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If you are having trouble making your monthly car loan payments, you may be wondering if it’s possible to refinance your car in someone else’s name. Can someone else simply take over the loan while you keep the car? Can you do it through an auto refinance?How To Refinance Auto Loan For Another PersonSo you are wondering how to refinance a car in someone else's name. Traditionally speaking, you cannot simply refinance your car in another person’s name. But you can refinance your car twice to get the same result (bear with us, it’s a bit complicated, and there is no guarantee it will work in the long run).First, you need to add a cosigner onto your loan. So you will need to refinance once to add on your cosigner. Then, when that is complete, you will need to refinance again and remove yourself from the loan. So it will require you to refinance your car twice. Some lenders may think that not enough time has passed since your initial refinance, and there’s a chance you may not qualify.It’s important to ask yourself why exactly you want to refinance in someone else’s name. Depending on your answer, there may be a simpler option for you to refinance. Auto loan refinancing can be worthwhile in certain situations, while selling your car might make more sense in other situations.Here are a few reasons you might want to refinance with someone elseYour monthly payments are too highIf your monthly payments are too high, refinancing on your own might be enough to help make your payments more manageable. Refinancing your car can help lower your monthly payments in two ways. If your credit score has improved and/or the market interest rates have gone down since you originally financed your car, you may qualify for a lower APR. This will save you money in interest payments every month.Even if you do not qualify for a lower APR, refinancing your car loan will allow you to change the repayment period. Stretching out your repayment period will automatically reduce your monthly payments, because instead of paying back the loan over say 36 months, you can now stretch your payments over say 48 months. You will end up paying more in interest in the long run, but it can save you hundreds of dollars per month and make your cash flow situation much easier to manage.Their credit score can get you a lower APRIf your credit score is lower than your friend or family member, you may want to refinance in their name to secure a lower rate. But you don’t need to remove yourself entirely from the loan to enjoy the benefits of their high credit score. By adding them as a cosigner, the lender will consider your credit scores together. This can secure you a lower rate while still allowing you to keep your car and keep your name on the loan. Adding a cosigner can actually help improve your credit score. If the cosigner's credit can reduce your APR, you will be more likely to make consistent, on time payments. This can help improve your score a great deal by increasing the payment history portion of your credit score.You don’t want your car anymoreIf you want to refinance your car in someone else’s name as a means to get rid of your car, you will need to formally sell your car. In other words, you will need to transfer the deed and have them finance your car separately. You could also consider trading your car in at the dealership to get a different car. Which Auto Refinance Companies Let You Change Borrowers?Are there any auto refinance companies that will let you simply change borrowers on the same loan? Unfortunately, no. There is no way to simply swap one person’s name out for another. This is because interest rates and financing deals are highly dependent on the applicant’s unique situation and credit score. It is not a one size fits all loan – lenders make their decisions based on who they feel will most likely pay them back.How To Find The Best Auto Refinance Companies For YouWhile you cannot refinance your car loan in someone else’s name, you can refinance your car loan either independently or with a cosigner. Here’s what you should consider when looking for the best auto refinance companies. Interest RatesOne of the most important factors when deciding who to refinance with is the interest rate. By reducing the interest rate, you will automatically save money (and that’s the whole point, right?) The interest rate will be based on a number of factors, such as: Your credit scoreYour payment historyYour incomeYour debt-utilization ratioPrevailing interest rates The interest rates you are offered can vary greatly based on the lender, so you should be sure to check interest rates when comparing options. Prepayment PenaltiesSome refinancing companies have hefty prepayment penalties. Be sure to read the fine print of each offer to determine what you will be responsible for should you pay off your loan early. Remember, there is no limit to the number of times you can refinance, so you may wish to refinance again in the future. And you don’t want big penalty payments to stand in your way.Repayment TermsEach offer may have different options for repayment periods. Think about what works best for your cash flow situation – a shorter repayment period will save you money in interest but result in higher monthly payments, while a longer repayment period will cost more in interest but result in lower monthly payments. This can change your monthly budget a great deal, so be sure to think this decision through and see what works best for you. Customer Satisfaction RatingsIt’s always good to check out a company’s customer satisfaction ratings. What are their current clients saying? Do these lenders communicate clearly? Websites like TrustPilot, Better Business Bureau, and Lending Tree can give you insight into what other customer experiences are like.  Complaints with lenders are often related to issues with communication and an overall lack of transparency as to how your payments are being allocated. Read through comments and complaints to learn from the experiences of others and avoid problematic lenders.Choosing the Best Refinance CompanyUsing a company that specializes in refinancing, like Auto Approve, will make it incredibly easy to compare lenders. Auto Approve has relationships with some of the best and most trusted lenders in the business, so you can rest assured you are in good hands. While you can’t simply do an auto refinance in someone else’s name, you can refinance your loan either independently or with a cosigner to get better terms. If refinancing your car loan sounds like a good idea, get started with Auto Approve today! Our dedicated team is here to answer all of your questions and help you find the best lender for your auto refinance. GET A QUOTE IN 60 SECONDS

