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If you are having trouble making your car payments, you may have had the idea to pay off your auto loan with a personal loan. After all, it would give you the chance to change your APR and possibly lower your monthly payments. But is it a good idea?Let’s talk about the differences between personal loans and auto loans, and whether or not you should use a personal loan to pay off an auto loan.What is the difference between a personal loan and a car loan?Personal loans and car loans are two very different loan types. A personal loan can be used for just about anything, from a home project to debt consolidation. You can even use the money for a vacation (although we don’t recommend that). Personal loans are unsecured, which means they have no collateral. Lenders look at your credit score and financial history when determining whether or not they will give you a personal loan.Since personal loans do not have collateral, there is nothing for the bank to repossess if you fail to make payments. Instead the lender can take you to court to get their money back, and they can severely damage your credit. Defaulting on a personal loan can ruin your credit score for years to come. But because there is no immediate ramification for nonpayment, unsecured loans tend to come at higher rates since they are riskier for the lender.Personal loans typically do not require a down payment, but they often come with high origination fees (this is essentially the fee to do business with them).Car loans on the other hand are secured loans, meaning that the car itself acts as collateral. If you fail to make your payments, the bank will repossess your car. Since they are secured loans, car loans will typically have lower interest rates than personal loans.Car loans usually require down payments. They will also have origination fees, but they are usually a smaller percentage than those on personal loans.Should I use a personal loan to pay off an auto loan?There are times when it might be tempting to pay off your existing auto loan with a personal loan. This is especially true if you did not get a good car loan APR when you originally financed your car. Here are the pros of paying off your car loan with a personal loan:You may qualify for a lower APR.You can adjust your repayments period to make your monthly payments lower.You can remove a cosigner from your loan.But, there are also some cons to paying off your car loan with a personal loan.You may not find a lower APR.You may pay a lot in fees.You may end up paying more in the long run.Chances are you will not be able to find a lower interest rate for a personal loan than you will for an auto loan. But there’s good news–refinancing your car loan might be your best option. This gives you all of the benefits of paying off your loan with a personal loan, but chances are you will be able to find a much lower car loan APR than personal loan APR.How can I get a better rate on my car loan?Instead of getting an unsecured personal loan to pay off your car loan, you will be much better served to refinance your existing car loan. When you refinance, you are getting a new loan that will pay off your existing loan. The difference between refinancing and getting a personal loan is big: when you refinance, you get an auto loan, not a personal loan. This means the loan will be secured and you will get a much better rate. The best part is that refinancing is really easy–especially when you use a company that specializes in car loan refinance. Just follow these simple steps and start saving money immediately.Research.Do your research to find out which lenders will be a good fit for you. Ask around to friends and families to see if they have any lenders they recommend. Be sure to consider traditional banks, credit unions, and online lenders. You will not be able to compare specific rates and terms, but you can get an idea of what their average rates may be and how satisfied their customers are.Apply. Once you have selected 3-5 lenders, submit all of your applications in a fourteen day window. Credit bureaus give a fourteen day window where all applications will count as one hard inquiry on your credit report. This allows you to shop around without racking up a lot of hard inquiries (which will negatively affect your score). When you apply, you will need to have the following documents ready:A Photo ID, typically a driver’s ID or passport.Your vehicle’s information, such as the bill of sale, VIN number, make, model, and year of your car.Proof of income and financial history, such as pay stubs, banking information, and your credit report.  Proof of residence, such as a mortgage statement, lease agreement, or utility bill. Proof of insurance.This process is super easy if you use a company that specializes in car loan refinance, like Auto Approve. They have relationships with lenders across the country which means that they can get you the most competitive rates out there. They can help you handle the repetitive paperwork and make applying super easy.Compare.After you apply, you will start seeing offers roll in. Be sure to compare the following terms when determining what auto loan is best for you:Car loan APRRepayment periodFeesCustomer satisfaction ratingsAuto Approve can help you compare and decide what lender might be the best fit for you. Take all of these factors into account, but pay most attention to the car loan APR. After all, you will save the most amount of money by reducing your car loan APR. Sign and Save.Once you decide which car loan is the best fit for you, you can sign on the dotted line and start saving money. Your new lender will pay off your old loan (although it never hurts to call and make sure this happens without incident). You will need to alert the DMV of this change and call your insurance company, but after that you are all set. That’s why you should refinance your car loan instead of paying off your existing loan with a personal loan.Refinancing your car loan can be beneficial to you for many reasons. Lower monthly payments, a lower APR, and the ability to add or remove a cosigner are just a few. If refinancing your car loan sounds like a good move for you, don’t wait–get started with Auto Approve today and get your free quote!GET A QUOTE IN 60 SECONDS

If you’ve been trying to buy a car recently, you may be all too aware of how crazy the car market is. Whether you are looking for a new car or a used car, the wait times, prices, and increasing rates are making it an ordeal for many to get a new set of wheels. But that doesn’t mean it’s impossible to get yourself in a new car. Here are the best ways to navigate the current auto market.Why is it hard to buy a car right now?Demand for cars is at an all time high, while the supply of cars–both new and used–is at a low. This is causing both record prices and increased wait times for customers across the world. So how did we get here?Increased demandIn the past two years we have seen an increased demand for cars, both new and used. When the pandemic hit, many people saved money by not going on vacations and not spending money on entertainment. These savings combined with subsidy checks meant that people had money to buy things they needed, like a new car.Not only did people have a bit more money to spend, but interest rates were at an all time low. In an effort to keep the economy going, the Fed reduced interest rates to encourage spending. And this worked, albeit a little too well. All of this combined to create an increased demand for new cars.Decreased supplyAn increase in car demand was unfortunately coupled with a decrease in supply. The supply of new cars decreased for a few reasons:Many factories were forced to shut down or limit production numbers due to the pandemic.Supply issues with raw materials such as plastics and steel cause production to slow down.A shortage of microchips–used in cars for everything from navigation systems to window controls–slowed car production. Some experts think that 90-95% of the new car supply issue can be attributed to chip production.All of this meant that there were fewer new cars on the market, which affected the used car market as well. Used car demand increased for a few reasons:High new car prices drove buyers to less expensive used options. Lease drivers returned their leases less frequently so there was a smaller supply of used cars.Low supply and high demand creates inflation, which makes it more difficult to get a fair price on a car.High pricesWhen supply and demand are out of sync, inflation can occur. In 2022 inflation hit a 9.1% year over year increase–the highest it’s been since 1981. Inflation affects all parts of our economy (both in the US and worldwide), and the car market was no exception. In August 2022 new car prices hit an all time high. The average