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The air is crisp and the leaves are changing colors in many parts of the United States, which means one thing: the holidays are right around the corner. Before we know it the stores will be decked out in red and green and holiday music will be on every station. And while many of us look forward to this time of year, our bank accounts certainly do not.  So how and when should you start saving for the holidays? Here’s our ultimate guide on saving for the holiday season.When should I start saving for the holidays?While some people say you should start saving for the holidays as soon as the last holiday season is over (i.e. save all year), for most of us that isn’t practical. Not only is it hard to think that far in advance, but there are a lot of expenses that pop up over the course of the year that take precedence over holiday shopping funds. It is more realistic to start saving about 3 months ahead of time. This gives you time to save money in a focused way. What are the benefits of saving for the holidays?The big benefit of saving for the holidays is that you will have more time to save and therefore can have more money when the time to shop comes around. But that’s not the only benefit of planning and saving ahead of time.You can find the best deals.When you start saving money early in a focused way, you can keep an eye out for deals. As the holidays get closer and closer retailers know that people will pay more and more money for things. But taking advantage of sales earlier in the season and avoiding the last minute rush of shopping will save you a lot of money (and a big headache to boot). You can prevent overspending.Consider this. You have most of your list checked off for holiday gifts, but one name still lingers on your list. As the days go on you get more and more desperate, eventually purchasing one (or a few) overpriced items even though you aren’t even sure if they are the right gift. Saving ahead of time with a list of people to shop for can help minimize the likelihood of this.  It’s good for your mental health.It’s well known that the holidays are a hard time for many people. From the stress of money to the stress of family to the stress of jam-packed schedules, it can be overwhelming. But preparing ahead can help ensure you don’t deplete your bank account and add even more stress to your life. It will also help you avoid running around at the last minute so you can take a minute to relax and reset before jumping back into holiday festivities.How can I prepare for the holidays?Preparation is key when it comes to saving for anything, whether it’s a down payment, emergency fund stash, or a holiday savings fund. Here are some tips to set you up for success. #1. Make a list of what gifts you need.The first step to figuring how much you need to save is to figure out who you need to add to your gift list. Make a list of your usual recipients, everyone from your mom and dad to your cousin’s kid and your postal worker. Then look at every person and start brainstorming ideas. If you have a specific idea and you know the price of that gift, great! Jot it down. If you are unsure what to get a person, assign them a price range based on what you feel comfortable spending. This will help you get a pretty good idea of how much money you will need for gifts this year. #2. Make a list of your other expenses.We all know that gifts aren’t the only things that can take a toll on our wallet in the holiday season. Here are some questions to ask to determine what other expenses you may have to consider.Are you hosting dinner for any holiday? It could be Thanksgiving, Hanukkah, Christmas Eve, Christmas, New Years, or another gathering. If so, look at your guest list and see how much you will need for groceries, beverages, and other necessities such as plates and napkins.Are you traveling at all for the holidays? If the answer is yes, now is a good time to start booking your travel arrangements, or at the very least start getting an idea of the costs. Gas, airfare, hotels–everything adds up and should be included in your holiday budget.Are you sending Christmas cards this year? Account for how many cards and stamps you will need, and if you are having a family portrait taken for them you will need to consider the photography charge as well.Do you need to ship any gifts? Shipping can add up quickly so try to estimate how much you will need to send gifts to loved ones.Are you doing any holiday baking? This can be a great option for inexpensive gift-giving, but it still needs to be included in your budget. Be sure to include the packaging as well. Are there any other expenses that may pop up? Do you have holiday lights that need to be replaced? Do you get a fresh cut tree every year? Do you have a specific charity or organization you like to donate to? The more detailed and inclusive your list of expenses is the better prepared you will be when the bills start coming in. #3. Total up your expenses and set a goal.Once you have all of your expenses figured out it’s time to get a total and figure out how much you need. When you see the amount of money you need to save you can always go back and see what costs you can cut.  #4. Set up a savings spot.There are a number of places where you can keep holiday savings set aside. You can keep it simple and keep a cash box at your home and manually keep track of how much you have saved. But it may be a better (and safer) idea to keep a separate account for your savings. There are many places where you can open a free savings account, and after the holidays are over you can deposit a little throughout the year to get a start on next year’s savings. There are some banks such as Ally that allow customers to organize their savings account into “buckets”. This means that you can have one savings account but separate your money and allocate it in different ways. Getting a high yield saving account will help you save more money without even lifting a finger, so be sure to shop around for the best interest rates. #5. Start saving!Once you have done all of the necessary preparation, it’s time to save. There are a number of changes you can make to help build your holiday fund.Redeem your cash back rewards and apply them to your holiday savings.Set up your direct deposit to send a percentage of your paycheck into your holiday savings account.Look at your regular budget and determine if there are changes you can make. Are there subscriptions you can cancel? Can you reduce your grocery bill with coupons? Any savings can go right into your holiday savings account.If you have time to take on a part time job it can help you earn a little more money and pad your savings a bit. There are a lot of flexible side hustles you can do such as driving for a rideshare or delivering groceries that can be helpful with managing added expenses. #6. Shop smart.When you start your holiday shopping, be sure to compare prices to avoid overspending when it’s not necessary. Consider getting a browser extension for online shopping. Extensions like PayPal Honey will automatically search the internet for coupons and promo codes so you can get the best deal possible. Other extensions can help you earn cash back, like Rakuten, while others search the internet for a better price, like Pricesout.  #7. Keep track of everything.Try to keep track of all holiday expenses in a detailed way. Not only will this help you make sure you aren’t overspending, but it can help you when preparing for next year’s holiday savings. If there were some things you forgot in your initial planning stage, make a note to yourself so that you don’t forget it next year.That’s how you can start saving money for the holidays. The holidays are a stressful time, especially when money is tight. But a little preparation and planning can help reduce the stress and keep the holidays festive and joyful. If you are looking for another way to save some money, consider refinancing your car loan. You could be saving hundreds, if not thousands! Contact Auto Approve today to find out more.GET A QUOTE IN 60 SECONDS

