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Car loan rates have been at historic lows the past few years as our economy has been navigating uncharted territories. But as we try to get out of our current inflation situation, interest rates have been increasing across the board. So what does this mean for the future of car refinance?Auto refinance rates are expected to increase over the next several months, making now the perfect time to refinance your car loan.How does the Fed affect auto loan rates?In order to understand what is happening with auto loan rates, we have to talk about what the Fed does. This is a complex question, as the Fed does a lot. The Fed has three major responsibilities:manage US monetary policymonitor issues and risks within the US financial systemsupervise and regulate banks within the US The Fed’s two major priorities are to maximize employment and stabilize prices. One of the main ways the Fed accomplishes this is by setting the benchmark rate. The benchmark rate, or federal funds rate, is the interest rate set by the Fed that affects all borrowing within the US. This rate affects certificates of deposit, savings accounts, credit card rates, mortgages, and more.If the economy is a bit slow, or predicted to be slow, the Fed will lower this rate to encourage more spending in the economy. When rates are low for savings, such as savings accounts and certificates of deposit, consumers have less of an incentive to save their money. And when borrowing rates are low, consumers are more incentivized to take out loans and make more purchases.But this sort of action can have unintended consequences, which is where we find ourselves now. When the Fed lowered the rate in reaction to the Covid shutdown, it encouraged spending but also helped contribute to inflation. Inflation has many root causes and there is no simple answer as to why inflation has skyrocketed in the past year. There are many reasons and they are all related to supply and demand. These causes include:New Technology. When a new product or new technology is introduced to the marketplace, the demand will outweigh the supply and cause inflation.Growing Economy. When the economy is growing, unemployment usually drops and people have more money in their pockets. Increased purchases cause increased demand for items and prices increase.Government Regulations. Government regulations like tax subsidies can cause demand to rise, which in turn causes inflation. Regulations like tariffs can cause production costs to increase, which is passed onto consumers and also causes inflation.Expanded Money Supply. If the Fed prints money at a rate that outpaces the economy’s growth, there will be too much money in circulation for the amount of goods and services, and inflation will occur. Supply chain issues. When there is a shortage of materials, the cost of these materials will increase because of supply and demand (This is one of the main contributors of our current inflation)Rising wages. An increase in wages, either from government regulations or from an industry’s competition for workers will cause a higher cost of production. But this is a highly debated area in economics, as many argue that higher wages also cause an increase in demand that offsets inflation. Change in exchange rate. If the U.S. dollar loses value in relation to foreign currency, imported goods become more expensive, which also drives inflation. Inflation is a very complicated issue, but the reaction to inflation is usually to increase interest rates, which is what the Fed has been doing steadily throughout 2022.What are 2022 auto loan rates?Auto rates in 2022 are reacting to the increased Fed rates, but not as much as other industry interest rates. This is because the auto industry is in general a little less sensitive to the Fed rate as other industries, such as the housing market. But 2022 auto loan rates are increasing. It’s hard to say how much they will rise by the end of the year, but they are expected to continue rising until inflation slows significantly. It is an expensive time to buy a new car. The global chip shortage caused a major slow down in the production of new cars, and this has led to a reduced supply. Inflation for both new and used cars is thus at an all-time high. Combine that with an increasing Fed rate and you are left with an expensive and inflated car market.But auto loan rates are not solely dependent on the market rates. They still heavily depend on your personal finance history including your credit score and your income. So while it is an expensive time to buy a car, that doesn’t mean that it is necessarily a bad time for you.Is now a good time to refinance a car?Since everything in the US market is inflated, it’s never been more important to save money where you can. And a great way to do that is by refinancing your car loan. There is still a good chance that you can qualify for a lower car loan APR. It is a good time to refinance a car loan if any of the following apply to you.Your Credit Score Has IncreasedYour credit score is one of the major factors in the car loan APR you will be offered. Your credit score may have increased for any of the following reasons. You have been making full, on-time, and consistent payments to your accountsYou have paid down your debt and improved your credit utilization ratioYou don’t have any  new accounts or hard inquiries on your creditYou have had your credit limits increasedYou have had a negative event expire, such as a bankruptcyIt is a good idea to check your credit report and ensure that everything is accurate and correct. You can check your report one time per year at each of the three credit reporting agencies, and you should be sure to take advantage of this. Check that all of your payments are properly recorded, your debts are accurate, and your personal information is correct. Inaccuracies in these areas may cause you to have a worse credit score than you actually have.If your credit score has not increased since your initial financing, it’s a good idea to take some time to work on building your credit score before applying for a car loan refinance. You will secure a much better car loan APR if this score is high.You Have At Least Two Years Left In Your LoanCar loan refinancing is more beneficial the earlier you pursue it. When you refinance a car loan, the intention is to reduce the interest you will pay. Car loans are structured so that the interest is paid mostly towards the beginning of the loan. This means that the longer you wait to refinance, the less money you will save in interest. Experts recommend having two years or more left in your current loan to maximize the benefits of refinance.You Don’t Have a High Prepayment PenaltySome car loans have prepayment penalties built into their contracts. This is to dissuade someone from paying off their loan early–after all, if you pay off your loan you will spend less on interest. Prepayment penalties vary greatly from lender to lender, so be sure to check the terms of your loan.If you do have a prepayment penalty, sit down and do the math to determine whether or not it is worth it to refinance. If the savings of refinance do not outweigh the penalties, then refinancing is not a good idea for you.You Could Really Use a Break In Monthly PaymentsRefinancing can help reduce your monthly payments by reducing your car loan APR. But it can also help reduce your payments if you stretch out your repayment period over a longer timeframe. Let’s say you initially financed your car for 36 months and you are struggling to make the payments every month. If you were to refinance that loan over 48 months, you would have 12 extra months to make payments on the same principal. While you will end up paying more money in the long run (you will be paying interest for an additional 12 months) this can greatly reduce your monthly payments and give you the breathing room you need in your monthly budget.That’s why auto refinance rates are going up–and why you should refinance your car loan now. Refinancing is all about timing–and right now, the time is right. If you have been thinking about refinancing your car loan for some time, there isn’t much time left to wait. Auto loan rates will continue to increase throughout the year and possibly into next year. Refinancing now can ensure that you will get the best rates possible.At Auto Approve, we specialize in car loan refinancing. That means we know how to get you the best car loan refinance possible. So don’t wait any longer–get in touch today for a free quote and start saving!GET A QUOTE IN 60 SECONDS

