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Car Refinance Dictionary: The Terms You Should Know

Finance | 01/26/2023 15:42

Refinancing can feel overwhelming for many reasons. And a major part of that overwhelming feeling is that it sounds overwhelming. If you don’t know the lingo, that is. But let’s break down all of these terms and demystify the refinancing process.


Here are all of the car loan refinance terms you should know before you start the refinance process.


Amortization

How 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.


APR

This stands for Annual Percentage Rate. This figure, expressed as a percentage, is your interest rate plus any additional fees you are responsible for. It is important to consider the APR as it gives a much more accurate idea of how much you will be spending on your car loan.


Co-borrower

A co-borrower is a person who will share joint responsibility of the loan with you. This is different from a cosigner.


Collateral

This is the asset that secures the loan. 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.


Cosigner

A co-signer is a person who agrees to back the loan if you default on it, but they do not share joint responsibility of the loan as a co-borrower does.

Credit Report

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 Score

A three digit number that is calculated based on your 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 Balance

The amount that you currently owe as listed on your monthly statement.


Depreciation

The loss of value that occurs as your car ages and wears. 


Down Payment

The amount of cash you pay up front for your car. 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 Rate

Another term for the APR of your car loan.


FICO Credit Score

There are different programs that will calculate a credit score, but FICO is the most popular of the providers.


GAP Insurance

Stands for Guaranteed Asset Protection. This is optional coverage that will cover 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 Inquiry

A 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 Rate

This is the cost of borrowing money. Expressed as a percentage, 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 Value

Kelley Blue Book is viewed as a reputable and reliable place to check your car’s value. When you are trying to determine the market value of your car, Kelly Blue Book is a great place to do so. 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”).


Lien

The legal right to your car. 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 Modification

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 Term

Also known as a repayment period, this is the amount of time you have to pay back your car loan. 


Non-Sufficient Funds Fee (NSF)

If one of your payments does not clear or there are not enough funds in your account to cover the check, you may be charged an NSF fee. The amount will be listed in your contract.


Original Loan Amount

This is the amount of money you originally took out to pay for your car. It is typically the cost of the car plus taxes and fees minus the down payment you made.


Payoff Amount

The amount you will need to pay to get rid of your loan entirely. It is separate from your current balance, which may not reflect the interest and fees that you will be responsible for to pay off your loan entirely.


Prepayment Penalty

A 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.


Principal

This is the same as your original loan amount. It is the amount of money you originally borrowed to purchase your car. 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 Employment

A 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 Insurance

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 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 if they need to seize it because you have defaulted on your loan.


Refinance

This 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 allows you to add a cosigner or co borrower, change your interest rate, and change your repayment period.


Secured Loan

A loan that is backed by collateral, such as a car loan. If a person defaults on their loan the collateral is taken as payment.


Soft Inquiry

This 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 this.


Underwater

When you owe more on your loan than your car is worth. 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 your 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 Loan

A 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 Down

This is the same as being underwater. It is when you owe more on your car than your car is worth.


Usury Law

Defines the maximum amount of interest in your state that a company can charge you. 


Those are all the terms you should know before you refinance your car loan.


At Auto Approve we take the mystery out of refinancing. After all, refinance is our specialty. So don’t wait to get in touch and find out just how much money you could be saving.