If you are in the market for a new or used SUV, you are probably wondering what is considered a good rate right now for financing. Or maybe you're wondering about where refinancing your SUV could save you money. While your interest rate will vary based on your credit score and credit history, we’ve looked at rates across the country to find out what the top rates are. Interest rates are determined largely by your credit score. Here we will discuss how you can increase your credit score to get the best rates for your SUV loan.Let’s talk about what are good rates for SUV loans and how you can get the best rates possible.Everything you need to know about SUV loan rates in 2022What are good rates for new SUV loans?In general, car loans for new SUVs will have lower rates than loans for used SUVs. This is because lenders view new SUVs as less of a risk. They are less likely to break down or have mechanical issues, and it is easier to predict how they will depreciate.So what is a good apr for a car loan, and specifically for an SUV loan? Below we have listed the average APR of new SUV loans in early 2022, based on credit score.781-850: 3.17% APR661-780: 4.03% APR601-660: 6.79% APR501-600: 10.98% APR300-500: 13.76% APRIf you find any rates lower than the average, you should consider it a good car loan APR. What are good rates for used SUV loans?Since used SUVs are a bit more of a risk than new SUVs, their interest rates tend to be a little higher. There is a much higher likelihood that something will go wrong with a used SUV. Below we have listed the average car loan APR of used SUV loans in early 2022, based on credit score.781-850: 3.80% APR661-780: 5.48% APR601-660: 10.10% APR501-600: 16.27% APR300-500: 19.32% APRIf you find any rates lower than the average you should consider it a good interest rate. How do you get the best interest rates for your SUV loan?When you look around at interest rates, you may be wondering how you can qualify for a better car loan APR. As we see by the brackets above, raising your credit score is the best way to ensure you get the best interest rate available. Your credit score is the most important factor in your interest rate. Lenders look at the following components to determine if you are creditworthy. After all, lenders need to ensure that they will make their money back. Payment History. This is the most important factor in calculating your credit score, accounting for 35% of your FICO score. Do you have a history of on time payments, or do you miss payments here and there? Are your payments always in full, or do you fall short every now and then? Lenders want to be sure you will pay back your debt on time.Amounts Owed. The amount of money you owe (your debts) are used to calculate your credit utilization score. This is the second most important factor in your credit score, accounting for 30% of your FICO score. This is calculated by dividing your total debt by your total credit limit. Example: Between all of your outstanding accounts, you currently owe $7,500. Your combined credit limit for all of these accounts is $75,000. 7,500/ 75,000 = .1 = 10% Credit UtilizationA credit utilization score below 30% is considered desirable for lenders. Credit History Length. The age of your credit accounts make up 15% of your FICO score. They look at the age of your oldest account, the age of your newest account, and the average age of all accounts. Having older accounts and a longer credit history is more favorable to lenders.Credit Mix. Lenders like to see a diverse assortment of accounts. A healthy mix might include a mortgage, auto loan, student loan, and credit cards. This indicates to lenders that you can manage your money across multiple accounts. Your credit mix accounts for 10% of your credit score.New Credit. The number of new accounts you have opened plus the amount of hard inquiries you have had on your credit account for 10% of your credit score. Hard inquiries occur when creditors request a formal credit check on you. People often ask, “how long do hard inquiries stay on your credit?”. They typically affect your credit score for one year.How can I improve my credit score to get the best interest rates for my SUV loan?Working to improve these areas of your credit report can save you a lot of money in interest. Here are our top tips for improving your credit score and securing the best car loan aprs possible.Get Your Credit Report and Review for Errors. You can get your credit report for free up to three times per year. Experts recommend checking your report throughout the year to insure there are no discrepancies. You should cross check your credit limits, outstanding balances, outstanding accounts, the dates you opened your accounts, your payment history for each account, and check if there are any bankruptcies or tax liens listed. If you notice anything that is incorrect, be sure to contact the credit bureau as soon as possible. It may take them up to 30 days to respond to you, but staying on top of this may greatly impact your credit score.Request Higher Credit LimitsAs we went over before, your credit utilization ratio plays a large part in your credit score. Even if you do not pay down your debts significantly, increasing your credit limit will tilt the ratio in your favor. Keep your credit balances below 30%Again, think of your credit utilization ratio. The lower the balances are, the lower (and better) your ratio will be.Make on-time payments Keeping current with your payments is incredibly important when trying to improve your credit. Remember, payment history makes up 35% of your credit score. A quick and easy way to do this is to set up autopay on all of your accounts that offer it. This way, you don’t miss a payment due to a busy schedule or something getting lost in the mail.Continue using consumer credit When people think of improving their credit score, they often think of immediately stopping all credit. And while some people may need to do this to curb their spending, it’s best if you can continue using your consumer credit modestly. Use your credit cards but try to pay them off in full every month.Become an authorized user on another accountIf you have a friend or family member who has outstanding credit, becoming a secured user on their account is a quick and easy way to boost your