With the last few days of summer looming on the horizon, everyone is itching to make the most of it. And for a lot of people, that means getting in as many motorcycle rides as they can. It also means that it’s a great time to buy a motorcycle if you have been thinking about it. Many people sell their bikes as the summer winds down, so you might be able to get a great deal on your new wheels. But how do you know if it’s a motorcycle you can afford?Here’s everything you need to know about the cost of buying a motorcycle and how you can decide if a motorcycle is outside of your budget.How much does a motorcycle cost?In general, buying a motorcycle is cheaper than buying a car. There is a pretty wide range of costs, depending on what type of bike you want. But there are additional costs that come with a motorcycle that you will also need to think about.The motorcycleA new motorcycle can cost anywhere from $10,000 to $35,000. This is a pretty wide range, so it is important to do your research and determine what you are looking for in a motorcycle. Will this be a bike for commuting? Or is it for leisurely weekend drives? This can affect what type of bike you should select. There are lots of different types of bikes, such as cruisers, touring bikes, and standard motorcycles, which all vary in size and functionality. You should also decide which is better for you, a new bike or a used bike. Used bikes are significantly cheaper–you can usually find a decent one for less than $5,000–but they tend to need more maintenance and repairs.Additional things to consider include:Does it fit your height and weight?Is it an appropriate engine size for your experience level?Does it have the technology that you want?Once you select the bike that you want, do research online to find the best prices. If you are a novice rider, you should consider going to a reputable dealer. They will help you determine which bike is the best choice for you as well find you the best deals around.The repairs and maintenanceMotorcycles pose a much greater risk of injury to the driver than a regular car does. This means that keeping your motorcycle in top shape is extra important. Routine maintenance such as regular oil changes and tire replacement will keep you safer on the road. You should expect to pay about $1,000 per year on maintenance, with additional repair charges as needed.The safety gearWhile cars are outfitted with the latest and greatest safety mechanisms, motorcycles are not. Motorcycle safety requirements vary from state to state, but there is a general consensus that every rider should have a well fitting and protective helmet, a jacket, boots and protective pants. You can expect to pay up to $1300 on these safety items, but it’s well worth it (after all, it’s cheaper than a stay at the hospital).The additional costsIn addition to the motorcycle, repairs, maintenance, and protective gear, there are other costs associated with buying a motorcycle.Motorcycle License. In addition to your regular license, you will need a specific motorcycle license. These typically run about $30.Motorcycle Insurance. Most states in the US require motorcycle insurance. The average price for annual insurance is about $700.Riding Courses. Some states require you to take a riding course and skills test before issuing a motorcycle license. A typical riding course is about $100. These courses may make you eligible for insurance discounts, so they could pay for themselves over time.All in all, a new $5000 motorcycle will cost you an additional $3000 in the first year, and another $1500 to $2000 per year after that (not including gas).Can I finance a motorcycle?Buying a motorcycle is similar to buying a car. You can finance it as you would any other vehicle, but you should consider the benefits and drawbacks of financing before you commit to any payment plan. The motorcycle payments you will have to make will depend on:The price of the motorcycle. This will depend on if it’s new or used as well as the make, model, and year.Any additional taxes and fees. You will have to pay sales tax as well as any administrative fees.The interest rate you are offered. This will depend on your credit score, your income, and the market rates.The down payment you make. It’s a good rule of thumb to put 10-20% down on your motorcycle. This will help stave off depreciation.The repayment period you want. The shorter your repayment period is, the higher your payments will be as you have less time to pay the principal off. Keeping a shorter repayment period will also lessen the amount of interest you will have to pay over the life of the loan.How do I know if a motorcycle is outside my budget?Your motorcycle payments will depend on a lot of factors. It’s a good idea to sit down and come up with a budget to determine what you can afford. If you are planning to use your motorcycle to commute, you may find that its gas efficiency saves you some money on transportation costs. When you look at your budget, be sure to consider:Your motorcycle paymentYour insurance paymentSafety gearMaintenance and repairsAdditional feesLets say your motorcycle payment is $350 per month and insurance is $50 a month. You know that on average it is $1000 per year for maintenance. We can round that up to $100 per month. That means you need $500 every month to pay for your motorcycle. On top of that, be sure you are adding to your emergency fund in case an expensive repair pops up.The only way to know if a motorcycle is outside of your budget is to sit down with your finances and do the math. That’s what you need to know about buying a motorcycle and how to decide if it’s outside of your budget.Buying a motorcycle can be expensive. But with some planning and research you can be sure that is within your budget.If you already own a motorcycle and think you might be overpaying on your monthly payments, consider refinancing your motorcycle loan with Auto Approve. We’ve helped thousands of bikers save money on their monthly payments. What are you waiting for? Head over to Auto Approve today to get your free quote!GET A QUOTE IN 60 SECONDS

We could all use a break now and then, especially when it comes to our bills. So it may come as a relief to hear that there is a way you can skip 90 days of car payments. That’s three whole months without a car payment looming over your shoulder. And the best news is it's simple. All you have to do is refinance your car with a lender that offers 90 days without payments.Refinancing your car loan can get you 90 days with no car payments.What is car loan refinancing?  Car loan refinancing is when you pay off an existing loan with a new loan. By securing a new loan that has a better car loan APR and better terms, you can save a lot of money.There are a lot of lenders that will refinance your car loan, from credit unions to traditional banks to online lenders. With so many options, it’s usually a good idea to use a company that specializes in car loan refinance. This will help you to weed through all of the competition and find the best rates available.There are a number of lenders that will offer no payments for 90 days as a perk. This can be helpful if you could use some time to get your finances in order, or just give you a break with monthly payments.When is a good time to refinance my car?When Your Credit Score Has IncreasedYour credit score is the main consideration that lenders look at when determining what car loan APR they will assign to you. If your credit score has increased, you will most likely qualify for a lower car loan APR. Your credit score is determined by a number of financial factors. The following information is used to calculate your credit score:Payment History (35% of your credit score) This shows lenders if you pay your bills on time and in full. This will also show missed payments and any bankruptcy details.Accounts Owed (30% of your credit score) This category looks at how much money you owe compared to how much credit you have available to you (your credit utilization ratio). The lower your debt to credit ratio is, the higher your score will be. You should aim for this number to be below 30%.Length of Credit History (15% of your credit score) This looks at the age of your accounts. The longer you have had credit, the higher your score will be.Credit Mix (10% of your credit score) This looks at the types of accounts you have. Do you have a healthy mix of credit cards, loans, mortgages, etc? Having a balanced mix of credit accounts will show lenders that you can handle your finances over multiple accounts.New Credit (10% of your credit score) New credit will lower your score a bit. This is because your history with this new credit isn’t reflected in your score yet, so it’s essentially an unknown account.The two most important and impactful categories are your payment history and your accounts owed. This means that any changes to those areas can cause a significant swing to your credit score. There are a few reasons your credit score may have increased since your initial financing. You paid down some of your debtYour credit limits have increasedYou have been making consistent, on time, full paymentsA negative event, like bankruptcy or eviction, has expiredA hard inquiry has expiredIf your score has increased since your initial financing, you may be eligible for a much lower car loan APR. And that can add up to hundreds (if not thousands) of dollars in savings.Note: It is a good idea to get a copy of your credit report. You can do this once per year for free from each of the three credit reporting agencies: Experian, Transunion, and Equifax. Check your report for any errors and inconsistencies and contact the agency if you find anything that is inaccurate. This can ensure your credit score is as accurate–and as high–as possible.When the Market Rates Have DecreasedThe car loan APR you are offered will be determined in part by the market rates. If the economy is not performing well, or is not expected to perform well, the market rate will lower to encourage spending. That is when you will find the lowest car loan APRs. If the rates are lower now than they were when you first financed your car, you may be eligible for a lower car loan APR.When You Need Some Breathing RoomThere are a lot of reasons to refinance your car loan, but one of the most common reasons is to lower your monthly car payments. If you are in a tight spot every month when it comes to paying your bills–maybe your hours got cut, or your other bills have increased unexpectedly–refinancing can help you reduce your monthly car payments.Car loan refinance can lower your monthly payments in a few ways. First off, if you qualify for a lower car loan APR your monthly payments will automatically be lower. But even if you do not find a drastically lower APR, refinancing will allow you to change your repayment period. By stretching out your car loan repayments over a longer time, you will reduce