Cash back rewards can feel like found money. By simply using your credit card you can earn money that you can use in any way you choose. Everyday purchases such as groceries and gas will earn you points that you can utilize in a number of different ways. But how can you ensure you are getting the most out of your cash back rewards? Here’s how to make the most of your cash back rewards.How do cash back credit cards work?A cash back credit card will give you a certain percentage of qualifying purchases that you make back to you. Credit cards vary on what purchases qualify and what percentage back you will receive. Typically credit cards do not qualify the following transactions for cash back rewards:Cash advancesBalance transfersPurchase of crypto currency or money ordersForeign currency exchangesGambling related purchases, including the lottery. Flat rate cards offer a flat percentage rate on all transactions (except those that are excluded, like the list above). That means that you can earn 1.5% cash back on your gas, clothing purchases, groceries, Amazon orders–pretty much anything.  Some credit cards have customized spending categories that offer different percentage rewards for different categories that you can choose from. For example Bank of America offers the Customized Cash Rewards card where you can get 3% back on all purchases in a category of your choice.  Other credit cards offer rotating rewards categories. The Chase Freedom card for example gives you 5% back on a few categories of spending, and the categories change every three months. For three months you may get 5% back on groceries, and then for the next three months you may get 5% back on travel purchases.Are there limits to how much cash back you can earn?Some credit cards limit how much cash back you receive, but some cards have an unlimited cash back reward system. It is common for many credit cards to limit how much cash back can be earned in different categories. For example the Blue Cash Everyday Card from American Express offers 3% back on supermarket purchases per year, but only up to $6,000 spent. These limits vary widely from card to card so it’s important to read the fine print before opening a new card. How do I redeem cash back?How to redeem your cash back will also vary greatly from card to card. Here are some of the most common ways to redeem cash back:A credit to your accountDirect deposit to your bank account or a checkA gift cardAn online shopping portal A credit to your account.One of the most popular and most straightforward ways to redeem cash back is to have it applied to your credit card statement. If you have a balance on your credit card of $2,000 and cash back rewards that are worth $200, you can simply apply the $200 to your account and reduce your balance to $1,800. It’s important to remember that cash back is not considered a payment per se, so you will still be required to make the minimum payment for your monthly statement to avoid a penalty or fees. Some cards require you to meet a minimum cash back balance to redeem (such as $25 in rewards) while others have no limit. Direct deposit or check.Another easy way to redeem cash back is to have the rewards deposited directly into your bank account. This may be easier for you if you want to apply your rewards in a specific way that isn’t locked into your credit card. Requesting a check is usually pretty straightforward, although there may be a minimum amount of cash back rewards that you are required to have. Direct deposits may be more complicated than getting a check, but if you have a bank account with the same bank as your credit card it is usually pretty simple.  A gift card.Many credit card companies will allow you to use your points to purchase gift cards. While sometimes these redemptions are a one-for-one transaction (meaning $1 of your cash back is worth $1 in the form of a gift card), there are some deals out there that will get you more bang for your buck. Some cards will allow you to purchase a $25 gift card for only $20 in cash back. So while gift cards may not be practical ways to redeem all the time, there are certain times when it will get you the most value. An online shopping portal.Many credit card companies have online portals where you can make purchases directly with your cashback rewards. You can log on through your credit card’s website and purchase whatever you would like, without ever having to hand over your cash and wait to be reimbursed.How can I make the most of my cash back rewards?Cash back can be a great thing if it is utilized properly. After all, if you are spending all of your money to try to earn points and money, it’s not going to be beneficial to you. Here are our top tips for making the most of cash back.Choose the right credit card.There are a lot of credit cards on the market that offer different rewards. Be sure to do your research and select a card that will be beneficial for you and your spending habits. If you spend a lot of money on travel, be sure to get a card that rewards those purchases. If you tend to spend most of your money on groceries and gas, find a car that rewards those purchases most.  Pay off your card in full every month.If you do not pay off your card in full you will end up paying interest, and this will take away directly from the cash back you have earned. Don’t overspend to get more rewards. If you are buying things you don’t need and are unable to keep up on payments simply because you are trying to earn more cash back, it is not going to work out. You will end up wasting more than you would gain in rewards. Be sure to activate the reward categories.Some credit cards with rotating reward categories require you to manually activate the cash back in order to earn rewards. Set a reminder for yourself to login to activate your rewards when it is required.That’s what you need to know to make the most of your cash back rewards.Every penny counts these days, so making the most of your cash back is a must. Looking for more ways to save? Contact Auto Approve to find out how much you could save by refinancing your car loan! GET A QUOTE IN 60 SECONDS

If you didn’t grow up surrounded by car enthusiasts you may be a little unfamiliar with how cars work and what maintenance they require. And even if you did grow up in a car family, cars have changed a lot through the decades, meaning that the maintenance required has changed as well. It may feel embarrassing to ask questions that you think you should know the answer to, but trust us when we say you are in good company.Here are the answers to 9 car maintenance questions you are afraid to ask.1: How often should I check my tire pressure?It is recommended that you check your tire pressure once a month. The ideal tire pressure will vary from car model to car model. The recommended tire pressure can be found on the inside of the driver’s door and in the user manual. Having the correct tire pressure is important for a few reasons. Incorrect tire pressure will lead to uneven wear on your tires, lower gas mileage, poor handling, and can even cause blowouts. So keeping your tires properly inflated is imperative. Here’s how you can check your tire pressure:Get a tire pressure gauge. You can find one in the automotive section of most stores or online.Remove the air valve cap on the tire.Press the tire gauge firmly against the valve opening for a few seconds.Read the pressure measurement. If it is a digital gauge it will simply give the number. If it is a manual gauge it will have a dial that points to the number.Compare the reading to the recommended pressure. If the pressure is too low, inflate your tire to the correct pressure. If the pressure is too high you can press your fingers on the dot on the back of the tire valve to release pressure.2: How often should I change my timing belt?A timing belt connects a car’s engine crankshaft with its camshafts, keeping the engine moving seamlessly and in sync. Timing belts are made of rubber and over time they can crack and fray, and if your timing belt breaks it can cause extensive damage to your engine. In the past timing belts needed to be replaced every 40,000 to 60,000 miles, but new materials have lengthened their lifespan to 80,000 to 100,000 miles. That said, it’s important to not neglect it if your car is nearing that mileage. It’s a good idea to take your car in to get the timing belt changed in conjunction with some other maintenance tasks, such as the timing belt tensioner and water pump. These parts help ensure the timing belt functions properly. 3: How often should I change my air filter?There are two air filters in your car, one for the engine and one for the cabin. The engine air filter prevents dirt and dust from getting in your car’s engine and the cabin air filter prevents dirt and dust from getting into the AC unit and ultimately into the cabin. When the filter becomes too dirty or clogged it restricts airflow and can cause decreased performance. Because of this you want to change your air filters every 12,000 to 15,000 miles to ensure your car is performing at its best.4: How often should I change my transmission fluid?Transmission fluid lubricates the moving parts to keep the transmission working properly. Transmission fluid also acts as a coolant if you have an automatic transmission. Over time this fluid deteriorates and gets dirty, becoming less and less effective at lubricating the transmission. If you have a manual transmission it is recommended to change it every 30,000 to 60,000 miles. If you have an automatic transmission it is recommended to change it every 60,000 to 100,000 miles. Waiting too long can result in decreased performance and costly repairs down the road.5: What happens if I use the wrong fuel?If you put the wrong type of gas in your car it may not be a big deal, or it may cause a huge problem. It depends on what type of mistake was made. Putting diesel in a gas car: This can clog your fuel filters and fuel injectors and cause damage. This is a serious issue and you should have the fuel drained. Putting gas in a diesel car: This can cause overheating that damages the fuel sensors. This is a serious issue and you should have the fuel drained. Putting regular gas in a premium car: A slip up now and again shouldn’t cause damage. It will result in low fuel economy and reduced acceleration, and repeatedly doing so may cause damage over time.Putting premium gas in a regular car: It probably will not result in damage but will also probably not result in higher performance.  