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When you initially finance your car you might not qualify for the best rate. But that doesn’t mean you have to live with a less-than-great car loan. Refinancing your car loan is a great way to get a better car loan APR and better car loan terms. So what’s the best way to refinance, and how can you get started?Refinancing your car loan is a great way to get a better car loan, and using a company that specializes in car loan refinance is the best way to do it.What does it mean to refinance a car loan?Refinancing a car loan is when you replace your existing loan with a new car loan. Your new loan may have a better car loan APR, better repayment terms, and even have a cosigner (or have a cosigner removed).If you are asking yourself “why should I refinance my car loan?”, you can decide if refinancing your car loan is good move by asking yourself the following:Is it possible I can find a lower car loan APR?Am I struggling to make my monthly car payment?A lower interest rateIf the answer is yes to either of those questions, refinancing your car loan may be a great option. You can find a lower car loan APR if any of the following apply to you:Your credit score has improved since your initial financing.The market rate has decreased since your initial financing.Your debt to income ratio has improved since your initial financing. Refinancing is very beneficial when you find a lower car loan APR. When you reduce your rate, you will reduce your monthly payments and save a lot of money over the life of your loan.A different repayment planIf you are having a hard time making your monthly car payments, refinancing can help you change your repayment plan, which can change your monthly payments greatly. Lengthening your repayment period allows you to repay your principal over a longer period of time, making each payment smaller. Note that you will pay more in interest (since you will be paying interest for a longer period of time), but it can be a worthwhile tradeoff if you are having trouble making ends meet every month.Where is it best to refinance your car?There are many places that will refinance your car loan. Traditional banks, credit unions, and online lenders are all great options. You can also refinance your car loan through a dealership, but this is typically the most expensive option. The best way to refinance your car loan is to use a company that specializes in car loan refinance, like Auto Approve. Auto Approve has relationships with banks, credit unions, and lenders across the country, which means they can help you shop around and compare your options quickly and easily. If you choose to refinance your loan on your own, you will need to do a lot of research to determine where you should apply. Then, you will need to apply and compare the different terms and rates that are offered to you. But when you use Auto Approve, this process couldn’t be easier. Auto Approve will handle all of that for you, so all you have to do is sign on the dotted line.When you find the vehicle refinance loan that is right for you, Auto Approve can make sure that your old loan gets paid off and that all of your paperwork is done correctly. Auto Approve will even handle the pesky DMV paperwork for you. How to Refinance a Car LoanIf car loan refinance sounds like a good option for you, it’s easy to get started.Make sure you qualify.There aren’t a lot of qualifications when it comes to refinancing, but eligibility may depend on:How old your car isHow many miles your car has on itHow much money is left on your existing loanIf you aren’t sure if you qualify for refinancing, Auto Approve can help! Our agents can help you determine if you are eligible for refinancing (and can help you figure out how much money you could be saving!)Prepare your finances.A little preparation can go a long way when it comes to refinancing. Car loan refinancing is most beneficial when your credit score and your finances are in tip top shape. Take the following steps to ensure that your score is at its best:Commit to making full, on time payments.Request a copy of your credit report and review it for any errors.Request higher credit limits.Avoid applying for any other lines of credit while you are in the process of refinancingIf you are having trouble with your monthly payments, go through your monthly budget to determine what you can afford to pay. Experts recommend that your monthly transportation expenses (this includes car payments, gas, parking, maintenance, and insurance) does not exceed 20% of your monthly income.Do Your ResearchIf you use Auto Approve, we can handle this step for you. But if you are refinancing on your own, you should try to do as much research as you can. Talk to friends and family to see if they can recommend a lender. Go online and read reviews to get a sense of how competitive the rates are and see how their customer service stacks up. You should aim to apply with 3-5 lenders.Apply. When you have narrowed your list down, it’s time to apply. Send out all of your applications in a two week timeframe (the credit bureaus give you two weeks where all hard inquiries will count as one hit on your credit score). But if you use Auto Approve, we can handle all of the tedious applications for you.Sign and start saving.When your offers come in, be sure to compare all terms. Be sure to compare the following:The car loan APRThe repayment periodThe assorted feesThe prepayment penaltiesThere is no limit to the amount of times you can refinance your loan, so keep prepayment penalties in mind. If they are extremely high it might deter you from refinancing again in the future.Once you determine the best car loan for you, all you have to do is sign and save. At Auto Approve, we can handle the paperwork for you and ensure that your previous loan gets paid off. And that’s it! Auto Approve makes refinancing your car loan as easy as possible.Refinancing your car loan with Auto Approve is the best (and easiest!) way to start saving money.The sooner you refinance your car loan, the sooner you can start saving. So don’t wait! Contact us today to get started!GET A QUOTE IN 60 SECONDS

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

