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What are the Requirements to Refinance a Car?

Finance | 04/21/2022 22:00

There is so much talk lately about loan refinancing. The market rates are low, yet they are expected to rise throughout the year, so the time to refinance is prime. But what do you need to refinance your car loan? What are the requirements, and if you meet the requirements, how do you go about refinancing your vehicle?


Today we are talking about the requirements of car refinancing and how you can decide if a refinance is right for you.

If you are interested in refinancing your car, it will depend on three major factors: your credit, your car, and your current loan.


Refinance Requirement #1: Your Credit

Your ability to refinance your car will depend heavily on your current credit score. Credit scores are designed to rate your likeliness of paying back a loan. Lenders are in the business of making money, so the last thing they want to do is give a loan out to someone who will not pay them back. 

Making sure you have a good credit score is incredibly important when it comes to refinancing your car loan. Credit scores take five main categories into account:

  • Payment history (35%) Do you pay your accounts on time, or are your payments inconsistent and incomplete?

  • Amounts owed (30%) How much money do you owe? How much money do you owe in relation to how much credit you have available to you? This is called your credit utilization ratio, and it should ideally be below 30%.

  • Length of credit history (15%) How long have you had our accounts open for? The longer you have a history of having open accounts and consistently paying them, the higher your score will be.

  • Credit mix (10%) How diverse is your credit portfolio? A healthy mix of loans, credit cards, retail credit cards, mortgages, etc will help show lenders that you can balance having varying accounts open.

  • New credit (10%) Are you opening a lot of new credit lines? Are there a lot of inquiries on your credit score? A lot of new accounts can raise a red flag to lenders.


The most important categories of your credit score are the payment history and the accounts owed. Together they make up 65% of your score. Focusing on improving these areas can help boost your credit score. And you definitely want to make sure your credit score is as high as it can be before you apply to refinance your car. Here are our top tips for increasing your credit score:

  1. Make on time payments. This will help improve your payment history section. Even just 6-12 months of on time payments can make a drastic difference in your score. Try setting up auto pay on accounts that have that feature so that you never miss a payment.

  2. Pay down debt strategically. Your credit utilization ratio takes into account your total debt to available credit ratio as well as your debt to available credit ratio for each account. This means that if you have a credit limit of $10,000 with a balance of $2,000, and another account with a credit limit of $2,000 with a $1,000 balance, you should prioritize paying off the $1,000 balance. Even though you owe less money on that account, your credit utilization ratio is 50%, as opposed to 20% on the other account. Paying down your debt strategically can help your credit score tremendously.

  3. Request higher limits. Requesting higher limits on your credit accounts will help to reduce your credit utilization ratio. Lenders usually take this initiative and raise the limits for you, but it doesn’t hurt to ask. This can have a significant impact on your score.

  4. Check your credit report. You can check your credit report three times per year for free, once from each of the major credit agencies. Request your report and cross check it with your credit payments and histories. Did some payments get misreported as missed or late? Do all of the balances on your accounts add up? Is your personal information correct? If there are any discrepancies, report them to the bureau. This will also give you a chance to ensure there are no unauthorized accounts opened in your name. 


If your credit score has dropped drastically since your initial financing, you may not qualify for refinancing. If your score has dropped a little since your initial financing, you may qualify, but not qualify for a good APR


Because of this, you want to make sure that your credit score is in the best shape possible before you apply for car loan refinancing


Refinance Requirement #2: Your Car

Lenders almost always have requirements on the condition of your car when you want to refinance. If your car is more than ten years old or has more than 100,000 miles on it, lenders may think it is too risky to refinance. The older your car is and the more miles it has on it, the more likely it is to have something major go wrong. 


Depreciation is a major concern for many lenders. If your loan is underwater, meaning that you owe more on the car than the car is worth, you will most likely not be able to refinance your car. Keep an eye on depreciation throughout the life of your car loan to ensure that you are not in this situation. 


Refinance Requirement #3: Your Current Loan

There are a few terms in your current loan that will dictate whether or not you are able to refinance your car loan: the time left on your loan, your current payments, and prepayment penalties. 


