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If you are wondering how to get out of a car lease early, there are three main options to consider: transfer the lease, return the car, or buy the car.Which you choose will depend on the details of your lease, the vehicle, and your finances.Read on to learn about each option, how it works, and why someone might choose or avoid it.Ending Your Car Lease Early: The Complete GuideIn this article, we’ll look at:Reasons to end a car lease earlyTransferring a car leaseWays to terminate your car lease Considerations for buying out a leaseWhat you need to know to get a lease buyout loanWhy end a car lease early?There are a number of reasons why you might want to get out of your car lease early. For example: You just lost your job, and the payments are too much to keep upThe vehicle you leased isn’t fitting your needs anymoreYou want to be done with leasing and simply own your car outrightYou’re worried about excess mileage feesThese are all valid reasons, and they’re not the only reasons. Plans change, things happen, and unexpected events can throw us totally off-course from what we thought we needed in our daily lives. When it comes to the terms of your auto agreement, a lease might have seemed like a good solution at one point; yet, due to circumstances out of your control, being in a car lease no longer makes sense for you.Fortunately, tons of people find themselves in a similar predicament each year, which is why it’s not uncommon to want to learn how to get out of a car lease contract early.Still confused? Here are a couple frequently asked questions about reasons to end your car lease before it’s up.What are excess mileage fees?When you get a lease, it often includes a maximum number of miles you’re allowed to drive per year. If you stay under that mileage, some lenders will give a small refund for preserving the car. If you go over it, however, you’ll get charged a fee per mile, payable at the end of the lease. This is because the mileage affects the value and wear and tear of the car.For example, let’s say you had a 3 year lease with a maximum annual mileage of 12,000 miles at a rate of $0.25 per mile over the limit, and you average 14,000 miles per year.You would be 2,000 miles over every year for three years, so you would owe:(2,000 x 3) x $0.25 = $1,500.00$1,500 at the end of the lease. It can really add up!Many people buy out their leases to avoid these excess mileage fees. That’s been especially true in the past several years, since used car values increased during the pandemic and have stayed elevated. This may make your current vehicle’s value higher than the dealer thought it would be at the time the lease was signed.Is it a good idea to get out of a car lease prematurely?That really depends on your unique situation. In many cases, people choose it because they feel they have no other choice. Figuring out how to get out of a car lease agreement early can be a costly and lengthy process. However, if the cons of staying in your lease outweigh the costs and challenges of getting rid of it, then it makes sense to stay the course.If you have decided that you need to make a move and get out of your lease, make sure you really take time to weigh your options, and don’t agree to anything without hearing the final numbers on what you’ll owe or receive. Don’t be afraid to demand hard numbers from your leasing company: it’s a service they owe you as your lessee. So, with all that under consideration, how do you get out of a car lease early?Options for ending a car lease earlyThe short version is, you can do one of three things:Return your vehicleTransfer your leaseBuy your vehicleLet’s break down each option.Return your vehicleThe simplest way to get out of a lease early is to terminate the lease agreement and return the car. However, this is also often the most costly option. When you terminate a lease early, you may be responsible for all or some of the following expenses:early lease termination feeremaining payments on your vehicleany costs related to resaletaxes associated with leasingnegative equity between your lease and the current market valuestorage and transportation of your vehicleSince a car’s value typically depreciates more upfront, the earlier you terminate the lease, the higher the cost is going to be on your end. In many cases, the termination cost may be so high that it makes more sense for you to complete the lease as agreed upon. Remember that the Consumer Leasing Act does mandate that all of these details are included and available for you to review in the lease you have on record.Early lease termination feeEarly lease termination fees vary widely from lease to lease. They are often based on a sliding scale, making it more burdensome to pay off the earlier you are in your lease. For example, if you terminate your lease in the first year, you may be required to make three additional monthly payments, whereas if you terminate your lease in the second year you may only be required to make two additional payments. Review your lease agreement thoroughly to determine your responsibility.Remaining payments on your vehicleYou may be required to pay some or even all of the remaining payments on your vehicle. This is potentially the most expensive part of exiting a lease early. If you decide to terminate your lease with 18 months left on your contract and your monthly payments are $300, you may be on the hook for $5,400 in addition to the other fees associated with termination. Any costs related to resaleLease agreements typically require you to pay a disposition fee, which covers any costs associated with reselling the car. This could include getting the car thoroughly washed and detailed, fixing any cosmetic dings, and performing any necessary maintenance. This can range from a few hundred to a few thousand dollars depending on the terms of your lease and the condition of your car. Taxes associated with leasingIf there are any additional taxes associated with the lease, you will be required to pay those. These costs vary greatly from state to state so you’ll want to make sure you know how much you’ll owe in taxes before making any decisions.Negative equity between your lease and the current market valueNegative equity is when you owe more than something is worth. This is also referred to as being “upside-down” or “underwater” on a loan. When it comes to a lease, it means that your monthly payments are not paying down the balance of the lease faster than the car is depreciating. Your lease agreement might require you to pay some or all of this difference in the car’s value.Storage and transportation of your vehicleAny costs related to the physical removal and storage of your vehicle will be your responsibility to pay.As you can see, all of the lease termination fees often make this the most expensive and least practical way to get out of a lease early, though it is definitely the most straightforward. Transfer the leaseA very popular option to get out of a lease early is to transfer your lease to another person. It is important to look at your lease agreement, however, as not all leases permit a third party transfer.Websites such as leasetrader.com and swapalease.com can help match you with someone looking to take over a lease. However, you must ensure that it is legal to do so in your state. The new lessee must also meet the lender’s requirements. If you are able to transfer the lease, you will most likely be held responsible if the third party stops making payments. You will also be required to pay any transfer fees, which can range from $500 to several thousands of dollars. It is common to offer incentives for people to take over your lease as well. An extra $500 to anyone willing to take over your lease might convince someone who is on the fence about whether taking over your lease is a good move. This option may be less expensive than returning your car early, but will still come with hidden fees, like the lease transfer fee and other costs that will pop up. You should do your due diligence and make sure you have a full tally of all associated costs before choosing to transfer your lease. Be sure to compare the costs between a lease transfer, early termination, and lease buyout before making any final decisions.Buy the carSometimes the most financially beneficial way to end a lease early is to buy the car from the lender. If you have the capital to do this outright, you can simply buy the car and pay for any associated fees. If you do not have that amount of cash on hand, you can opt for a car lease buyout loan. Depending upon the details of your vehicle and loan, buying out your vehicle entirely may be you best option for early termination. Yes, there are still fees involved, but it’s worth running the numbers to compare this option against the others. Many people who need or want to get out of their car lease option pick buying their vehicle outright (or getting financing to do so) because, unlike the other options, you get to keep the car at the end of the process. This means that you can either keep and use the vehicle or resell it, recouping some of the costs involved.Let’s take a closer look at how buying your leased vehicle works.How to buy your car from your lease agreementDetermine your car’s valueCheck for excess mileage, wear and tear, and disposition feesObtain a lease buyout loan, if necessaryDetermining your car’s valueEvery car lease has a residual value that is listed in the loan agreement. The residual value of a car is based on your car’s expected depreciation over the life of your loan and is predetermined by the leasing company. It is usually non-negotiable. This is the number that you are bound to should you choose to buy your car.It is important to also look at your car’s market value. This is based on the demand for your car, and will give you an idea of how much you can get if you resell the car. It is important to know what the market value is of your car to determine if it makes sense to purchase it. If the residual value of your car is $13,000, but the market value is $11,000, it would mean that you are paying $2,000 more than what your car is worth. Consider these values and determine if a car lease buyout makes sense for you. Maybe you want to keep the car for yourself and you are comfortable with paying for the residual value. Or maybe you want to resell the car, and you will still make money on the transaction based on the market value of the car. Other considerations for buying out your leaseBuying your car from your lender can release you from fees that you might otherwise have to pay. Leases often include charges or penalties for the following:Excessive mileage. Most leases have yearly mileage limits, and if you exceed that mileage amount, you can be paying huge penalties. These penalties can range from $.10 a mile to $.30 a mile, which can add up to several thousands of dollars if you drive a lot. Wear and tear. When your car is turned in after your lease is over, it is subject to inspection. Dealers will charge you for any external dents, stains to the interior, and anything else they think will hurt resale value. These fees can vary greatly depending on the condition of your car.Disposition fees. Dealers will usually charge you a disposition fee, which covers all costs associated with reselling your car. Think of all of these fees as money that can be put towards buying your car from your lease. If the fees add up to $3,000, it might make sense to take that $3,000 and use it to invest in the purchase. It is always a good idea to call your lender directly and find out exactly how much it will cost you to buy your car from your lease. To obtain a lease buyout loan:Call your existing lease company.Shop around for rates. Call your existing lease company, again. Sign the papers and notify your insurance company.Keep or sell your vehicle. If you’ve done the math and determined that buying out your lease is the best way to terminate your lease early, you may need to obtain a lease buyout loan. Not all lenders offer this type of loan, but at Auto Approve we work closely with lenders that provide these loans and will work with you to find your best rate possible. To get a lease buyout loan, you will need to take the following steps:Call your existing lease company. First, find out how much it will cost to buy your car. Tell them you are looking to buy out your lease and see if they provide that service.Shop around for rates. At AutoApprove we can jump start this process for you and help you start comparing rates.Call your existing lease company, again. Give them a chance to beat any competing rates that you may have found.Sign the papers and notify your insurance company. Make sure all of the necessary papers are signed, and tell your insurance company about the new lender. Since you will no longer have a lease, you may be able to reduce your coverage and your monthly payments, as you will no longer be required to have high liability coverage.Keep it or sell it. Now that the vehicle is yours, you can decide if it’s worth keeping it, or selling it and keeping the profit.Now You Know How To Get Out of a Vehicle Lease EarlyIt is not always easy to get out of a lease early, but there are options available to thos ewho want or need to do so. The best option for you will depend on your unique situation, but it rarely makes sense to terminate the lease outright. Finding a third party lessee or securing a buyout loan is the most beneficial option for most lessees. The worst thing you can do is agree to one of these options without knowing the final financial figures, so be sure to do your research.And if you are interested in obtaining a car lease buyout loan, get in touch Auto Approve today to get more information on how our experts can help you navigate the process and find a great deal from one of our trusted lenders.Get in touch today.