your monthly payments drastically. You will end up paying back more money over time as you will be paying more interest back overall, but this decrease in monthly payments can help you if you are in a tight spot with your monthly payments.And finding a loan with 90 days without payments can give you a break to get your finances back on track.When You Have More Than Two Years Left On Your Original LoanCar loans are front loaded amortized loans, which means in the beginning of the loan your payments go more towards the interest, and towards the end of the loan your payments go more towards the principal. Car loan refinancing helps you to save money on interest. As your loan is nearing the end of your term, you are paying primarily towards the principal, so it is less beneficial to refinance. By making sure that you have more than two years left on your loan you will benefit much more from car loan refinance.How do I refinance my car?Car loan refinance is super easy, especially when you use a company that specializes in car loan refinance. Just follow these three easy steps below and start saving money.Do Your Research and PrepareThere are a few steps you should take to ensure that you will get the best refinance possible. It’s good to research different lenders to see what types of loans are out there. While you won’t have any specifics until you apply, you can get a rough idea of what different lenders are offering. Talk to family and friends to get recommendations for reputable lenders and try to pick three to five lenders that you would like to pursue.Check to see which lenders offer 90 days without payments. There are quite a few of them out there (or you can use Auto Approve and they can do the research for you and save you the hassle!)You will also want to prepare your finances. Check your credit report and credit score to make sure there are no inaccuracies. Collect all of the documents you will need for applications as well. You will most likely need the following:A Photo IDYour vehicle’s information, including the bill of sale, VIN number, make, model, and year of your carProof of insuranceProof of income and financial history, this will vary from lender to lender but may include pay stubs, banking information, and your credit reportProof of residence, such as a mortgage statement, lease agreement, or utility bill (this cannot be a PO box)Apply and CompareOnce you have done your research and gathered your documents, you can begin applying. Be sure to apply all at once–all inquiries in a fourteen day period will count as one hard inquiry on your credit report. When the offers come in, be sure to compare the following:The car loan APRThe repayment period optionsThe prepayment penaltiesOther feesAlso take into consideration whether or not the lender offers a 90 day no payment option. If you use a loan refinance company like Auto Approve they can handle the application process for you. They have relationships with lenders across the country, so you can be sure you are getting the best rates and offers possible.Sign and SaveWhen you decide which loan is right for you, just simply sign on the dotted line and start saving! It’s just that easy! And if you use Auto Approve, they even handle the DMV paperwork so you don’t have to deal with it. If your loan doesn’t require payments for 90 days you can immediately enjoy the breathing room.And that’s how car loan refinancing can get you up to 90 days with no car payments.If you could use some more breathing room in your monthly budget, car loan refinancing is a great way to do so. And with Auto Approve, it couldn’t be easier.So don’t wait, get your free quote today!GET A QUOTE IN 60 SECONDS

The automotive industry is ever-changing and is constantly evolving to keep up with the world around us. Advancements in connectivity, autonomous driving, and fuel storage all are shaping the way we think about transportation. So what exactly are the top automotive trends?Let’s take a look at the latest trends in the automotive industry.Advanced Driver Assistance SystemsAs technology becomes more and more advanced, it can be used to help keep drivers safe on the road. Advanced Driver Assistance Systems (ADAS) are systems that can help drivers detect accidents and assist in driving and parking functions. There are a lot of different ADAS systems, including:Lane keep assistAutomatic lightingBlind spot detectionAdaptive cruise controlLane departure warningsReverse brake assistForward collision avoidanceCross traffic alertsThese systems rely on innovative technology including the use of software, ultrasound sensors, lidar, and radar. As these systems become more and more advanced, they will be used in autonomous, self driving vehicles. But for now they are being used in many new car models and are becoming increasingly standard in base models. About one third of the cars sold in the US, China, Japan, and Europe have ADAS features.Self Driving CarsClosely connected to the concept of ADAS features is the increased push for self driving cars. ADAS features are divided into six categories to describe the level of autonomy of the car. The categories are as follows:Level 0, No Driving Automation. The car can provide information to the driver but cannot control the car. This may include features like parking assist, lane departure warnings, and rear-cross traffic alerts.Level 1, Driving Assistance. The car can take control over one functionality. This may include adaptive cruise control or emergency brake assist.Level 2, Partial Driving Automation. The car can take over multiple functionalities. This may include highway assist and autonomous parking.Level 3, Conditional Driving Automation. The car can make informed decisions but the driver is still required to be alert and present to manually take over.Level 4, High Driving Automation. The car can make informed decisions and intervene should something go wrong. A driver can choose to manually override. Level 5, Full Driving Automation. The car will fully drive itself without the need of a driver. These cars will not have steering wheels or gas pedals, they will chauffeur people around independently.Level 5 automation is the goal of many car makers, but most cars are still around level 2 or 3. Certain car manufacturers including Volvo are working on level 4 automation, although local legislation will dictate how these cars can operate in their jurisdictions.The future of cars is self driving and autonomous, and these advances are being made today.Improved ConnectivityAs our wireless infrastructure improves there is a push in the automotive community to have more connected cars. There are seemingly endless possibilities to what improved connectivity means for the future of cars. Not only are cars being connected to other devices within the car, such as the driver’s phone and smartwatch, but they are connected to the internet at large. Currently, improved connectivity is being used in the following ways:Send vehicle health reportsGet real time directionsWarn of issues with the carIntervene to prevent a breakdownThis type of technology is quickly developing and improvements in connectivity are a major trend in 2022 automotive technology.Human Machine InterfaceHuman Machine Interfaces, or HMIs, provide an interactive experience for drivers and passengers. While we use HMIs everyday (your touchscreen and keyboard are just two examples), HMIs are constantly evolving in the automotive world. From dashboard touchscreen displays to voice recognition to augmented reality, carmakers are pushing boundaries on what HMIs can be used for and how they can make the driving experience better.Increased Usage of Electric Fuel CellsFuel cell electric vehicles (FCEVs) are quickly becoming the most popular trend for electric vehicles. Fuel cells generate energy through electrochemical combustion as opposed to combustion. Hydrogen and oxygen are combined to generate electricity. Fuel cells have been proven to be more efficient than internal combustion engines and produce only water as a byproduct. This makes them more environmentally friendly and less prone to breaking down. Additionally, they have more instantaneous torque and provide smoother, more consistent power.Many countries are pushing this new wave of electric vehicles, including the United States, Japan, China, Germany, and South Korea. This is because electric vehicles release 54% fewer CO2 emissions than traditional gas cars (even the newest vehicles). In the United States today there are over 1.2 million electric vehicles, and this number is expected to grow to nearly 20 million by the year 2030.Car Subscription ServicesThere are currently five automakers that are rolling out subscription features for their cars– Audi, BMW, Cadillac, Porsche, and Tesla. These subscription services require owners to pay to use or unlock certain features of the car. Owners will have a monthly or yearly fee to use features such as voice recognition and driving assistance.While subscription models are nothing new–after all, don’t we all have Netflix?–subscription models for cars open a whole can of questions and concerns.Automakers want you to be paying customers for life. By switching to a subscription model, they will ensure that you will be a paying customer even after your car is paid off. On the plus side, this model can incentivize automakers to stay up to date on software updates and help owners keep their current cars for longer.But this also raises concerns over safety and fair treatment of consumers. Consumer advocates worry that a charge for safety features will price owners out of safety features, making the cars less safe overall. Because of this, there is a push to ensure that all subscription features are convenience features, and that certain features become base level across the board. These base level features would ideally include automatic emergency braking, forward collision warning, and blind spot warning.But until legislature is put in place to restrict or standardize the subscription model, we can expect subscription models to become more and more commonplace.Those are the latest trends in the automotive industry.The automotive industry is quickly changing and evolving to keep up with technology. And while it’s amazing to see how much is changing, one thing is constant: people will always need to save money on their car loans.If you are overpaying on your monthly car payment (and you probably are) then get in touch with Auto Approve today! Refinancing your car loan with Auto Approve can save you hundreds of dollars a month–so don’t wait, get started today!GET A QUOTE IN 60 SECONDS

