refinance your motorcycle with Auto Approve, we can save you hundreds (if not thousands!) of dollars per year. Add a motorcycle protection plan to that and you will have lower monthly payments, added protection, and peace of mind.That’s everything you should know about motorcycle protection plans.Getting a motorcycle protection plan can help you save money on costly repairs and get ahead of any emergencies. And when you refinance your motorcycle loan with Auto Approve, you can bundle your protection plan with your loan so you will have just one low monthly payment. But you don’t need to take our word for it. With a 96% would recommend rating on LendingTree and a 4.7 out of 5 review on TrustPilot, you know our customers are happy with their results. Customers report saving hundreds–even thousands–of dollars by refinancing their loans with Auto Approve. So don’t wait! Get your free quote today and start saving money!GET A QUOTE IN 60 SECONDS