Want to lower your monthly car payment as soon as possible? Read on to find out how to make it happen.Here’s the short version.You’ll want to check whether:your payment is higher than it should beyour current lender is willing to negotiateit might make sense to sell your vehicle and buy a less expensive onerefinancing your vehicle makes sense for youlowering your car payment is the right solution for youRead on for your complete guide to lowering your monthly vehicle payment – whether it’s possible, whether it’s a good idea, and how to make it happen.The Best Ways To Lower A Monthly Car PaymentIf you have financed your vehicle, you may feel overwhelmed by your monthly payments. When you add on gas, insurance, and maintenance, your car can quickly eat up your monthly income. But there are a few ways to get a lower car payment and loosen up your monthly budget.In this guide, we’ll cover:What is considered a high car payment – and what makes a car payment too highThe best ways to lower your monthly car paymentThings to consider to decide whether you can (or should) lower your car paymentWhat Is Considered A High Car Payment?There are two types of too-high car payments:Monthly payments that are too high for your budgetMonthly payments that are above market ratesYou might be wondering if your car payment is higher than it should be. There is no hard and fast number that constitutes a “high” car payment, and it will depend a lot on what your finances and your budget look like, but here are the primary things to consider.Is your car payment too high for your budget?In general, it is recommended that you should spend no more than 10-15% of your monthly income on your car payment. Your total transportation expenses (gas, insurance, maintenance) should not exceed 20% of your monthly income. So if your car payment is over 15-20% of your monthly income, you are probably out of your budget with car payments.But that rule is not cut and dry. Look at your own personal budget to make the call. Consider all of your income and all of your expenses: the variable expenses (such as groceries and entertainment) and the fixed expenses (such as rent and insurance). If you are spending more than you are bringing home every month, it is safe to say that you need to shore up your budget, and reducing your monthly car payments will be a step in the right direction.Is your car payment too high for the market?There’s a possibility that your current loan terms don’t reflect the lowest Annual Percentage Rate, or APR, available to you.This can happen because:You got your loan when interest rates were higherYou got your loan from a dealer that marked up the rate so you didn’t get the lowest rate available to youYour financial picture has changed and you’re now eligible for lower rates than you were when you initially got the loanUse Auto Approve’s savings calculator (scroll down to find it!) or get a personalized, no-commitment quote in just  a few minutes to find out if you’re paying more than you need to be. Most people can save money on their monthly payment by refinancing to a loan with better terms. However, if your credit is very bad or your finances have other red flags, you may not be eligible for the best market rates.The Three Best Ways To Lower Your Monthly Car PaymentTry renegotiatingSell or trade in your vehicleRefinance your loan1. Try Renegotiating It never hurts to talk to your current lender about your money situation (and don’t be embarrassed, it happens more often than you might think). There might be a few things that they can do to alleviate your situation. Sometimes they will let you defer payments for a few months, but you will still accrue interest during this time so it will end up costing you more overall. Lenders may let you renegotiate certain terms of your loan, but in this case it’s better to apply for refinancing with a few different lenders, as they may be able to beat your current lender.2. Sell Your Car Or Trade It InIf you anticipate having a long term issue with car payments, it might be a good idea to sell your car privately or trade it in at a dealership.If you choose to sell your car, make sure you clean your car thoroughly ahead of time and take good pictures that will highlight your car’s best features. Do some research on Kelley Blue Book or Edmunds to find what a fair resale value will be. Call your lender to find out exactly how much you have left on your loan so you know how much you owe (and how much you should try to get when selling your car).Alternatively you can choose to trade your car in. This is a good option if you still need a new car but cannot afford your current loan. It is important to know beforehand how much is left on your current loan and what the resale value of your car is.3. Refinance Your LoanRefinancing your car loan is the best way to lower your monthly car payment. It is much easier than selling your car and much more effective than trying to negotiate with your current lender.When you refinance your loan, you want to apply with 3-5 lenders to get the most competitive rates. It is best to use a company that specializes in vehicle loan refinance, as they will have relationships with many lenders and can help you pick the best loan for your situation.Refinancing will be most effective if you are prepared. Take the following steps to make sure you get the best car loan refinance offers:Make sure your credit score is in good shape. The higher your credit score is, the better car loan APR you will be offered. Make sure you are paying your bills on time and in full (scheduling autopay is a great way to do this), pay down your debts that have the highest credit utilization ratio, and check your credit report.Know your current loan terms. You should know your current monthly payment, the amount of time you have left to repay, the car loan APR, and if there are any prepayment penalties for which you may be responsible. Call your lender if you have questions–you don’t want to refinance if the fees will outweigh your savings.Collect any documents you may need. You will most likely need a photo ID, your vehicle’s information (bill of sale, VIN number, make, model, and year), your proof of income and financial history (pay stubs, banking information, and your credit report), proof of residence, and proof of insurance.Research lenders. You won't be able to compare loan terms until you actually apply, but you can look around online for different credit unions, traditional banks, and online lenders. See what some of the average rate offers are, and see what their customers have to say. Customer satisfaction ratings are very important, so don’t ignore this step. Using a company that specializes in auto loan refinance can make this step much easier.Apply and compare. Once you have completed your research you can start applying. Be sure to apply in a fourteen day window so that all of your applications will count as one hard inquiry on your credit account. When the offers come in, look at the interest rate, the repayment period, the prepayment penalties, the fees, and the customer reviews to decide what loan is right for you. Sign and save. Once you pick a loan that is right for you, all you have to do is sign and start saving. And if you use Auto Approve to refinance your loan, they can help you fill out all of the paperwork (even the DMV paperwork!)Refinancing is the easiest and most effective way to reduce your monthly car payments. It allows you to shop around and compare offers so that you know you are getting the best terms possible. And when you have a company that specializes in car loan refinance, it is quick and easy.Does Lowering Your Monthly Vehicle Payment Make Sense For You?Here is a checklist to help you decide.Will your current lender negotiate?Does your vehicle make sense for your budget overall?Will lowering your vehicle payment fix your budget?Are you eligible for a lower car loan rate through refinancing?Will your current lender negotiate?Do you like and want to stay with your current lender? Have you contacted them to see if they can offer you a break?Does your vehicle make sense for your budget overall?If your budget is too tight and you’re still driving an expensive vehicle, there is no shame in downgrading to a more practical, affordable vehicle. While renegotiating your loan or refinancing to a new loan with more favorable conditions can certainly save you money, if your budget needs more wiggle room than tweaking your APR can offer, you may need to make a bigger change. Find out how much you might be able to save to give yourself a better idea of whether it’s enough.Will lowering your vehicle payment fix your budget?This is a similar question to the last one, but if your car is already sensible for your budget or if keeping your current