GET A QUOTE IN 60 SECONDS

More Resources

Top 4 Ways to Get a Lower Monthly Car Payment in 2025

How can you get a lower monthly car payment?When money is tight, or you're hoping to make a big purchase, every penny counts. Whether you're trying to save up for something big, looking to put more money where it matters, or cutting back in leaner times, lowering your expenses can help.That means, when you're going through your budget, you may want to figure out where you can save a few dollars. For many people, a car payment is one of the bigger bills they pay each month. If that's the case for you, lowering your car payment could be the answer to your financial challenges.Whether you need a temporary fix or a long term solution, there are tons of great options out there to help you secure a lower monthly car payment.Here are the four best ways to get a lower monthly car payment1. Talk to your lenderLenders are in the business of making money, and they only make money when you make your payments. You may be surprised to learn that many lenders are willing to work with borrowers to help them manage their payments more effectively.They may allow you to skip a payment or lower your payments temporarily. Keep in mind that interest will still accrue during this time, but it is always better to defer and have this accumulate than to have missed payments. Missed payments can trigger late fees and hurt your credit score. You want to avoid the negative credit impacts that will occur without deferment.That said, not all lenders are magnanimous, and they'll rarely want to cut a deal that doesn't benefit them in the end, so while you may be able to skip a payment or lower your monthly cost, you may end up paying more interest in the long run if you go this route.2. Refinance your carRefinancing can lower your monthly car payments in a number of ways and is likely to be your best option to effectively and sustainably reduce your monthly payments. Since refinancing benefits both you and your new lender, it's a win-win – they don't need to make more money than your current lender, so you're more likely to get a deal that'll cost you less overall. Here's how.You can get a lower interest rateOne of the main benefits of refinancing is securing a lower APR. There are several reasons you might be able to get a better interest rate this time around.You didn’t get a good deal on your original loan. If you went in to look for a car and got talked into dealership financing, there's a good chance you got stuck with a higher-than-necessary APR. In this case, refinancing is likely to lower your APR significantly and cut your payments drastically.Interest rates have dropped. Interest rates fluctuate based on how the economy is performing. If you bought your car while rates were high, there’s a good chance you are eligible for a lower APR if you refinance.Your credit score has improved. If your credit has improved since you first bought your car, you are probably eligible for a much lower rate. Your credit score is the most important portion of your application, and an improvement in credit can yield a drastically better interest rate.You can lengthen your repayment periodEven if you are not eligible for a lower interest rate, refinancing can still reduce your monthly payments by changing your repayment schedule. If you lengthen your repayment period (for example, from 36 months to 48 months) your balance will be paid over a longer period of time and your payments will be lower. Keep in mind you will be paying more interest overall, as you will pay interest for 48 months instead of 36 months, but it will drastically reduce your monthly payments.You can add a co-borrowerWhen you refinance, you can add a co-signer to your loan and possibly reduce your interest rate and secure better terms. If your co-borrower has good credit, they will be eligible for a better interest rate. If refinancing sounds like a good option for you, Auto Approve can streamline this process and help you start saving money today. We work as your advocates to get you the best rates possible, then do the paperwork for you..Want to know more about Auto Approve? Click here to find out why Auto Approve is the best way to refinance your auto loan.3. Sell Your CarIf you need a more permanent solution than talking with your lender will provide, and refinancing isn’t an option, you might need to consider a new set of wheels. You can either trade in your car to a dealership or sell the car on your own.Almost all dealerships will accept trade-ins and can put you in a car that will have lower monthly payments. Make sure you talk to the dealership and are upfront about what you can and cannot afford. You can also choose to sell the car privately. This is a bit more work than going to a dealership, but you will probably get more money for your car. If you want to sell your car on your own, be sure to clean your car very well, get good pictures, and make sure maintenance records are up to date. You want to make your car as attractive as possible to increase the amount of money you can make.Whether you sell to a dealership or to a private buyer, be sure to know three things before starting this process:How much you owe. Know how much money is left on your loan balance, and how much you need to sell the car for in order to break even.How much your car is worth. Go to Kelley Blue Book or Edmunds to look up the value of your car. It might be worth more than you think and you don’t want to lose out on money that could be yours.What you’ll do for transportation next. If you plan to replace your current vehicle with a less expensive one, make sure you take time to look at the market and find vehicle options that’ll fit your needs before giving up your car. Vehicle prices have fluctuated drastically over the past 5-10 years and are likely to shift again with changing car tariffs. If you won’t be replacing your vehicle, have a backup plan for how you’ll get around and test it out for a week before making the change.4. Lease a Car InsteadIf you have sold your car but still need to get around, getting a lease instead of purchasing a new car might be a good option. Leases are generally cheaper than buying a new car, as you are only paying for the depreciation that accrues during your use. There are three main leases you can pursue:New Car Lease – This is the most common type of lease and is widely available. You typically need pretty good credit and a down payment to secure a new car lease.Used Car Lease – These are not as common as new leases but they are out there if you do your research. The APR might be a bit higher, but since the car is not worth as much you might have lower payments than if you got a new car lease.Lease Takeover – This occurs when someone wants to get out of their existing lease for one reason or another. Websites like LeaseTrader.com and SwapALease.com provide a space for you to shop around for a lease takeover. Some people who are desperate to get out of their existing leases may even offer cash incentives, making this a good option if money is particularly tight. You will still need to go through an application and credit check, but you can probably secure a nicer car for a lower rate than if you were to get a new car lease.And those are our top tips for lowering your monthly car payment!In times of economic uncertainty, budgeting and saving money is incredibly important. If you are struggling to make ends meet every month, consider one of the options above.And if refinancing seems like the right option for you, or you want to find out just how much refinancing could lower your monthly payment, Auto Approve is here for you. All it takes is a few clicks and to get a quote and get on your way to more money in your pocket and less on your vehicle payments.GET A QUOTE IN 60 SECONDS

Vehicle Safety in A Heat Wave

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.