6: What happens if I switch to synthetic oil?Conventional oil is 100% mineral oil that is created by refining crude oil. Cars originally used conventional oil exclusively to keep the engine lubricated and working properly. Synthetic oil is designed to lubricate the engine with less impurities. In general synthetic motor oil protects the engine more than conventional oil. It has fewer impurities than conventional oils and can help prevent sludge and buildup in the engine. It also flows better in low temperatures and protects the engine better at high temperatures. There is no issue in switching back and forth between synthetic and conventional motor oil, and using synthetic oil may be a better option for your car’s health.7: What does a check engine light mean?A check engine light can mean a million different things. Well, maybe not a million, but certainly a whole range of issues. Here are just a few of the different issues that might cause your check engine light to go on:A loose gas cap.An issue with the catalytic converter.Faulty spark plug.Damaged mass air flow sensor.Internal problem with the engine. These issues range from minor issues to major issues, so if your light goes on it’s important to not ignore it. In some newer cars the check engine light will change color depending on what the problem is. A yellow light may indicate a less serious issue while a red light may indicate a major problem. If your check engine light goes on be sure to check that your gas cap is on correctly (this is a very common reason for your light to come on). Pay attention to how your car is driving to see if you can diagnose the problem, or simply take your car to the mechanic to have it checked out. They can use a code reader to determine the root cause. Do not ignore a check engine light as it could signify a very serious problem that could result in a very costly repair.8: Why does my car smell?If your car smells, there could be a few culprits. Keeping your car clean is the biggest thing you can do to keep your car smelling good. A good vacuuming and polish can help get rid of any food bits that may be causing an odor. Here are a few other tips to keep your car smelling great:Place a dryer sheet under the front seats.Clean the floor mats periodically.Leave the windows open when possible to get the fresh air in.Hang an air freshener.Run the blower occasionally to circulate the air.Get into a routine of deep cleaning your car every few months to keep your car smelling fresh. Avoid eating, drinking, or smoking in the car to ensure that bad smells don’t get in there in the first place.9: Why are my tires not wearing evenly?If your tires are wearing unevenly it could signify a few things. Here are what your tire tread wear can tell you:Your tire is worn in the center: OverinflationYour tire is worn on the edges: UnderinflationYour tire has excessive inner or outer wear: Wheel alignment issueYour tire wear is patchy: Tire is out of balanceYour tire is worn diagonally: Known as “cupping wear” this signals an issue with suspensionHow your tire wears can tell you a lot about the health of your car, so pay attention to your tire wear. Inspecting your tires can also help you determine when it's time to replace them. All tires are marked with a manufacturer's date and you can expect tires to last between 6 and 10 years. Tires are the only thing between us and the ground, so they are vitally important to keeping us safe. Those are the answers to your car maintenance questions.Understanding what maintenance is necessary and exactly why it is necessary will help keep your car running smoothly for years to come. If you need some help keeping your car payments running smoothly, Auto Approve can help! Contact our agents today to find out how much you could save by refinancing  your car loan. GET A QUOTE IN 60 SECONDS 

The rejection rate for car loans is at an all time high right now. The rate of rejection is 14.2%, which is the highest recorded rate since the Federal Reserve started keeping track 10 years ago in 2013. The rejection rate was at 9.1% just seven months ago when the data was released in February. So what is the cause for this high rejection rate, and what can you do to increase your chances of getting approved? Here’s what you need to know about car loan rejections.Why was I rejected for a car loan?Before we talk about why the rejection rate is so high, we need to talk about why car loan rejections occur in the first place. Lenders want to loan money to people who will pay them back. They make more of a profit when you simply make your payments, which includes interest, than they do when they need to chase people down for payments. If you default on your loan and they need to repossess your car and sell it, it is a lot of work on their end and ultimately costs them money. Lenders want to give loans when they feel confident you will pay them back in a timely manner. They reward people who have a good financial track record with good interest rates, as they assume that they will not have to track down missing payments. There are several different reasons you may be rejected for a car loan. Here are some of the most common reasons. You have bad credit.One of the most common reasons for rejection is that you have bad credit. Credit scores take several factors into consideration and give you an overall score to reflect how financially fit you are. Credit scores look at the following factors:Your payment history (35%)The amounts you owe (30%)The length of your credit history (15%)New credit (10%)Credit mix (10%) Your payment history and the amount of debt that you are in are the two factors that affect your score the most. If you have a history of missed payments and have a lot of debt, lenders will not want to give a loan out to you. Credit scores are broken into five categories:800 to 850: Excellent.740 to 799: Very good.670 to 739: Good. 580 to 669: Fair.300 to 579: Poor. If you have excellent credit or very good credit you will most likely not have a problem getting approved. But as your score gets lower and lower you will have a harder and harder time getting approved. If your credit is fair or poor you may be rejected or only be able to find high interest loans.There were errors on your application.A surprisingly common reason for car loan rejection is simple: there are clerical errors. If you write your address wrong, incorrectly record your salary, or miss a box that needs a signature, you might be rejected. You requested too much money.Lenders will look at your income to determine how much money you can afford every month. If you are trying to buy a luxury car but have an income that cannot support those payments, a lender will likely reject you. It’s important to set a realistic budget of what you can afford before applying for a car loan that is beyond your means.You have an irregular income.If you are self employed or a seasonal worker you may have a harder time getting approved for a loan. Stable income is key to any loan application, and without it you may run into trouble. You have an open bankruptcy, lawsuit, or other negative event on your credit report.Your credit report reveals a lot of information to lenders. Any of the following items on a credit report could be a red flag to lenders and cause them to reject your application.Open bankruptcyOpen lawsuitA repossessionA foreclosureDelinquent child support paymentsHistory of collectionsA federal or state lien All of these items means that you have had financial issues at some point and therefore make you a riskier borrower. It’s completely possible to have a credit score that qualifies you for a loan, but the lender may still look at these factors and determine you are not a good candidate. Why are car loan rejections so high right now?So why right now is there such an increased rate of car loan rejections? There are a number of factors that are creating a burden for car buyers. The price of new cars.Part of the problem is that car prices are incredibly high right now. This means that people need to borrow more money than they would have in the past, while their income has probably stayed the same.  The increase in interest rates.Over the past several months the Fed has increased the benchmark interest rate three times. Interest rates are now much higher than they were at the beginning of the year. Couple this with an increase in car prices and you have a higher borrowing amount that is an increased burden on borrowers. Total debt amounts are higher.When lenders look at applications they must consider all debt that the application has. Consumer debts have increased across the board, affecting the debt to income ratio for many people. The average American held $101,915 in debt in 2022, up 5.8% from the previous year.What can I do to get approved for a car loan?Since the current economic conditions are out of your control, it is easy to feel helpless if you need a loan and can’t seem to get approved. But there are some steps you can take to increase your chances of getting approved. Get a car you can afford.If you need a car but can’t quite afford the payments associated with the car of your dreams, you may need to readjust. Do research to determine which economical model will work well with what you need. There are so many options on the market now and even the base models are well equipped with all of the modern day conveniences. Skipping the addons and luxurious touches can also help reduce the overall cost of  your new car and increase your chance of approval.  