vehicle is non-negotiable, you may need to look at additional ways to save money. You should still try to secure a lower monthly vehicle payment, but it may need to be part of a larger plan to right your financial ship.Here are some resources to help you get started:Inflation Getting You Down? 8 Simple Ways to Save Money in 202510 Sneaky, Simple Ways to Spend Less Money Every DayA Beginner’s Guide to Budgeting: Pay Down Debt FastFuel Efficiency Hacks: Saving Money at the PumpHow to Stop Impulse BuyingHow To Make the Most of Cash Back RewardsCan't Make Your Car Payment? Your Guide On What To DoTop 10 Ways to Save Money on Your Grocery BillsAre you eligible for a lower car loan rate through refinancing?The simplest way to lower your car payment quickly is to refinance your vehicle loan. Get started with Auto Approve today.Those Are The Top Ways To Lower Your Monthly Car Payments Now.Refinancing your car loan is your best bet when it comes to securing a lower monthly car payment. It allows you to shop around and compare terms so that you can be sure you are getting a better loan while allowing you to keep your car. If you think refinancing your vehicle is a good move for you, be sure to prepare ahead of time to ensure you get the best loan offers possible.Auto Approve is here to help with your car loan refinance. Our experts can guide you through the process to make your refinance a breeze. So don’t wait, get your free, no-commitment quote from Auto Approve today to see how much money you could be saving!GET A QUOTE IN 60 SECONDS

Looking for great songs about cars and driving? Add these hits about hitting the road to your driving playlist.tL;dR: Some of the best songs about driving include:“Cruisin’” by Smokey Robinson“Low Rider” by War“I Drove All Night” by Roy Orbison or the 2003 cover of “I Drove All Night” by Celine Dion“MONACO” by Bad Bunny“Milwaukee, Here I Come” by Dolly Parton and Porter WagonerFor a longer list of songs about driving or to skip straight to listening, check out this Spotify playlist.Hitting the Road? Here Are Some of The Best Songs About Driving and CarsWhat you listen to can make or break a long drive. One way to set the mood and get off on the right foot? A great playlist of songs about driving, road trips, getting out of dodge, and cars. Here are some top hits and lesser known picks to help you have a great drive, organized alphabetically by song title. For the purposes of this list, “By:” lists the performing artist, not the songwriter(s).1. Bright Side of the RoadBy: Van MorrisonYear: 1979Genre: FolkThis peppy, harmonica-heavy song invites an old lover to fall back in love as they move from “the dark end of the street to the bright side of the road.”2. Cruisin’By: Smokey RobinsonYear: 1979Genre: R&B/SoulCruisin’ is a smooth, chill love song that’ll have you gently swaying in your seat. Smokey Robinson invites the listener to “cruise away from here” and croons that “cruisin’ is made for love.”3. Diesel Smoke, Dangerous CurvesBy: Red SimpsonYear: 1967 Genre: CountryDiesel Smoke, Dangerous Curves is a fast-paced trucker song about the dangers of a long, winding road at the end of a long day.4. drivers licenseBy: Olivia RodrigoYear: 2021Genre: Indie/Power PopIf you're looking for more of an angsty, heartbroken driving vibe, Olivia Rodrigo’s driving power pop break-up song about driving by an ex’s suburban house made a big splash when it came out in 2021 for good reason.5. End of the LineBy: The Traveling WilburysYear: 1988Genre: Folk RockThe Traveling Wilburys was a supergroup that included Bob Dylan, George Harrison, Jeff Lynne, Roy Orbison, and Tom Petty, and End of the Line – where they sing “Well, it's all right riding around in the breeze, well, it's all right if you live the life you please” – offers a catchy hook worthy of the collected big names.6. Fast CarBy: Tracy ChapmanYear: 1988Genre: FolkFast Car is a sad song with powerful lyrics about getting away and an unforgettable tune that’s stood the test of time, with many covers and remixes making it big in the past few years – but the original version is still incomparable.7. FreedomBy: Beyoncé featuring Kendrick LamarYear: 2016Genre: Contemporary R&B/Gospel RockFreedom, off Beyoncé’s 2016 album “Lemonade,” may not technically be about driving, but is a great song for making a break for it and hitting the open road.8. Get ReadyBy: The TemptationsYear: 1966Genre: R&B/SoulGet Ready is a perfectly joyful Motown hit for those driving with a mission. Get ready to sing along, “Get ready, here I come!”9. Heads Carolina, Tails CaliforniaBy: Jo Dee MessinaYear: 1996Genre: Country On the flip side, if you’re driving with a plan to just get lost, the pop country song Heads Carolina, Tails California can be your anthem as you go anywhere the road leads you.10. Holiday RoadBy: Lindsey BuckinghamYear: 1983Genre: Pop RockHoliday Road was written by Lindsey Buckingham of Fleetwood Mac for the 1983 movie “National Lampoon’s Vacation,” then got re-used in most of the subsequent “Vacation” movies, meaning for many it’s inextricably linked to the idea of a zany, if not always successful, family road trip.Lower your monthly car payment with Auto ApproveHi! This is Auto Approve, by the way. We make refinancing quick and simple. A dedicated Auto Approve refinance expert can help you refinance your vehicle loan to save money on your monthly car payments (or truck payments, or motorcycle payments, or SUV payments).Get started now.11. I Drove All Night By: Celine DionYear: 2003Genre: Dance PopOriginally written for and performed by Roy Orbison in the late ‘80s/early ‘90s, the 2003 Celine Dion dance cover gave new, higher BPM life to the catchy song about driving overnight to a lover.12. Life is a HighwayBy: Rascal FlattsYear: 2006Genre: Country RockOriginally released in 1991 by Canadian musician Tom Cochrane, Life is a Highway became maybe the singular quintessential road trip song when it was popularized in 2006 by Rascal Flatts when it was featured on the soundtrack for the Pixar movie “Cars.”13. Little Red CorvetteBy: PrinceYear: 1999Genre: R&B/SoulThe titular little red corvette in this song might be mostly a metaphor, but if you’re a Prince lover, this song is a must for when you’re ready to drive just a little too fast (not that Auto Approve condones that! Drive safe).14. Low RiderBy: WarYear: 1975Genre: FunkHit the road in funky style with this driving classic about someone driving a lowrider – a hot rod, or vintage car with a souped up engine.15. Milwaukee, Here I ComeBy: Dolly Parton and Porter WagonerYear: 1969Genre: CountryThere have been many versions of Milwaukee, Here I Come, a song first recorded in 1968 by George Jones and Brenda Carter, but the zippy version by Dolly Parton and Porter Wagoner makes the best driving song thanks to its more fun, bouncy sound.16. MónacoBy: Bad BunnyYear: 2023Genre: Latin TrapMónaco has a sort of James Bond-y sound that makes it a great night driving pick. Bad Bunny sings about wealth and luxury through lyrics about Monaco and F1 racers.17. Mustang SallyBy: Wilson PickettYear: 1965Genre: R&B/SoulAnother absolutely iconic driving song, Mustang Sally is a spiritual precursor to Little Red Corvette with a solid groove.18. On the Road AgainBy: Willie NelsonYear: 1980Genre: CountryOn the Road Again is a classic country song all about the pleasures of hitting the road with a band of friends, written by Nelson for the 1980 movie Honeysuckle Rose (which he starred in as a struggling, aging musician).19. Proud MaryBy: Tina TurnerYear: 1993Genre: R&B/RockProud Mary was originally written and recorded as a rock song by Creedance Clearwater Revival in 1969, and every version of the song has its merits, but the Tina Turner solo version from her 1993 album What’s Love Got to Do With It?, with its slow build to high octane peak is simply unstoppable. (And yes, it’s technically about a boat, not a car, but if you can resist bopping along to “big wheel keep on turning, Proud Mary keep on burning,” you’re stronger than most.)20. Thunder RoadBy: Bruce SpringsteenYear: 1975Genre: RockNo one sings more effectively (or perhaps more at all) about hitting the road and getting away than the Boss himself. While many of his songs make great road trip music, Thunder Road takes the cake for the satisfying moment when Springsteen sings “Roll down the window and let the wind blow back your hair, well, the night's busting open, these two lanes will take us anywhere.” What’s better driving music than that?Listen to these songs on your next getawayWant to make that getaway happen sooner?Most people can save money by refinancing, so if you’d like a little more money in your pocket for gas money or to finance the perfect road trip, get your free, no-commitment quote from Auto Approve and discover how much you can save.