credit. And the best part? You don’t even need to use their account. Simply having your name on the account will increase your credit score. One way to do this is to refinance your vehicle with a co-signer – you can start raising your credit and lower your monthly payment in one go!Try Experian BoostExperian has just launched a service called Experian Boost, which can increase your credit score instantly by including account payment histories that are typically excluded from credit score calculations.Utility and phone bills are usually not included in your credit score, but Experian looks at your bank account and identifies qualifying accounts that you make timely payments on, giving you credit for those on-time payments. And if Experian finds that you don’t have a good history with these accounts, it won’t count them against you. This is a super quick, easy, and free way to increase your credit score.Get a debit card that builds creditThere are a few debit cards out there that link to your bank account and build your credit. Debit cards such as the Extra Debit card base your credit limit on your bank account balance. Every time you use your card to purchase something, you help build your credit. The Extra Debit card even has perks like a credit card does, like 1% back on all of your purchases. The card pays itself off every day, causing it’s credit utilization to reset every 24 hours. So you essentially have a card that pays itself off with no interest and can keep you below the suggested 30% Credit Utilization Ratio.Try to use these tips to increase your credit score. You could save loads of money just by making simple changes to your spending. Bumping your score from “fair” to “good” or from “good” to “very good” can drastically change what interest rates you are offered. And that’s what you should know about good SUV rates and how you can get the best interest rates possible.It’s important to shop around for the best car loan aprs on SUV loans. A lot depends on your credit, but some lenders will work with you more than others to secure a lower rate.If you already have a loan on an SUV and are overpaying, Auto Approve can help! We specialize in refinancing and have great relationships with lenders across the country, all with the goal of saving you money. So if you are overpaying on your SUV loan, get started with Auto Approve today to get a free quote!GET A QUOTE IN 60 SECONDS

There are a few reasons you might be thinking about refinancing a car loan, even if your purchase is recent. Maybe you got talked into a not-so-great deal from the dealership. Maybe your credit score just got boosted and you’re pretty sure you can get a lower interest rate. Or maybe your monthly payments are already taking a toll on you and you need to restructure your payments.Whatever your reason is, if you are wondering how soon after your purchase you can refinance car loans, we're here to help. See, refinancing doesn’t have an exact time frame, but there are definitely times when it will make more sense than others. So let’s talk about when you can, and when you should, refinance your car.When It Makes Sense For You To Refinance Your Car Loan EarlyTechnically speaking, you can refinance your car loan at any point after you purchase your car. You will most likely need to wait at least 90 days for all of the paperwork to be finalized on your sale, but once everything is filed and completed, you can refinance at any point.Experts recommend waiting at least six months for your credit score to bounce back from your initial application. When you apply for financing, your credit score will take a slight dip from the hard inquiries of your credit check. This can take 6-12 months to clear from your credit report.Refinancing your car is most beneficial early on in your loan. This is because car loans are front-loaded, which means that in the beginning you pay mostly interest, and towards the end you pay mostly on principal. Refinancing saves you money in interest payments, so the earlier you refinance, the better. So when does it make sense to do an early refinance? Car loans should probably be refinanced early if any of the following apply to you.Your Credit Score and Creditworthiness Have ImprovedIf your credit score or creditworthiness have improved since your initial financing, it’s probably worth looking into refinancing. Lenders reserve their top interest rates for people with the best credit. There are four major components that lenders look at when deciding what terms they will offer. These components are known as the 4 c’s of credit: Capacity- your ability to repay the loanCollateral- what you have that can repay the loanCapital- how much you are worthCredit- your credit score and payment historyUltimately, your credit score is affected by a combination of payment history, amounts owed, credit history length, credit mix, and new credit. It is very possible that one of these components has changed since your initial financing. Your credit score fluctuates based on many components, so check your credit report to see if your score has improved.You Got a Bad DealIf you got talked into dealer financing, you more than likely got talked into some bad terms. Dealers act as indirect lenders, working in between you and an actual lender. And by doing so, they jack up the pricing that the lenders offer so that they can make money as the inbetween.  The lender is thus handling the actual financing, while the dealership is tacking on financing fees. On top of that, you may have had a smooth talking salesperson who assured you that you were making a good deal, even though the rates didn’t sound particularly good for you. Even though your gut was telling you one thing, they were able to wear you down and talk you into less than ideal terms. Customers regularly report saving a lot when they refinance away from dealerships. Many report savings of around $80-$100 per month. Interest Rates Have Gone DoneIf interest rates have gone down in general since you financed, it’s a good time to look into refinancing your car. The market rates dictate largely what interest rates can be offered, so this matters a great deal in the timing of your refinance. Market rates are still low but may be rising as the year progresses, so we recommend getting started today.You Are Having Trouble Making PaymentsIf your monthly payments are already becoming hard to manage, refinancing your car is a great way to change your monthly payments. First off, if your credit score has improved or market rates have decreased, there’s