Auto insurance can be quite expensive depending on who you are and where you live, but it’s an unavoidable cost of driving. Fortunately there are ways to reduce your insurance costs to free up money for other things (the holidays are right around the corner, after all!)Here’s the real cost of insurance and what steps you can take to lower your insurance payments.What things determine the cost of auto insurance?While insurance rates may seem mystifying at times, there are a number of metrics and calculations that go into determining an individual’s insurance premium. Insurance companies look at a number of factors when determining what insurance rates to offer. While some of these factors are within your control, others are not. Here are the top considerations for insurance rates.Your Age. Your age is a huge factor in what you will pay for insurance. Young drivers typically pay the most, while middle aged drivers tend to pay the least. In fact the average amount paid by a teen driver compared to a 50 year old driver is over $5,000. By the time you are 20 this will affect your rate less, and by the time you are 25 your age will not matter as much.Your Driving History. Your driving history plays a big role in your insurance rate. If you have accidents in your past or you have more than a few tickets, you can expect to pay more for car insurance. Insurance companies can see your driving history for the past seven years when they are determining your rate.Your Credit Score. This may not immediately come to mind when you think of insurance rates, but data shows that people with higher credit scores tend to get in less accidents. Therefore if you have a good credit score you will most likely be offered a better insurance rate.Where You Live. Your location affects your insurance rate in two ways: your state’s laws and your zip code. Each state requires different levels of coverage, with some requiring more coverage than others. Each zip code will also have different rate adjustments to account for a number of factors including: high traffic areas, flood zones, high theft areas, wildfires, and more. Insurance tends to be higher in cities than in rural areas.Your Gender. Insurance companies view female drivers as less risky than male drivers, therefore females tend to get lower rates. On average a teen boy will pay over $750 more per year than a teen girl. Your Insurance and Claims History. Lack of continuous insurance coverage is a bad sign for insurance companies and it can make you a riskier customer. Additionally, your claims history affects your insurance rates as well. This includes claims filed against you as well as claims you file yourself. A history of multiple insurance claims will raise your insurance rates. Your Vehicle. More expensive cars are more expensive to insure. If the insurance company needs to replace a more expensive car, they need to recoup the costs.The Amount You Drive. The less you drive, the less your insurance will cost.Your Coverage Level. The amount of coverage you select will have a huge effect on your insurance premium. Covering yourself with the state minimum will be much cheaper than a full comprehensive coverage.Why is car insurance so expensive lately?If your insurance seems particularly high lately, it most likely has to do with on of the following:Your location. Did you move from a rural area to a more populated one? A change of address can trigger an increase.Your credit score. If your credit score has taken a hit lately, it may have caused your insurance company to raise your rates.Your driving record. If you have gotten into an accident lately or have been issued a ticket or two, it may have resulted in an automatic increase. But while accidents stay on your record forever, insurance companies only have access to your last seven years of driving when determining rates.If none of these apply, it might be possible that you simply have an expensive insurance company. You can always call around and compare rates if you feel like you are overpaying.How can I reduce my insurance payments?When looking for car insurance, it’s very important to shop around. Compare rates and policies with multiple companies before committing to an insurance company (be sure to read customer reviews too–if companies have a reputation for trying to weasel out of paying out claims, run the other way).But on top of that, there may be additional discounts out there that may help you reduce your insurance payments if you feel like you are overpaying. Here are some of our top tips for reducing your cost of insurance.Determine if you are eligible for any driver-based discounts. Insurance companies offer discounts if you are a student, if you are in the military, if you are elderly, and they even offer discounts for certain professions. Take a close look at your policy to determine if you are eligible for any additional savings.Change your coverage.The higher your level of coverage is, the more you will pay for insurance. Try dropping your amount of coverage if your premium is too high for you to keep up with. State liability insurance is the minimum amount you can legally carry.Take a defensive driving course.Taking a class that is offered by an accredited driving school can help you lower your rates. This is an especially good idea if you have an accident on your record.Look into usage-based or mileage-based discountsMany insurance companies offer discounts for low mileage. Additionally, many companies have usage-based programs that monitor your driving habits (the speed you drive, how you brake, and what time of day you drive). Improve your credit score.Working to improve your credit score can help reduce your insurance rates. Request a copy of your credit report and check for any errors.Commit to making full, consistent, on time payments.Request higher credit limits to improve your credit utilization ratio.Get a debit card that can help build credit.Refinance your car loan (refinancing your car loan can help you get more manageable payments, which in turn can help your credit score)That’s everything you need to know about the real cost of auto insurance.Insurance is expensive, but shopping around and taking advantage of discounts when you can will help keep the costs under control. And if you are looking to save money in your car budget, think about refinancing your car loan. Refinancing your loan can save you a lot of money, so don’t wait! Get in touch with Auto Approve today!GET A QUOTE IN 60 SECONDS

When times are tough, we sometimes need a quick fix. And when those tough times include being short on cash, it can be hard to navigate. It’s easy to see why a personal loan may be the answer we are looking for. But is it a good idea?Here’s what you should think about when determining if you should take out a personal loan in a crisis.What alternatives are there to a personal loan?Before you decide that a personal loan is the only option, consider what alternatives you may have to come up with the money you need. Do you need a lump sum of money, or are you having a hard time consistently making monthly payments?If money is tight every month, the following might be good alternatives for you.Consolidate to a 0% credit card. If you have good credit, you may qualify for a 0% balance transfer. This will allow you to transfer high interest debt to this new card and save a lot in interest. You typically have 12-18 months before interest kicks in, so this might give you the breathing room to get your finances back on track (but be sure you repay everything in that time period).Refinance your car loan. If you need some extra money every month, you can try refinancing your car loan. Refinancing to a lower car loan APR can save you a lot of money in interest every month. But even if you don’t qualify for a lower car loan APR you can still get some breathing room. When you refinance you can change your repayment plan. Lengthening your repayment will reduce your monthly payments drastically, as you will have more time to pay off the balance.Try to negotiate your bills. If other bills such as student loan payments or mortgage payments are putting a lot of pressure on you, you can call and try to negotiate. They may be able to defer payments for a few months to give you some room. You may be able to set up large bills (such as medical bills) as payment plans.If you need a lump sum of