Looking to save money this holiday season? Hoping to add a little wiggle room to your budget A.S.A.P.? There are a few tried and true ways you may be able to free up a little extra cash for holiday travel, gifting, and end of year costs.Here’s the short versionYou can give yourself more cash for the holidays by:Paring down subscriptionsTemporarily retooling your budgetRefinancing your car, truck, or motorcycleSaving on perfunctory purchases with DIY or bulk giftsBecoming a coupon whizAdding a side hustleRead on for a more in-depth look at these strategies that can help you save, make, or find money now.How to make room in your budget for the 2025 holiday seasonUse these tips for saving money and you might find yourself feeling a little jollier. 1. Pare down subscriptionsCancel or downgrade some unnecessary subscriptions. Subscriptions have multiplied like rabbits in the past decade or so, and many services seem to be constantly hiking up their prices. A few dollars here and there can seem benign, but add up quickly. Do a subscription review and see if there isn’t a service you could live without for a few months in exchange for the extra cash back in your pocket.2. Temporarily retool your budgetMove money from categories where you might currently be spending more into the category you want to focus on at the end of the year.If you want a little more money for recreational things as 2025 comes to a close, you might need to find it by tightening your belt somewhere else. For example, could you cut your going out budget or trim your grocery bill down, knowing it’s only a temporary sacrifice to make room for the things that matter to you?3. Refinance your car, truck, or motorcycleRefinancing a vehicle can save you money in the short and long term. When you refinance your vehicle, you pay off your existing loan with a new loan with better terms for your financial situation. This can mean lowering your monthly payment by securing a lower interest rate, changing the term of your loan, or both. And, for many people, the refinancing process means a pause in payments of up to 3 months, giving you a quick cash infusion as well as the longer term savings.Of course, refinancing a loan isn’t for everyone. Find out if refinancing your car is right for you.4. Save on perfunctory purchases with DIY or bulk giftsSave money by choosing something you can buy in bulk or DIY projects to give away for smaller gifting. The holidays come with a lot of surprising little expenses that can really add up – host gifts, office gift exchanges, stocking stuffers, and so on. Spend some time brainstorming and find something that feels right for you that you can make or buy in batches. For example, it’s easy to make homemade Irish cream liqueur or DIY cookie dough jars, or you could buy a case of sparkling wine or fun mugs from Costco or fuzzy sock sets and save money by buying in bulk. Finding small ways to save on the surprise expenses can open up some cash for the gifts that matter most.5. Become a coupon whizUse grocery store coupon books and apps like Honey to get discounts on your holiday purchasing.There are tons of ways to find coupons and grab discounts in this day and age, whether that’s old school coupon clipping or going hunting online for deals. Many companies offer a discount for signing up for texts or emails, and there are apps and internet browser plug-ins that compile discount codes on autopilot to keep you from having to pay full price. If money is an issue this holiday season, put some effort into saving on your must-haves and you can certainly save a few bucks here and there.6. Add a side hustleConsider finding an additional job or gig or finding other ways to bring new money in – like selling things you no longer need.For many people, it’s easier to add room in a budget by adding more money than by shrinking expenses. If things are already tight and you’re mostly paying for the essentials, looking for a gig that could help you make a few extra dollars might be the fastest way to change your financial picture. This could be as simple as doing some babysitting or dogsitting, picking up an extra client or job, selling some things you’re willing and able to part with, or doing a little consulting on the side of your regular job.That’s how to make money now – the easy wayUse these money saving tips to put more money in your pocket for the end of the year. Unfortunately, there are no free lunches, as they say, but with these simple steps you can find a little extra cash in your budget for any holiday splurge you’re dreaming of.And if refinancing is your pick, you can get a free, no commitment quote right now to see how much you could save with Auto Approve.

Car loan refinancing can help you save money by securing a lower car loan APR and/or changing your repayment period, but how will it affect your credit score? Here’s the short answer: Any time someone performs a hard check on your credit, as lenders will for you to get approved for a new car loan, your credit score drops slightly. However, with consistent on-time payments, your credit will quickly recover or even improve.Read this guide to learn:The basics of credit scoresWhat credit score you need to refinanceHow refinancing specifically affects your credit scoreHow some people improve their scores after a refinanceWhen not to refinanceThe timeline for credit score recovery after a refinanceSteps to raise your credit scoreThe most important thing to do to limit how much your credit score is lowered by refinancingWhat Happens To Your Credit Score When You Refinance A Car: The Complete GuideCredit Score BasicsWhat is a credit score?What is a FICO score?How are credit scores calculated?Where does the information on your credit report come from?1. What Is A Credit Score?Credit scores are three digit numbers that are designed to tell lenders how likely you are to repay your debts. They indicate how financially stable you are.2. What is a FICO Score? FICO credit scores are the most popularly cited scores, but FICO is merely a type of credit score model (FICO stands for Fair Isaac Corporation, the company that helped pioneer credit scoring). Most agencies use either a FICO model or a variation of it for credit score calculations.3. How Are Credit Scores Calculated?Credit scores take a look at five major categories in your finances:Payment historyAmounts owedLength of credit historyCredit mixNew creditEach category is weighed differently, but each part is important to ensuring that your score is as healthy as possible. Credit scores are calculated by looking at monthly reports that are sent to the three major credit bureaus (Equifax, Experian and TransUnion). Your Payment History (35%)Your payment history is the most important factor in your credit score, accounting for 35% of your total score. Do you pay your accounts on time and in full, or do you miss payments? If you have had a missed or late payment, its effect on your score will depend on:The amount you’ve missedHow recently you’ve missed a paymentHow frequently you’ve missed paymentsEnsuring that you make consistent, full, and on time payments will have the greatest positive effect on your credit score.Amounts Owed (30%)This is the second most important category for your credit score, accounting for 30% of your credit score. The amounts owed category looks at how much money you owe, how much money you have available to you, and the number and types of accounts you have. The most important factor in this is your credit utilization ratio, which is a ratio of how much money you owe compared to how much money you have available to you. This looks at individual accounts as well as your total debt and total line of credit. Your ratio should be less than 30% for each account as well as your overall amounts owed.Length Of Credit History (15%)The length of your credit history makes up 15% of your credit score. This category looks at how long your accounts have been open and active. How long have you had your accounts open and how long has it been since you’ve used certain accounts? The longer you have a history of having open accounts, consistently using them, and consistently paying them, the higher your score will be.Credit Mix (10%)Your credit mix accounts for 10% of your credit score. Your credit mix looks at how diverse your credit accounts are. Lenders like to see that you can manage payments for a number of different accounts. Healthy mixes typically include installment loans, mortgages, car loans, credit cards and retail credit cards. The better the mix, the better your score will be.New Credit (10%)Your new credit counts for 10% of your credit score. This category looks at how many new accounts you have. If you have new accounts that you haven’t proven that you can consistently pay, it will count against you. New accounts are like unanswered questions to credit bureaus.4. Where Does The Information On Your Credit Report Come From?Many different organizations send reports to the bureaus, including:Mortgage lendersAuto loan lendersCredit card companiesPersonal loan lenders Medical billing collection agenciesUtility companies typically do not send reports, but missing utility payments can result in reports to a collections agency (which will be reported). The credit bureaus take all of these reports and break the information down into the following categories. What Is A Good Credit Score To Refinance A Car?Credit scores are broken down into five categories: Exceptional (Super Prime): 800-850Very good (Prime): 740-799Good (Near Prime): 670-739Fair (Subprime): 580-669Very poor (Deep Subprime): 300-579The better your credit score is, the better car loan APR you will be offered. The best car loan refinance rates are offered to those with very good and exceptional credit scores. But that doesn’t mean that you will be unable to refinance if your score isn’t quite that high.If your credit score is better than it was when you originally financed and/or the market rates are better than when you initially financed, there’s a good chance you will be able to qualify for a better car loan APR.How Does Refinancing A Car Affect Your Credit?When you refinance a car, it affects two categories in your credit score: your length of credit history and your new credit.Because it will be a new loan, it will shorten your length of credit history, which can cause a minor dip in your score. It will also be a new credit on your account, so your score will lower because it's new. Refinancing your car means that you will also have hard inquiries on your account. Hard credit inquiries will also cause a dip in your score, typically between five and ten points. It is temporary however, and they usually wear off in about six months. How Some People Improve Their Scores After A RefinanceWhile refinancing will affect parts of your score, it can also help your finances, and by extension credit score, by saving you money and making your payments more manageable.Refinancing Saves You Money So You Can Pay Off More DebtIf you are able to refinance your car loan to a lower car loan APR, you can save a lot of money over the course of your loan. And those savings can be used to pay down other debts you have. These payments can lower your credit utilization ratio, which can significantly improve your credit score.Refinancing Can Help You Make More Consistent PaymentsIf you are having trouble keeping up on your monthly payments, refinancing can help you by lengthening your repayment plan. When you lengthen your repayment plan you have more time to pay off your loan, which significantly lowers your payments. If you can stay more consistent on your payments, you will increase your score a good deal.When Not to Refinance For Your CreditFor most people, refinancing can help them save money on their monthly car payments. However, because refinancing does temporarily negatively affect your credit score, you should avoid refinancing:Right before making a major purchase that requires a credit pullRight after making a major purchase that requires a credit pullFor example, if you’ve just bought a home, you may want to wait for your credit to recover. And if you are hoping to buy a home in the next six months, you may want to prioritize having your credit score in tip top shape for that.Timeline For Credit Score Recovery After A RefinanceFor most people, any score reduction from refinancing should wear off within a few months to a year as long as you make on-time payments. The hard credit inquiry stays on your report for two years, but is most impactful when it is recent.Steps To Raise Your Credit ScoreWhether you’re building credit for the first time, want to get your credit score in tip-top shape before refinancing, or plan to use these steps to raise your score up after refinancing, here are some actions you can take to give your credit score a lift:Make consistent, on-time paymentsRequest higher credit limitsAvoid opening new lines of creditAsk to be an authorized user on an existing accountReview your credit reportWork On Making Consistent, On-Time PaymentsIf you have a habit of making late payments, try to fix this as soon as possible. Sign up for autopay on your bills if possible to ensure you don’t miss a bill and look for ways to keep up on full payments. Are there areas of your budget where you can make sacrifices to save a bit of money? Canceling unused or unnecessary subscriptions and switching to generic brands are just a few ways you can free up some extra money and ensure you are making full payments on all of your accounts.Request Higher Credit LimitsContact your credit card companies and ask for higher credit limits. This will automatically give a boost to your credit score by reducing your credit utilization ratio.Avoid Opening New Lines Of CreditAny new accounts that you open at this time will adversely affect your credit score, so try to resist opening anything new until after you refinance your car loan.Ask To Be An Authorized User On A Loved One’s AccountIf you have a friend or family member with a great credit score, becoming an authorized user on one of their accounts can give your credit score a boost. Their on time payments and low credit utilization ratio can help to give yours a boost.Request A Copy Of Your Credit ReportIt’s a good idea to request a copy of your credit report at least once per year to ensure that there aren’t any mistakes or errors. A missed payment marked in error can have a significant effect on your score, so it’s good to regularly review your report and make sure everything is accurate.When you decide to refinance your car, be sure to apply to all lenders in the same two week time frame. Credit bureaus know that people need to apply to different places in order to compare, so they give a two week window where all hard inquiries will count as one inquiry (and therefore only affect your credit score once.The Most Important Thing To Do To Limit How Much Your Credit Score Is Lowered By RefinancingWhen you decide to refinance your vehicle, you’ll want to shop around for offers from several different lenders to ensure you get the best deal available to you for your unique financial circumstances. However, if you choose to do this, you must be sure all the credit checks fall within the comparison shopping window allowed by the credit bureaus, which is typically 14 days, up to 45 days. When you do this – as long as the inquiries are all for the same type of loan – it’s counted as one inquiry instead of several on your credit report.At Auto Approve, we gather offers from many top lenders at once, which means you can be sure all credit checks are done in a short window, with no need for you to find and manually request checks across several companies.In short: Refinancing A Car Loan Can Cause A Slight Dip In Your Credit Score, But It Can Also Be Beneficial In The Long Run.Refinancing your car loan is easy when you use a company that specializes in car loan refinance, like Auto Approve. Our representatives will connect you with offers from top lenders, guide you through your options, then do the paperwork for you.Get a no-commitment quote from Auto Approve today to see how much money you could be saving!