Make a higher down payment.An increased down payment will significantly increase your chance for approval. The more that you can reduce the risk to the lender, the more likely you are to get approved.Work on your credit score.Taking a few months to work on your credit score can make all the difference. Making on time payments, paying down some debts, and reviewing your credit report for errors can give you a significant boost and allow you to reapply with a better chance for approval. Wait for a negative event to expire. If you have a negative event on your credit report you may need to simply wait it out. Most negative information stays on your credit report for between 7 and 10 years depending on the type of event. Negative information may include the following:Late payments: Stay on your report for 7 yearsCollections payments: Stay on your report for 7 yearsBankruptcy public record: Stay on your report for 7-10 years depending on the type of bankruptcyRepossessions: Stay on your report for 7 years (starting at the first date of missed payments)Foreclosures: Stay on your report for 7 yearsLiens: If the lien is paid off it will stay on your report for 7 years. If it is unpaid it will stay on your report for 15 years with Experian and Equifax, but it will remain indefinitely with TransUnion If you are close to a negative event expiry, it might be worthwhile to wait it out. If you are years away from it expiring you may need to get a cosigner to make you a more attractive applicant to lenders. Get a cosigner.If you know that you can afford the payments but your credit score doesn’t reflect that, a cosigner can help convince the lender that you are a worthy applicant. Cosigners give the lenders another person to hold responsible for payments, making them more confident in their decision to lend you the money. Be sure you can afford the payments however and have an honest conversation with your cosigner about your financial situation.  Check your application for mistakes.Review your application a few times before submitting it. Getting rejected for a clerical error is frustrating but avoidable. After filling out the paperwork it's a good idea to put it down and come to it later for a final review; fresh eyes can pick out mistakes more easily. That’s everything you need to know about the current car loan rejection rate. If you have a car loan that you aren’t happy with, contact Auto Approve today! We can help you refinance your loan and save you loads of money. So don’t wait.GET A QUOTE IN 60 SECONDS 

If you already have a car that is financed, you may be wondering if it’s possible to get a second car loan. You may find yourself in the position of needing a second car, but today’s car prices make it hard to afford it without financing. The good news is that you can get a second car loan, but you may face more scrutiny which makes preparing your finances ahead of time that much more important.Here’s how you can prepare for a second car loan.How can I prepare for getting a second car loan?Applying for a second car loan will follow the same process as when you applied for your first car loan. You will however face more scrutiny from lenders because you are accruing more debt. Lenders will consider the same factors that they considered with your original car loan. They will look at your credit history, your current debt, payment history, and income to determine how much of a risk you are when it comes to financing. If you have a good income, good credit history, and don’t have a lot of debt you may find that getting a second car loan is no issue at all. If you are having trouble making your monthly car payments and in general are not in a great financial position, you may have a hard time securing a loan. The best way to prepare for a second car loan is to ensure that your finances are on track and that you can afford the car you wish to buy.How do I know if I can afford a second car? When you buy a second car, not only will you need to afford a second car payment every month, but you will have to afford the additional costs that come with buying a car. That means:Increased insurance premiumsMaintenance costsParking feesRegistration fees It’s important to think about all of this when you are considering which car to purchase. Selecting a car that you can afford comfortably will give you a better chance of keeping current with your payments.  The general rule of thumb is that your total transportation costs should not exceed 20% of your income. This means that your car payments, insurance, maintenance, gas, parking, and tolls should all be 20% or less of your income–and that’s for both cars. While you may not have a ton of control over the price of gas, parking, tolls, and maintenance, you do have some control over the car payments you will be making. The key is to select a car that you can afford. Here are some questions to ask yourself when deciding which car you should purchase as a second car: Can I afford it? The first question you should ask yourself is if this actually fits into your budget. If you can afford it, then great! But if not, consider your needs and see if a used car would be a better option for you.What will this car be used for? In other words, why do you need a second car? If you need a car simply for getting from point A to point B, a small economical car with few addons might suffice. This will help you secure a lower purchase price. If you want a nicer second car that will be your fun weekend car, be sure to look around at different brands and try to find a car that will fit into your budget while still giving you the comfort you are craving.Can I wait and get my finances in great shape? If you can afford to wait a few months to make sure your finances are in order it can save you a lot of money. If the situation is urgent you may not have the luxury to shop around and get your credit boosted.Should I refinance my first loan? Before getting out a second loan you should take another look at your first loan. If your finances have improved since your initial loan you may be able to refinance and secure a lower interest rate. This can ease up a lot of money every month and allow you to more comfortably make a second loan payment every month.How can I improve my chances for getting a second car loan?Lenders tend to perceive a second car loan as risky so your odds for approval are lower. But there are several steps you can take to help get approved and get the best car loan APR possible. Check your credit report.Getting a copy of your credit report and reviewing it for errors can help you enormously. When you get your report you want to take a look at all payments made, all debt balances, and all open accounts. It’s good to review this every few months in general, but it’s especially important when you are interested in opening a new account. If you notice anything that is incorrect be sure to report it immediately. Fixing errors can bump up your credit score significantly. Reviewing your report also gives you a chance to check in on how you are doing financially. Are you keeping up with payments? Do you have too much debt? A self assessment will help you keep track of your finances much more efficiently.  Save for a down payment.A sizable down payment will not only help reduce the balance of your loan (and therefore reduce your payments) but it will also help you get a lower interest rate. A down payment instills confidence in the lender that you are responsible and have the means to make monthly payments.  Pay down revolving debt.Revolving debt is debt that you borrow against a line of credit, like a credit card. Paying down these accounts will significantly improve your debt to income ratio and improve your chances of getting approved for a second car loan. Get a cosigner. If you really need the second car but you are having trouble getting approved, you may want to consider using a cosigner. A cosigner with good credit can help you get approved and help you secure a better car loan interest rate. If you default on your payments your cosigner will be responsible for making them, making you a less risky candidate. But using a cosigner can make for a complicated personal relationship. After all, if you default on your loan you are putting them in a tight financial spot. It’s important to only do this if you are certain that you can afford the payments.  