When deciding on the best vehicle for your family, there are a lot of things to consider. And with how many options there are to choose from, it can be downright overwhelming (there are currently over 130 different SUV options available on the market!)So today we are talking all about SUVs, from why they are so popular to how you can choose the best one for your family.Here’s what you should consider when choosing the right SUV for your family.Why is everybody buying an SUV?SUVs are more popular now than ever. In fact, SUVs and pickup trucks make up 70% of the auto market. In 2018, worldwide SUV sales hit an all time high of nearly 30 million vehicles. But why exactly are SUVs so popular?They are safer.First off, the obvious: SUVs are larger than sedans. Their size means that there is more protection if you get into an accident. SUVs are also higher off the ground, which can give you a better vantage point on the road as well as make you feel safer while you are driving. This is a huge reason why many people have made the shift to SUV from sedan.They can fit more passengers (and more stuff)Again, they are larger, so they can fit a lot more passengers and a lot more cargo. SUVs are also more comfortable for passengers because they have taller roofs. There are electric options.When SUVs first came out on the market, they were gas guzzlers. Not only did it cost more money to buy an SUV than it did to buy a sedan, but it cost more to keep it filled with gas. But times have changed since then and there are no hybrid and electric SUVs. Some of the electric SUVs on the market can even go over 300 miles on a single charge. They are better in the winter.If you live in an area where it snows a lot, you know that weather has to be a consideration when choosing your car. SUVs are a great option in the snow because they have shorter wheelbases and a more even distribution of weight than sedans.They are versatile.You can have it all with an SUV: a luxurious ride during the week and a workhorse on the weekend. SUVs often have plush interiors and all the latest tech, but also have powerful engine and towing capabilities. You essentially get two vehicles in one.How many different types of SUVs are there?While there are a lot of SUV models on the market today, they all tend to fall across eight different categories based on their size and engine capacity. There are standard SUVs and there are crossover SUVs–standard SUVs are built on truck platforms, while crossover SUVs are built on car platforms. Subcompact CrossoversThese are the smallest SUVs on the market. They tend to have good fuel economy and are great commuter SUVs with enough room for four adults. Popular examples include the Jeep Renegade and Honda HR-V.Compact CrossoversThese SUVs are slightly larger than the subcompact crossovers but still relatively small. They offer more interior space and tend to offer more features. Popular compact crossovers include the Ford Escape and Toyota Rav4.Mid Size CrossoversThe mid size crossovers are a bit larger than the compact and subcompact crossovers. These models can be equipped to handle off roading (the compact and subcompact can not) and offer significant interior space for passengers and luggage. This is one of the most popular choices for SUVs in the United States. Some of the most loved models include the Ford Edge, Honda Pilot, and Kia Telluride.Full Size CrossoverFull size crossovers are essentially wagons that offer third row seating and spacious interiors. They are great family cars and tend to have lots of safety features. Popular full size crossovers include the Nissan Armada and the Volkswagen Atlas.Compact SUVsCompact SUVs are a little more durable than the crossovers and are designed with comfort and durability in mind. Some of the most popular vehicles include the Hyundai Tucson and the Jeep Wrangler.Mid Size SUVsThese models are what many people think of when they hear the term SUV. They are spacious, can typically handle off road driving, and boast a lot of amenities. Some of the most classic SUVs including the Chevrolet Blazer and Jeep Grand Cherokee fit into this class of SUVs.Full Size SUVsThe full size SUV category is the perfect blend of luxury comfort and high performance. They tend to have the latest technology and comforts. More and more luxury full size SUVs are entering the market, but common models include the Ford Expedition, BMW X7, and the Chevrolet Suburban. Performance Crossovers and SUVsThese performance SUVs are equipped with powerful engines, making them surprisingly quick for their size. They have fast accelerations, often going 0 to 60 at a rate that matches or exceeds other sports or muscle cars. Popular models include the Porsche Cayenne Turbo S and the BMW X5.How to Choose an SUV for your FamilyThere are a lot of factors to consider when deciding which SUV is the right fit for your family. Here are the top things to think about.What size do you need?As you can see, there are a lot of different sizes of SUVs on the market. Do you have a large family that necessitates third row seating? Do you do a lot of activities that require you to lug stuff around? If so, a mid size or full size SUV might be better for you. If you have a smaller family and don’t need all the extra space, a compact SUV or crossover might be a better fit.Do you need 4 wheel drive?If you want to go off-roading or live in an area where it snows a lot, 4 wheel drive might be a necessity. 4 wheel drive offers more traction and stability on and off the road, but it will limit your options and cost you a bit more, so it might not be necessary based on your lifestyle.Do you want luxury or durability?Let’s face it: some kids make more of a mess than others. If your kids participate in a lot of activities and sports, they might give your interior more of a run for its money. But if your kids are older or don’t make as much of a mess, you might want to opt for more of a luxurious interior. Range Rovers and Escalades are good options if you want a nicer ride, but a Nissan Xterra might be a better choice for soccer pickups.How many miles will you put on it?Think about how many miles you will put on it, and how much gas you might go through. An electric SUV or hybrid option might be a good idea if you drive a lot, while a regular SUV might work just fine for you if you don’t plan to put a lot of miles on it. Think about safety.You are buying a car for your family, so you need to consider the safety features. There are a lot of safety features available on base level models, as well as additional add on safety features. Here are a few options to look for:Collision warningsAutobrakeLane-departure warningsLane-keeping assistBlind-spot detection Park-assist systemsThey vary widely by make and model, so be sure to do your research and determine which features are important to you. Below are some of IIHS’s top picks for the safest SUVs of 2022.Acura RDXAudi Q5/Q5 SportbackCadillac XT6Chevrolet TrailblazerFord BroncoGenesis GV80Hyundai PalisadeMazda CX-5Mercedes-Benz GLE-ClassNissan MuranoSubaru AscentChoose something you love.As we mentioned before, there are a ton of different SUVs on the market so you don’t need to settle. SUVs are built to last a lifetime now, so be sure that you are completely satisfied with your choice. If you are unsure about making the switch to an SUV, consider renting one for a week or two to see how it fits your lifestyle.That’s what you should consider when choosing the right SUV for your family.With so many options out there, it might feel overwhelming to decide which SUV is right for you and your family. But with a little research, thought, and test-driving, you can certainly find the SUV of your dreams.If you have already purchased your SUV and are looking to refinance, look no further! Auto Approve has helped thousands of people save money on their car payments. We have relationships with lenders across the country, so you can be sure you are getting the most competitive offers and the best rates. Getting a free quote only takes a few minutes, so don’t wait to start saving money–get started with Auto Approve today!GET A QUOTE IN 60 SECONDS