Whether you want extra cash for a specific goal or are just looking to revamp your budget with inflation and rising costs, lowering your motorcycle payments can help open up some extra cash month to month – but how?Here’s the short answer.The only way to lower the monthly payment on a motorcycle loan is to change your loan terms, either by modifying your loan with your current lender or refinancing your loan. For most people, refinancing will be the better option, because you have more leverage when changing loan providers and can usually get more favorable loan terms that way. The exception would be if you have particularly bad credit or are otherwise not a good candidate for refinance.Read on to learn how motorcycle financing and refinancing works, what makes someone a good candidate for refinance, and the steps to start your refinance and secure a lower motorcycle payment.The Complete Guide to Lowering Your Monthly Motorcycle PaymentIn this guide, we’ll cover:How motorcycle loans workHow refinancing can lower a monthly motorcycle payment What determines motorcycle loan APRs (Annual Percentage Rates) How to make yourself a good refinance candidateThe steps to refinancing a motorcycleHow Motorcycle Loans WorkA motorcycle loan is a secured loan used to help finance a motorcycle. A motorcycle loan works the same way as a car loan. A financial institution (the lender) pays for your motorcycle, and you in turn repay them in monthly installments with an additional fee, interest, for the convenience of borrowing money. Your motorcycle is considered collateral, and if for any reason you cannot repay the lender, your motorcycle will be taken away (and any money you already paid will not be returned). The term “secured” refers to the use of collateral.Motorcycle loans have a principal, which is the price of the motorcycle, plus any taxes and fees, minus any down payment you make. This principal is the base of your loan, and then interest will be applied to that principal. The interest is calculated using a motorcycle loan Annual Percentage Rate, or APR, which is based off of market rates and off of your personal financial situation. How refinancing lowers monthly motorcycle payment In short: Refinancing can lower your payment through securing a lower interest rate, changing the loan term, or both.When you refinance, you are paying one loan off with another loan. The new lender pays off the old loan and you repay the new lender in monthly installments. The new loan will have a different APR and repayment plan, ideally with better terms for your unique financial situation. By securing a lower APR, you can save money every month. You can also accelerate your payment plan, which will allow you to pay your loan off faster and save money (lower APRs are traditionally offered to loans with shorter repayment plans). Or you can refinance a motorcycle loan to a longer repayment period and cut your payments every month.Refinancing your motorcycle is the best way to lower your monthly motorcycle payment and save money on your motorcycle loan. What determines the Annual Percentage Rate (APR) on a motorcycle loanMotorcycle loan APRs are determined based on:Market factorsCredit score and credit historyIncomeLoan termThese factors are important to understand if you want to lower your monthly motorcycle payment.Market FactorsThe economy’s performance will help dictate what APR you are offered. Interest rates are set by the Federal Open Market Committee. If they decide that spending needs to be encouraged, they will lower interest rates. In the past several years, interest rates have varied pretty drastically, so whether or not you can save by securing a lower interest rate may depend on when you took out your motorcycle loan.Credit Score And HistoryThe biggest factor for your motorcycle loan APR (that you can control) is your credit score. Lenders use them to determine how likely you are to pay back a loan. Your credit score looks at the following categories: Payment History. Are your payments consistently full and on time? Amounts Owed. How much money do you owe on your accounts?Credit History Length. How old are your accounts? Credit Mix. Do you have a healthy mix of different types of accounts and debts? New Credit. Do you have a lot of hard inquiries on your credit? Do you have some brand new debts? All of these factors are looked at when determining your credit score (and therefore your motorcycle loan APR). The higher your credit score is, the better motorcycle loan APR you will be offered.IncomeLenders will also look specifically at your income to determine your motorcycle loan APR. Your income compared to the amount of debt you are in will indicate to lenders if you will be able to repay your loans.The Loan TermThe longer the loan term is, the higher the interest rate you are offered will be. Lenders will often offer lower rates for shorter terms. This means that if you select a longer lease period, you are not only paying a higher car loan interest rate, but you are paying it for a longer period of time. You will ultimately end up paying a lot more money overall by selecting a long repayment period.What makes someone a good candidate for refinance The key factors that make you a good candidate for refinance are:You credit score and historyYour incomeYour down payment (original down payment or ability to add more at time of refinance)Your desired loan termYour vehicleThe age/time left on your current loanThe steps to refinancing a motorcycleTo start, getting a preliminary quote to see how much money you could potentially save requires no commitment or hard credit check.Once you’re ready to get serious about refinancing, you’ll want to:Review your creditGather your documentsGet quotes from multiple lendersCompare offersChoose your best offer and start savingReview your credit.Make sure your credit score is looking good. It is so important to have a good credit score when you are refinancing. That is how you can make sure you save the most money. If your credit score isn’t great, wait a few months before refinancing and work on improving your score. Focusing on making on time payments and paying down debt can have a huge impact on your score.Gather your documents.Gather all of your documents, including your original loan documents. You will need a photo ID, your vehicle’s information (may include the bill of sale, VIN number, make, model, and year of your car), proof of income and financial history, proof of residence, and proof of insurance. Scan them and upload them so you are ready to go when the time comes to apply.Get quotes from multiple lendersYou should aim to apply to 3-5 lenders so that you have enough offers to compare in a short period of time, to avoid multiple inquiries on your credit. When you choose to refinance with Auto Approve, we shop around for you and save you the hassle. We have relationships with lenders across the country, which means we can find you the best deals and save you the most money. Compare your offers. You want to look at the motorcycle loan APR, the repayment period, the prepayment penalties, and the customer service ratings when making your decision. When the deals come in, the experts at Auto Approve can help walk you through your options to help you find the best loan for you. Choose your best offer and start savingOnce you decide what loan is right for you, it’s just a matter of signing on the dotted line! We can even help you with all of the paperwork (including the DMV!) That’s it! Refinancing really is so simple when you choose Auto Approve.Now You Know How To Lower Your Monthly Motorcycle PaymentRefinancing your motorcycle is the best way to lower your monthly motorcycle payments. And when you choose Auto Approve for your motorcycle refinance, you’re in good hands. Auto Approve has a 96% would-recommend rating on LendingTree as well as an A+ rating from Better Business Bureau. So don’t wait any longer – get your free quote today!