a good chance you will qualify for a lower interest rate. This will automatically make your monthly payments lower.But even if you aren’t eligible for a lower interest rate, you can still change your repayment period to stretch the payments out over a longer period of time. Changing your repayment period from 36 to 48 months can greatly affect your monthly payments and can make your budget way more manageable every month.Deciding To Car Refinance: What Are The Best Reasons To Do It Early?What exactly are the best reasons for car refinance? Here are our top three reasons you should consider refinancing your car:You can get a lower interest rateBy refinancing, you may be eligible for a lower interest rate. This means not only will you save money in the long run by paying less in interest, but you will pay less every month in payments. If you have been making consistent payments and paying down your other debts, it’s likely your score has increased a few points. It’s always good to check your credit report consistently (you can check for free up to three times per year) to ensure that there are no errors. If you notice any problems, report them immediately to the credit bureau. If your score has increased even ten or twenty points, that can translate to saving hundreds of dollars per year.You can change your monthly paymentsRefinancing allows you to change your monthly payments. Even if you don’t qualify for a lower interest rate, you can change your repayment period to a longer period if money is tight and you could use some wiggle room in your monthly budget. You can also shorten your repayment period so that you pay more per month, but pay off your loan quicker (this will save you a lot in extra interest payments). In fact, refinancing is the only way that you can change your repayment schedule. So whatever the reason is, if you want to change your monthly payments, refinancing your car loan is the best option for you.You can add or remove a cosignerAdding a cosigner can be very beneficial to a borrower. If their credit score and credit history is better than yours, it can qualify you for a lower interest rate (and save you lots of money). Or maybe you want to help out someone who could use a credit bump. Parents will often add their kids as a cosigner to help them build up their credit. Adding them to your loan can help them out a great deal. You cannot add a cosigner onto an existing loan – you must refinance and add their name to the new loan.On the flipside, you might need to remove a cosigner. Either you don’t need their credit score to help you anymore, or you have parted ways and want to end your financial relationship. Whatever the reason is, you cannot simply have their name removed from the loan agreement – you will need to refinance your car loan to do so.Is There A Downside if I Refinance My Car Early?If you are thinking “I want to refinance my car, but aren’t there some downsides?”, we have some good news for you. There really aren’t any out and out downsides when it comes to refinancing. But there are two things you may need to consider that may influence whether or not you can refinance your car early. Are there prepayment penalties on my current loan?If your current loan has prepayment penalties, you need to factor that into your consideration. There’s a very good chance that even with prepayment penalties your savings will still outweigh any penalties you may have to pay. But it’s important to go over your numbers and make sure that refinancing your car loan will not end up costing you more money in the long run.Is your car in good condition?If your car is not in good condition, it might not be eligible for refinancing. A car with a lot of miles, or with more than average wear and tear, may not be eligible for refinancing. If your car loan is underwater, meaning you owe more on it than it is worth, your car also may not be eligible for refinancing. You don’t need to wait to refinance your carIn fact, refinancing your car today can save you a lot of money in the long run. If refinancing sounds like it might be a good option for you, get started with Auto Approve today! We work with the top lenders to get you the best refinance rates possible.So what are you waiting for?GET A QUOTE IN 60 SECONDS

Ok, let’s get one thing straight – if you have an underwater car loan, it doesn't actually mean that your car is under water. But, in many ways, it can feel just as helpless. And, while being in an underwater loan is less than desirable, it is probably more common than you think. But fear not! Today we are diving (pun intended) into the world of underwater loans. We’ll look at how you can get out of a negative equity situation – or even avoid the situation in the first place!Here are our top tips on avoiding underwater loans and how to get out of an underwater loan if you have one.Everything you need to know about underwater loansWhat does being underwater on a loan mean? How does a loan become underwater?Whenever you take out a loan, whether it’s on a house or on a car, you run the risk of your loan becoming underwater. Being “underwater” simply means that you owe more than your asset is worth. While we all like to think that we are expert researchers who make thorough decisions, that is sometimes not the case. Buying a car is exciting, and it is way too easy to get swept up in the excitement of car shopping and end up in a bad deal. The bottom line is there are many reasons a loan can become underwater.You put zero money downThis is one of the quickest ways to end up in an underwater loan. Cars lose about 10% of their value the minute you drive them off of the lot. By the end of the first year, your car will be worth about 20% less than when you bought it. So let’s do the math on that.You took out a loan for $25,000 for the cost of the car with zero money down. This means that second you drive the car off the lot, your car is worth $22,500. But your loan is still for the entire $25,000. Just like that, your loan is underwater.You paid too much in the first placeIf you didn’t do your research, you may have paid too much for the car from the get go. If your car was actually valued at $28,000 but you took out a loan for $30,000, you were underwater in your loan from the beginning.You took out a long term loanThe longer your loan repayment is, the more likely you are to end up underwater. If you are using an 84 or 96 month repayment, your monthly payments likely cannot keep up with the depreciation. Your car was out of your budgetIf you took out a