new car had a price tag of $48,301 according to Kelley Blue Book, which was up 11% from August of 2021. While used car prices are starting to normalize a little bit, they are still much higher than they should be. High interest ratesIt’s no secret that inflation is putting a major toll on our economy. That’s why in the beginning of 2022 the Fed began to raise interest rates. By raising interest rates, the Fed was hoping to slow down demand by making borrowing money more expensive. They were also hoping that high interest rates would encourage more saving and allow the economy time to cool off. This is the balance that the Fed is always hoping to strike. Longer Wait TimesIf you are looking to buy a new car, it takes a bit longer these days. All of these supply issues mean that production and shipping are taking more time, so customers are waiting many weeks and months longer than usual.Should I wait to buy a new car?There is no cut and dry answer for this, as it depends on your situation. Buying a car isn’t impossible right now, but it will require a bit more patience and research. If you have your heart set on getting a new set of wheels, we have some tips to help you in your quest.Here are our top tips for buying a new car in 2022.Be flexible.The more flexible you can be with your choice of car, the easier this process will be. Certain brands and models are experiencing longer wait times and higher inflation than others, so it is good if you can be a little flexible. It might take longer or be harder to get certain add ons, exterior colors, or features, so being flexible here will help you as well.Actively track car prices beforehand.The more research you do, the more confident you will be that you are getting a good deal. Using sites such as Kelley Blue Book and Edmunds will help you to determine how much you should be paying for your new car.Shop around for rates.It’s always important to shop for rates, but it is crucial to do so now. Look at different credit unions, online lenders, and traditional banks to get pre approved. This is not the time to get roped into dealer financing, which can be especially pricey. Taking the time to ensure that your credit score is in good shape can also pay off for you.Come with cash in hand.When rates increase, it’s more important than ever to pay for as much as possible with cash. A larger down payment will not only help you qualify for a better loan, but it will save you a lot of money in the long run.Know the value of your old car.One good thing about this situation is that your used car has never been more valuable. That’s why you should have a good sense of how much money your car is worth before you go to look for a new one. Chances are the dealership will try to lowball you when buying your old car, so you may be better served to sell your car privately.Those are our top tips for navigating the current auto market. If the time isn’t right to get a new car, consider refinancing your existing car loan. There's a good chance that you can find a car loan APR that is lower than your current rate. Using a company that specializes in car loan refinance can make this process quick, easy, and effective. You can get a free quote in just a few minutes, so don’t wait–contact Auto Approve today to get started. With a 96% would-recommend rating on LendingTree and an A+ from the Better Business Bureau, you know you are in good hands.GET A QUOTE IN 60 SECONDS

The temperatures are dropping and the leaves are changing color, which means one thing: it’s perfect motorcycle weather. Now is a great time to get out there and enjoy the fall on two wheels. And if you are thinking about buying a motorcycle, now is a great time to do so.Whether you are looking to buy your first motorcycle or you are a seasoned rider looking for a new bike, we’ve got you covered.Here’s everything you need to know when looking to buy a motorcycle.What do you look for in a motorcycle?There are a lot of things you need to consider when you are selecting which motorcycle is right for you. Here are some questions you should ask yourself.What is your price range?How will you pay for it?What is your intended use? For commuting, for distance, for off roading?Are you looking for a new or used motorcycle?If used, what condition are you looking for?Are you comfortable working on your motorcycle? Do you know where you will go if not?Make sure you consider all of these questions before committing to anything. But if you are comfortable moving forward, your next step is to decide what bike is right for you.The bike styleThere are a few different types of motorcycles out there, all of which have different advantages and disadvantages. Consider how you will be using the bike to determine which makes the most sense for you.Standard: All purpose bikes that have an upright riding posture and are best for beginners and commuters. These are not ideal for long distance rides or off roading. (i.e. Honda Nighthawk)Cruiser: Heavy bikes with a relaxed riding position and a V-twin engine that are best for taller riders who are looking for comfort. These are not ideal for smaller riders. (i.e. Harley Davidson)Touring: Touring bikes are large bikes built for long distances, characterized by heavy engines and room for luggage. These are not ideal commuting bikes. (i.e. BMW R1200GS)Sport: Smaller bikes that are built for speed and performance. They have a forward-leaning riding position and are built to be aerodynamic. These are not ideal for beginners. (i.e. Honda CBR)Dual Sport: Lightweight bikes that are built for off-roading. They are not ideal for distance riding. (i.e. Suzuki DRZ)All motorcycle styles are quite different, so it shouldn’t be too hard for you to determine what style is right for you and your lifestyle.Engine sizeIn addition to the style of bike you will need to determine the best engine size for your needs. Most styles come in a variety of engine sizes, and those on the smaller end (like 250 cc or 500 cc) tend to be less to insure and are better suited for beginners. The reputationBe considerate of a brand’s reputation when buying a bike. By this we mean:Is the bike reliable?What parts tend to have issues?Where can you get parts and get the bike serviced?Looking online and on forums is a great way to get a sense of how a bike will be. You want to read as much as possible to get a good sense of whether or not this is the right motorcycle for you.What are the steps to buying a motorcycle?Once you determine what you are looking for in a motorcycle, you can start looking around. You will have to decide if you are looking for a used bike or a new bike first and foremost. There are some pros and cons to both new and used bikes, so consider what will work best for you.The pros and cons of a new bike.With a new bike, you have the security of knowing that you are the first rider. There is no mysterious history to be weary of and no worries of improper repairs.You also get the peace of mind of a factory warranty that comes standard with new bikes in case any problems should arrive. You will also be able to finance your bike, which may be preferred for you.On the other hand, you will certainly be paying more money and the bike will be devalued as soon as it leaves the lot.The pros and cons of a used bike.Many riders prefer to get a used bike instead of a new bike. Used bikes are typically a better value, as you will miss out on the sharp depreciation of the first few years. You can also choose to work on your bike yourself as it will not be under warranty anymore.  