Budgets sound boring and laborious–we get it. They can feel overwhelming to create, and you are probably wondering if you will even stick to it. So what’s the point? But budgets are incredibly important. They can create financial stability by helping you stay on track with both your income and your expenses. Having a strong, accurate budget can help you with your day to day spending while also helping you create a plan for your financial future. Whether your goal is to pay down debt, buy a house, or save for retirement, budgeting will help you succeed.Today we are talking about budgets: why they are important, how to make one, and five things every good budget has.Why are Budgets Important?It can help you reduce your spending.When you create a budget, you know exactly how much money you have coming into your bank account every month. That means that you also know how much money you can afford to spend every month. Keeping that number in mind can help you to curb your spending significantly.It can help you feel in control.When the bills roll in every month, it’s easy to get overwhelmed. This is especially true with variable expenses, which we will discuss later. But if you have a budget you will know what these expenses should be (approximately) and you will be able to adjust your expenses in other areas if need be. In general, budgeting can help you feel like you have a good grasp on your finances.It can help your credit score.Your credit score is the most important consideration in your financial life. If you are applying for a mortgage, a car loan, an apartment, or even a refinance, your credit score is the first thing that will be analyzed. A budget won’t outright help your credit score, but it will help you by keeping on track with your expenses. People with good budgets are more likely to:Pay back debtsMake on time paymentsAvoid overspending and accumulating debt in the first placeAll of these factors can help increase your credit score, which will help you get approved for loans and secure lower interest rates.5 Things Every Good Budget HasAccurate Fixed ExpensesFixed expenses are the costs you have every month that do not change. A good budget will have a very inclusive and accurate tally of fixed expenses. These might include the following:MortgageRentProperty taxes Condo feeHouse insuranceRenters InsuranceUtilities with a standard rate (cell phone, internet, trash collection)Car lease or car loan paymentCar insuranceSubscription servicesYou may have some or all of these fixed expenses, and you might have other additional fixed expenses. Look through all of your bills and bank statements to make sure you have included everything. Fixed expenses are always the same month after month, so they are easy to include in a budget.Average Variable ExpensesVariable expenses are costs that you pay every month that vary in the amount. Every good budget will have a list of these expenses with their monthly averages. Common variable expenses include:GroceriesUtilities based on consumption (electricity, water)Transportation costs (gas, parking, maintenance, bus fare, etc)Clothing ChildcareEating outEntertainmentIf you have children, this list can grow quickly with sports and activities. Try to include everything. The more inclusive your variable cost list is, the more accurate your budget will be. To get a good average of these, look back at your past year of expenses. Come up with a monthly total for each category, and then average them out. Good budgets rely on accurate totals for fixed and variable expenses. If these numbers aren’t inclusive or accurate, your budget won’t be accurate–and therefore it won’t be helpful to you.An Emergency FundAll good budgets include an emergency fund. Emergencies are unpredictable, so when one strikes it can spell big trouble for our finances. Having an emergency fund can help bail you out of a tight spot. If you do not have an emergency fund set up, an unexpected medical bill or mechanic bill will really throw your finances into disarray. How much you will need in an emergency fund varies from person to person, but the general rule of thumb is to have six months worth of expenses on hand. Financial GoalsOne of the ultimate goals for budgeting is to create a plan for future financial goals. These goals will vary from person to person and can be short term or long term. Some short term goals may be:Saving for a down payment for a car or a homeSaving for a vacationPaying down credit card debtLong term goals often have a bigger price tag attached to them and can take longer to achieve. Common long term goals include:Paying off student loan debtPaying off your mortgagePaying off your car loanCreating a retirement fundWhatever your goal is, be sure to include it in your budget. Having a goal will help you to stick to your budget and motivate you to stay focused.Regular ReviewsA budget is not something that you create and then say, “I’m done!” A budget will do you no good if you do not regularly review it and adjust it to fit your life. You should review it regularly, at least once every month or two. Look at how your income is matching up with your expenses. Here are a few things to consider:Am I spending more than I am saving?Which categories have increased and which have decreased?Are there any areas where I can cut back? Am I saving enough for my financial goals?Are there any new expenses in my life I should include?By regularly reviewing your budget you will be more likely to adjust it as needed and keep it as a functional part of your life. How to Create a BudgetCreating a budget is simple, but it is important that you be very organized and thoughtful throughout the process. The more organized you are, the more accurate your budget will be. Just follow our simple steps to get started.Be prepared. There are many apps and programs designed for budgeting (Mint and Goodbudget are two of our favorites). But really all you need is a good spreadsheet. Once you have your spreadsheet set up, dig out your credit card bills and bank statements for the last year or two. Determine your income. Calculate your actual take home pay (your pay minus any taxes and deductions). Add in any other income you may have–dividends, inheritance, rental payments, side hustle money–it will all add up. Categorize your expenses. As we mentioned before, your fixed and variable expenses are incredibly important to your budget. List them all out in your spreadsheet and go through your bills and bank statements to determine a value for every category. Make a budgeting plan. There are a lot of plans you can use when it comes to budgeting. A common plan is the 50/30/20 model, where 50% of your income is allocated for needs, 30% is allocated for wants, and 20% is allocated for savings. Another model is the 70/20/10 plan, where 70% of income goes towards monthly bills and everyday spending, 20% goes towards savings, and 10% goes towards debt repayment. Determine what your ultimate goal is and decide on a plan based on that.Budget your needs. How much do you need to live on? Determine which expenses are necessary and which are not and allocate money from your budget as necessary.Budget your wants. How much wiggle room do you want in your budget for the nonessentials? Going out to dinner and buying brand name items aren’t strictly necessary, but they may be things you want to include. Determine how much you can afford to spend on nonessentials. Budget your emergency fund and your savings. This is where your long term goals set in. How much extra money can you allocate to your savings? All extra income should end up here.Review and adjust. Try out your budget and see how it goes. If you need to find some extra money to include in your budget, see where you can make adjustments. Cutting out subscription services, clipping coupons, and refinancing your car loan are all easy adjustments that can add up to a lot of savings. That’s everything you need to know about budgeting, including five things every good budget has.If you don’t have a budget yet, here is your sign to create one. It will take a few hours to put together, but it can save you a lot of money and a lot of headaches down the road. And with the cost of everything these days, who couldn’t use some extra money? We know a thing or two about saving money–after all, we save people hundreds (if not thousands) of dollars every year by refinancing their car loans. So if you want to save money on your car loans, get in touch with Auto Approve today!GET A QUOTE IN 60 SECONDS

When you buy a new car, you hope it will last forever. And while you know that forever is impossible, you certainly want to extend your car’s life as much as possible. The good news is that a solid car maintenance schedule will go a long way when trying to extend your car’s life. With proper care you can get a lot of extra years out of your car and increase its resale value in the future.Here are our top car maintenance tips to extend the life of your car as much as possible.Check Your FluidsFluids are vital to the wellbeing and longevity of your car, so you want to make sure they are maintained. Failure to check your fluids can result in:Reduced gas mileageReduced powerIncreased chance of breaking downFluids keep your car working properly, so ensuring that they are properly maintained can save you a lot of hassle down the road. Here are the top fluids to keep an eye on:Engine OilOil is the lifeblood of your car. It helps ensure that everything in your engine stays lubricated and protected. If your oil runs low (or runs out) it can completely destroy your engine. Making sure that your oil is topped off and changed when it needs to be will help ensure that your car will have a longer life.CoolantCoolant–also known as antifreeze–keeps your engine cool in the summer and warm in the winter. It also helps prevent corrosion. Coolant deteriorates as time goes on, so you need to make sure it is topped off and replaced as needed. Typically you should check it after 50,000 miles.Brake FluidBrake fluid is essential to properly working brakes. As brake pads wear, your brake fluid also goes down. Be sure your brake fluid is always in the proper range and be sure to get your brakes serviced regularly.Transmission FluidTransmission fluid keeps all parts of the transmission lubricated and working properly. Valves, clutches, and gears all need to be lubricated to function as intended. Low transmission fluid can cause trouble when shifting and result in a busted transmission–which can be very