loan with the lowest monthly car loan payments possible because you just HAD to have that particular car, it’s easy to end up underwater. Whether your payments are too low to keep up with depreciation or you miss payments here and there when you can’t make ends meet, the result will be ending up in an underwater loan. This can also happen by saying yes to all of those add ons from the dealership. The upgraded sound system, the fancy integrated computer system, the all-weather mats; these all add up and add on to your monthly payments.You had a rollover loanIf you owed money on your last car, the dealer may have rolled that remaining amount into your new loan. In this case, you are essentially paying for two loans at once. This can easily make your loan amount much higher than the value of your new car.You had a high interest loanIf your credit score and credit history were not great, you may have only been eligible for a loan with a higher interest rate. The higher rate makes it much more difficult for your payments to keep up with depreciation.What steps should you take to avoid getting into an underwater loan?As the saying goes, an ounce of prevention is worth a pound of cure. So what steps should you take to avoid getting into an underwater loan in the first place?Purchase GAP insuranceGuaranteed Asset Protection (GAP) insurance is one of the best ways to prevent a loan from becoming underwater. GAP insurance is designed to cover the difference between what your car is worth and what you owe. GAP will protect you from depreciation (as well as cover you when collision and comprehensive coverage do not). Put money down up frontExperts recommend always putting a down payment on your car. Putting 20% down will give you a good head start on the depreciation that will immediately start accumulating.Do your research – thoroughlyMake sure you know what the car you want is worth before you even step foot in the dealership. Use websites like Kelley Blue Book and Edmunds to get an accurate idea of what you should be paying for your new ride. Think about a realistic repayment periodThe longer your repayment period is, the more money you will end up paying in the long run. After all, you are paying interest on that entire period. On top of that, the older your car is, the faster depreciation will creep up on you. Keeping a shorter repayment period will ensure that you save money in interest AND stay ahead of depreciation.Pick a car within your meansCar shopping can be so exciting and it’s easy to ignore the budget that you know deep down you should follow. But you need to make sure that the car you pick has payments that are manageable. Sit down with your budget and determine what you can comfortably afford, keeping in mind that unforeseen emergencies pop up and you never want to end up stretched too thin financially.Keep this in mind when you are picking out your addons and upgrades as well – some of those additional items can easily add thousands on to your total loan.Make sure you have a good credit score before you financeYour credit score is the main contributor to the interest rate you will be offered. The higher your credit score is, the lower your interest rate will be. Get a copy of your credit report beforehand and look for any areas of concern. Was anything misreported? If there is an issue, report it immediately to the credit bureau. How do you get out of an underwater car loan?But what if it’s too late and your car loan is already underwater? Don’t fret. As long as you are not in a rush to get rid of your car, there are a few steps you can take to chip away at the difference between what the car is worth and what you owe.Continue making your paymentsKeep making your scheduled regular payments. Once you own your car and it is your asset, you can decide what you would like to do, either sell it, keep it, or trade it in. But at that point you will have equity in the vehicle.Make additional paymentsIf you are able to make extra payments on your loan, it will help bridge the gap between what you owe and what the car is worth. You can get ahead of the depreciation by being consistent with extra payments. You can even look into paying the loan off entirely if you have the capital to do so. But be sure to check your loan agreement to see if there is an extra fee if you pay off your loan early.Refinance your loanThis may not be possible depending on your situation, but a car loan refinance might be worth a shot. Traditional banks typically do not refinance underwater loans, but a local bank or credit union might consider it. If you are able to refinance your car loan, you might be able to pay off the car faster.Sell your carIf you are desperate to get rid of your car, you can always sell it privately. Selling your car privately will get you more money than if you were to go through a dealer. Do some research on Kelley Blue Book to find out what your car is worth, and try to honestly assess what condition it is in. Give your car a good detailing, fix any maintenance issues, and advertise locally as well as online. You might be able to sell your car and pay off most of the loan from that sale. This has other drawbacks of course, the main issue being that you will no longer have a car. But this will depend greatly on your personal situation and how bad you want to be free of your car.And that’s everything you need to know about underwater loans.The best way to get out of an underwater loan is to never get into one. Be sure to do your research and purchase GAP insurance when you take out your initial loan.At Auto Approve, we know how important GAP insurance is, which is why we make sure your new loan comes with it when you refinance. If your loan isn’t underwater but you are having trouble keeping up with payments, it might be time to refinance with Auto Approve. We work with lenders to find you the lowest interest rates around and can change your repayment plan to make your payments more manageable.So if you want to refinance a car loan, get your free quote today!GET A QUOTE IN 60 SECONDS