But the flipside of this is that you do not truly know the bike’s past and there might be more issues with the bike. Steps to buying a new bike.Find a dealer. If you are buying a new bike, it will be easy to find a dealership that has what you are looking for. Look for a dealer with a good reputation and good customer reviews. If you can, try to visit at least two dealers that have what you are looking for so that you can compare the rates and terms. Negotiate the terms. Question all of the prices and negotiate as much as you can. There is usually wiggle room on the MSRP and the fees such as the destination charge and the assembly charge.Decide how you will pay. Are you paying in cash or are you financing? Paying in cash will get you a better deal overall and give you more negotiating power, but if you have good credit then financing shouldn’t be an issue. Pick a lender. Shop around for financing before you get to the dealership. Dealer financing is notoriously more expensive. Instead, get pre approved and think about how much you can comfortably afford every month. Making a significant down payment (at least 20%) will greatly help your monthly payments. Pick a repayment period that is between 2-5 years; the shorter your repayment period is the higher your monthly payments will be but the less you will pay overall.Register and insure. After you sign on the dotted line, you will need to register and insure your new bike. And that’s it! You can enjoy your new wheels immediately (after picking up the right safety equipment, of course).Steps to buying a used bike.Find your bike. If you are looking for a used motorcycle, you may need to do a bit more research. Craigslist, Motorcycle Trader and eBay are all great places to start. Do your research. Know what the Kelley Blue Book value is before you see the bike so you know you aren’t getting scammed. The more familiar you are with the bike, the better off you will be.Be safe and smart. If you decide to see a bike, be sure to take safety precautions. Meet in a public place and bring a friend along. Assess the condition. Be thorough when looking at the bike to make sure it is in good condition. If you notice any of the following, proceed with caution: high mileage, salvage titles, excessive wear, or difficulties starting, running or stopping.Pay in full. If you are comfortable with the condition of the bike and feel that it is fairly priced (you can always try a little haggling!), then be prepared to pay in full with either cash or a cashier’s check. And remember to get a signed receipt.Register and insure. You will still have to get it registered and insured, but after that it’s all yours.What do lenders look for when buying a motorcycle?If you are looking to get a new bike and get it financed, lenders will take a few different things into consideration. They will look at:Your credit scoreYour debt to income ratioThe down payment you madeThe price of the motorcycleDepending on these factors the lenders will determine what motorcycle loan APR is appropriate. It is a good idea to make sure your credit score is in top shape before applying for financing. If you already have a motorcycle that is financed, you may be able to refinance your motorcycle loan and save a lot of money. By using a company that specializes in refinance, you can quickly and easily reduce your motorcycle loan APR and reduce your monthly payments drastically. If any of the following apply to you, it is definitely worth considering:Your credit score has improved since you first financedYour debt to income ratio reduced since you first financedThe market rates have decreased since you first financedAnd that’s everything you need to know about buying a motorcycle.When buying a motorcycle you want to take your time and do your research to make sure you are fully prepared. A motorcycle is a big responsibility but it can lead to some pretty great adventures. If you are considering refinancing your motorcycle loan, get in touch with Auto Approve today to get a free quote. It’s quick, easy, and can save you A LOT of money. So don’t wait, contact Auto Approve today!GET A QUOTE IN 60 SECONDS

When you refinance a car loan, you can save a lot of money on your car payments. But how exactly does it work, and what happens to your old car loan when you refinance?Let’s talk about what happens to your old car loan when you refinance (and how refinancing can save you a lot of money!)What is car loan refinancing?When you refinance a car loan you are replacing your existing loan with a new loan, a loan that ideally has better terms and a better car loan APR. The new loan that you take out will directly pay off your old loan. Your old loan is replaced by your new loan so you only have one loan to pay off.Does refinancing a car hurt your credit?Your credit score is used by lenders to determine how fiscally responsible you are (and ultimately how likely you are to repay a loan). Your credit score takes five major categories into account:Your payment history. This is the most important category of your credit score and accounts for 35% of your score. This measures if you pay your bills in full and on time. Your amounts owed. This accounts for 30% of your credit score. This looks at how much money you owe compared to how much credit you have available to you. Your credit history length. This accounts for 15% of your credit score and looks at the age of your accounts. A longer credit history with longstanding accounts makes you more favorable to lenders. Your credit mix. This accounts for 10% of your credit score and looks at how healthy your credit mix is. A diverse portfolio with a mix of loans (like mortgage, student loans, and credit cards) shows that you can balance your money over several accounts.Your new credit. This accounts for 10% of your credit score and looks at any new accounts you may have opened and how many inquiries you have on your account. Since the accounts haven’t been around very long, your ability to manage them has not been proven.When you refinance your car loan, two of your credit score categories will be affected: your credit history length and your new credit. Having a new account will shorten your credit history length and show a new account on your report, both of which will cause a dip in your score.But this dip will not last very long–most likely it will affect your score for about a year. And this will pale in comparison to the benefits for refinancing. Refinancing your car loan to make your car loan payments more manageable will actually help your credit score in the long run. When you are in the process of refinancing, every application you send will trigger a hard inquiry on your credit report. Having a lot of hard inquiries on your credit report may cause even more of a decrease in your credit score. That’s why it’s important to send out all of your applications in a short timeframe. Credit bureaus will give you a fourteen day window to shop around. This means that if you send out all of your applications in that fourteen day time period it will only trigger one hard inquiry on your credit report.When should you refinance a car?Refinancing your car loan has a lot of benefits. It can help you lower your monthly payments, lower your interest rate, and even allow you to add or remove a cosigner from your car loan. If any of the following apply to you, it’s time to consider car loan refinancing.Your credit score has increasedIf your credit score has increased since you initially financed your car, there’s a good chance you will qualify for a lower car loan APR. The car loan APR you are offered will depend on:Your credit scoreYour debt-to-income ratioThe balance of your loanThe market ratesYour credit score is the most important factor in this, so if your score has increased in the months or years since you originally financed, there’s a good chance you can find a lower APR. There are a few reasons why your credit score may have increased since original financing:You paid down some of your debtsYour lines of credit increasedYou made consistent, full, and on time paymentsYou had a negative event expireYou disputed errors on your credit reportWe recommend consistently checking your credit report and credit score to monitor changes. And if your score has increased, you might want to think about refinancing your car loan.The market rates have decreased.If the market rates have decreased since your initial financing, there’s a good chance you can secure a lower car loan APR. The APR that you are offered is based on your finances as well as the market rates, so a decrease in market rates can mark a big decrease in your car loan APR.You could use some breathing room.When you refinance your car loan you can adjust your repayment period. You can shorten your repayment period, which will allow you to pay off your loan faster and save you money overall, although it will make your monthly payments a bit higher. You can also choose to lengthen your repayment period. By lengthening it you are spreading out your payments over a longer period of time. This means that while you will be paying interest for a longer period of time (and therefore spending more money over the course of the loan) you will significantly decrease your monthly payments. You want to add or remove a cosigner.You may want to add a cosigner onto your loan. Adding a cosigner with a good credit score can help you secure a lower car loan APR. Adding a cosigner on who doesn’t have any credit, such as your child, can help them to build credit. Either way, adding a cosigner is only possible through refinancing. Conversely, you may wish to remove a cosigner from your loan. Again, the only way to adjust and remove a cosigner is to refinance your car loan.That’s what happens to your old loan when you refinance–and why you should think about car loan refinancing.If car loan refinancing seems like a good idea, then don’t wait any longer! Our experts are ready to help you start saving money. And with a 96% would-recommend rating on TrustPilot, you know you are in good hands! So get your free quote today!GET A QUOTE IN 60 SECONDS