Estimate your car insurance payments.While maintenance costs can be tricky to predict, you are able to estimate your car insurance premiums before you purchase a second car. It’s important to take this into consideration because it can easily add a substantial amount onto the cost of your second car. To get an estimate you will need to know which car you are interested in (or at least have your top two or top three picked out). You will also need to determine the level of coverage you want. The requirements vary state to state so check your state’s department of motor vehicle to see what type of coverage you need. You can then reach out to your current insurance provider and get an estimate. Be sure to get quotes from a few other companies as well. You may find better deals with other companies especially if you are bundling your policies. Taking the additional cost of insurance into consideration will help you make the right choice when buying a second car. Shop around for the best car deal. There are a lot of options when it comes to buying a new car. While you used to be limited to the dealerships near you, there are now a lot more options available. When you find the car that is right for you, check the prices at several dealerships. Online dealerships like CarsDirect and Carvana may be more affordable options for you. Shopping around for the best deal can save you thousands. Get pre approved.Pre approval makes buying a new car much easier. You will know before you even set foot in a dealership what cars you can afford and how much your payments will be. It will also help you avoid the dealer financing pitch, which is usually always more expensive. The dealer will have to beat your pre approval rate, which may be hard for them to do. In general pre approval makes you seem like a prepared, no-nonsense buyer and will help you tremendously. It’s always good to bring a loved one along with you to the dealership to help keep you focused and help you resist the added pressures that are present at dealerships. That’s how you can get a second car loan.Getting a second car loan may be slightly more difficult, but preparing your finances will give you a better chance of being approved. If you are interested in refinancing your car loan, contact Auto Approve today! You can get a free quote in minutes and it could save you thousands. So don’t wait! GET A QUOTE IN 60 SECONDS

Nothing can turn a good day into a bad day quite like car problems. Whether it’s a flat tire or an empty gas tank, an issue on the road can quickly derail your plans and ruin your day. But roadside assistance programs are designed to come to the rescue when car troubles rear their head. So how exactly do they work and where can you get one? Here’s everything you need to know about roadside assistance programs.What is roadside assistance?Roadside assistance is an optional service that you can sign up for which can assist you when your vehicle breaks down for a variety of reasons. If your vehicle breaks down your roadside assistance program will send emergency service to you that can assist with whatever the issue may be. These programs can also help offset the cost of the repairs, which can be very costly. What exactly is covered by roadside assistance plans will vary greatly, but here are some examples of what might be covered by your plan:Fuel deliveryElectric vehicle chargingLockout servicesTowingWinchingJumpstartTransportation for stranded passengersShould I get roadside assistance?In general it’s a good idea to have a roadside assistance program to help you prepare for the unexpected. But there are certain people who may find it more necessary than others. You should consider roadside assistance if:You have an older and/or unreliable carYou are unfamiliar with handling car-related emergencies, such as changing a tireYou drive a lot and/or take frequent road tripsYou want the additional discounts and benefits that stand alone policies offerYou like the peace of mind that comes with coverageWhere can I get roadside assistance?If you are looking for a roadside assistance program there are many different places that offer them. Their offerings will vary so you will need to think through what type of plan will be of most value to you. Car ManufacturersWhen you buy a new car many manufacturers will throw in a roadside assistance plan for a set time period. Since these programs are included in your purchase it’s good to take advantage of them, but these plans usually only cover towing to an authorized dealership. Here are some examples of roadside assistance through car manufacturers:Ford: Free roadside assistance up to 60,000 or five yearsHyundai: Free roadside assistance for five yearsToyota: Free roadside assistance for two yearsVolkswagen: Free roadside assistance for three years or 36,000 miles Insurance CompaniesYour car insurance provider may offer a roadside assistance program that you can add on to your premium. For one set added fee you can have all insured drivers and cars covered. It is usually a more affordable option than purchasing a standalone plan, but you must read the fine print to be sure that calls to roadside assistance do not count as a claim. If they do this could result in increased premiums. Credit Card CompaniesMany credit card companies cover roadside assistance as well, but these plans can be expensive. You may call for assistance but you will be charged accordingly, and it may not save you much money. For example Visa will charge you $80 per incident, which you may find to not be very helpful. These policies are better than not having any other coverage but are not full service protections.  Cell Phone CompaniesMany cell phone providers also offer roadside assistance programs that you can add on to your cell phone policy. Verizon and AT&T both offer plans for $3 a month that can offer some assistance, but these policies are similar to those offered by credit card companies. Again, these policies are better than not having any other coverage but are not full service protections. Standalone Roadside Assistance ProgramsYou can also choose to use a company that specializes in roadside assistance, such as AAA, National General Motor Club, and Better World Club. These companies have different tiers of coverage that you can select from, providing different options based on what works for you. These plans also frequently offer additional benefits such as discounts on hotels, restaurants, and fuel stations. Vehicle Protection PlansIf you have a vehicle protection plan you may also be covered for roadside assistance. For example if you refinance your car with Auto Approve you can add on a vehicle protection plan for a low monthly fee. If your car breaks down you can get 24/7 roadside assistance, courtesy towing, and even have your rental car reimbursed, and it is all covered by your protection plan.What should I look for in a roadside assistance plan?There are a lot of companies that offer roadside assistance, so you want to do your research and make sure you are covered for what you need. Here are the questions you should ask. Do I already have roadside assistance?It may be possible that you already have some coverage when it comes to roadside assistance. If you recently bought your car, check the sales agreement and warranty information to determine what is covered. You should also check your credit card agreement and your cell phone carrier agreement as they may offer some coverage. How much does the plan cost and what is covered?Roadside assistance plans can vary greatly in cost. They can be as little as $5 or $10 per year and can stretch well over $100 per year. Look at the cost of different tiers and what is included in each. You need to compare the cost in conjunction to comparing the services offered. How many claims are you allowed?Some roadside assistance plans will allow an unlimited number of calls, while others may only cover three. You may have to pay an additional fee after you reach your threshold.  Does your coverage extend to other cars and to other drivers?If someone is driving your car will they be allowed to use your roadside assistance plan? If you are driving someone else’s car will you be allowed to use your roadside assistance plan? It’s important to have a clear understanding of what–and who–is covered. That’s everything you need to know about roadside assistance programs.  It’s a good idea for most people to have some sort of protection plan, whether it is a free program through your credit card company or a paid plan through AAA or another standalone company. And if you refinance your car loan through Auto Approve you can add on a vehicle protection plan to keep you safeguarded from the unexpected. So if you are ready to start saving money and get an emergency roadside assistance program, contact Auto Approve today!GET A QUOTE IN 60 SECONDS