Auto refinance can be confusing when you don’t recognize the terminology. Learn key vehicle refinancing words, terms, phrases, acronyms, and definitions with this in-depth refinance dictionary and demystify the car loan refinance process.Table of ContentsAmortizationAPRCo-borrowerCollateralCo-signerCredit ReportCredit ScoreCurrent BalanceDepreciationDown PaymentFinance RateFICO Credit ScoreGAP InsuranceHard InquiryInterest RateKelley Blue Book ValueLienLoan ModificationLoan TermNon-Sufficient Funds Fee (NSF)Original Loan AmountPayoff AmountPrepayment PenaltyPrincipalProof Of EmploymentProof Of InsuranceProof Of ResidenceRefinanceSecured LoanSoft InquiryUnderwaterUnsecured LoanUpside DownUsury LawHow to use this guideFamiliarize yourself with these terms before you dive into the refinance process. This glossary is organized alphabetically so you can bookmark it and return to it when a word or phrase trips you up as you refinance your vehicle.Essential Auto Loan Refinance Terms & DefinitionsAmortizationHow your loan payments are scheduled and divided up to pay the interest and the principal. An amortization table can show you how your payments will be allocated throughout your repayment period.Annual Percentage Rate (APR)This figure, expressed as a percentage, is your interest rate plus any additional fees you are responsible for. It is important to consider a loan’s Annual Percentage Rate, or APR, as it gives a much more accurate idea of how much you will be spending on your car loan.Co-borrowerA co-borrower is a person who will share joint responsibility of the loan with you. This is different from a co-signer because a co-borrower is always considered jointly responsible for a loan, while a co-signer is only responsible for payment when the primary borrower defaults.CollateralCollateral is an asset that secures a loan. For example, if you were to stop making your car payments and default on the loan, the bank would be able to take your car as payment. The car is the collateral on a car loan.Co-signerA co-signer is a person who agrees to back a loan if the primary borrower defaults on it. They do not share joint responsibility for the loan like a co-borrower does.Credit ReportYour credit report is your personal financial history: it tracks what accounts you have open, your payment history with each account, and the balance you have on each account. These reports are created by the three major credit bureaus: TransUnion, Equifax,and Experian. You should routinely check your credit report to ensure there are no errors. Lenders will request a copy of your credit report to determine if you are a good candidate for a loan.Credit ScoreA credit score is a three digit number that is calculated based on a person’s financial history to indicate your creditworthiness. The numbers range from 300 to 850, and the higher your score is the more creditworthy you are considered. Your credit score is one of the biggest determiners of the car loan interest rate you are offered (the biggest factor that you can control at least).Current BalanceThe amount that you currently owe on your vehicle loan.You can typically find this amount listed on your monthly statement.DepreciationThe loss of value that occurs as an asset ages and wears. Vehicles typically depreciate from the moment they leave the new car lot, with rare exceptions for vintage cars and unusual market conditions.Down PaymentThe down payment is the cash paid up front for a vehicle (or any purchase) when procuring a loan. This amount is not financed. You should aim to put down at least 20% of the car’s total cost. This will help you to stay ahead of the depreciation that occurs.Finance RateFinance rate is another term for APR.Your loan’s finance rate is your interest rate plus any additional fees you are responsible for. FICO Credit ScoreA person’s credit score as calculated by Fair Isaac Corporation (FICO). There are other data analytics companies that will calculate a credit score, but FICO is the most popular and widely used.GAP InsuranceGAP stands for Guaranteed Asset Protection. This is optional coverage that covers the difference between your vehicle’s value (which is what insurance will pay) and the amount that you owe on your car in the event of an accident. Let’s say your car is totalled and your insurance pays you the value of your car, which is $15,000. But you still owe $17,000 on your loan. GAP insurance will cover this difference so you are not paying out of pocket.Hard InquiryA formal request of your credit history from a lender. When a lender considers approving a loan for you, they will request a copy of your credit report to review. This request will actually show up on your credit report and will cause a temporary ding on your credit score. Hard inquiries cannot be made without your permission.Interest RateThe interest rate is the cost of borrowing money, expressed as a percentage of the amount borrowed. The interest rate you are offered will be based on the market rates, your credit score and financial history, your income, and other factors.Kelley Blue Book ValueThe value of a vehicle according to American vehicle valuation and automotive research company Kelley Blue Book.Kelley Blue Book is viewed as a reputable and reliable place to check your car’s value. The value will be based not only on the make, model, and year of your car, but also on the mileage and condition of the car. It’s a good idea to keep an eye on the value of your car throughout the loan period to ensure that depreciation is not outpacing your loan payments (see “Underwater” and “Upside Down”).LienA lien is a lender or creditor’s legal claim to an asset if you fail to repay a debt.When you get a car loan, the lender has a lien on your car, so if you do not pay your debt to them, the car will belong to them.Loan ModificationA change to your loan, as reported to the credit bureaus by your lender.If you refinance your loan with the same lender, they may report it to credit bureaus as a loan modification rather than a new loan. This will not affect your credit score as a new loan would.Loan TermThe loan term is the amount of time you have to pay back your car loan and typically ranges from 24 to 84 months. The loan term is also known as the repayment period. Changing your loan term can lower your monthly payments or the amount you pay in interest.Non-Sufficient Funds Fee (NSF)If one of your payments does not clear or there are not enough funds in your account to cover a payment, you may be charged a Non-Sufficient Funds, or NSF, fee. This type of fee may be charged by your lender, your bank or credit union, or both. On the lender side, the amount should be listed in your contract.Original Loan AmountThe original loan amount is the amount of money originally borrowed from a lender to pay for a vehicle. It is typically the cost of the car plus taxes and fees, minus the down payment made.Payoff AmountThe payoff amount is the amount you will need to pay to get rid of your loan entirely. This is separate from your current balance, which may not reflect the interest and fees that you would be responsible for if you want to pay off your loan entirely/early.Prepayment PenaltyA fee for paying off your car loan early. These penalties may be listed in your original car loan contract. These penalties are designed to offset the losses in profit that occur when you pay off your loan early. Prepayment penalties will at times offset any savings that refinancing can provide, so it’s important to know what these penalties are before you commit to refinancing your car loan.PrincipalPrincipal is another name for the original loan amount. It is the amount of money initially borrowed to purchase a vehicle. When you make your monthly payments, your money is first applied to taxes and fees, then applied to interest that is due, and the remainder goes to paying down your principal.Proof Of EmploymentA statement or document that shows you are employed. This proof may be a paystub, a letter from your employer, or a W2. This shows the lender that you have means to repay your loan.Proof Of InsuranceA statement or document that demonstrates you have coverage and the amount of that coverage. To show that you have insurance coverage, the lender will usually require a copy of your insurance policy that states the amount of coverage. Proof Of ResidenceA statement or document that confirms your place of residence.You will need to show where you actually live as part of the refinancing process. This cannot be a PO box. Lenders want to know where the car will physically be parked in case they need to seize it should you default on your loan.RefinanceA refinance is when you pay off your current loan with a new loan. Your new loan will ideally have a better interest rate and/or better terms. Refinancing your car allows you to add a cosigner or co borrower, change your interest rate, and change your repayment period.Secured LoanA loan that is backed by collateral, such as a car loan. If a person defaults on their loan, the collateral is taken as payment. In the case of a car loan, the car is the collateral.Soft InquiryA soft inquiry is a kind of credit check that allows lenders to review your credit score and part of your credit report without it counting as a hard inquiry. Also known as a soft pull, this is common when getting preapproved for a loan. Soft inquiries do not affect your credit score and your approval is not required for a soft inquiry.UnderwaterA vehicle loan is considered “underwater” when the amount owed on the loan is greater than the worth of the vehicle. For example, if the market value of your car is $15,000 but you owe $17,000 on your car, it is considered underwater. This happens when depreciation outpaces payments. It is common for this to happen if you do not make a down payment (or make too small of a down payment). Unsecured LoanA loan that is not backed by an asset for collateral. These loans tend to have higher interest rates because they are higher risk for the lender.Upside DownUpside down is the same as being underwater, in loan terminology. It is when you owe more on your car than your car is worth.Usury LawThe law that defines the maximum amount of interest a company can charge in your state. Learn These Terms To Make Refinancing Your Car Loan Less ConfusingAnd here’s one more helpful name to remember: Auto Approve.At Auto Approve, we take the mystery out of refinancing, helping you find the refinance that’s right for you and handling the paperwork – even the DMV! Find out just how much money you could save by sharing a few simple details, no commitment required.GET A QUOTE IN 60 SECONDS