money, the following might be good alternatives for you.Ask friends and family. We get it–it’s awkward to ask loved ones for a favor. But if you are desperate, it might be your best option. If you feel uncomfortable, offer to pay them a small amount of interest so that it doesn't feel awkward.Request a payday advance. Some companies may be able to pay you in advance if you have a good work record.Take a loan from your retirement account. Depending on your account you may be able to take out a loan. For example, if you have an IRA you can take out one loan per year as long as you repay in 60 days.Borrow against your life insurance. If your life insurance has a cash value (sometimes called permanent life insurance) you can borrow against it and you will have the rest of your life to repay. If you do not repay it, the money is simply detracted from your insurance payout when you die.Look into local resources. Local nonprofits and charities might be able to assist you depending on your situation. Is a personal loan a good idea?Whether or not it is a good idea to get a personal loan will depend a lot on your individual situation. In general, it is not a good idea to use a personal loan for your basic living expenses unless you are desperate and have exhausted all other options available to you. This is because personal loans tend to have high interest rates, and if you are having trouble month to month, you will more than likely have trouble repaying your loan in the near future.Under no circumstances should you take out a payday loan. These predatory loans have annual interest rates of well over 300% and can quickly cause a serious problem for you.But if you have nowhere else to turn, a personal loan may be your only option. Especially if you need a large sum quickly. Here are some questions you should ask yourself when determining if it’s a good idea to take out a personal loan.How much will this loan cost me? Think about the interest rate and how much you will be required to pay every month when repayment begins.How quickly do you need the money? Sometimes fast cash is more expensive to borrow, but if you need it immediately you may not have an option.How quickly do you want to repay? The sooner you repay, the less interest you will be responsible for. If you decide that a personal loan is your only option, it’s important to shop around and compare. If you have a good credit score, you will likely have many options open to you. Personal loans are unsecured, meaning there is no collateral to repossess if payment is not made. Because of this, unsecured loans tend to have a higher interest rate than secured loans. Be sure to consider all of the different lending options you have available to you.Credit Unions. Credit unions will consider your credit history, credit score, membership status, and income when determining if you are eligible for a loan. They do not only focus on your credit score, which may give you a better chance if your score isn’t stellar.Traditional Banks. Traditional banks tend to have high credit score and income requirements, but they often have the best rates around.Online Lenders. A good credit score can help you easily secure a personal loan from an online lender. Apply to a few different lenders so you can compare offers. Be sure that you can handle the repayment schedule before you sign. Defaulting on a personal loan can significantly and severely damage your credit score. And damage to your credit score can affect you for a long time.How much money should be in a personal emergency fund?The best way to avoid a personal loan in times of crisis is to have an emergency fund for yourself. No matter what your situation is in life, you should have some sort of emergency fund set up for yourself.You should have three months’ worth of expenses saved up if:You’re young and healthyYou have a stable jobYou do not have dependentsIf you have a partner, your partner is financially stableYou should have six months’ worth of expenses saved up if:You have a lot of expenses and/or a lot of debtYour job is not stableYou have dependentsYou are the sole providerYou should have one year worth of expenses saved up if:You are older or have health issuesYou are close to retiringYou are the sole provider for many dependentsIf you do not fit into one specific bracket, it’s always better to over-save than to under-save. To determine what one month of expenses looks like for you and family, take the following into consideration:Your mortgage/ rentYour utilities (electricity, gas, water, etc)Your car paymentsYour insurance paymentsYour loan payments (student loans, personal loans, etc)Your groceriesYour medical bills and prescriptions Any other monthly expenses (subscriptions, vet bills, etc)Once you know what your savings goal is, try to fit this into your monthly budget. Treating your emergency fund as if it is a bill that you must pay every month will help ensure that you continue to add to your fund consistently. Here are some of our top tips for growing your emergency fund:Add a savings account to your direct deposit. Opening a savings account that is linked up to your direct deposit. You can have a percentage of your paycheck deposited into it so that the savings build automatically.Use a bonus, tax refund, or cash back reward to start your fund. While it’s not an exciting way to use these types of income, it is an easy way to get an emergency fund started with little hit to your monthly budget.Work to trim your monthly budget, and allocate savings to your emergency fund. By cutting unnecessary costs (such as switching to generic groceries, cutting subscription services, and refinancing your car loan) you can create a lot of wiggle room in your budget. Allocating that money to your emergency fund can help you build it up quickly.A personal loan may help you out of a crisis if it’s necessary, but working to build an emergency fund ahead of time can ease your financial burden much more effectively.You can’t plan for emergencies, so sometimes you need to get creative when problems arise. A personal loan can help you out of a jam, but it should only be used when there are no other good alternatives.Working to build an emergency fund can help you prepare for the unexpected. Looking for ways to save money in your budget can help you build that financial safety net. Refinancing your car loan is a great way you can free up money and get your finances on track. To find out just how much money you can save, contact Auto Approve today!GET A QUOTE IN 60 SECONDS

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