Fall is almost here in all its breezy and colorful glory. While the fall is arguably the most beautiful time to go for a drive, there are certain things that you need to keep in mind to ensure that your drive is as safe as it is beautiful. Here are our top tips for driving in the fall.#1: Make sure your car is prepared.The changing of the seasons marks a great time to check in with your car and make sure it is properly maintained and prepared for fall driving. This means taking the following steps to ensure your car is in proper working order:Check on all fluid levels and top off accordingly. Change your oil if it’s due.Check all lights on your car, including headlights, turn signals, and brake lights. Check your wipers blades and replace them if necessary.Check on your heating system.  The days are getting shorter, the temperatures are dropping at night, and damp leaves are starting to accumulate. All of these factors make driving more hazardous, so making sure your car is ready for anything that might come your way is incredibly important. #2. Check your tires.While this technically fits in with “making sure your car is prepared”, it’s so important this time of year that it needs its own safety tip space to shine. Check your tires and ensure they have good tread and are wearing evenly. If your tires are wearing unevenly you may have an issue with alignment and should take your car into the mechanic to have them inspect it. If your tread is low, replace your tires as soon as possible. You also want to keep an eye on your tire pressure. The colder temperatures will cause the air to contract and decrease pressure, which can make your tires underinflated. This is not only dangerous but bad for your car. The bottom line is make sure your tires are good before the winter begins. #3. Stock up your emergency kit.You should already have an emergency kit loaded in your car with all of the essentials (if you don’t, start one as soon as possible!). But it’s good to take everything out and make sure you have everything you may need. Check that your snacks are still good, your bottle of water is intact, and your first aid kit is restocked with bandaids. You don’t want to be stuck without something you need, especially now that the nights are getting colder. #4. Be ready for shifting light patterns. Sunrise is happening later and later and sunset is happening earlier and earlier. This means that the sun glare while driving will affect most people much more. Be sure to keep sunglasses in your car for when the glare becomes too much, keep your windshield clean, and make sure your windshield fluid is topped off.#5. Prepare for driving with leaves.Falling leaves are beautiful but they create a boatload of safety issues when driving. Here are some of the top things to keep in mind:Wet leaves decrease friction significantly which makes them very dangerous to drive on. It’s all too easy to lose control of your vehicle when they are slick on the road. Make sure to slow down ahead of time and take your time on bends. As the temperatures drop, leaves can become icy, making them even more dangerous.Dry leaves can also reduce friction. Leaves on the road can cover up potholes and road markings.Leaf peepers can create dangerous driving conditions all by themselves. They may drive below the speed limit, miss signs, and just not pay attention in general.  Be sure to pay extra attention when the leaves are falling and make sure the leaves are removed from your hood and wipers to prevent any issues with visibility.#6. Be on the lookout for deer.Deer breed in the fall, which means that not only are they out and about more, but they are hopped up on hormones and usually a little less skittish than normal. Be extra vigilant when driving, especially at dusk and dawn when they are more active. If you do see a deer in the road, put your hazards on and drive slowly. Alerting other drivers will help everyone avoid an accident.#7. Consider school traffic.When kids head back to school there is more school traffic to consider. Buses will be out on the roads, kids will be walking to and from school, and kids will be playing outside after school in the beautiful weather. Be especially careful when driving by leaf piles. Kids love to play and hide in them, so avoid driving through and near them and all costs. #8. Gear up for frost.Dew and rain this time of year combined with dropping temperatures means that frost is inevitable. This can make for very slick areas that may appear innocuous but are actually pretty dangerous. Many are prepared for this in the winter, but when slick conditions appear in the fall they are unprepared. Be sure to monitor the temperature as you are driving and if it starts getting cold, increase your vigilance.#9. Prepare for night driving.As the sun sets earlier and earlier, the chances are you will be driving in the dark more often. And driving at night is actually much more dangerous than driving during the day. According to the National Safety Council while only 25% of driving occurs at night, 50% of all accidents occur at night. This is because depth perception, peripheral vision, glare, and color recognition are all affected by the dark, making everyone a less safe driver while on the road at night.#10. Double check your insurance, registration, and car loan information.Again, the change of the seasons can serve as a good reminder to ensure all of your car-related paperwork is in order. Is your insurance up to date and valid? Is your registration current? Are your car loan payments manageable? How does your interest rate compare to other rates on the market? Refinancing your loan can help secure a lower interest rate and better repayment terms, which can help free up some money before the holiday season hits. Use this time to check in and ensure everything is up to date and you are satisfied with your car loan.Those are our top tips for driving in the fall. Take the time to prepare your car and your mindset for fall time driving to make sure you enjoy the season. Keep yourself, your loved ones, and your car safe while hitting the roads this season. Interested in refinancing your car loan? Contact Auto Approve today!GET A QUOTE IN 60 SECONDS

If you are looking for a car loan, there’s good news and there’s bad news. The good news is that there are a lot of places that can help you secure a loan. The bad news is that there’s A LOT of places that can help you secure a loan. When there are so many options it’s hard to know where to turn. So how can you find the best place to get a car loan? Let’s talk about the best place to get a car loan and how you can decide what is right for you.Where can I get a car loan? At a Car DealershipOne of the easiest ways to get a car loan is to simply go to the dealership and arrange for financing when you purchase your new car. Dealers make it easy for you to do everything in house. They have relationships with certain lenders and can approve you on the spot for financing. This can be good or bad depending on your situation. The biggest advantage to dealer financing is that it is convenient. You don’t need to make any effort other than showing up at the dealership with the necessary paperwork. But with convenience comes the one major disadvantage: you cannot shop around and compare. Taking the time to research and compare rates and lenders can help ensure that you get the best rate, the best terms, and essentially the best loan possible. Dealer financing is generally more expensive because the dealer is tacking on additional fees or additional interest to the lender’s loan. You are paying for a middle man in addition to paying the lender. Some dealerships have in-house financing companies, which are referred to as captive finance companies. These companies are lending institutions in and of themselves. Captive financing may offer more discounts since they have control of the underwriting process. But they may also be much more aggressive when trying to upsell you and there may be inflated prices. The advantages: ConvenienceThe disadvantages: Higher rates, higher pressureThe bottom line: Dealer financing is not the best place to get a car loan, but if you need a new car and are having trouble getting approved elsewhere it may be your best bet.At a Traditional BankGoing to a traditional bank is still a great option for many people looking to secure a car loan. Banks can usually offer the lowest rates and the best terms, but these rates are reserved for those with the best credit scores and credit history. You may find limitations and restrictions when using a traditional bank, for instance many traditional banks will not finance a car that is over a certain age or mileage.  The advantages: Competitive rates, many locations, great customer serviceThe disadvantages: Less flexibility, not great for those with poor creditThe bottom line: A traditional bank is a great place to get a car loan if you have good credit, but if your credit is less than stellar you may have a hard time securing a loan.At a Credit UnionCredit unions operate in a similar way as banks do, but they are not for profit and instead distribute their profits to their members. They tend to serve specific locations or communities of people as well, as opposed to a traditional bank that has branches throughout the country if not the world. Credit unions may have membership requirements but they offer many benefits, often offering better interest rates than traditional banks. They can also be more flexible for those who may not meet the standards of a traditional bank.  The advantages: Competitive rates, great customer service, more flexible than traditional banksThe disadvantages: May not meet membership requirements, do not have a lot of locationsThe bottom line: A credit union is a great financing option for many people. They often have the lowest rates and great customer service, but you may need to shop around and determine your eligibility. OnlineOnline lenders have become an increasingly popular option for car loans in the past decade, and it’s easy to see why. When looking for an online lender you can easily shop around and compare interest rates and terms. There are so many online lenders that there are usually options for every type of applicant. If you have poor credit an online lender may be your best bet to get approved, although you will end up with a very high interest rate (subprime borrowers can get loans that are upwards of 22%). If you have great credit you may find the most competitive rates online, rates that may even beat those offered by traditional lenders. But these lenders vary greatly in terms of reputation and customer service, so it’s imperative that you do your homework before signing with any online lender. These companies typically require much more vetting than would be necessary with a traditional bank or credit union.  