A few years ago, you decided to lease a car. You weren’t quite ready to commit to buying a car, and the more affordable leasing payments made much more sense. But now it’s three years later and your lease is up. And you can’t bear to part with your car for one reason or another. What do you do now?Today we’re talking all about car lease purchase – the whys, the whens, and the hows.Here's What Happens When You Lease A CarFirst up, how do car leases work?Think of your car lease as a long term rental. You do not own the car, but instead pay to use the car. The company that owns the car will draw up a lease agreement that outlines all of the conditions of your lease. Car leases will typically outline the following:The initial payment. Think of this as your first and last month’s rent. This will include your first month’s payment plus any drive-off fees that the leasing company charges. They will also deduct any rebates or trade-in credits that may be offered.The lease length. How long will you use the car for? This typically ranges between three and five years, but it is possible to get shorter or longer leases.The capitalized cost. The capitalized cost (also called the cap cost) is the selling price of the vehicle. Your monthly payments will be based on this amount.The lease residual value. The residual value is the amount that the car will be worth after depreciation. When you lease, you are essentially paying for the depreciation of the car during your use. The money factor. This is essentially the interest on the lease. Instead of being expressed as a percentage, it is expressed as a very small decimal. Multiply the number by 2400 to get an approximation of what the APR on the lease is.The monthly payments. The monthly payments will depend on the capitalized cost, the residual value, the money factor, and the length of the lease.Excessive use fees. All leases have limits to the amount of miles you can put on the car. Annual mileage limits are typically 10,000 miles, 12,000 miles, or 15,000. If you go over that mileage limit, you may face some hefty fees.Early termination fees. If you need to get out of your lease early, there will be fees to do so. Make sure you understand what you will be charged should this happen.The car lease buyout price. The cost to buy the car at the end of the lease should be outlined in your lease agreement.In addition to these nitty gritty details, there will be limitations and restrictions outlined in your lease agreement. These will vary greatly from lease to lease, but they will most likely include the following:Customization to the car. Since you don’t own the car, you cannot customize it however you would like. This means no custom paint job, no window tinting, no new stereo system. You must purchase the car to make it your own.Maintenance. You are responsible for the upkeep of the car. There will be a section of the lease that reviews exactly what you are responsible for maintaining. Oftentimes leases will cover routine maintenance, such as oil changes, and fix normal wear and tear issues. But this will vary from lease to lease. Excessive wear. Your car lease will outline what is considered normal wear and tear and what is considered excessive. If they deem there has been excessive wear and tear on your car, you may be responsible for extra fees.If you drove your car a lot during your lease and racked up excessive mileage fees and excessive wear and tear fees, it might make more sense to buy your car. Lease purchase can be a good move if you are facing thousands of dollars in fees.Can You End A Lease Early?If you’re wondering how to get out of a car lease early, there are a few different ways to do so.Early Lease TerminationIf you are unhappy in your lease and need to get out of it ASAP, you can simply terminate the lease. You will be responsible for whatever payments and fees are outlined in your lease agreement. The Consumer Leasing Act requires for all leasing companies to transparently list what fees and payments you are responsible for by terminating the lease early. The early termination fee will take into account how much time you have left on your lease. It may also include vehicle disposal fees, transfer fees, and taxes. And on top of this you will still be responsible for any past due payments, late fees, and parking tickets that may be outstanding. If you are contemplating early lease termination, you should call your leasing company to get an exact cost of termination. Because of how lease payments are structured, the earlier you terminate your lease, the more expensive it will be for you.Lease TransferAnother option to get out of a car lease early is to transfer the lease. This may not be permitted in your lease agreement, so be sure to check the fine print. If it is allowed, you will have to make sure that the new lessee meets the credit requirements of your lender. There are many companies that will match people looking to transfer their leases to people looking to take over the leases. Websites such as swapalease.com and leasetrader.com are great places to start.Lease BuyoutIn many cases, a car lease buyout is the best way to get out of a lease early. The cost to purchase your car early should be outlined in your lease agreement. There may be additional fees to end the lease, but it still might be worth it for you depending on why you are looking to end your lease. If you buy your car early and sell it privately, you might make out better financially. Should I Get Out of My Lease Early?There are pros and cons to ending a car lease early. If you have a change in life circumstances that make having a car difficult, you should do the math and see if ending your lease makes sense. But if it’s just a case of not liking your car as much as you thought you would, you might be best served to keep the lease until the end of your term.If you want to lease a car, do a lot of research ahead of time to make sure you will still want it in a few years. Choosing The Right Car For Lease If You Want To Buy LaterLeasing a car with the option to buy is a great way to get a new car with lower upfront monthly payments. The monthly payments will be significantly lower than if you purchased the car new from the beginning. But how do you pick the right car for lease?Know your budget. Be sure that you can handle the monthly payments on your lease so you do not get behind on payments.See what’s available. Look around to see what cars are available for lease. This may limit your options.Be sure to test drive. Leasing a car is a big commitment, so make sure you are 100% confident in your decision. Always test drive to make sure you like the feel of the car.Do even more research. Do other drivers like this car? What are common complaints? What about maintenance issues? What about maintenance issues down the road? Will the car still be worth something when the lease is over? Ask all of these questions and talk to anyone who might have the same car. When your lease ends, weigh your options carefully. Think about the