Thinking about purchasing a crossover, but not totally sure what the difference is between a crossover and an SUV? Here’s what you need to know about what makes a crossover a crossover.While crossovers can include a relatively wide range of vehicles, there are some characteristics that tend to be common across crossovers, like a unibody construction (vs. the body-on-frame construction typical of SUVs). Read On To Learn Everything You Need To Know About CrossoversIn this article, we’ll cover:The definition of a crossover vehicleExamples of crossover vehiclesCommon characteristics of crossoversFAQs about crossoversWhat Is A Crossover Vehicle?A crossover vehicle is a vehicle that shares characteristics with both passenger cars and SUVs. It is called a crossover because it is a combination, or crossover, of the two usually distinct kinds of vehicles. You might also hear crossovers referred to as “crossover SUVs” or as “CUVs.”Examples of Popular CUVsSome of the most popular crossover SUVs include the Honda CR-V, Mazda CX-5. Toyota RAV4, and various models of Subaru, like the Outback, Forester, and Crosstrek. Generally, people like these vehicles for their practicality, versatility, reliability, safety, and gas mileage.Lower Your Monthly Vehicle Payment with Auto ApproveAlready got a vehicle you love? If you want to lower your monthly auto loan payment, we can help. Refinancing is an easy way to pay less monthly, over the life of your loan, or both.Get a free quote to see how much you could save.What Makes A Crossover A Crossover?Here are some of the most common characteristics you see among crossover SUVs.SUV Styling & High Ground ClearanceCUVs are typically styled to look more like SUVs than standard compact cars. At first glance, they look just like SUVs, and are sometimes even classed as “small” or “compact” SUVs. They’ll typically have higher ground clearance than a car, but not quite as much as a real SUV would have. Higher ground clearance can mean a better vantage point to see other drivers and a more capability on uneven terrain.Car-Like Handling & Unibody ConstructionSUVs are big, heavy cars. They can be difficult to park and don’t handle like a car. They’re also typically built with what’s called body-on-frame construction. Body-on-frame construction means that the vehicle has a separate chassis or frame that the body is mounted on, while with unibody construction the frame and body are a single unit. The reason body-on-frame construction is used for SUVs is because it gives better towing or hauling capacity and handles uneven terrain and off-roading better. Body-on-frame vehicles also tend to be a bit more durable and can take more wear and tear from activities like off-roading and hauling. Crossovers use unibody construction. Unibody construction makes crossovers lighter, meaning they handle more like a car, and this build can be safer for passengers in an accident – though the vehicle itself may require more work to recover. The sacrifice in weight means that crossovers don’t have as much capacity for towing and hauling, and the frame build difference means that, while you could probably take a CUV on a dirt road in a pinch, taking it off-roading would be a bad choice. It looks like an SUV and has room like an SUV, but it’s not built for the same kind of work.Fuel EfficiencySince they’re lighter, crossover SUVs are also usually much more fuel efficient than standard SUVs. Of course, these days you can get hybrid and electric CUVs and SUVs – but even so, the heavier the vehicle, the more energy it’ll take to run smoothly.VersatilityUltimately, the thing that makes crossovers so appealing to so many people is their unique combination of traits. You get more cargo space or trunk room, like an SUV, but the handling and fuel efficiency of a car. You get the safety of a car, with higher clearance, and can opt for a CUV with four-wheel drive or all-wheel drive to better handle rougher road conditions.Overall, for many people, a crossover SUV offers the best of both worlds. But whether it makes sense for your needs? That’s up to you.Crossover FAQStill have some lingering questions? Here are answers to some of the most commonly asked questions about crossover vehicles.What is the difference between a crossover and an SUV?Here’s the short answer. A crossover has some of the features of a car and some of the features of an SUV. Crossovers are sometimes considered a kind of SUV because they have some of the styling, room, and ground clearance found in SUVs, but their unibody construction and resulting lighter weight and easier handling make them unique.Should I get a crossover or an SUV?Deciding whether to get a CUV or an SUV is a personal choice! Those not intending to do a lot of off-roading or hauling tend to prefer crossovers for their balance of space, safety features, easy handling and fuel efficiency. However, if you live somewhere with challenging weather conditions, if you live in the country and regularly navigate rough terrain, or if you want to use the vehicle to carry or tow heavy loads, an SUV may be a better choice.Which is safest: a car, SUV, or crossover?Most popular compact cars, SUVs, and crossover SUVs are essentially safe. Crossovers have a lot to commend them when it comes to safety, because of their specific blend of features. However, the relative safety of different kinds of vehicles really depends on the conditions you’re most likely to face.In an accident, generally speaking, vehicles with unibody construction are considered statistically safer and less likely to roll than body-on-frame vehicles. However, in an accident between a car and a heavier vehicle, those in the lighter vehicle are in more danger.And, depending on where you live, vehicle collisions may be less of a risk than bad weather or terrain. Black ice, heavy storms and heat waves can all be dangerous, and different factors – like the kinds of tires on your vehicle, whether or not you have 4WD or AWD, your emergency preparedness, and the vehicle’s make and model – can all affect your relative safety.All this means that, ultimately, what’s safest will depend on your lifestyle and location. If you’re thinking about buying a new vehicle, the best things you can do are take time to understand the safety features available to you and research safety statistics on the specific make and model.Your Crossover Questions, AnsweredHopefully, this guide has answered all your questions about crossover vehicles and you’re now well-equipped to decide whether a crossover is right for your next vehicle purchase, lease, or road trip rental car.Save Money on Your Monthly Auto Loan Payment With Auto ApproveLooking to lower your monthly vehicle payments? Auto Approve can help you find the best deal available to you in just a few minutes. Refinance your vehicle through Auto Approve and you’ll get a great deal with no markups – and we’ll do the paperwork for you. Auto Approve even handles the DMV!Getting a quote is quick, free, and doesn’t require a commitment or hard credit check.Get your free quote now.

Do you need to rent a car on vacation?It’s a complicated question, and there’s no one size fits all answer. However, there are a few important details you can and should take into account if you’re on the fence about renting a car on your next holiday.In this short guide to car rentals for vacation, we’ll look at:Your destinationYour travel planYour travel companionsYour vacation habitsAnd your budgetWith these things considered, you should have a clearer picture of whether or not renting a car is right for your getaway. And hey, remember – this is a good problem to have, it means you’re going on vacation!5 Things That Determine Whether You Need A Car On VacationWhether or not you want to drive on holiday is a personal decision. Ultimately, this choice can affect the kind of trip you have, so choose based on the vacation you want. 1. Where You’re GoingYour destination is a huge factor in deciding whether or not you need a car at all. For example, consider the following:Is it somewhere you’ll need to drive to get around? Is it somewhere with robust public transpo and limited parking? Do they drive on the same side of the road? What are your plans for meals – will you need to buy groceries?If you’re going to an all-inclusive resort, or a major city where parking will be expensive and difficult and public transportation is the standard way of getting around, a car might only slow you down. If you’re renting a ranch in Montana or roadtripping through mountains, you’re almost certainly going to want not just a vehicle, but one that can handle inclement weather and rough terrain.And if you’re going somewhere like Ireland or England where they drive on the other side of the road (or if you’re coming to the U.S. or Canada from, for example, the U.K., India, or Japan), even if having your own transportation might be convenient, you might want to look at buses and trains to lower stress and keep you safe.2. How You’re Getting ThereThere are different considerations for taking a road trip vs. flying somewhere.If you’re taking a road trip, you might consider taking your own car rather than getting a rental. This is certainly cheaper, and if you’re driving somewhere close to home, taking your own car is a perfectly good option. The biggest reasons to rent a vehicle for a road trip are:If your car is old or has limitations that’ll make it uncomfortable or more likely to break downIf you know you’ll need to handle terrain or weather your vehicle isn’t well-suited forIf you’re going somewhere far enough from service stations that a breakdown could mean a major trip interruptionIf you’re driving from Boston to Southern Maine, renting a car feels a little silly – you’re close to home, you’re not changing terrain, and you’ll be surrounded by auto shops the whole time. But if you’re driving from Boston to the Grand Canyon, the idea of getting a broken down car back home becomes a much bigger deal. A rental might be more expensive, but if you’re renting with a national company, it may be easier to simply replace a vehicle in the case of an emergency than wait for one to be fixed when you’re several days’ drive from your home and your destination. Of course, that’ll depend on your breakdown coverage and your rental agreement, so read the fine print on everything carefully as you weigh your options.On the flip side, if you’re flying to your destinations – say you’re off to see the rainforests of Costa Rica – renting a car will likely be your only choice, if all the other factors align and you decide a car is, in fact, necessary.3. Who You’re Going WithBig family? Solo travel? Your adventuring party makes a big difference in your transportation needs. If you’re backpacking on a budget alone across Europe, you might be willing to put up with a lot of minor inconveniences to save money. A car might be more of a hindrance than a help – or at least eat up your cash.On the other hand, if you’re taking your parents and your young kids to a beach house, you’re definitely going to need a vehicle.And if you’re traveling with a group of several adults, you might be willing to go either way on a vehicle rental vs, taking transportation. In that case, the best thing to do is dive into the details – will several train tickets be as or more expensive than a vehicle rental? Does the train have a scenic view, or would a car be a better way to see and explore the area?Want a little money back in your pocket for your next getaway?Refinancing your vehicle loan is a great way to save. Most people are eligible for a better rate and to pay less monthly. When you refinance with Auto Approve, we’ll help you find the best deal available to you, then do the paperwork for you!Get a free quote to see how much you could save.4. What You Like To Do On VacationAnother thing to think about is the kind of vacationer you are. Some people like to stay close to home, or stick to eating at restaurants and strolling around urban sites. If that’s you, cabs and walking might be more than sufficient for your needs. But for the outdoorsy, those who love beach days, national parks, and driving into the woods, a car can be a must-have. When you picture yourself on vacation, what are you doing? If you prefer to split the difference, you can always rent a car just for a day or two rather than for the whole time, to save money.5. Your BudgetMaybe one of the most important factors in all of this is what works for your wallet. Compare costs for different options and decide what’s worth it to you. If money is tight, choosing what will cost the least is probably going to be the best plan of action – just make sure you don’t choose something that could have the unintended consequence of costing you more because your research failed you. If the bus is cheaper, but it only comes every other day and you’ll need to rent a hotel room for a night while you wait, is it still cheaper? How much does a cab actually cost? How much is parking and gas where you’re going? Be thorough, especially if cost is a concern.And on the other hand, if you have more wiggle room in your budget, the right transportation for the right destination can make a trip more pleasant and less stressful. So, Should You Rent A Car For Your Next Vacation?That’ll depend on all these factors. A car is not always the right choice for every person and destination. Hopefully, with all of the above in consideration, you’ll be able to figure out the right steps for you and your next trip!Another good next step to take?Finding out how much you could save by refinancing your vehicle with Auto Approve! Most people are paying more than they need to be on their monthly car payment, thanks to dealer markups. If you got your loan through dealership financing, if rates have gone down, or if your credit has gone up, refinancing may be able to save you money both monthly and in the long run with a lower interest rate.Getting a quote only takes a few minutes, no commitment and no hard credit check required.Get your free quote now.