Driving off in your new leased car is one of the best feelings. The new car smell, the quiet engine, the security of knowing that you are the first owner. But when your lease is up, you might be wondering what you should do now. Should you keep it, sell it, or trade it in? And if you decide that you want to buy your car, how do you go about it?Here’s how you can buy your car when your lease ends.What is the best thing to do at the end of a car lease?When your lease ends you have three options. You can return your car and get another lease, you can return your car and buy a different car elsewhere, or you can buy your leased car from the dealership.Keep LeasingThis is the simplest option for most people and is the most preferred option for dealerships. This allows you to simply return your car and start a new lease with a new car. The dealership will then sell your used leased car and make a good profit. If you choose to return your car, you will need to make sure that your lease is in good standing. This means that you have not gone over your mileage allotment (usually 12,000-15,000 miles per year) and that your car is in good condition. If your car is a little banged up or you have put too many miles on it, you may be required to pay additional fees.Lease Turn-InYou can also choose to simply turn in your leased car and not get another lease. Your lease simply expires and you are free to find another car elsewhere. When you return your lease to the dealership they will inspect your car for any excessive wear, dents or dings to the exterior of the car, and any stains or tears on the interior. You will most likely have to pay fees if there is any damage or if you have gone over the mileage limit. Lease BuyoutIf you love your car and don’t want to part with it, you can choose to buy your lease. You can typically buy your car at any point during your lease, but you will need to consult your contract to find out what the lease purchase price will be.How do you decide to buy a car at the end of a lease?If you are trying to decide if a car lease buyout is right for you, see if any of the following apply to you. You like the car.Buying your lease can be as simple as wanting to keep your car. New cars are expensive right now, and even the used car market is pretty pricey, so getting a new car might not be ideal right now. If you like how your car drives and hate the idea of shopping around for a new car, a lease buyout might be a great option for you.You are over the allotted mileage.Lease agreements come with a mileage limit that you must consider. They typically range from 12,000 to 15,000 miles per year, and if you go over that allotment you will be charged a fee per mile. This fee can range from $.15 to $.30 per mile, which can add up to quite a lot at the end of your lease. If you have a three year lease and you exceed your mileage by 3,000 miles per year at $.20 per mile, that’s an extra $1800 you would owe. By buying your car lease you can apply this money to your buyout as opposed to simply paying it in fees. Do the math to determine if turning in your car makes financial sense.You have excessive wear and tear.Lease agreements will also have fees for excessive wear and tear. This will vary slightly from dealer to dealer, but typically the following are considered to be excessive wear and tear:Large scratchesBumper damageMismatched colorSanding marksBody damage such as dings and dents that are more than 2 inches in diameterTears to the interior that are more than ½ inchStains to the interiorDepending on the extent of this damage, the dealership may charge you pretty high fees. It might make more sense for you to use that money to buy your car instead of giving it to the dealership in fees.Your car is worth more than the buyout price.Sometimes things just make good financial sense. So if your car is worth more than the buyout price, it’s a good idea to buy out your lease. If you like the car and want to keep it, great! If not, you can sell it and make a profit off of it. Check Kelley Blue Book or Edmunds to see what your car is worth before returning your lease.This is especially true right now if you leased your car in 2018 or 2019. In 2022 the average trade-in value for a leased 2019 car was 33% higher than the residual value of the car listed in the contract. The demand for used cars right now has in turn increased the trade-in value, making your car worth a lot more than you might realize. Be sure to check and do your research before turning your leased car back over to the dealership.How does a buyout work with a lease?If you decide that a lease buyout is right for you, there’s good news–it’s actually super easy. Here are the simple steps you need to take to buy out your lease.Call your leasing company to determine the purchase price.The first step to buying out your lease is determining exactly what the purchase price will be. The lease buyout price will be calculated as following:The residual value of the car.FeesSales TaxThe residual value of the car will be listed in your lease agreement. This number is based on your car’s expected depreciation over the life of your loan and is determined before your lease period even begins. It is almost always non-negotiable. It is best to call your leasing company to find out the exact amount a lease buyout will cost you.Secure financing for your buyout.Unless you have enough cash in the bank for the buyout, you will need to secure financing for your lease purchase. Not all lenders work with lease buyouts, so you will need to do your research to find the best lender for your situation. Do your research to compare rates and customer satisfaction ratings when trying to determine the best lender for your buyout.Finding a company that specializes in lease buyouts may be your best option. At Auto Approve, we work with lenders all across the country. That makes it easy to shop around and get the best rates for your car lease buyout. The car loan APRs that you are offered will be based on the current market rates, your credit score, financial history, and income. Be sure that all of these are in order before applying. Select 3-5 lenders to apply with and send in all of your applications in the same fourteen day window–this will ensure that they will all count as one hard inquiry on your credit report. For your applications you will most likely need:A Photo IDYour Vehicle’s InformationProof of Income and Financial HistoryProof of ResidenceProof of InsuranceAfter your offers start coming in you can compare them to see the best rates and terms. Auto Approve can help guide you through this process and help you select the best car lease buyout loan. Contact your insurance company and the DMV.When you buy out your lease you will need to call your insurance company to alert them that you are purchasing your lease. Leased cars typically have high insurance requirements, so you might be able to reduce your coverage at this point. Additionally you will need to check your state’s DMV to determine how to change the title. If you use Auto Approve, we can help you with this!And that’s it! After you complete the paperwork your leased car will belong to you officially.That’s how you can buy your leased car (and how Auto Approve can simplify this process for you!)Buying your lease can be a great option for a number of reasons. Whether you want to avoid unnecessary fees, you don’t want to deal with the hassle of buying a new car, or you just really like your leased car, a car lease buyout can be the answer you are looking for.Buying out your car lease with Auto Approve couldn’t be easier. From filling out applications to handling the DMV paperwork, we’ve got you covered. And with a 96% would-recommend rating on LendingTree, you know you are in good hands. So don’t wait to buy the car you love–contact Auto Approve today!GET A QUOTE IN 60 SECONDS