There are a lot of costs associated with driving. Not only do you have car payments, maintenance, gas, and parking, but you also have the added expense of insurance. Your insurance rate is based on many factors, but one big factor in this number is your driving history.Getting into an accident can drastically affect the insurance rate you will have to pay. And if you are struggling with all of your car costs, this can really throw your finances for a loop.Here’s how long an accident stays on your record and how you can ensure an accident doesn’t derail your financial wellbeing.How long does an accident stay on your record?If you get into a car accident, it will stay on your driving record forever. But that doesn’t mean that it will affect your insurance rate forever. While the DMV will keep this information on file, insurance companies are only allowed to see the past seven years when determining what insurance rates they will offer. In general, an accident will affect your insurance rate for three to five years.Accidents and tickets will cause your rates to increase because insurance companies will see you as an increased risk. The more accidents and tickets you have, the more likely you are to file a claim (and the more likely they are to have to pay for you). In fact, insurance companies raise premium rates an average of 42% following an at-fault accident. If the accident is severe enough or involves drunk driving, your insurance company might choose to deny your renewal altogether. What about accidents where you're not at fault? This depends a lot from state to state, and your rate might increase even if the accident was no fault of your own. Some states, like California, make it illegal for insurers to raise your rates after a no fault accident, but this is not always the case.Some insurance policies will have accident forgiveness. This coverage means that if you get in an at-fault accident, your insurance will not increase (the first time, anyway). There are different eligibility requirements for each insurer, and some may not even offer accident forgiveness. But if they do, it’s worth looking into. Be aware however that if your current policy has accident forgiveness and you switch insurers, your accident may affect the rates you are offered by new insurers. In other words, your accident forgiveness doesn’t transfer.How can I lower car insurance after an accident?A car accident can cause a sharp raise in your insurance rates. But there are certain measures you can take to help lower your car insurance. Car insurance discounts can be broken down into five categories: Driver Status DiscountsDriver Safety DiscountsPolicy DiscountsVehicle DiscountsUsage DiscountsDriver Status DiscountsMany insurers offer discounts to drivers based on their age or profession. Some of the most common driver based discounts are:Young driver discounts: Discounted rates for drivers between the ages of 16 and 25 (discount rate varies)Military discounts: Discounted rates for active and retired military members–and sometimes their family members (8-15% discount)Student discounts: Discounted rates for high school and college students (5-25% discount)Professional discounts: Discounted rates for certain professional groups, such as teachers or healthcare workers (2-10% discount)Organizational discounts: Discounted rates for members of certain organizations or alumni groups (2-10% discount)Senior discounts: Discounted rates for drivers over the age of 55 (5-10% discount)Driver Safety DiscountsGood driving habits and practices can save consumers a lot of money. Being accident free is one of the most effective driver safety discounts, but if you have been in an accident there are other available safety discounts. These discounts will vary from insurer to insurer but some of the most popular ones include:Defensive driving discount: Taking a defensive driving course from a registered driving school can help reduce insurance costs (10-15% discount). If you are in an accident, participating in a defensive driving class can help minimize the price increase on your insurance policy.Low mileage and low usage discount: If you do not drive a lot and do not put a lot of miles on your car, you may be eligible for additional insurance savings. Driving less than 7500 miles per year can save you up to 20% on your insurance.Policy DiscountsThere may be specific discounts built into your policy that can help save you even more money.Bundling discount: If you bundle your car insurance with other insurance you have, such as renter’s insurance or homeowner’s insurance, you may be offered a discount (5-25% discount).Early signer discount: If you renew your policy before it expires you may be eligible for a small savings discount (typically around 3%).Pay in full discount: If you pay your yearly premium up front rather than in installments you may be offered an additional discount (5-10% discount).Loyalty discount: If you have been a repeat customer for several years your insurer may reward you with additional savings.Autopay discount: If you enroll in autopay you may be eligible for an additional discount.Vehicle DiscountSome features on your vehicle may make you eligible for additional car insurance savings. Having any of the following features can save you anywhere from 3% to 30% on your insurance.Anti-theft devicesAnti-lock brakesDaytime running lightsAdditionally you may be offered a discount if your car is new.Usage DiscountsMany insurers these days are using tech to track your driving habits, and this can lead to big savings. Allstate Drivewise, Progressive Snapshot, and Travelers IntelliDrive are just three of these programs. These companies give you a device that plugs into your diagnostic system and tracks different usage metrics such as speed, braking, mileage, time of day, and time spent driving. These companies boast savings of up to 30% on your insurance, but research indicates that the average savings is between 6-8%.How can I keep my car payments low?If your insurance increases after an accident, there are a number of things you can try to reduce your insurance payments. But you can also try to reduce your vehicle costs in other ways which can help ease the burden of an insurance increase. And one big way to do that is to lower your monthly car payments. There are two main ways you can do this. You can try talking to your lender and seeing if you can work something out, or you can refinance your car loan.Talk to Your Lender If you are in a tight spot, you may have luck simply calling your lender and explaining your situation. While they will not be able to amend your existing loan, they may help you defer a payment (or a few months of payments). They also may be able to lower your payments temporarily. This may give you the breathing room you need. But it’s important to note that you will almost certainly have to pay for interest on this in the long run, so it may not be very beneficial.Refinance your Car LoanA more effective way to lower your car payments and save money in the long run is to refinance your car loan. Car loan refinance is when you get a new car loan that will replace your existing loan. By finding a loan with a lower car loan APR and a different repayment plan, you can reduce your monthly car payments drastically. You may be eligible for a lower car loan APR if any of the following apply to you:Your credit score has improved since your initial financingThe market rates have decreased since your initial financingYour debt to income ratio has improved since your initial financingEven if you are not eligible for a lower APR, adjusting your repayment plan may help you cut your monthly payments. And if you have been in an accident and your insurance rates have increased, this might be exactly what you need. Let’s say your car payments were originally supposed to be paid off in 24 months. Your loan was for $20,000 with an 8% APR and your monthly payments are around $900. If you were to refinance to a 36 month repayment plan, your monthly payments would reduce to about $625, even with the same car loan APR. That is a huge savings every month that can really help you out of a tight spot. You will end up spending a bit more over the life of the loan since you will be paying interest over a longer period of time, but it might be worth it to have that extra breathing room.Having an accident can affect your insurance, but researching and participating in other insurance discounts can help minimize the damage.An accident can certainly create a kink in your finances, but refinancing your car loan is one way that you can free up some money. Contact Auto Approve today to see just how much money you could be saving every month!GET A QUOTE IN 60 SECONDS