The advantages: Lots of options to compare, competitive ratesThe disadvantages: Requires more research and vetting which makes it much more time consumingThe bottom line: If you have the time and patience to use an online lender you may find the most competitive rates and best terms for your car loan.How can I get the best car loan rate?While there are a lot of different places where you can secure a car loan, they all take the same factors into consideration. Getting the best car loan rate possible will depend on the same factors:Your credit score and credit report.Your income and employment history.Your down paymentYour loan termYour carThe current economic conditions Each of these factors is looked at carefully when the lender is determining what car loan rate they will offer.Your credit score and credit report.This is the biggest factor that is within your control that will dictate the car loan rate you are offered. Your credit score is a fast and easy way for lenders to determine how creditworthy you are and how likely you are to repay a loan.  Below 580: Poor580 to 669: Fair670 to 739: Good740 to 799: Very Good800 and up: ExceptionalBy fitting your score into one of these brackets they can easily decide if you are responsible with your accounts and able to manage your money. Lenders can then take a closer look at your credit report to learn more about your financial health. Do you pay your bills on time? Are you in a lot of debt? All of these factors will help them decide what score you are offered. The higher your credit score is, the better your interest rate will be. Your income and employment history. Lenders want to ensure that you have a source of income to pay for the new car you are getting. They will not want to give you a loan where your payments will be $800 a month when you are only earning $1000 a month.  Your down payment.Down payments are important for a lot of reasons, and a sizable down payment may even lower your interest rate. Lenders view you as less risky if they see that you have made a large down payment. Your loan term.In general you will be offered a better interest rate if you select a shorter repayment period. Your loan payments will be higher every month because you are not stretching out your repayment period, but you will save a lot of money in interest.  Your car.The car that you are buying will also affect the interest rate. New cars come with lower interest rates because they will have a higher resale value should you default on your loan. If you are buying an older car you may have a hard time finding a loan in general.  The current economic conditions.The only factor that you have no control over whatsoever is the current economic conditions. When the economy is dealing with high inflation the interest rates will be higher to curb spending and try to stabilize the economy. There is nothing that you can do to change this, so your best bet is to wait until the interest rates go down before securing a new loan. This is not always possible however, so shopping around for the best rates is more important than ever.Where should I get a car loan?Ultimately the best place to get a car loan will depend on your situation. But regardless of where you decide to apply, it’s important to make sure your credit is in good shape and that your credit score is as high as possible. Shopping around and comparing rates is key when determining the best lender for your situation.That’s how you can decide where to get the best car loan for you.There are a lot of lenders that offer car loans, so the more research and preemption you do the better off you will be.  If you already have a car loan but want a redo, contact Auto Approve today! Our experts can help you refinance your loan and save you money. And who doesn’t want that?GET A QUOTE IN 60 SECONDS

Imagine you have saved for months, even years, for the car of your dreams. You arrive at the dealership, negotiate your terms, and drive off the lot feeling on top of the world in your new set of wheels. But days later you get a phone call and are told that the financing fell through and you need to come back to discuss this. You are in disbelief, but what can you do? This scam is called yo-yo financing, and it ropes many Americans into bad financing deals every year. Let’s talk about yo-yo financing scams and how you can protect yourself from fraud. What is yo-yo financing?Yo-yo financing is when you finance a car through a dealership and the dealer pulls you back (like a yo-yo) and changes the terms of the deal after you have already left with your new car.  In reality, dealerships are misusing what is referred to as spot delivery. Spot delivery allows dealers to sell you a car and even send you home with it when banks are closed, like on weekends, nights, and holidays. They can approve you for loan terms conditionally, while final approval will be made later during normal business hours. While this law is intended to help people who need to do business in off hours, when it is misused it allows dealers to prey on vulnerable buyers. How does yo-yo financing work?The dealer will sell you the car with their usual tactics. You’ll test drive, you’ll talk, and you’ll get down to business talking about money. The dealer will tell you that you are approved for a certain loan deal and agree about the specifics, including the down payment you will make, the interest rate, and the repayment period. But in reality this is only a tentative deal, and the fine print in your sales agreement backs this up. The dealer has presented this sale as a done deal, when in fact they knew that there was no way you would qualify for such a loan.  But you don’t know any of that; all you know is that you have a new car and a new loan, and you drive home thinking all is well and good. A few days or even weeks later you get a call from the dealer who tells you that the financing fell through. Maybe you need to make a larger down payment, or maybe you need to come in and resign for a higher interest rate. When this happens, you may think that you can just refuse. After all, you signed the paperwork right? This tactic will not work however, and dealerships can (and will) repossess your car. In some instances dealers have even called to report the car stolen and had the drivers arrested for theft.  To avoid this, you go back to the dealership and try to talk to them. Dealers will try to talk you into any of the following:Putting more money downAgreeing to a higher interest rateLengthening your repayment planPutting you in a different carWhat if you traded your old car in and they already sold it? Legally they are only required to give you the cash value of that sale, which can be devastating. When people fall victim to this scam they have already taken the car home to show their friends and family. They have already fallen in love with their car and can’t wrap their head around returning it. So most people simply give in and agree to the unfavorable terms. How common is yo-yo financing?Yo-yo financing is considered to be a widespread problem by the Federal Trade Commission. In 2022 there were 900 cases that were filed where consumers felt they were victims, but it is believed to be a much much larger problem than that. Unfortunately there is no explicit law that bans this practice. That is because spot delivery or spot financing is legal, and this scam is associated with an abuse of that practice.  A handful of states are trying to address this with certain restrictions to spot deliveries. Maryland for example requires that a dealer writes a detailed disclosure before releasing the car to you, and then they have just four days to notify whether or not your financing terms have been rejected. If you have been denied they must return all payments that you have made, including your trade in vehicle, down payment, taxes, and fees.How can I prevent becoming a victim of yo-yo financing?There are a few ways that you can protect yourself from this scam. Knowing that this scam is out there is a great first step, but there are other precautions you can take as well. Get pre approved.Getting preapproved is incredibly important when it comes to buying a car. You should not depend on dealer financing when looking to get a new car. Dealers typically charge more than a bank or credit union would charge. It’s also easy to get swept away by a dealer's sales pitch and not fully think through the financing terms you are agreeing to. But if you get preapproved you can shop with confidence knowing that you can afford the car you want. Pre Approval will also alert you if a deal is too good to be true. If you know that you were pre approved for a 6.5% loan over 48 months and the dealer tells you that you have been approved for a 5% loan over 36 months, it should alert you that something is off. Read the fine print.Everything comes with fine print these days and it’s easy to gloss over language, especially when it seems like it is a standard contract. But the fine print will reveal a lot to you. If you see terms such as “conditional” or you see that some areas on the contract are left blank, question this. If the dealer lets you drive the car away without signing anything, run the other way.  