The Time Left on your Current Loan

New lenders often have requirements about how much time is left on your current loan. If there is less than a year left on your loan, lenders may not choose to approve you. Car loans are front-loaded amortized loans, meaning that the majority of the interest is paid in the beginning of the loan. This means that as the loan nears the end, you are paying less and less in interest and more and more in principal. At a certain point it is not worthwhile for a lender to refinance you, as they will not really be making any money off of you. But keep in mind that at that point it probably won’t make sense for you either, as you won’t really be saving any money.


Prepayment Penalties

Your current loan may have prepayment penalties that may make refinancing your car difficult. Check your current contract closely to see if there are any penalties. If it’s unclear, then call your lender and ask them outright. If the prepayment penalties outweigh any savings from refinancing, it will probably not make sense to refinance even if you do qualify.


Your Current Payments

Staying current on payments matters for your credit score, but it is also something that new lenders will check specifically. They want to ensure that you are up to date on payments with your current lender. If you are not paying your current lender in full with consistency, it’s probably not in their best interest to refinance your car loan. 


I meet the car loan refinancing requirements; now what?

If your credit score is good or has improved, your car qualifies for refinancing, and your current car loan meets the above criteria, then you are probably wondering “how do you refinance a car loan?” The good news is it’s actually really simple!


Step 1: Do Your Research

Look around for a few different lenders that have good reviews. Look for a mix of traditional banks, credit unions, and online lenders. You will have to actually apply to get terms and rates for comparison, but you can do some of the legwork ahead of time and make sure their current customers are happy. If you want to save yourself a lot of hassle (and a lot of money!) contact Auto Approve and we can get the process started for you. We have relationships with hundreds of lenders across the country and can help get you the best offers. 


Step 2: Apply to a Few Different Lenders

The application process is similar to your original car loan application. You will need the following to get started:

  • A Photo ID, such as a passport or driver’s license.

  • Your vehicle’s information, which may include the bill of sale, VIN number, make, model, and year of your car.

  • Proof of income and financial history, which may include pay stubs, banking information, and your credit report.  

  • Proof of residence, such as a mortgage statement, lease agreement, or utility bill. 

  • Proof of insurance. 


(Just think: if you use Auto Approve, we can handle all of these tedious applications for you!)


Step 3: Compare Rates 

After all of your applications are submitted, you should start hearing back with different car loan APRs and terms. Compare all of the terms and see what offer is the best for you.


Step 4: Sign and Start Saving Money

Once you have picked the best car refinancing option, sign on the dotted line and start seeing the benefits of refinancing immediately. (And if you use Auto Approve for your car loan refinancing, we even handle the boring DMV paperwork!)


And those are the requirements of auto refinancing.


So don’t wait any longer; get started with Auto Approve today and pay less monthly when you refinance your car loan!

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Useful Skills You Can Learn While Driving