Do you know how to drive safely in a heat wave?The dog days of summer are arriving across the United States, and as it gets hotter, our vehicles do too. Just like driving in wintry conditions, driving in extreme heat poses its own unique set of challenges. From dead batteries to tire blowouts to soft tarmac, there’s a lot to be on the lookout for when the thermometer hits a record high.That’s why now is a good time to refresh your knowledge of when you need to worry about car safety in high temperatures, what to look out for, and how to keep yourself safe.Let’s start with the basics.FAQs: Summer Car SafetyTo lay a little groundwork and make sure we're all on the same page, let’s take a look at these frequently asked questions about driving in inclement heat.Is it safe to drive in a heat wave?Yes, broadly it is safe to get on the road in a heat wave, as long as you are prepared and understand the risks. We’ll dive into the details in the next section, but you should: avoid long drivesplan to stop frequentlyhave an emergency kit in your car in case anything goes wrong, and keep a close eye on your engine temperatureHowever, if you follow all the tips in the guide, there is no reason you can’t drive in hot weather by exercising caution and good sense.What temperature is too hot to drive a car?There is no single temperature at which it becomes definitively unsafe to turn on a car, but avoiding driving in unusually high heat is generally good practice, if you have the option. The outside temperature is less important than your engine temperature and the temperature inside your car. If your engine reaches over 220° F, the various fluids that allow your car to run could start burning up – this is where things start to get dangerous. Similarly, the human body needs certain conditions to function properly. Depending on the humidity, temperatures can become dangerous between 95 and 130° F – but you don’t want to risk being at the top of what your body can handle for any length of time. That means, if your car doesn’t have good cooling or if it’s hot enough that you can’t use the AC because your engine is in trouble, you want to avoid being in the car for any length of time. Instead, try to drive early or late in the day when temperatures are lower and keep your car cool.How do you protect your car in 100 degree weather?The best things you can do are park in the shade (or out of the sun), use a sunshade to keep the sun from heating up your car’s interior (or consider getting a car cover if you live somewhere likely to get many days of extreme heat and don’t have a garage at home), and make sure you get your car fully checked over ahead of extreme heat weather to ensure you have enough coolant and fluids, your tire pressure isn’t too high or low, your air conditioner is running smoothly, and your battery’s in good shape. A fresh wax and an oil change can also help protect your vehicle from deteriorating due to extreme heat.Want a little extra wiggle room in your budget for heat-proofing your vehicle?Put more money back in your wallet by refinancing your vehicle. Most people are eligible for a lower rate than they’re paying. That means paying less monthly and over the life of your loan.With Auto Approve, you can get a quote in just a few minutes, no commitment required. And if you like what you see, we do the paperwork for you.Get a free quote to see how much you could save.Safety Tips For Driving in a Heat WaveLet’s get into the nitty-gritty of car safety in extreme heat. When driving in very hot temperatures, you should…1. Keep an Eye on Your Vehicle’s Fluids, Engine Heat & Tire PressureThe most dangerous thing that can happen when temperatures get too high is your vehicle overheating – your battery, tires, and engine are at highest risk of this, and anything with a fluid can have issues if your vehicle’s systems get too hot.In an emergency situation, especially if you see steam or smoke coming out of any part of the vehicle, pull over right away.If you’re concerned or if your vehicle’s engine heat warning light comes on, turn your heat on until you can find a place to pull over. It might feel counterintuitive, but will pull heat away from your engine.You can and should have your vehicle checked ahead of the hottest part of the summer to ensure all the systems and fluids are in top working order to avoid any issues.Avoiding long drives in the hottest part of the day can also help you keep any part of your car from reaching dangerous temperatures. Ideally, you don’t want to drive more than two hours at a time on days with extreme heat. Think of it like driving in a snowstorm – just because it’s not visibly coming down on you, it’s no less dangerous to be on the road in high heat.2. Carry Water & Emergency SuppliesAn emergency kit is a must for every car, and having one tailored to the heat for summer is essential in a heat wave. There are pre-made kits for heat exhaustion and high temperatures, or you can put together your own.Your kit should always, year-round, include car safety kit essentials like:Jumper cablesTire repair & replacement kitSpare tireFirst aid kitPaper mapLight, non-perishable snacks and drinksFlares or reflective triangles Spare phone chargerIn the summer, you want to think about the unique challenges of a hot sunny day and add items to help prepare for that, like:SunscreenHatBug sprayLightweight blankets or other materials to protect you from the sunReflective sunshade for your windshieldMisting fan, cooling towels, cold compress, or cooling patchesA thermometer in case of heat exhaustionAlways, always, pack lots of water and electrolyte fluids or powders to avoid dehydration.And remember – never leave a pet or child alone in a hot car.3. Park SmartA simple but effective way to keep yourself and your car at a reasonable temperature is to avoid parking in the sun. Take any chance you can to park in the shade, in a garage, or in a covered parking lot – when you start with a lower car temperature, it’s easier to maintain.We’ve mentioned a sunshade a couple times in this guide, but here’s one more plug to pick one up – they can be an effective way to keep the interior of your car cool, and there are relatively inexpensive universal and model-specific models that fold up neatly into the back of your car. Car covers can be more of a hassle to get on and off, but can be a big help if you don’t have a better parking option and will regularly need to park your vehicle in the sun during hot days.4. Avoid The Hottest Parts of the DayIf you must drive during a heat wave, driving in the morning or evening when the air is a few degrees cooler is a smart move. Try not to run errands at high noon if they’re something you could do at night instead. And, again, if you must be on the road in the heat, make the trips short and stop frequently. Plan smart. Summer’s not the best time to take a road trip through the Mojave desert (but a great time for a road trip up the Northeast coast!). 5. Keep An Eye on The RoadOne final danger to think about is the road during very high heat days. When temperatures rise, tarmac can soften, potholes can open up, and other drivers can be more prone to overheating and vehicular issues. Make sure that, even on familiar roads, you’re paying attention to the terrain and the cars around you to keep yourself safe.As the driver of your vehicle, you are an essential part of everything working correctly. Being too hot or dehydrated can lead to confusion, illness, and exhaustion, so make sure you take care of yourself as well as the car.Now You Know How To Take Care of Your Car In SummerExtreme heat has become a staple of summers in the US. Make sure you’re ready for anything the next time a heat wave hits.Remember these key points:Use every tool you can to keep your car cool when you’re not drivingAvoid the hottest part of the day and long driving stintsCarry emergency supplies, and especially waterGet your vehicle fully checked to avoid the worstPull over as soon as possible if you see steam, smoke, or an engine heat warning lightRemember that heat affects the road and other drivers as well as you and your vehicleTake care of yourself and avoid unnecessary risksFollow these tips to keep your vehicle in tip top shape on even the hottest days and you should be able to drive smart and safe all summer long.And one more tip? Refinance with Auto Approve and save on your monthly auto loan payment!Summer means high heat, but it also means vacation and fun in the sun. Refinance to put more of your money back in your wallet for the things that matter most to you.Thanks to dealership markups, most people are paying a higher rate than they need to be on their vehicle loan. Refinancing can help you secure the best rate you’re eligible for. When you get a free quote from Auto Approve, one of our representatives will work with you to find the deal that makes the most sense for you – then do the paperwork for you, making refinancing simple.Get your free quote now.