There are a lot of reasons why refinancing your car loan is a good idea. From saving you money to allowing you to change your repayment schedule, chances are you can benefit from refinancing with the right company. Here are the top 5 reasons you should refinance your vehicle with Auto Approve.It can save you a lot of money.The main reason you should refinance your car loan is simple: it can save you A LOT of money. When you refinance your loan, you are essentially paying off your existing loan with a new loan that has new terms and a new APR. Let’s be honest, you are probably overpaying every month on your car loan. But if you refinance to a lower car loan APR, you can start saving immediately.There are a few reasons why you might qualify for a lower car loan APR:Your credit score has increased since your initial financing.The market rates have decreased since your initial financing.Your debt to income ratio has decreased since your initial financing.You have a cosigner who has great credit.If any of these apply to you, you will most likely be able to find a lower car loan APR, and that translates to extra money in your pocket. At Auto Approve we can secure you the lowest rates around, with car loan APRs starting at just 2.94%. Let’s look at exactly how much money that can save you. Let’s say you have a car loan for $30,000 that you financed at 5.5% for 4 years. At the time you thought this was a great interest rate, as it was the lowest rate that came across your email. Your monthly payments were $697.69 and you were going to end up paying a total of $3,489.12 in interest over the life of the loan. But then you reached out to Auto Approve to see if they could do any better, and they were able to secure you a rate of 2.94% for the same 4 years. Now your monthly payments are $663.23 and you will end up paying a total of $1,835 in interest over 4 years. That’s a difference of over $1600. It can help you change your monthly payments.Refinancing can also allow you to change your repayment plan. You can either lengthen your repayment plan or shorten it depending on your situation.Lengthening your repayment plan is a good idea if you are having trouble making your monthly payments. By stretching out your payments over a longer period, you can cut your monthly bill by hundreds of dollars and give yourself some much needed breathing room. You will pay more in interest overall, but that might be worth it if your monthly budget is stretched. Shortening your repayment period can help reduce the total amount you will pay on your loan. When you opt for a shorter repayment period you will:most likely be offered an even lower car loan APRpay interest over a shorter period of time, meaning you are saving in total interest paidDepending on your finances, one of these options might be perfect for you. You are not able to simply change your current loan terms, so refinancing your car loan is the best option you have available to you.You can add or drop a co-borrower.Your car loan is explicit as to who the car–and the loan–belongs to. If you want to add or remove someone from the loan, you will need to refinance. Every loan decision is made by looking at the applicant’s finances, and adding or removing someone from this will affect the possibility of repayment (at least that’s what the lenders think). So if you want to add or drop a co-borrower, refinancing your car loan is the best way to do so. Our customers love us.With Auto Approve you know you are in good hands. We have a team of dedicated experts who know how to guide you through the refinancing process. Everyday we get more and more five star reviews from customers who have saved money the easy way by refinancing. Just check out our rankings:A+ rating with BBB96% would-recommend rating on LendingTree4.7 out of 5 stars on TrustPilot (based on over 5,000 reviews!)Here are just a few of our most recent reviews:“I was really impressed with how fast they found a refinance company for us. They lowered our payment by $97 a month and [...] they dropped our interest rate by 5 1/2 percent. Easy online process. Highly recommended.” -Mary W, 9.18.22“I had a very informative and helpful experience during the refinance process with Mike. He explained every step and was very patient with my limited free time due to my time demanding job. He was always courteous and stuck with me during the entire process that I’m sure I caused to be longer than it normally takes. Thanks so much to Mike and the entire team!” -Richard S. 8.29.22“The people at auto approve were very quick at helping me out on my refinance. All it took was about a 15 minute call and 10 minutes later they already found me a bank. I would definitely recommend Auto Approve to anyone out there. Very excellent team and super quick at responding to your questions.” -Travis, 8.28.22We shop around so you don’t have to.One of the most time consuming parts of refinancing is shopping around for offers. After all, if the point of refinancing is to save money, you want to shop around to see who will actually save you money. You should aim to apply to 3-5 lenders, but you should research at least 10-15 to make sure you are applying to the right ones. This is not only time consuming, but it can be overwhelming. At Auto Approve, we have relationships with lenders across the country. From traditional banks to credit unions to online lenders, we guarantee we will find you the best loan possible. We streamline the application process so that it’s quick, easy, and gets you hassle-free offers.Those are the top 5 reasons you should refinance your vehicle with Auto Approve.If you think you are overpaying on your car payments (again, you probably are!) then don’t wait any longer. Contact Auto Approve today to start saving money! It’s quick, easy, and effective–so what are you waiting for?GET A QUOTE IN 60 SECONDS

Fall is finally here and we are all ready to settle down after the fun of summer and get ready for the rest of the year (and the impending holiday season!) So now is a great time to get your finances in order and try to save as much money as possible before the holiday season comes raging in. One of the fastest and easiest ways you can save money is by refinancing your car loan. But how do you know if the time is right?Let’s talk about why now is a great time to refinance your car loan.When should you refinance a car loan?Refinancing a car loan is when you pay off your existing loan with a new loan. The new loan you get should have better terms, such as a lower car loan APR, a better repayment schedule, and/or different prepayment penalties.The best time to refinance your car loan will depend on your circumstances, but if any of the following apply to you, it might be time to refinance.Your credit score has increased.The main reason to refinance your car loan is to reduce the car loan APR you are paying and ultimately save money. The car loan APR you will be offered will be based on:Your credit historyThe amount you are financing The length of the termThe age of your vehicleYour credit history is ultimately the most important factor in the car loan APR you will be offered. Lenders look at your debt to income ratio as well as your credit score to determine how dependable you are to pay back the car loan. Credit scores are based on five different categories: Payment History (35%)Accounts Owed (30%) Length of Credit History (15%)Credit Mix (10%)New Credit (10%)A change to any of these categories can cause a significant swing in your credit score. There are a few reasons your score may have changed, even if you haven’t been actively trying to increase it. Here are the top reasons your credit score may have increased.You reduced your overall debt. By paying down some of your accounts you may have reduced your overall debt, even if you were just making your minimum payments every month. You got a higher credit limit. If you requested a higher credit limit, or had your limit raised automatically, it can give your credit score a boost. Your score is dependent in part on your credit utilization ratio (how much debt you are in vs how much credit you have available to you). The more credit you have available to you (and the less debt you are in) will result in a higher credit score.A negative event expired. Negative events, such as foreclosures and bankruptcies, can cause your credit score to take a huge hit. But these negative events have expiration dates, usually between 7 and 10 years. When these events expire, your score will get a boost. You fixed an error on your credit report. You should request a copy of your credit report a few times per year to ensure that it is accurate and up to date. It is not uncommon for there to be major errors such as missed payments that will cause your score to dip. Reporting any errors and having them removed may help your score a lot.If your score has increased for any reason, you should consider refinancing your car loan. The market rates have decreased.While your credit score and finances are firmly within your control, the market rates are not. If you originally financed your car when the market rates were higher than they are now, it’s probably a good time to consider refinancing.You need to adjust your repayment period.Your repayment period affects not only how much you will pay in total for your car loan, but also how much money you will pay every month. If your repayment period is on the shorter end of the spectrum, let’s say 24 months, there’s a good chance that your monthly payments are very high. If you need some more breathing room every month, refinancing your car loan and lengthening your repayment period can reduce your payments significantly. But it is important to note that when you lengthen your repayment period you will end up spending more money over the course of your loan. After all, you will be paying interest