Have you ever considered learning while you drive? Whether you want to make better use of a daily commute or are heading out on a long solo drive, if you want to learn a skill from behind the wheel, we have some ideas for you!The key to learning on the road is to choose something you can do with just audio media – and to make sure nothing you do is so engrossing that you lose focus. It’s important that you still drive safely, no matter what. Essentially, we recommend skills you can learn from an audiobook or podcast and repetitive activities that allow you to build up your knowledge or talents over time.Let’s take a look.Things You Can Learn While DrivingThe average American driver spends, according to a AAA survey, just over an hour in their car every single day. Why not find ways to be productive with all that time? Here are some things you can pick up while you drive.1. Learn a LanguageThis is probably the most popular skill to tackle in the car. Whether you’re brushing up on a language you learned in high school, preparing for a trip, trying to improve your chances at a new job, or learning just to stay sharp, there are tons of good reasons to learn a language while you drive. And, yes, while you’ll also need to supplement with written lessons, you can work on your listening and speaking skills in the car.Depending on which language you want to learn and your level, you’ll need different resources, but here are a few ideas for ways to get started:Starting from 0: Listen to podcasts that teach you the basics (for example, Pimsleur and LanguagePod101 both have podcast-based language lessons)For skill building: Listen to programs designed for language learners (for example, News in Slow is designed for people currently learning at a beginner to intermediate level to practice listening comprehension) For advanced learners: Grow your vocabulary and get closer to fluency by listening to music or news in your target language and trying to capture any unfamiliar words, phrases, or ideas2. Listen to the Sounds of NatureIf you’re interested in the natural world, you could use the time to learn things like the calls of birds local to your area. Avid birders in particular might find this interesting – and there are many resources for birders, since it’s such a popular hobby (BirdNote Daily is a good option) – but resources exist for frog fans and other animal lovers as well, dependent on your region. And there’s no reason you need to stick to your own backyard! Noisy by Nature is a kid-focused podcast that introduces the sounds of Australian wildlife (and is, frankly, fascinating for all ages).As an added bonus, nature sounds can also be relaxing, which is helpful when you’re stuck in traffic in a 20 minute slowdown.3. Write Better EmailsWhether you’re an English learner, a complete word nerd, or someone who struggled with writing in school and wants to up their email game, there are tons of great podcasts about English grammar, word usage, and how people speak. A few top recommendations include: Grammar GirlThe AllusionistVocal FriesYou’re Saying It WrongWebster's Word of the DayExpanding your vocabulary, mastering complex grammar rules, getting into the nitty-gritty of style, and discovering common malapropisms and mistakes can make you a better writer, reader, and conversationalist.4. Level Up Your Financial LiteracyThere are tons of great personal finance podcasts being made right now. 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5 Things Every Car Owner Should Know

Let’s talk about five of the essential things every car owner should know.There are tons of skills you come by naturally as you start driving. Some things you learn for your drivers license exam, some skills you pick up as you start driving. But there are a few things not everyone knows how to do that can make you a better car owner and help you feel more confident on the road.These are some of the top skills you need to take time to learn once you own a car. Let’s take a closer look.Essential Skills for Drivers and Car OwnersTake a peek at the list. Do you know how to do all of these things? Most people will have learned at least some of these skills naturally, but taking time to really master them can help you drive safer and keep your car in great condition longer.1. How to Check and Change a TireIt’s important to get to know your tires, and recognize the right tire for your vehicle. But buying the right tires is only the beginning – tire maintenance and tire changing are super handy skills for every driver. The same is true for recognizing, checking, and changing or replacing fluids like engine coolant, brake fluid, windshield washing fluid, transmission fluid, and engine oil. If you see a liquid coming out of your vehicle, being able to recognize what fluid it most likely is and whether or not it constitutes a safety hazard is key.To get you started here are the essentials of changing a tire:Find somewhere safe to park on a level, firm surface.Turn on your hazard lights.Gather your tools: spare tire, car jack, lug wrench, and your owner’s manualReview any important information in the manual about tire changes for your specific vehicle Loosen but do not remove the lug nuts (which may be under the hub cap)Position the car jack at your vehicle’s jack points based on the instruction in the car owner’s manual (sometimes marked with a notch on the chassis)Slowly raise the car with the jackFinish loosening and remove the lug nuts, keeping them somewhere you can easily find them again where they can’t roll awayRemove the flat tire and replace it with the spare, lining the spare up with the wheel studsReplace the lug nuts and gently start screwing them in by handLower the car Use your lug wrench to tighten the lug nutsPut all your equipment back where you usually keep itCheck tire pressure for all tires (you may want to go to a garage to make sure everything’s good to go and your tire pressure is even)Return to the road, driving slowly and carefully if you’re driving on a donutPracticing changing your tire a few times at home can make it much less stressful if and when you need to change one on the road.2. 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This is true regardless of how long the vehicle’s been on the road and whether or not it’s showing any of the major old car warning signs. Preventative maintenance can help catch problems early and let you drive with confidence even after years with your vehicle. If everything’s looking good, you just need to keep an eye out for rusting, brake issues, bumping or bouncing, or a persistent check engine light. And One More Thing Every Car Owner Needs to Know…How to lower their car payment! Auto Approve can help you lower your vehicle payment in minutes.Most people are overpaying on their auto loanIf you got your vehicle from a dealership, there’s a good chance you’re overpaying on your auto loan, thanks to dealer markups on rates. Auto Approve can help you find out whether you’re eligible for a better rate and start paying less through refinancing. To get started, all you have to do is answer a few questions, no commitment required. Then, an Auto Approve associate can help you find the best deal for you. Once you choose your refinance, Auto Approve does the paperwork, making the process quick and easy!Get your free quote to see how much you could save today.