Bring along some support.It’s a good idea to bring along a friend or loved one when looking to buy a car. They can help keep you grounded and be another set of eyes to watch out for any warning signs.  Don’t sign until you are ready.Salesmen are trained to get you to sign a contract on the spot. They want to make a sale as soon as possible so that you have less time to change your mind. But keep in mind that there is no rush and you are under no obligation to make a decision on the spot. Walking away and thinking before you sign may save you from a predatory financing deal. Ask to see proof of approval.You are allowed to ask for written verification that your loan terms are approved (in fact you should ask for this confirmation). They may tell you it is confidential but that is not true.What should I do if I was the victim of a yo-yo scam?There are a lot of red flags that will jump out if you are involved in a yo-yo financing scam. After you leave with your car you will get a phone call from the dealership with one of the following lines:You need to come in to make a larger down payment.Your interest rate will be increasing.We still need your signature on some paperwork.You are not approved and must return to discuss.Your financing fell through unfortunately. You need to come back with a cosigner.We have a better deal that you qualify for. All of these are red flags, but it may be too late to do anything at that point. They are legally allowed to take the car back if the fine print specifies that they can. And unfortunately it is very rare for a customer to win a lawsuit or get to keep the car under the same terms.  If you feel like you are a victim, read all of your paperwork very carefully. If you see that the sale was conditional, try to simply return the car and get out of the situation. You may be invested in trying to keep the car, in which case you can ask to see a copy of the denial letter. If they say they cannot provide it, this is a major red flag that you may have been scammed this whole time. Consider consulting the National Association of Consumer Advocates website to contact an attorney that specializes in fraud. It’s important to file a complaint at the very least so that measures to make this practice illegal can move forward.That’s everything you need to know about yo-yo financing.If you feel like you have been a victim of this scam it’s important to file a complaint. You may not be able to get out of the deal, but you can help other people from becoming a victim. If you are in a bad financing relationship it’s a good idea to contact Auto Approve to discuss car loan refinancing. They can help secure a better loan rate and get you more favorable terms. GET A QUOTE IN 60 SECONDS

Every year car manufacturers are adding more and more features to their new models that make life easier and more convenient. But many of these features are doing more than that–they are making us safer. By creating safer driving environments they are reducing the risk of accidents on the road, which can also translate to insurance savings. So which features can keep you safe while also saving you some money?Here are 8 safety features that will lower your car insurance.#1. Forward-Collision WarningForward collision warning detects if a collision is about to occur based on the car’s speed and distance from the object ahead of them. Advanced sensors that are located in the car’s fascia work to monitor objects that are detected and warn drivers when a collision may occur. These systems often work in conjunction with other systems, like automatic emergency braking, to make driving much more safe. In fact the Insurance Institute for Highway Safety (IIHS) has found that FCW reduces rear-end crashes by 27%.#2. Blind Spot Detection Blind spots create major issues and can be dangerous for drivers, but blind spot detection can help alert drivers to another car that may be driving where you cannot see them. These detection systems use cameras, radars, and ultrasonic sensors to detect the location of other cars. If a car is detected in your blindspot you will receive a visual warning (typically a light will appear on the mirror or by your steering wheel). If you put on your turn signal you will then get an audible warning that will alert you that it’s unsafe to change lanes. These detections are now standard on most cars, and with good reason. Studies have found that blind spot detection reduces lane change collisions with injuries by 23%.#3. Lane Departure WarningAnother warning feature that has reduced collisions on the road is the lane departure warning system. This feature alerts you when you start to drift out of your lane. Sensors use the road markings to determine where your car is in relation to the lane and if you start to drift into another lane it will give you an audible, tactile, or visual indication. The road markings must be clear and bright for this feature to work, not faded or covered. LDW systems have been shown to reduce vehicle crashes by 26% and the number of seriously injured drivers by 20.7%.#4. Rearview CamerasRearview cameras are standard in most cars these days, and that’s because they are incredibly helpful when backing up and parallel parking. They reduce your blind spots and can help you see objects that are low to the ground, such as pets and children, that you might not see if you were without a camera.#5. Anti-Theft DeviceIf you have comprehensive coverage on your vehicle, this means you are covered for theft and vandalism. But certain anti-theft devices can lower your premium as they will deter theft and make it more difficult. According to a study by AgileRates, having an audible alarm may reduce your premium by about 0.4% a year. If your car is equipped with a passive disabling device it may reduce your premium by about 0.7% a year. A passive disabling device is a type of security device that is armed when certain conditions are met, such as the key is not in the ignition and the doors are closed. When this type of device is activated the engine is immobilized, which makes stealing your car much more difficult.#6. Anti Lock BrakesAnti-lock brakes are designed to prevent your brakes from locking when you brake hard in an emergency. This will help you continue to have control of your car when you are skidding on the road. ABS is designed to aid with steering, not necessarily decrease the stopping distance, but oftentimes the use of ABS does decrease the stopping distance. Anti Lock brakes became  mandatory for new cars in the EU in 2004 and mandatory for new cars in the United States in 2012. ABS has been shown to reduce the number and severity of vehicle crashes of all types. #7.  GPS TrackingGPS tracking will help you locate your car in the event that it is stolen. Trackers use satellite navigation data to provide real time information as to where your car is at any time. But there are some additional benefits to GPS tracking aside from locating it in the event that it is stolen. GPS can help emergency responders locate you if you are ever in trouble, you can track your car down easier if it gets towed, and some insurance carriers may use your GPS data to track your driving habits (and offer you discounts).#8. Adaptive LightsAdaptive headlights bend light around turns so that you can see what is ahead of you when driving at night. The headlights use sensors that detect your steering angle and swivel to follow the direction that you are driving. Adaptive lights make driving winding roads late at night much safer and have been shown to reduce the amount of nighttime accidents.How much money will safety features save me on car insurance?All of these features may provide a slight reduction in the amount you are spending on car insurance. While some may only save you a few dollars each year, they are all incredibly important and useful safety features that can help keep you safe on the road. If you are looking for additional ways to save money on your car insurance every year, try the following steps:Shop around and compare every year when your policy is up for renewal (even if you are happy with the service).Keep a healthy credit score by paying your bills on time, monitoring your credit report for any errors, and ensuring you don’t have too much debt.Look around for additional discounts you may be eligible for (student discounts, military discounts, good driving discounts).Reduce optional insurance on older cars, especially if you don’t drive them a lot.Bundle your car insurance with other insurance, such as homeowners or renters insurance. Look into low mileage discounts if you don’t spend a lot of time in your car. The most important thing you can do to save money on your insurance is shop around and compare. But taking other steps such as buying a car with good safety features and keeping a good credit score will help you to get the best insurance price possible.Those are the top safety features that can save you money on insurance.If you are looking for another way to save money, contact Auto Approve today! Refinancing your car loan can help put money back in your pocket. So what are you waiting for?GET A QUOTE IN 60 SECONDS