expensive to fix. Transmission fluid needs to be replaced, but in newer cars this is usually around 100,000 miles.Keep it Clean–Inside and OutGive your car a good wash every now and then to get any harmful or potentially corrosive substances off of the paint, such as salt and tar. Not only will your car look better immediately, but a good wash and polish can keep it looking better for longer. Also be sure to regularly vacuum out and clean the inside of your car–this can also prevent bad stains and rips. Keeping both the interior and exterior of your car clean will help your resale value in the future as well.Take Care of your Tires It is vitally important to make sure your tires have the proper tire pressure. Underinflation adds a lot of internal stress to the tires, making them weaker. If they are underinflated, not only will it make for a bumpier ride, but it makes you more susceptible to blowouts. And bonus: you get better gas mileage on properly inflated tires. You should check your tire pressure at least once a month.Also make sure your tires have enough tread on them. If your tires lack tread, they have a greater chance of a blowout and might not be able to stop properly in an emergency.Drive SafelyThe way you drive will ultimately affect your car’s life. After all, accidents and improper driving can cause the car to undergo significant stress and shorten the life of many components. Be sure to warm your car up a bit before taking it out on the road, accelerate gently, and avoid slamming on the brakes. All of these steps can help add life to your car.Use Good Quality GasUsing quality gas doesn’t mean using premium gas every chance you get. You still need to use the recommended fuel for your vehicle. This means merely to not use the cheapest gas around. AAA found in a 2016 study that off-brand gas tended to have 19 times more engine deposits than name brand gasoline. These carbon deposits end up giving you worse gas mileage, increase the emissions, and cause your car to perform worse. So while the gas might be cheaper up front, you will still end up paying for it in the long run.Fix Windshield Chips ASAPWhile a windshield chip might not seem like a big deal, a chip in the windshield can quickly become a crack if not fixed quickly. And once your windshield is cracked you will need a new one entirely. Replacing a windshield can cost between $200 and $400, so it’s definitely a cost that you want to avoid, if possible.Change the Air Filter RegularlyYour air filter has an important job: it traps debris and dirt that might get caught in your engine. By keeping your engine clean, the air filter:Increases fuel efficiencyReduces emissionsProlongs engine lifeBy keeping foreign materials out of the engine, it protects all of the cylinders and pistons that can be easily damaged. Your car in general will perform better when it has its air filter replaced. You should replace it every year, at least, and twice a year if you live in a heavily polluted or dusty area.In addition to changing your auto air filter, you should also replace your cabin air filter regularly. This filter cleans the air that enters our car from the heating and air conditioning, so it’s important for our health, as well as the health of our cars. If the cabin filter is located behind your glove compartment, it’s easy to check to see if you need a new one. But if it’s somewhere harder to reach, there are some telltale signs that it’s time to change. If you notice any of the following, it’s probably time to replace it.Reduced air flowIncreased noise as you turn the fan higherBad odorCabin filters are typically replaced once every year or two.Those are our top tips to extend the life of your car.Good maintenance practices can go a long way when it comes to protecting your car. It can help ensure that your car will last longer on the road and ensure a higher resale value when the time comes.Another good tip for car owners is to refinance your car loan. It can save you hundreds of dollars a year and couldn’t be simpler. Just head over to Auto Approve, fill out some information, and start saving money today.What are you waiting for? Contact us today!GET A QUOTE IN 60 SECONDS

It’s back to school time! And with that comes all of the expenses of school. Clothes, books, supplies–and of course, tuition. It’s more important now than ever to cut costs when possible and save as much money as possible.Today we are talking about how you can save money during the semester. From scoring large scholarships to counting pennies in your couch cushions, every little bit counts. So take a seat and pull out your lined paper, class is in session!Here are our twelve top ways to save money during the semester.How to Save Money on College ExpensesLet’s face it: college is expensive. But with a little creativity and hard work, you can cut your college expenses.# 1: Apply for as many scholarships as possibleScholarships are always a hot topic in high school. Your senior year is full of applications and essays to try to get the most funding possible. And for many people, scholarship applications stay in the high school hallways. But you can–and should–apply for scholarships when you are in college.Securing scholarships when you are already in college may in fact be easier than it was in high school. There are a few reasons for this:There’s not as much competition. There are always more first year students than any other group of college students. These numbers will reduce as time goes on, making less competition. You may be more focused. Now that you are already in college, you may have honed in more on what you would like to do with your life. This means you can approach scholarships that are more targeted to your career and interests.You can use your merits. Writing to your dean directly is an excellent way to secure more money if you have been excelling in your curriculum. Write a letter to the dean explaining your financial situation and how well your studies are going–you may be awarded additional grants. Doing this every year can add up big.While there aren’t as many scholarships for older students, there are definitely a lot out there. Look for scholarships in your local community as well as online. Credit unions, volunteer groups, and community centers are great places to get started.#2 Sell back your textbooksTextbooks may feel like a thing of the past, but they are oftentimes still required by professors. Before you buy any textbooks, try to talk to previous students of the class. Did they really need the textbook, or was it never used? Can you share a book with a classmate? If buying the textbook is essential, try to find a used copy. You can often save hundreds over the course of your college career by buying used. And whether you buy used or new, always try to sell back your textbooks at the end of the semester. You can sell them online, to a friend, or even to your college bookstore, although they will probably pay you the least amount of money.#3. Use your student discountThere are a ton of places that will offer student discounts, including tech stores, restaurants, concerts, and movie theaters. All you have to do is show your student ID and you are good to go. Taking full advantage of these perks can make your college experience fun while not breaking the bank.#4. Be intentional with your class selectionWhile college can be a fun time to explore and “find yourself”, let’s be honest–it’s really expensive. So while you might be tempted to take some exploratory and enjoyable courses, make sure you are not veering off the course you should be on. If you end up needing extra classes or even an extra semester, it will be very costly.How to Save Money on Living ExpensesThe cost of living is through the roof these days, so cutting costs on your living expenses is important.#5. Be frugal in your homeRemember when dad used to go around the house switching off all the light switches? Or changing the thermostat? It’s time to channel that energy into your current living arrangements. Turning off appliances that you aren’t using and cutting out subscription services that you don’t need are just a few ways you can cut your living expenses this semester. Living in a dorm? This may not apply to you as much, but getting into good habits with your electrical consumption will pay off when you do move out on your own.# 6. Refinance your car loanHaving a car can be a major expense, especially when you are in college. But depending on where your school is, it might be a necessary expense. If you got a new car and financed it, there’s a good chance you are paying a lot of money in interest. Refinancing your car loan may help you out a lot with your monthly payments as well as save you money in the long run. By securing a lower car loan APR, you could save hundreds of dollars a year.If your credit score isn’t fantastic, you can ask a friend or a loved one to cosign with you on your refinance. When you refinance, the lender will look at both of your credit scores and credit histories and take everything into account when determining what loan terms to offer.#7. Carpool With the price of gas and maintenance, driving around can be quite expensive. Try to carpool with other students when you can. Not only will it keep your gas costs lower, but it will reduce wear and tear on your car if you alternate with other drivers. Plus, it’s better for the environment. #8. Learn to cook–and couponEating out can add up VERY quickly. From coffee out with friends to bar food late at night, it’s easy to see how college budgets can stretch beyond their means. But learning to cook can help cut down on this expense, especially when you couple that with smart grocery shopping. Buying in bulk, clipping coupons, and using store rewards points can all help keep your dining expenses down. Plus, it’s a fun activity you can do with friends.How to Save Money You Already HaveLearning how to manage your money is one of the most important skills you can learn. You work hard for your money, so you need to be smart with it.