10 Sneaky, Simple Ways to Spend Less Money Every Day

Whether you’re saving up for a milestone purchase or just need to tighten up your budget, saving money is never a bad thing.But too often, when we think about ways to spend less, we think about major lifestyle changes. Unfortunately, studies suggest that if you feel like you’re depriving yourself, you may be more likely to slip and return to old spending habits. That’s why we’ve compiled this list of 10 easy ways to save money that don’t require sweeping changes. Of course, there are cases where small savings won’t be enough, but making money saving tricks like these a habit can help you keep your spending in check and put more in savings to weather financial emergencies throughout your life.Here Are 10 Easy Ways to Spend LessWhile not every option will work for everyone, with these tips you can save a few extra bucks for a nice dinner out this month – or hundreds or even thousands of dollars over the course of a year.1. Opt for lower cost optionsIf you want to save a little extra cash this month or curb your monthly spending, one of the easiest things you can do is switch to cheaper options wherever possible. This can be as small as switching tomato paste or pasta brands, where you might save only a few cents or dollars at a time, or bigger changes like opting for a less expensive restaurant for date night, thoughtfully selecting subscriptions to downgrade, or shopping at an outlet version of your favorite clothing store next time you need something. Comparison shopping to find the lowest price for something can even be thrilling when you find a great deal!While you might not notice small changes like these right away, that’s exactly why they’re so smart – over time, you’ll spend less on every purchase, without feeling like you’ve made a big change.2. Watch your spending closelyFor many people, a simple change that can make a difference is just spending more time paying attention to what they’re spending and where. That means logging into your bank account more often and looking at where your money is actually going. Most people can find areas to save money just by paying more attention.If you don’t already have a set budget, this is also a great opportunity to start creating categories and setting spending limits for how much you spend in a month. Basic budgeting is never a bad idea, and can make a huge difference if you’re struggling to save.3. Pick DIY over done-for-you where you canThis tip applies broadly – wherever you can save money by doing something yourself, do it! This can mean making your meals at home, bringing a water bottle instead of buying one, picking things up yourself instead of having them delivered, having a movie night in with popcorn and snacks instead of going to a theater, and so on.Incremental changes – like still getting takeaway, but ordering it in person instead of using an app – can save you money with minimal sacrifice. Small repetitive purchases we don’t spend time thinking about can be a huge money suck when added up.Of course, you might not be able to save up a home down payment by making your coffee at home, but being selective about every spending habit can help you splurge smarter.4. Lower your car costsOur favorite easy way to save money on autopilot? Refinancing your vehicle. Most people are paying more on their monthly car payment than they need to be, thanks to dealership markups. A refinance can mean a lower monthly payment, a lower rate, or both – putting more money back in your pocket for the things that matter most.Getting a quote is easy and takes just a few clicks, no commitment required.Find out how much you could save today.5. Set fun challenges for yourselfAnother sneaky way to save money without feeling like you’re saving money is to turn it into a game or challenge for yourself. You could try eating vegetarian for a week, or take out your treat budget in cash and see how far you can stretch it. Challenge yourself to cook recipes from a specific cookbook or to make meals out of what you already have in your freezer and pantry.As well as having money saving potential, giving yourself projects – like sanding and repainting a thrift shop bookshelf or learning to patch your own clothes – can help you build money-saving skills and keep you excited and interested in low cost activities. A lot of saving money is a mental game – if you can learn to actually enjoy and want to do and try less expensive things, you can make saving money a breeze.6. Become a food waste warriorAmericans waste tons of food each year. As well as being hard on the environment, it’s a big waste of money. The good news is, becoming more conscientious about food waste can also mean spending less on food.There are tons of great resources for people who want to master zero-waste cooking, and many companies that help connect food that might otherwise go to waste to people who want it at a discount. There are several companies that offer perfectly