condition of the car – is it still in good shape or does it have some battle scars? If the car isn’t in great shape you may not want it as much, but you may be liable for some hefty fees if you choose to give the car back.Determine what the market value of the car is and compare it to the buyout amount listed in your agreement. Is it still a good deal or did the car depreciate more than you anticipated, making it a bad investment?If you still love your car and decide it makes more sense to keep it than to give it back, you will need to secure financing as the next step. That’s where Auto Approve comes in. With competitive rates and a simplified buyout process, keeping your set of wheels has never been easier.And that's what you should know if you leased a car but want to buy now.If you’re interested in a car lease purchase, Auto Approve has you covered. Our agents are eager to keep you in the car you love, all while saving you money. Our passion is saving you money, so contact us today!GET A QUOTE IN 60 SECONDS

Technology has changed so much of our daily lives. Even before the pandemic dictated that we do everything online – from meetings to school to buying groceries – our lives were quickly migrating away from face-to-face interactions.And now, in a world where business has shifted almost entirely online, financial institutions are trying to figure out how to adapt to consumer needs. Advancements in technology, from cloud integration to artificial intelligence programs, have changed how loans – including auto refinancing – are created.All of these changes have improved loan decision efficiency, consumer experience, and created consumer savings through competition. Let’s look at exactly how technology has reshaped loans.Here’s how advancements in technology have changed loans and the auto refinancing industry.Cloud Technology Makes Loan Origination Cheaper and More EfficientCloud technology has been a game changer for so many industries. The ability to store information remotely has reduced the need for on-premise infrastructure greatly. The IT equipment and operating expenses (including personnel and electricity) were very costly necessities in a world where data storage systems and dedicated server rooms were mandatory.But then cloud technology came along and everything changed. Suddenly companies could migrate data from their onsite servers to remote locations and free up a ton of resources by doing so. A reduction in expenses was just one of the benefits of cloud technology.Loan origination software (LOS) became widely available to lenders via the cloud, allowing financial institutions of all types – including auto refinancers – to have access to the latest artificial intelligence. This accessibility has many far reaching implications.Quick Entry Into the MarketCloud technology means that new lenders can enter the market faster. They don’t need to set up new software and data management systems – they can instead use existing cloud technology. This allows greater access for startups and creates more competition. And more competition often means more savings for you.For example, if you were going to refinance your car in the past, you would have had only a few options of lenders. But now there are new lenders popping up all the time, keeping everyone on their toes. Rates and terms need to constantly be adjusted to stay competitive. Software Updates Improve ExperiencesBugs and software issues are inevitable with any form of technology. When data was stored and managed on premise, an issue could take weeks if not months to resolve depending on the size and IT management of the company. But cloud technology ensures that when there is an issue it is widely reported and quickly resolved. Regular software updates create an ease of use for lenders, making the loan industry faster and, again, creating more competition.Scalability Helps Lenders Increase Their ReachCloud technology allows lenders to scale their companies up faster than ever. As conducting business online allows them to reach more people, they can easily expand their companies using the cloud. No need to bring in additional expensive IT – everything is remote and ready to accommodate lenders’ growing needs. An added advantage is the cloud’s constantly developing security. Advancements in technology routinely keep data more and more secure.Automation Technology Makes Loan and Auto Refinancing Decisions Faster and More AccurateAdvancements in automation technology have also helped lenders to make faster and more accurate decisions regarding loans and auto refinancing.Paper Applications are Replaced with Digital FormsTraditionally, loan applications were a lengthy and tedious process for both the lender and the consumer. For the consumer, they would need to fill out paperwork by hand, often repeating the same information over and over again (even to just obtain a quote). They would then need to collect all necessary documents (bank statements, proof of address, pay stubs, etc) and physically deliver them to their bank. This was time consuming and often led to incomplete applications. Lenders estimate that 30% of applications that they used to receive were missing information. All of this took a lot of time for the lender as well. Some lenders estimate that a refinance application used to take about two hours to process. They would have to go over all of the application information, verify the documents, chase down incomplete information, and so on and so on. But now, this is all digital. Applications now have required fields and cannot be accepted as incomplete. And thanks to your personal computer, you can usually autofill all of this information instead of painstakingly typing and retyping.So an application for auto refinancing that would have taken twenty minutes in the past can now be done in a matter of seconds. Applicants can easily get quotes and apply for refinancing faster than ever before. All of this increased competition leads to more – you guessed it – savings.Increased Consumer Data Makes Artificial Intelligence Decisions More AccurateDecisions on these applications can now be made more accurately as well. With the growth of consumer data, artificial intelligence can look at trended data to make more informed lending decisions. And since so much data is now stored and shared online, lenders have more information to look at when making their decisions. Payment histories and accounts that were never factored into decisions before can now be easily found and considered in conjunction