over a longer period of time.You need to add or remove a cosigner.Financing a car with a cosigner is not uncommon. If your credit score isn’t in top shape, getting a loved one to cosign may help secure you better terms and a better car loan APR. But if you  no longer need that financial help and would like to free your friend or family member from the loan agreement, you will need to refinance your car loan. On the other hand, if your credit score has taken a dip but you still want to refinance, you can add a cosigner on when you refinance to try to secure the best rates possible. Is it easy to refinance an auto loan?With all of the benefits of car loan refinancing, the best news is that it’s actually super easy. There is an application process that is similar to when you originally financed your car, but once you are approved you can start saving money instantly. Here’s how to get started:Get PreparedPrepare yourself as much as possible for your refinance. Make sure your credit is in good shape, collect all of the paperwork you may need, and review your current loan agreement so that you know what you are looking for with your refinance. Do Your ResearchThere are a lot of lenders that will refinance your car loan. From traditional banks to online lenders to credit unions, there are seemingly endless places to apply. This is why it’s so important to do your research and be prepared. You will not have actual rates or terms to compare, but you can check out customer reviews to see how they are ranked. Are customers happy with their loans? Do their rates seem competitive? When customers have problems, does their customer service resolve their issues? All of these aspects you can research ahead of time.Apply and CompareYou ultimately want to pick 3-5 lenders to apply with. Be sure to apply in a fourteen day period so that all applications will count as one hard inquiry on your credit report. Once you get your offers, be sure to compare not only the car loan APR but the repayment period, the customer reviews, the fees and the prepayment penalties. Compare them not only to each other, but to your existing car loan. This process is super easy if you use a company that specializes in car loan refinance, like Auto Approve. We have relationships with lenders across the country, which means we can easily find you the best rates nationwide. On top of that, we can help you fill out all of the applications (which can be very time consuming!) and help you compare and decide which car loan is the best choice for you.Sign and SaveOnce you decide on a car loan, all you have to do is sign and start saving money. The new lender will contact your existing lender to pay off your loan. You will need to update your information with the DMV (but if you refinance with Auto Approve, we will take care of this for you!) Is now a good time to refinance a car?So, is now a good time to refinance a car? The answer is, it depends (but probably!) We are just getting out of an unprecedented economic time, and it is unclear what will happen with market rates in the future. It does seem pretty clear however that market rates are only going to increase from here on out.  That means that now is the best time to refinance if you are considering vehicle refinance.If your credit score has increased since financing or you just need a little extra breathing room every month, refinancing your car loan can help you save money every month. Fall 2022 is a great time to refinance your car loan.Fall is a great time to get realigned with your finances, and refinancing your car loan is a great first step. It’s quick, it’s easy, and it can help you prepare for the holiday spending that looms on the horizon.Refinancing your car loan is incredibly easy when you use Auto Approve. Our experts can guide you through the application process and help you compare which offers are the best. So don’t wait any longer to start saving money–there’s no telling what might happen to interest rates in the coming months. Refinancing today can help you lock down today’s low rates. Get your free quote today!GET A QUOTE IN 60 SECONDS

Whether you are looking to buy an affordable set of wheels, or just can’t bear to part with the car you’ve been driving around since college, you might be wondering if an older car is a safe vehicle option. While older cars are more affordable up front, will they end up costing you more in the long run?Today we are talking all about older cars. How old is too old, what to look out for when buying one, and how to know when one is unsafe for you and your loved ones.Here is what to look out for when driving–and buying–an older car.What are the advantages of buying an older car?It is cheaper.The biggest advantage to buying an older car is that you will save on depreciation. Depreciation depends on a few different factors:Make and model of the vehicle.The condition of the vehicle.The age of the vehicle.The mileage of the vehicle.But most of the deprecation for a car happens in the first five years where it loses about 60% of its value. After year five depreciation still occurs, but at a much slower rate than in the first years. Let’s consider a new car that costs $30,000. New: $30,000Immediately Upon Leaving Dealership: $27,0001 year: $24,0002 years: $20,4003 years: $17,3404 years: $14,7405 years: $12,530The rate of depreciation slows as the car ages, and after year five they depreciate at a much slower rate. By ten years, the value of the car will be dictated mostly by the condition of the vehicle. Different cars will depreciate at different rates as well, so you need to think about what specific car you are looking to buy. The Jeep Wrangler is consistently ranked as having one of the lowest depreciation rates, with a 5 year depreciation value of 27.3%. Compare this to the Nissan Leaf, which has a 5 year depreciation value of 71.7%. This difference in depreciation values is based on a few different factors, but it really is a question of supply and demand. If you buy a car that is in demand, you will have a better chance of selling it for more money when you look to sell. Larger vehicles like trucks and SUVs tend to hold their value more, but will be more expensive up front.It is better for the environment.Sure, new cars have less emissions and tend to be better on gas. But did you know that about one quarter of the carbon dioxide a vehicle produces during its life occurs while manufacturing and delivering that vehicle initially? Additionally, the newer hybrid vehicles use batteries that are bad for the environment. By purchasing a used car, you can help reduce the amount of new cars manufactured.It’s cheaper to insure.Not only are used cars cheaper to buy, but they are cheaper to insure. This is because they are usually cheaper to repair and the parts are easier to replace. This is especially true when compared to a lot of new cars which have the latest technology and require specialized tools to repair.What are the disadvantages to buying an older car?They are less reliable and will need more repairs.As cars get older, things are more likely to go wrong. Added mileage and an unknown driving history can all make cars less reliable. They also may lack some of the more modern safety features that are now considered standard.If you are thinking of buying an older car, be sure to check out the following:Exterior body condition. Look for dents, dings, and mismatched paint which could indicate a previous accident.Tires. Look at the tread depth and any uneven wear patterns, which may indicate a larger problem with the car.Glass. Look for chips or cracks in the windshield, windows, and mirrors. Engine. Look at the engine to see if there is any oil leakage. Interior car condition. Look at the headliner of the car (the ceiling), the seats and any upholstery. While this is cosmetic, it is worth taking into account when buying an older car.Heating and air conditioning. Check to make sure both are in working order.If you are unsure of what to look for, be sure to take the car to a licensed mechanic to ensure the car is safe to drive.There is no warranty.Not only are older cars less reliable, but there is no manufacturer's warranty to protect you if something should go wrong. Repairs can be costly and can end up negating whatever savings you made by buying used in the first place.There is old technology.As cars become newer and more advanced, older technology becomes obsolete. Built in navigation systems and touchscreens become harder to update, and you might be left with unusable features.You may have trouble with financing.If you need to finance to buy your used car from a dealership, you may have a harder time finding a lender that is willing to loan you the money. It’s not impossible by any means, but the older a car is the more difficult you may find the process to be. What warning signs