good fruits and vegetables that grocery stores won’t sell because they’re oddly shaped or too large or too small. There are apps where you can buy deeply discounted meals and baked goods from local eateries that have extras that won’t be sellable by the next day. Some might worry that they’re taking away food from people who need it, but statistically much of that food isn’t going to find someone who wants it before it goes bad. Buying bread from a bakery on discount at the end of the day is doing a favor to the people along the food chain who worked so hard to grow the wheat, ship the flour, bake the bread, who don’t want to see it end up in a landfill just because no one will want to buy it tomorrow.7. Join a buy nothing groupBuy nothing groups have become much more common in the last 5-10 years. They’re usually location-based, so you’d join one for your neighborhood or community, and can typically be found on social media.The idea of buy nothing groups is that, often, we only need things for a certain amount of time, and don’t use everything we have every day. If your neighbor needs an extra blender for a party, you might lend her yours for the day, rather than her going out and buying one. If you have a child who’s outgrown their old clothes, you might find another mom whose child is just growing into that size to give the clothes to. This is something people do naturally anyway with those they know – neighborhood groups just expand the circle of people you can ask and give.Doing this can prevent old clothes and electronics from ending up in landfills and help everyone spend less over time.8. Revisit old favoritesSometimes, you don’t need something new – you just need to dig into the back of a closet. Rereading a book you loved in college, shining an old pair of shoes, depilling an old jacket, plugging the InstaPot back in, digging out a board game you used to love can all be a boost. And old clothes can be mixed and matched to look in style again with a little creativity. Most of us have something in the house we’ve never touched or loved once but haven’t thought about in a long time. Dusting off whatever that is for you and falling in love with it again is a great way to feel like you’re changing things up without spending a penny!9. Throw time at big purchasesDespite being at number nine, this is one of the most important items on this list. Many of the things we’ve talked about focus on small purchases. When it comes to big purchases, this is the top tip for financial experts everywhere. If you want something that will be a big purchase for your budget, do all the research you want, and then wait a month and see how you feel. If you still want it in a month – and it’s worth the cost to you, and you can afford it – then you can decide to move forward with the purchase. For expensive non-essentials, this buffer time can help you avoid unnecessary impulse purchases and help you put the cost in perspective relative to your work and other expenses. 10. Save with coupons and pointsLast but certainly not least, one of the easiest ways to save without lifting a finger is to pay attention to coupons and sales, and time necessary purchases to ensure you get the best deal on them. Loyalty programs, points, sales, coupons – making them part of your spending plans can pay off royally. Most grocery stores and pharmacies have loyalty programs, and of course there are often sales around certain holidays, but you can get even more granular, choosing coffee shops with punch cards or downloading the apps for your favorite chains.Use These 10 Tips For Saving Money To Simplify Spending Less We’ve all heard the old adage, “a penny saved is a penny earned.” Some of these tricks might seem small, but add them up and you’ll be saving a pretty penny in no time.Start now by finding out how much you can save on your auto loanWhen you refinance your vehicle with Auto Approve, you get personalized help to make sure you find the best deal for you. And once you choose your new loan, we do the paperwork for you, meaning you save not just money, but time too.Get your free quote now.
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*APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV and title. Advertised 5.49% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans subject to credit and lender approval.
Auto Approve has an A+ rating with the BBB and is located at 5775 Wayzata Blvd, Suite 700 #3327 St. Louis Park, MN 55416-1233. Auto Approve works to find its customers the best terms and APR, which are based on factors like credit history, vehicle, and desired payment terms. Loan amounts, costs, and fees vary by state and lender; they generally include admin fees, doc fees, DMV, and title fees, depending on the lender and period of repayment. There is no fee to obtain a quote and all refinancing-related costs are included in the amount financed so there are no out-of-pocket costs! For more information, please go to AutoApprove.com.