It’s no secret that buying a car right now is a little tricky. New car prices are sky high due to increased demand, limited supply, and inflation. So if you have a leased car, the thought has probably crossed your mind to just buy it. But is it really a good idea to buy out your car lease?Let’s talk about car lease buyouts and why they are a great option for many people.What is the best thing to do at the end of a car lease?Car leases are essentially long term rentals on your new car. Instead of shouldering the responsibility of buying a new car, you can simply lease a car for a few years (typically 24 to 36 months). Leasing a new car is very popular for a number of reasons.You will have lower monthly payments as opposed to financingYou will not have to deal with selling your car when you want a new oneYou can get a new car every few years Your warranty will cover most repairs (and even some maintenance)You can maximize tax deductions as a business ownerBut it is very common for people to become attached to their leased car. They might feel torn at the end of their lease period as to what to do. When your car lease ends, you have a few different options. Trade your car in for a new leaseWhen you trade your car in, you are essentially starting over. You can pick a new car and new trim level, and you will negotiate your lease payments and terms.Return your carIf you no longer need a car, or you have another plan for buying a car, you may want to simply return your car. You will pay whatever fees are outlined in your agreement, and then you are done.Buy your carBuying your car at the end of the lease can make a lot of sense, and for many people it is the best option. These are just some of the benefits of a car lease buyout:You have an asset at the end of your payment periodYou can finally customize your carYou can save yourself the hassle of finding a new carYou can save moneyYou can sell your car privately and make a profitIt may surprise some that a lease buyout can save you money, but it’s true. When you return your leased car you are responsible for a host of fees, including:The Disposition Fee: This pays for your car to be cleaned and repaired in preparation for resale. Typical disposition fees run about $350.The Wear and Tear Fees: Slight wear is expected and factored into your monthly payments, but you will be responsible to pay for anything deemed excessive. The Mileage Fees: Car leases have limits to the amount of miles that you can put on the car per year, usually 10,000 or 12,000 miles per year. If you exceed that mileage you will be required to pay a fee per mile. These mileage fees vary, but they typically range between $.15-$.30 per mile. This can add up to a lot of money if you drive a lot. Even at a fee of $.20 per mile, a 4,000 mile mileage fee can run you $800.Let’s say all of these fees add up to $1200. That’s $1200 that you will simply be saying goodbye to if you return your car. But if you choose to buy your lease, you will not be required to pay those fees. If you are significantly over on your allotted mileage and/or have significant wear and tear, a car lease buyout might make good sense.How is lease buyout calculated?So how much do you pay exactly when you are buying out your car lease? The total buyout of your lease will consist of the following:The residual value of your car, as listed in your contractAny remaining payments (you can buy your leased car at any point in your lease)Any applicable feesSales taxResidual ValueThe residual value of your car is an estimate of how much your car will be worth when your lease is over. This is typically represented as a percentage of the car’s MSRP (usually between 45-60%). The residual value of your car will be listed in your contract, and is typically non-negotiable. Different dealers use different percentages, so it’s important to shop around when you are originally looking to lease. It’s very important to consider the residual value when you are deciding whether or not to purchase your lease. It’s worthwhile to compare the residual value to its value in the open market. Be sure to look at websites such as Kelley Blue Book and Edmunds to see how the residual value lines up. If your car’s residual value is much higher than what the car is actually worth, it’s probably not a good idea to buy it. On the other hand, if the residual value is much lower than the market value, it’s a good idea to purchase it. With the current vehicle shortage, many lease holders are able to turn a pretty substantial profit by purchasing their lease car and turning around to sell it privately.Remaining PaymentsIf you are buying your car at the end of your lease period, this doesn’t apply to you. But if you decide to buy your car before your lease period is up, you will still be responsible for any remaining payments.FeesYour contract will list out what additional fees you are responsible for, but you will most likely have to pay a purchase option charge. This is an additional fee of a few hundred dollars that will be added to the total you must pay. If you are financing your lease buyout, you can roll this amount into your financing agreement.TaxesYou will also be responsible for sales tax on the final purchase price of your lease. The amount will vary by state.How do you negotiate at the end of a lease buyout?If you have decided that a lease buyout is right for you, then you may be wondering how to negotiate a car lease buyout. Unfortunately you probably won’t be able to negotiate the buyout cost, as the residual value will be listed in your contract. But you can negotiate on your car lease buyout loan.When looking for financing, you want to shop around as much as you can. The dealer will almost certainly offer you some financing options, but dealers rarely have the best terms and rates. Securing your own financing beforehand will assure that you get the best terms and rates possible. Be sure to look at a mix of traditional banks, online lenders, and credit unions when searching for the best car lease buyout loan. Narrow your search down to four or five lenders that might be a good fit for you. Be sure to apply for all of those loans at roughly the same time. Credit bureaus allow for a fourteen day window where all hard inquiries will count as one hit on your credit score. You don’t want to space out your applications and have your credit score lowered unnecessarily.When your lease buyout loan offers start coming in, be sure to compare the following terms.Car loan APRRepayment periodCustomer service ratingsAdditional feesUsing a company that