should you watch out for with an older car?Whether you already own your older car or you are looking to buy an older car, there are some warning signs you should look for when driving. The brakes are acting up.One of the most important things to keep an eye out for with older cars is the brakes. After all, your brakes are the most important safety feature that your car has. If you notice any issues with the brakes, be sure to take your car to a mechanic right away. Here are some signs to watch out for:The brake pedals make noise, such as a squealing.The brakes make a grinding noise.Your car pulls to the left or to the right while braking.The brake light stays on.The handbrake is loose.You notice smoke or smells coming out of the wheels.Any or all of these could be a sign of a problem with your brakes. It might be as simple as getting your brake pads replaced, but with older cars you want to be sure it's nothing more serious.The car is bouncing.If you notice an older car is bouncing, it can be a warning sign that you need new struts or shocks. It’s important to get these replaced as it can cause the following:An uncomfortable rideExcessive and uneven tire wearPoor control while steeringDecreased braking abilityIncreased wear on other componentsReplacing the struts or shocks can help ensure no further damage is done to the car and help to keep you safe on the road.There is rust.Rust can be a minor issue, or it can be a very major thing. There are three types of rust that occur on cars:Surface rust: Corrosion on the metal’s upper layer that goes through the paint.Scale rust: Corrosion that has penetrated beyond the paint and begins affecting the frame.Penetrating rust: Rust that has penetrated enough to cause holes in the metal, such as in the undercarriage, side panels, or frame itself.Surface rust can be treated by sanding it off and repainting the area. This can stop the rust from spreading, making it merely a cosmetic issue. If rust progresses to scale rust, parts may need to be removed and replaced. If it progresses to penetrating rust, it will need to be removed, but also might be too severe to fix.If you see rust on an older car, try to assess the damage or take it to a mechanic. Stopping the rust before it spreads is critical if you want to keep your car safe.The check engine light is on.The check engine light can mean a number of different things. You can check it yourself with a code reader if you have one, or you can take it to a mechanic to find out what’s going on. It might be something as simple as a spark plug, or something more expensive, such as a faulty catalytic converter. Either way, a check engine light is always something to take seriously.  Is a 10 year old car too old?There is no cut and dry answer as every situation will differ. Research what problems are most common with the car you are thinking about and try to decide if the trade off is worth it. A car that is ten years old might be perfectly fine for your needs, but chances are if you are looking at a car that is over 20 years old, you will find more problems than it’s worth.That’s what to look for when driving, or buying, an older car.If you are thinking about getting an older car, keep an eye out for these warning signs. Buying an old car that is in need of repair can cost you a lot of money in the long run. You might find that you can actually save money by getting a new car, or simply by refinancing your car loan.Car loan refinancing is quick and easy, just contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS

If you are looking to buy a new car, you know just how many options there are out there. Gas or electric, luxury or economy, SUV or sedan: with thousands of vehicles on the market, how do you know what is right for you? If you are having a hard time deciding between an SUV and a sedan, you may be wondering which one will best fit your lifestyle–and we are here to help! Here are the key differences between SUVs and sedans and how you can decide what’s best for you.What is the difference between a sedan and an SUV?SUVs have been around since the 1980s, but what defines them exactly? The definition has become a bit slippery in the past few years, but in general an SUV is built on a truck chassis while a sedan is built on a traditional car chassis. This makes SUVs a bit higher off the ground, and since they tend to have 4 wheel drive (in most cases), they are capable of going off-road. The Jeep Cherokee is considered to be the first modern SUV, but they have come a long way in the past 40 years. Now there are a few different categories of SUVS and crossovers:Subcompact CrossoversCompact CrossoversMid Size CrossoversFull Size CrossoverCompact SUVsMid Size SUVsFull Size SUVsPerformance Crossovers and SUVsCrossover SUVs use a unibody platform, which is the same platform used for sedans, but they have the look and space of a traditional SUV. Regular SUVs use a body-on-frame platform, which is what trucks use. All of these SUVs range in different size, engine size, and off-road capabilities.What are the advantages of an SUV?SUVs are an incredibly popular choice for many Americans. In fact, SUVs and pickup trucks combined make up 70% of the American car market. SUVs made up 45.9% of the world's passenger car market in 2021. And there are good reasons for that. So what are the advantages of an SUV?SUVs are typically taller and larger than sedans.Since SUVs are built on truck frames, they are higher off the ground and can provide a better vantage point than sedans. This can provide the driver with a better sense of safety and control. And since they are larger and heavier than a sedan, they typically sustain less damage than sedans when they are involved in accidents. But it’s important to note that SUVs are not inherently safer than sedans. While they do tend to fare better in accidents, their higher center of gravity makes them more prone to rollovers than sedans.SUVs can also fit more passengers and more cargo than a traditional sedan. If you have a large family or have a lot of stuff to lug around, an SUV is an excellent option for you.SUVs are better for going off-road.If you are interested in taking the road less traveled, a sedan will not do. Since sedans are typically two-wheel drive, they are less equipped to handle going off of the pavement. SUVs are either four-wheel drive or all-wheel drive, which gives them more traction to handle rougher terrain. Since they are higher off the ground, they are also more capable of driving rough terrain without damaging the undercarriage. SUVs are also better equipped to handle rough winter conditions because of this. If you live in an area with a lot of snow and ice, an SUV is a better option than a sedan. SUVs have more towing capability.SUVs have more torque and towing capacity than sedans. While you may not find a tow hitch standard on your SUV, you will be able to have one fitted. If you are planning to tow anything, whether it is a boat or just a small trailer, an SUV is the way to go.What are the advantages of a sedan?While SUVs have certain advantages, don’t discount the sedan too much. There are a lot of benefits to a sedan, even though they are not quite as popular as they used to be.Sedans are more fuel efficient.Since sedans are smaller and more lightweight, they are much better on fuel than SUVs. If you do not need the added space and towing capacity of an SUV, a sedan can get you much better gas mileage–after all, newer sedans have a combined gas mileage of over 70 miles per gallon. Sedans are perfect commuter cars because they have great fuel efficiency and their smaller size makes them easier to park. Sedans are more comfortable and easier to drive.Sedans are designed to be comfortable to drive. Since they are smaller they tend to handle turns and twists more gracefully than SUVs. And modern sedans are spacious enough to still be comfortable without all of the added bulk of SUVs.Sedans are more cost-effective.Not only will you spend less money on gas if you drive a sedan, but you will spend less money upfront. On average sedans are $5,000 less than SUVs. Additionally, sedans are less expensive to maintain than SUVs. So if you are on a budget, a sedan will give you a bit more bang for your buck.How do I choose between sedan and compact SUV?There are a lot of advantages to both sedans and SUVs, so you will have to look at your lifestyle and see what makes the most sense for you. A sedan will make more sense if:You plan to use your vehicle for commuting.You are on a budget.You do not have a big family.An SUV will make more sense if:You have a large family.You need the added luggage capacity.You need towing capabilities.You live in an area where there is a lot of snow, mud, or ice.You want to take your car off-road.Look at how you plan to use your new vehicle to determine what makes the most sense. No matter what features you are looking for, there is sure to be a sedan or SUV that will fit the bill.That’s how you can decide between an SUV and a sedan.SUVs and sedans have made a lot of improvements over the decades, and there are almost too many options out there. But assessing your needs will help you come to the best decision for you and your family.If you are looking to refinance your car or SUV, get in touch with Auto Approve today to start saving. Our experts can help you apply and compare offers, making the process of car loan refinancing super easy. So don’t wait, contact Auto Approve today!GET A QUOTE IN 60 SECONDS