#9. Get a free checking accountAs a student you are eligible for a lot of perks and discounts, and a major perk of being a student is a free checking account. There are a lot of options out there to choose from, so be sure to do your research. And while you are at it, stock up on all of the free checks you can get your hands on–you don’t want to pay for unnecessary things like that while on a strict budget.#10. Pay your bills on timePaying your bills on time and in full is important on a number of levels. First up, it gets you in a good habit for the rest of your life. Good financial habits will pay off for the rest of your life. It will also help you build your credit score. There are five main factors that go into your credit score:Payment History (35%)Amounts Owed (30%)Credit History Length (15%)Credit Mix (10%)New Accounts (10%)Payment history is the most important factor for your credit score, so making on-time, full, and consistent payments is imperative for maintaining a good credit score. Having a good credit score will help you out in so many ways, from securing lower interest rates to helping you get approved for a mortgage. And all of this starts with making on time payments.And finally, paying your bills on time will help you to avoid late payment charges. These fees can really add up, so be sure to prioritize paying bills before they are due.#11. Save your changeEvery penny counts, and all of your change can add up to a lot of money over the course of months and years. By saving your change and exchanging it, you can easily add extra money to your budget. Try to avoid coin counting machines that charge fees though–your bank most likely has a machine to exchange coins free of charge.#12. Take advantage of cash backWhile you don’t want to charge everything you purchase, it is usually worthwhile to pick a few purchases every month to charge (and pay back in full) to help build your credit. It will also help you accumulate cash back points. Shop around for a credit card with good terms and cash back on things that you purchase a lot, such as groceries.Those are our top tips for saving money during the semester.Going back to school can be expensive, but utilizing some of these tips can help cushion the blow. From saving the coins under your car seat to applying for grants, any amount of savings can help in these times. Owning a car is often necessary when away at school, but that doesn’t mean you have to overpay on your car loan. Refinancing is a great way to reduce the amount of interest you are paying and create some extra room in your budget every month. And with Auto Approve it couldn’t be easier! So don’t wait–contact Auto Approve today!GET A QUOTE IN 60 SECONDS

Paying interest on a car loan can feel like throwing your money away. But unfortunately interest is unavoidable to a certain extent. Approximately 85% of all new car purchases are financed, and that adds up to a lot of money we are all paying every year to our lenders. If you are wondering “Can I avoid paying interest on my car loan?”, then we are here to answer your questions. While you can’t avoid interest altogether, there are ways to lower the amount of interest you have to pay.Here are our top tips to avoid paying interest on your car loan.How to reduce the amount of interest you are paying.Make full, consistent, and on time paymentsMaking full and on time payments will help ensure that you avoid paying extra interest on your car loan. If your payments are incomplete, it can result in a lot of extra fees and added interest payments. If your loan has an option for automatic payments, it might be a good idea to set that up so that you don’t inadvertently miss a payment.Round up your paymentsAnother great tip for paying off your loan a little early (and helping avoid some of that interest) is to round your payments up every month. Instead of paying $330 a month towards your loan, round up to $350. That extra $20 will go towards the principle and can help you pay down your balance at a faster rate. Make an extra payment every yearIf you can make an extra payment every year it will help you to pay off your loan faster and help you save on interest. Pick a time of year when you tend to have some extra cash, maybe from a tax refund or from a performance bonus, and apply that to an extra car loan payment. Refinance your car loanThe car loan APR you have is the most important factor in how much interest you will have to pay. If your car loan APR is a bit high, refinancing your car loan is a great way to correct that. Your car loan APR is based on a number of factors including your credit score, debt-to-income ratio, and your car. You will have a good chance of refinancing to a lower APR if your credit score has improved since initial financing, your debt-to-income ratio has lowered, or market rates have decreased. Refinancing to a lower car loan APR can save you hundreds if not thousands of dollars, and if you use a company that specializes in car loan refinance it is super easy. Make half payments every two weeksIf you make a half payment every two weeks as opposed to one payment every month, you will end up making 13 full payments a year as opposed to 12. This can help you pay off your loan even earlier and save you additional money on interest.How to get the best terms on your car loan in the first place.Make a larger down paymentMaking a larger down payment up front can help you take out a lower principle, therefore allowing you to pay less interest over the life of the loan. Let’s say you are interested in buying a $30,000 car. You put a $5,000 down payment on the car and decide to finance the other $25,000. When you take into account the sales tax (let’s say it's 6%), you will be financing a total of $26,800. At 5% over a 48 month loan, you will pay $2,825 in interest. Your monthly payment will be $617.Now let’s assume that you make an $8,000 down payment and all of the other terms are the same. Now you will only pay $2,509 in interest, and your monthly payment will be $548. Not only do you save over $300, but you are cutting your monthly payments by nearly $70. That can be a huge help over the course of your repayment.Opt for a shorter loan repayment periodWhen you are considering financing, be sure to think about the repayment period. A longer repayment period will typically mean that your monthly payments will be less, but it also means you will be paying interest over a longer period of time. If you choose a shorter repayment period you will not only pay interest over less time, but you will most likely be offered a lower car loan APR.A shorter loan repayment period will also mean that you are less likely to end up upside-down in your loan. This refers to when you owe more on your car than your car is worth. The longer your repayment period is, the more likely it is that you will end up in this situation. Make sure your credit score is in top shapeHaving a good credit score is the best way to ensure that you will get the best car loan APR possible. Your credit score is the top metric used when determining what car loan APR you will be offered, so it is definitely worth it to make sure it’s in good shape. To maximize your credit score, be sure to do the following:Make full, consistent, on-time payments to all of your accounts.Set up auto pay to ensure you don’t have late payments.Pay off as much debt as possible to reduce your credit utilization ratio.Ask for credit limit increases to reduce your credit utilization ratio.Avoid opening any new lines of credit before applying for financing.Cut down on spending as much as possible to reduce debt.Get a copy of your credit report and make sure all of the information is correct. Report any incorrect information to the bureau. Taking the time to check your credit score can make all of the difference when it comes to what car loan APR you are offered. Even if you have to wait a few months before you apply for financing, it will pay off in the long run.Get a cosigner if necessaryIf your credit score is not the best, it might be a good idea to get a cosigner on your loan. When you have a cosigner, the lender will consider both of your credit scores, credit histories, and debt to income ratios. This means that if your cosigner is in much better standing than you are, they can help you secure a lower car loan APR.How to look out for the fine print.Car loans are notorious for their fine print. From additional fees to prepayment penalties, there is a lot that you should be on the lookout for when you are considering financing. In addition to interest, there might be a lot of additional money you might owe.If you are unclear about any of the terms or fine print, be sure to ask the lender. You want to fully understand what you are responsible for when it comes to your car loan.The additional feesCar loans often have additional fees for which you might be responsible. You will of course have to pay the origination fee (which is essentially the fee of doing business) and the registration fee, but there might be additional hidden fees on top of those. These fees may include:Market Adjustment FeeShipping FeeDealer Prep FeeAdvertising FeeThese may vary greatly between lenders and dealers which is why you always want to read through for the fine print. There may be room to negotiate on these points as well.The interest rateMake sure that the interest rate is fixed, not variable. A variable rate can fluctuate a great deal and significantly impact the amount of money you will have to pay in interest. Fixed rates will ensure that you know exactly how much you will have to pay for the life of the loan.The prepayment penaltiesDoes the loan have prepayment penalties? If so, this could be a lot of money you are on the hook for if you choose to pay off your loan early. This could affect you if you were simply hoping to pay off your loan, or if you were looking to refinance your loan. Try to negotiate any prepayment penalties upfront–you don’t want to be penalized for paying off your loan early. And those are our top tips for avoiding interest on your car loan.While paying interest is inevitable when you finance, there are ways to reduce the amount of money you will end up paying. Negotiating good financing terms up front is the most important step you can take. As you begin repayment, make sure that you are making full, on time payments while making additional payments when possible. All of this will help ensure that you pay as little interest as possible.If you are overpaying on interest every month, consider car loan refinancing. Refinancing your loan to a lower interest rate can save you a lot of money on interest. And with the cost of everything these days, who couldn’t use some extra money?So don’t wait–contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS

Refinancing can sound like a hassle. You know there will be a lot of paperwork involved and you know you are going to spend a lot of time comparing offers. So you are probably wondering “Can I refinance my car with the same lender?” After all, that will make refinancing your car loan much easier and much simpler, won’t it?While that may sound like the easy route to take, today we are going to talk about why you probably shouldn’t refinance your car loan with the same lender. Refinancing your loan will be more impactful if you shop around and compare to ensure that you are getting the best terms possible.Here’s why you shouldn’t refinance your car loan with the same lender without comparing and shopping around.How many times can you refinance your car with the same bank?Yes, you can refinance your car with the same lender. And you can refinance your car as many times as you would like. That being said, there are some guidelines as to when you should refinance your car.You should wait at least 6 monthsYou can refinance your car loan at any time, so long as the paperwork on your financing is complete (this can take up to 90 days). But experts generally suggest waiting six months before refinancing. This is because it can take between six months and one year for your credit score to bounce back from your financing. Refinancing is most impactful when your credit score has increased, so you want to wait until your score has rebounded from the hard credit inquiries.You should have at least two years remaining on your current loanCar loans are front loaded amortized loans. This means that in the beginning of the loan repayment you are primarily paying back the interest, and as time goes on you pay more and more towards the principal. So the closer you are to the end of your repayment period, the less you are paying in interest, therefore the less money you could potentially save. Having at least two years remaining on your loan will help ensure that you will benefit from refinancing your vehicle.You should make sure you aren’t on the hook for huge prepayment feesCheck your existing loan contract carefully to see if there are any extreme prepayment penalties. These fees may still apply even if you are refinancing with the same lender. If you are unsure, call customer service and have them review your contract with you. Should you refinance with the same lender?If the timing is right, you are probably wondering if you should refinance your car loan with the same lender. And while you technically can, there are a few reasons that should dissuade you.There’s a lot of competition for ratesIn the past, car loan refinancing was done through traditional banks. You were limited by what banks were in your area, and there really weren’t other options for you. But nowadays, there are thousands upon thousands of lenders to choose. From traditional banks to online lenders to credit unions, your options are seemingly endless.All of these options mean one thing: more competition. And more competition means that you can get better car loan rates. By simply refinancing your loan with the same lender, you are ignoring all of the competition out there and narrowing your options.Different lenders will prioritize different aspects of your finances, so you might have better luck with certain lenders depending on your situation. While the APR you are offered will be based in part on your credit score, your debt-to-income ratio, what type of car you are driving, and your credit utilization ratio, the way in which these are considered may vary. While one lender may put the greatest importance on your credit score, another lender may feel that your income is the most important factor. One lender may require that your car be less than 7 years old, while another lender may extend that to 10 years. So depending on your finances and your car, you might have way better luck with one lender as opposed to a different one.There’s room to negotiate feesIf there’s more competition, it gives you a better chance to look around and save in fees. Origination fees can vary significantly between lenders, and having the ability to shop around and compare can save you a lot of money. It can also give you the chance to negotiate with lenders. Some fees you will be able to negotiate, while others you will not. Typically you will be able to negotiate the following:Origination fees (this is essentially the cost of the loan paperwork)Advertising feesShipping feesDealer prep feesMarket adjustment feesOther fees such as the registration fee are non negotiable. But telling new lenders that you are shopping around (and even considering your existing lender) should give you some room to negotiate.How do you refinance a car?Refinancing a car is incredibly easy, especially when you use a company that specializes in refinance, like Auto Approve. Do Your ResearchThe first step to car loan refinance is research. You will ultimately want to apply to three to five lenders for your refinance, so you want to make educated choices. Talk to friends and loved ones to see if they have good recommendations. Read online reviews to see which lenders might be a good fit and who has good customer service. Gather all of this information and then make an informed decision on where to apply. Also make sure that your car is eligible for refinance. Some lenders have requirements about the age and mileage of the cars they refinance. Check–and Double Check–Your CreditYour credit score is one of the most important factors in the car loan APR that you will be offered, so you want to be sure it is in great shape before you even apply. In the months leading up to your refinance be sure to make full, consistent, and on time payments. Try to pay down as much debt as you can and set up autopay on accounts that allow it. Request a copy of your credit report (you can do this three times per year for free) and be sure your report is accurate. If there are any issues or errors, report them immediately to the credit bureau. If your score isn’t better than it was during your initial financing,you might want to put off refinancing until your score has improved.Review Your Current TermsMake sure you are able to leave your current contract without any issues. As we mentioned before, there might be some prepayment penalties that will outweigh any savings.Get Your Documents TogetherGather all documents you will need for your applications. You will most likely need the following to get started:A Photo ID (such as a passport or driver’s license)Your vehicle’s information (may include the bill of sale, VIN number, make, model, and year of your car)Proof of income and financial history (may include pay stubs, banking information, and your credit report)  Proof of residence (such as a mortgage statement, lease agreement, or utility bill. Note that PO boxes are not acceptable as proof of residence)Proof of insuranceScanning all of these documents into one location will make applying easier. Apply and CompareOnce you have your lenders picked out and have all of your documents ready, you are ready to apply. But this is when using a company like Auto Approve really pays off. They can handle all of the applications and paperwork for you (as well as helping you pick which lenders might be best in the first place). And when the offers come in they can help you compare the rates and terms. The most important thing to compare is the car loan APR, but you also want to think about prepayment penalties, fees, and how their customer service is. Sign and SaveAfter comparing all of your offers and selecting the best one for you, all that’s left to do is sign on the dotted line. If  you use Auto Approve for your car loan refinance, we will even handle the DMV paperwork for you. The new lender should handle paying off your previous loan, but be sure there are no additional steps you are required to take.And that’s it! You can see the benefits of refinancing right away.While you can refinance your car loan with the same lender, you should definitely shop around and compare offers from other lenders.Refinancing your car loan may sound complicated and time consuming, but refinancing with Auto Approve makes the process simple and quick. With just a little preparation and research you could save a lot of money every month. And who couldn’t use a little extra cash in their pockets? So what are you waiting for? Contact Auto Approve and start saving today!GET A QUOTE IN 60 SECONDS