specializes in car loan buyouts can handle the comparison shopping for you. Auto Approve has relationships with lenders across the country and can help you apply for different loans and select the buyout loan that is right for you. Once you decide which loan is right for you, it’s just a matter of signing on the dotted line. You will need to pay a visit to the DMV (although Auto Approve will handle this for you if you finance your car through them). You will also have to update your insurance information. When you drive a leased car, you typically have a pretty strict insurance requirement. But once you own your car you can reduce this drastically. And that can save you a lot of money.Buying out a lease can be a great idea, especially in today’s car market.Whether you love your car and aren’t ready to say goodbye, or you know that you can sell your car for much more than you will pay, a car lease buyout can be a great option. And when you use a company that specializes in car lease buyouts, it couldn’t be simpler.Car loan rates are expected to increase in the next few months, so now is the perfect time to buy out your lease (remember, you don’t have to wait until your lease is over to buy it!) So contact Auto Approve today to get the ball rolling. With a 96% would-recommend rating on LendingTree and an A+ rating with the Better Business Bureau, you know you are in good hands.GET A QUOTE IN 60 SECONDS

With the holidays fast approaching, many of us are planning our family trips. There are flights to be booked, hotels to be vetted, and rental cars to be reserved. But with so many extra costs around the holidays, you may be wondering if you need to pay extra for insurance when you are renting a car. What’s the deal with renting a car, and do I need to pay for insurance?What is rental car insurance?Rental car insurance is insurance that is offered by the rental company to cover any incidents that may occur while you are renting the car. This coverage may include some or all of the following:Liability ProtectionLiability protection covers you for damages or injuries that are caused by you while you are driving the rental car.Loss/ Collision Damage WaiverA loss damage waiver releases you from responsibility if damage occurs to the rental car (this damage includes thefts and vandalism)Personal Accident InsurancePersonal accident insurance protects you against injuries to you and your passengers that occur while driving the rental car.Personal Effects CoveragePersonal effects coverage protects your personal items from theft that occurs from the rental car.There are a number of different protections that may be offered to you, and some may be worth it to you. But some of these protections may already be covered by your auto insurance or homeowners insurance. Check to see if your personal auto insurance policy includes liability, comprehensive, collision, and personal injury protection, and if that coverage extends to rentals. Check your homeowner's or renter’s insurance to see if personal effects are covered in rental vehicles (they often are).Additionally, your credit card may offer further protection. Credit cards sometimes cover damage or theft expenses that are left over after your insurance pays out. There may be rules and restrictions on this though. It is a waste of money to pay for these protections if you are already covered, so check your policy thoroughly, and call to ask if you are uncertain. Do I need insurance when renting a car?If you do not have auto insurance, you will be required to get rental car insurance. The rental company wants to ensure you have insurance of some kind. If you are already protected through your car insurance and/or homeowner’s insurance, it might not be required–or even necessary–to get rental car insurance. But there are some instances when it might be worthwhile to get additional protection.You want to avoid claims.The more claims you have on your auto insurance, the higher your monthly payments will be. This is especially true if the accident is your fault. If you are worried that an additional claim will cause an increase in your rate that you can’t really afford, it might be worth it to simply pay for the renter’s insurance. You have a high deductible.If your auto insurance has a high deductible, it can still cost you a lot of money if you were to get into an accident. It might be cheaper to pay for renter’s insurance rather than risk an expensive accident.You don't carry comprehensive coverage or collision coverage.Supplementing with loss/ collision damage waiver can help protect you if you only carry liability. Similarly if you have a very low liability coverage limit (such as the state minimum), additional coverage can provide further protection. You are outside of the United States.If you travel out of the United States your auto insurance most likely will not apply, so you will need to get separate rental car insurance.How much is it to rent a car for a week?On average it costs about $20 a day to rent a car in the United States. But this depends a lot on the following:Location where you are rentingMake and model of car you are rentingWhen you bookWhere you pick your rental car upWhere you drop your rental car offHow long you book the car forHow old the driver isAll of these factors will affect the price per day that you will pay when you rent a car. But in addition to that, there are other costs to consider when renting a car. Here are some additional fees (and how you may be able to avoid them.)Damage ChargesIf there are any damages to the rental car when you drop it, you will absolutely be required to pay for them. These damages might be as small as a stain on the upholstery or a dent on the car’s exterior. These are not typically covered by insurance and will instead be charged to you when you check out. To minimize these fees, be sure to do a thorough check of the car before you drive off in it. Point out any marks or dings to the rental company employee and make sure they are marked down. You don’t want to be charged for something that wasn’t your fault.Administrative FeesAs with everything, the rental company will charge you a handling fee. There is little you can do to dispute this, but be aware of what the fees are before you sign any paperwork. Fuel ChargesThe rental agreement will clearly state what your responsibility is when it comes to returning the rental car fueled up. Sometimes they will ask that the car be returned with a full tank, while other times they will ask that it be returned at whatever level the fuel was when you left. Either way, failure to abide by these rules may result in some steep fuel charges. Not only will they charge you a steep rate (rental companies usually charge 133% to 142% of the state gas average) but they will also charge a fee for their trouble.That’s what you need to know about renting a car and rental car insurance.Renting a car can be expensive, but it doesn’t have to break the bank. Be smart and shop around with different rental companies and try to be flexible when it comes to the make and model of your car. Reading through the fine print and ensuring that you aren’t double paying for rental car insurance is also helpful when it comes to saving money.Saving money has never been more important. If you are currently making payments on a financed car, then we have good news! Refinancing your car loan can save you A LOT of money (and it couldn’t be easier!) Contact Auto Approve today to get a free quote and start saving your hard earned money–after all, the holidays are expensive and we need all the help we can get!GET A QUOTE IN 60 SECONDS