If you have financed your vehicle, you may feel overwhelmed by your monthly payments. When you add on gas, insurance, and maintenance, your car can quickly eat up your monthly income. But there are a few ways to get a lower car payment and loosen up your monthly budget.Here are the best ways you can lower your monthly car payment.What is a high car payment?You might be wondering if your car payment is higher than it should be. There is no hard and fast number that constitutes a “high” car payment, and it will depend a lot on what your finances and your budget look like.In general, it is recommended that you should spend more than 10-15% of your monthly income on your car payment. Your total transportation expenses (gas, insurance, maintenance) should not exceed 20% of your monthly income. So if your car payment is over 15-20% of your monthly income, you are probably out of your budget with car payments.But if that rule is a bit too cut and dry for you, look at your own personal budget to make the call. Consider all of your income and all of your expenses: the variable expenses (such as groceries and entertainment) and the fixed expenses (such as rent and insurance). If you are spending more than you are bringing home every month, it is safe to say that you need to fix your budget and find a way to reduce your monthly car payments.Top three ways to lower your monthly car payment.#1. Try renegotiating It never hurts to talk to your current lender about your money situation (and don’t be embarrassed, it happens more than you might think). There might be a few things that they can do to alleviate your situation. Sometimes they will let you defer payments for a few months, but you will still accrue interest during this time so it will end up costing you more overall. Lenders may let you renegotiate certain terms of your loan, but in this case it’s better to apply for refinancing with a few different lenders, as they may be able to beat your current lender.#2. Sell your car or trade it inIf you anticipate having a long term issue with car payments, it might be a good idea to sell your car privately or trade it in at a dealership.If you choose to sell your car, make sure you clean your car thoroughly ahead of time and take good pictures that will highlight your car’s best features. Do some research on Kelley Blue Book or Edmunds to find what a fair resale value will be. Call your lender to find out exactly how much you have left on your loan so you know how much you owe (and how much you should try to get when selling your car).Alternatively you can choose to trade your car in. This is a good option if you still need a new car but cannot afford your current loan. It is important to know beforehand how much is left on your current loan and what the resale value of your car is.#3. Refinance your loanRefinancing your car loan is the best way to lower your monthly car payment. It is much easier than selling your car and much more effective than trying to negotiate with your current lender.When you refinance your loan you want to apply with 3-5 lenders to get the most competitive rates. It is best to use a company that specializes in vehicle loan refinance, as they will have relationships with many lenders and can help you pick the best loan for your situation.Refinancing will be most effective if you are prepared. Take the following steps to make sure you get the best car loan refinance offers:Make sure your credit score is in good shape. The higher your credit score is, the better car loan APR you will be offered. Make sure you are paying your bills on time and in full (scheduling autopay is a great way to do this), pay down your debts that have the highest credit utilization ratio, and check your credit report.Know your current loan terms. You should know your current monthly payment, the amount of time you have left to repay, the car loan APR, and if there are any prepayment penalties for which you may be responsible. Call your lender if you have questions–you don’t want to refinance if the fees will outweigh your savings.Collect any documents you may need. You will most likely need a photo ID, your vehicle’s information (bill of sale, VIN number, make, model, and year), your proof of income and financial history (pay stubs, banking information, and your credit report), proof of residence, and proof of insurance.Research lenders. You won't be able to compare loan terms until you actually apply, but you can look around online for different credit unions, traditional banks, and online lenders. See what some of the average rate offers are, and see what their customers have to say. Customer satisfaction ratings are very important, so don’t ignore this step. Using a company that specializes in auto loan refinance can make this step much easier.Apply and compare. Once you have completed your research you can start applying. Be sure to apply in a fourteen day window so that all of your applications will count as one hard inquiry on your credit account. When the offers come in, look at the interest rate, the repayment period, the prepayment penalties, the fees, and the customer reviews to decide what loan is right for you. Sign and save. Once you pick a loan that is right for you, all you have to do is sign and start saving. And if you use Auto Approve to refinance your loan, they can help you fill out all of the paperwork (even the DMV paperwork!)Refinancing is the easiest and most effective way to reduce your monthly car payments. It allows you to shop around and compare offers so that you know you are getting the best terms possible. And when you have a company that specializes in car loan refinance it is quick and easy.What’s the smartest way to pay off a car early?Paying off your car loan early can save you a lot of money in the long run. If you don’t need to worry about lowering your monthly car payments, you should focus on paying off your car early. Here are our top tips for paying off your car loan early.Make at least one large payment over the term of the loan. Making one large lump payment will help reduce the amount of interest you are paying. This will be most effective to do early on in the loan term, as the earlier you do it the more drastically you will reduce the interest you owe.Make at least one large payment every year.Do you have a yearly bonus? Do you usually end up with a tax refund? Consider using that money to make an extra payment on your car loan every year.Round up your monthly payments.Rounding up your payments every month will help you slowly chip away at the principal you owe. If your car payment is $520 a month, consider paying $550 a month. The extra $30 will go towards your principal and help you pay your car off earlier while not affecting your monthly finances too much.Pay half of your monthly payment every two weeks.This may sound strange, but hear us out. If you make a half payment every two weeks, you will actually end up making an extra payment every year. Instead of 12 full monthly payments you will make 26 half payments, or 13 full payments. This is another way to subtly pay off more of your principal without affecting your monthly budget too drastically.Never skip a payment.We know that some months are tight, but skipping a payment can really make you fall behind and cost you a lot of money. See if there are other areas of your budget that you can pull from to make your payment. If you are having issues with your monthly payments, try to refinance instead.Those are the top ways to lower your monthly car payments and manage your money more effectively.Refinancing your car loan is your best bet when it comes to securing a lower monthly car payment. It allows you to shop around and compare terms so that you can be sure you are getting a better loan while allowing you to keep your car. If you think refinancing your vehicle is a good move for you, be sure to prepare ahead of time to ensure you get the best loan offers possible.Auto Approve is here to help with your car loan refinance, so fear not! Our experts can lead you through the process to make refinancing your car a breeze. So don’t wait, contact Auto Approve today to see how much money you could be saving!GET A QUOTE IN 60 SECONDS