Smart Money Moves to Make When You Have A Little Extra Cash In Your Pocket

“What can I do with $500?”It’s one of the internet’s most-asked personal finance questions. Well, here at Auto Approve, we’re always saving people money. After all, refinancing your auto loan can save you anywhere from a few hundred to several thousand dollars over the life of the loan! That means we’ve had some time to think about what your next step should be.Whether you have a few hundred or a few thousand dollars back in your pocket, here are 5 smart things to do when you have more money back in your wallet!The Best Thing to Do When You Have Surprise CashAlways speak to an advisor about your unique financial situation before making any big moves. Everyone’s personal finance journey is unique, so these may not all apply to you. Hopefully you can find an idea for your money (or a combination of these suggestions!) that sounds just right.1. Put it in savingsA simple, elegant solution for any windfall, putting your money in savings – especially a high yield savings account, if you have the option – is a great way to set up your future self for success. Savings are important for so many reasons, from lowering financial stress to ensuring you have future freedom.Most Americans aren’t hitting savings recommended targets for emergency funds and retirement. While this bit of extra cash in your wallet might not feel like enough to get you there, any amount is a good start!Ideally, money you save should start to grow with interest so you can keep earning a little extra pocket change on autopilot. Many high yield savings accounts have no minimum balance, so you can even start earning a few percent on just $500 – although the more you can add to the account to grow it, the better.2. Pay down debtDepending on your overall financial situation, you may want to use any extra cash to knock off some debt. If you have debt with a relatively high interest rate – like credit card debt – paying off even a portion of the balance will save you from paying more interest than you need to in the long run.Having less debt has financial and psychological benefits! It can reduce stress as well as expenses. Plus, reducing your credit utilization ratio and debt-to-income ratio can raise your credit score and make you more eligible for future loans should you want to make a big purchase down the line.And if you have a larger chunk of debt, it might be worth consolidating your debt while you’re at it. Consolidating your debt means bringing all your debt together under one umbrella (or fewer umbrellas, at least, depending on the nature of your debt). It can help you get more favorable terms and simplify the money management and payment process.Use the extra cash toward your first payment(s) and take time to figure out how you can build a budget and make changes in your spending to avoid future issues.3. Put it in an index fundConsider growing your money by putting it in an index fund.An index fund lets your money rise (and fall) with the stock market. If you can handle a little risk and won’t need the money in the immediate future, putting it in an index fund is a good way to enter the stock market for the first time and to ensure you have money at least matching the rate of inflation. That means your $500 today will be worth the equivalent of $500 several decades from now – or, ideally, more. After all, historically speaking, the stock market has always trended upwards in the long run, so even when things are down, the best advice is usually just to hang on and it’ll work itself out. This is especially true of index funds that don’t rely heavily on one company’s success or failure but rather act as a picture of the market overall.Wondering where to get some extra cash to get started? Consider refinancing! Refinancing allows you to get the best rate you’re eligible for and to change the term of the loan, meaning you can pay less per month and pay less interest overall. Most people who got their auto loan from a dealer can save money thanks to marked up dealership rates!Get a free quote to see how much you could save.4. Start a side hustleIf you want to grow your extra cash into more extra cash, why not use it to start a side hustle? Whether there’s something you love to do or something you’re good at that might be in demand, a little investment can go a long way to get you started. Popular side hustles include things like cottage baking, photography, design, selling things from your garden, or skills learned for work like accounting, personal assistant work, coaching, and so on.If you want to get started with a side job, some things you might consider spending the extra money on could include:EquipmentSoftwareIngredients or materialsA websiteA small standMarketingCourses to build your skillsCertifications to make yourself more marketable5. Spend it on someone or something you loveSo you have a little extra money in your pocket. If you’re in good financial shape otherwise, you can use it as an excuse to treat yourself, your friends, your partner, or your family!Experiences and fun aren’t without inherent value. A great meal might inspire you to cook differently at home. Guitar lessons might feed your soul. A vacation could expand your horizons and help you feel refreshed. And fun is important just for the sake of fun! Even with just a few hundred dollars, you could plan a road trip or find ways to add more excitement and joy to your year.And those are 5 great ways to make the most of $500 (or more!)Which option is right for you and your money? Only you can say. But hopefully, these ideas have given you a jumping off point to get started making your extra cash go further.Put more money in your pocket with Auto Approve.Is refinancing right for you? Find out how much you could save in just a few minutes! Tell us a bit about your vehicle and current loan to see your refinancing options – no commitment or hard credit check required unless you decide to move forward with refinancing! When you get a free quote, an Auto Approve representative will work with you to find the right option for you, then do the paperwork for you when you find a loan that’s right for you.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.