A lot of us feel anxiety every month when the bills start coming in. Maybe you’ve had a recent change in your life that has made your budget tighter than normal, or maybe you are just more conscious of your bank account lately. Either way, we are here to help you manage your monthly bills and get on track with a savings plan.Here’s your step by step guide to managing your bills and getting your savings started (or restarted!)What are normal monthly bills?If you are just starting your budget, you may be wondering what bills you should include in your spreadsheet. And the short answer is: everything you spend money on. There are a lot of expenses that we tend to overlook in everyday life. Here are the most common monthly bills that you should consider in your budget:Housing (rent or mortgage payment)Car payments and/or car insuranceGas, parking, and other transportation expensesHealth insuranceGroceriesUtilities (heat, gas, water, electric, cable, and internet)Cell phoneChildcareSchool costs (tuition, books, supplies)Pet food, care, and insuranceMemberships and subscriptionsHomeowners insuranceLife insuranceStudent loansCredit card debtEmergency fundRetirementWhile an emergency fund (and maybe even retirement) aren’t bills that you receive every month, you should treat them as such. By including them in your budget as bills, you will encourage yourself to add to the savings.What is the smartest way to pay bills?There are two main ways that you can pay your bills: all at once or as they come in. Some people prefer to pay them as they come in to ensure that they do not miss a payment and ensure that all payments are on time. Others prefer to pay them all at once so they can keep track of all expenses at once. Either way is fine as long as you remember to pay them all, and remember to pay them all on time.How can I manage my monthly bills?If you are struggling to make your monthly payments, having a system in place can help you gain some control over your situation. Step 1: Set Your Goals (Both Short Term and Long Term)First things first: what are your financial goals? Are you trying to make ends meet every month, pay off credit card debt, or trying to save for retirement? Some goals will take longer than others to accomplish, so it’s good to break them down into short term and long term.Short term financial goals may include:Paying off credit card debtSaving for a down payment for a new carBoosting your credit score into the next bracketBuilding an emergency fund that could cover 3-6 months worth of expensesLong term financial goals may include:Saving a certain amount for retirementSaving for a down payment for a housePaying off a mortgageDefining your goal can help you create a plan, and a solid plan can help you succeed in your financial future.Step 2: Make a BudgetMaking a budget is the best way to get a handle on your monthly bills. Budgeting has a lot of benefits:It helps ensure you don’t spend money you don’t haveIt helps you see where you may be spending too much moneyIt will help you stay organizedIt will help you to see your financial goals and the pathway to themMany people put off creating a budget because they view it as a waste of time. After all, it does take some work up front to get one started. But in reality, a little work up front can save you a lot of time and frustration later on. By knowing exactly what money is coming into your household every month and what is going out, you can more clearly see what changes you need to make in your spending.When you are trying to manage your bills, you want to take a detailed look at your budget to see where you are spending the most. Is your grocery bill unnecessarily high? Are you spending too much on electricity every month? Are your streaming services adding up? Determining where your money is going is half the battle sometimes.Step 3: Slash your Budget Once you have identified where you are spending a lot of your money you can start making adjustments and looking for places to slash your budget. There are a number of places you can start making small adjustments.Slash your Grocery BillWhen you look at your overall budget, you may be surprised at how much your grocery bill is. But the good news is there are a number of easy and effective ways to cut this number.Switch to generic brands on whatever you can.Try to be more mindful of food waste.Start clipping coupons.Sign up for your store’s reward programGo online to look for manufacturer’s coupons.Slash your Entertainment BillIf you are spending a little too much on entertainment every month, look at how your spending breaks down. If you are spending a lot out at restaurants and bars, consider staying in and cooking or hosting a wine night at your home. If you are spending a lot on streaming services, see which ones you can cancel and which ones you can split with friends and family. Slash your Car PaymentMost people are overpaying on their monthly car payment. But if you are able to refinance your car loan, you can save a lot every month. Refinancing can help you in a few ways. If your credit score has increased since initial financing or the market rates have decreased, you may qualify for a lower car loan APR. This can add up to a lot of money back in your pocket every month. But refinancing can also help you change your repayment period, which can reduce your monthly payment as well.If you have a $20,000 car loan at 8% interest that you have to pay back over 36 months, your monthly car payment is $626.73. But if you stretch that payment out over 60 months, your monthly payment is cut to $405.53, even if you are not offered a lower APR. You will end up paying more in interest over the life of the loan, but that breathing room can make all of the difference in your monthly budget.Step 4: Prioritize PaymentsIf you know you don’t have enough money to pay all of your bills, determine which ones are the most important to pay in full. In general, you should prioritize the payments with the highest interest rates and harshest missed payment fees. If some of your bills can be deferred, see what the details are for this. This can be a good option to get some space and get your head above water. Some loans, such as student loans and mortgages, will still charge interest during deferment, which can end up costing you a lot more in the long run, so weigh out your options.Step 5: NegotiateIt never hurts to call and try to negotiate rates and fees. Look at your bills and see where you might be able to negotiate. You may have luck with the following:Your cell phone Credit card interestYour cable or satellite billCar insuranceNewspaper subscriptionsGym membershipsBy looking online for competitors rates you can get some leverage beforehand. They can help guide you on ways to cut your bills. Your cell phone company may allow you to reduce your data plan (which can save you a lot), while your car insurance company may allow you to increase your deductible, lowering your monthly payments in return. Step 6: Consolidate debtIf you have a significant amount of debt, it might be worthwhile to consolidate it. Not only will it be easier to keep track of, but it may help get you some breathing room. You can contact a debt consolidation company, or you can do it yourself by opening a credit card that offers 0% on balance transfers. By transferring all of your debt to this card you will have time to pay off the balance before you will have to pay interest (these promotions typically last for 12-24 months). That’s one to two years of money going towards your principal rather than towards interest, as it would be if you did not consolidate. But be sure to pay off your balance by the time the promotion is over or you will pay a lot in retroactive interest. That’s how you can better manage your monthly bills.Monthly bills can be overwhelming, so taking the time to get organized and manage your payments is important. Be sure to analyze your budget to see where you could be cutting costs and saving money. And if you have a monthly car payment, chances are you could be saving a lot by refinancing your car loan. Contact Auto Approve today to find out just how much money you could be saving. GET A QUOTE IN 60 SECONDS

It’s hard to ignore how expensive everything is right now. We are all feeling the effects of inflation and it’s never been more important to save money where we can. If you are making monthly car payments, there’s a good chance that you are overpaying. But there’s an easy fix for that: refinance. By refinancing your car loan you can save a lot of money every month, and that can really make a difference in your everyday budgeting. But how do you know where to start? What are the rules for refinancing your car?Let’s talk about the rules for refinancing your car and how you can start saving money today.When is a good time to refinance your car loan?Car loan refinancing is when you pay off your existing car loan with a new car loan that has better terms. And when those terms include a lower car loan APR and/or a different repayment period, that can mean saving a lot of money. The time might be right to refinance if any of the following apply to you.Your credit score has improved since you initially financedWhen lenders are determining which APR to offer you, one of the biggest factors is your credit score. Your credit score tells lenders how likely you are to repay your debts. It is based on your past payment history, your outstanding debt, the length of your credit history, your credit mix, and how much new credit you have.Here are just a few reasons why your score may have increased since your initial financing:You made consistent, on time, full paymentsYou paid down some debtYou had a negative event expire (such as a bankruptcy)You had hard credit inquiries expireYou corrected mistakes in your credit reportSimply paying your bills consistently can have a positive effect on your credit, so even if nothing drastic has happened since you financed, your score still might have increased. It's a good idea to request a copy of your credit report to see how healthy your score is and ensure that there aren’t any mistakes.The market rates have decreased since you initially financedAnother major factor in the car loan APR you are offered is the prevailing market rates. You do not have control over this, so timing is everything. If the market rates were high when you initially financed, you may be eligible for a lower APR. Conversely, if the prevailing rates have increased since you initially financed, you might not find a lower APR.Your debt to income ratio has improved since you initially financedYour debt to income ratio is a huge factor in your car loan APR. This tells lenders if you are overextended in your monthly budget, which can help them decide how likely you are to repay. If your income has increased since you originally financed or you have paid down some of your debt, you may qualify for a lower APR.You need some breathing roomEven if you do not qualify for a lower car loan APR, refinancing your loan can allow you to change your repayment schedule. And by lengthening your repayment schedule you can give yourself some much needed breathing room in your monthly budget. If you stretch your repayment from 36 months to 60 months, that allows you to pay off your loan over an additional two years. That can easily lower your car payments by hundreds of dollars every month. You will end up paying more money over the life of the loan, but it will be worth it if you find yourself falling behind on your bills (and hurting your credit in the process).What do you need to refinance a car?If now seems like a good time to refinance, you actually don’t need a lot to get started. Here’s what you need:Your current loan information.You want to look at your current loan to see what the terms are. What is the APR, the repayment period, and what fees are associated with your loan. One of the biggest things you want to look for is whether or not there are prepayment fees. If there are significant fees, it might not be worthwhile to refinance.A little time to research.You want to do your research when you refinance. What lenders have good reputations? Where are you most likely to get a good deal? Using a company that specializes in car refinance can save you a lot of time in this area, as they have relationships with lenders across the country and are guaranteed to find you the best deal possible.Your personal information. When you refinance, you will need some paperwork for your applications. This will  most likely include:A Photo ID Your vehicle’s information Proof of income and financial historyProof of residence Proof of insuranceHaving all of this information compiled and ready to go will make applying for refinance quick and easy. What are the requirements to refinance my car?You should wait at least six months before refinancing. While this is not a hard and fast rule, experts generally recommend waiting a minimum of six months to a year before refinancing. This gives your credit score some time to bounce back after opening a new account and gives you some time to make payments on your loan and boost your score that way. But technically speaking, you only need to wait as long as it takes to get the paperwork filed to refinance. You should not wait until the end of your loan term.The earlier in your loan term that you refinance, the more beneficial it will be for you. So don’t wait until the very end of your loan to apply.Your car needs to qualify.Every lender will have different requirements for this, but your car cannot be too old or have too many miles on it. Typically if your car is over 10 years old or has over 100,000 miles on it you will have a harder time securing a refinance.You need to have enough money left on your loan.If you only have a small amount of money left on your loan, chances are you will have a hard time securing a refinance. Lenders will simply not think it is worthwhile to take on the hassle of refinance with such little payoff.Those are the simple rules for refinancing your car loan.Refinancing your car loan is easy, especially when you use a company that specializes in it. Get in touch with Auto Approve today to see how much money refinancing can save you!GET A QUOTE IN 60 SECONDS