with an application. Lenders can now compare a much more well-rounded applicant to a much more accurate predictive data segment to decide on loan and auto refinancing approval. Data thresholds can quickly eliminate unqualified applicants. Establishing a baseline credit score that is needed can ensure that lenders are only looking at qualified applicants. But they can also filter certain applicants that are questionable into an application pool that requires further consideration. If you were applying to refinance your car and the lender required a 600 credit score to refinance, but your credit score was only 500, you would immediately be disqualified. But if your credit score was a 580, your application might be filtered to a lending expert who could better assess your situation. This makes the best of both worlds – drastically under-qualified applicants do not slow down other application reviews, while people who may be deemed as credit-worthy can still be considered.All of this is calculated automatically, making both quotes and approvals so much faster.Faster Decisions Means More SavingsWith all of this work now automated, there is much more room for savings. By eliminating so much extra work, money and resources are now free to create more competitive loan and refinancing offers.Automation Creates More Time for Customer Interaction with Loan and Auto Refinancing Applicants Application reviews that used to take days can now be done in minutes thanks to improvements in automation. This frees up employees to take more time fostering consumer relationships. These relationships can greatly impact consumer decisions and referrals (just take a look on TrustPilot to see how important these interactions are to consumers).Consumers want a positive experience all around. While they definitely want to save money when they take out an initial loan or decide to refinance an existing loan (after all, that’s the whole point of refinancing) money is not all that matters to them. In fact consumers rank the following as being integrally important to their lending decisions:Transparent processes, terms, and conditionsEmployee interaction and helpfulnessSupport with application issuesFlexible repayment termsAll of these things are important to consumers and can be improved as a result of automation. With more free time, employees can guide applicants on the terms and conditions and make sure there is a full understanding of the loan structure. They can offer personalized advice when consumers are unsure of repayment options or other conditions. Having close contact with customers can help improve the overall experience. If there are problems with any online procedures, from filling out the application to document uploading to esignatures, employees have more time to help them navigate. Employees can also take a more active role in suggesting improvements to the application process.We know when it comes to refinancing your car, guidance with a personal touch can make all of the difference. Those are some of the ways that technology is reshaping loans and auto refinancing.Technology has changed our lives in so many ways, and many would argue that it’s for the best. The way the auto refinancing and loan origination is conducted is a prime example of how technology can create healthy competition, save consumers money, and create a better consumer experience overall. At Auto Approve, we know that a great overall customer experience is of the highest importance. Because if you’re not happy, we’re not happy. But don’t just take our word for it: listen to our customers and let them tell you about their experiences. With an A+ rating from the Better Business Bureau, you know we put our customers front and center.If you are ready to start saving money every month, let’s talk! Our agents are ready to help you with every step of the auto refinancing process. GET A QUOTE IN 60 SECONDS

The auto financing (and auto refinancing) industry has been slow to embrace technology in the past. While you may have found a few lenders that would digitize parts of the process with an e-signature here and there, most steps were done face to face. It was hard to avoid sitting in a bland cubicle discussing interest rates and term conditions. But all of that is changing now. If the pandemic has taught us anything, it’s the importance and necessity of conducting business online. The auto financing industry was essentially strong-armed into embracing technology. So now, a process that was traditionally 80% in-person and 20% digital, is now flipped. And in many cases, it is 100% digital. So how has technology affected auto refinance? Well, it’s made it faster, cheaper, and way more convenient.Here are the top 5 ways that technology has improved auto refinancing.It's Easier to Search and Compare Vehicle Refinance Quotes (And That Means Better Terms)Twenty years ago, the decision to refinance your car loan would have meant an all day excursion around town to your local banks. It would have meant sitting with lenders and going over personal details again and again and again, just to get a few different quotes to compare.But now, with just a few clicks of your mouse you can have offers from ten different lenders, all with different terms and conditions. You are not limited to the banks that are in driveable radius from your house. Instead you have thousands upon thousands of lenders across the country that can assist you with your vehicle refinance.And what does all the competition create? Better terms for you. Since so many lenders can reach you, they need to be more competitive to gain your attention. Whether it’s with lower interest rates, lower origination fees, or a more forgiving repayment policy, lenders now need to woo customers more than ever.The Application Process is Much FasterIt’s hard for many of us to imagine a time when everything was pen and paper, but refinancing used to require a discouraging amount of paperwork. And many times, the tediousness of manually filling out all of that information meant that people often filed incomplete applications. In fact, some lenders estimate that 30% of all applications they received were incomplete. With applications now online, incomplete applications are a thing of the past. All applications have required fields that must be filled out to continue. This means that lenders don’t need to chase down applicants to finish paperwork.Faster Vehicle Refinancing Applications and Approvals Mean More Savings for YouAll of the digitized applications make it more convenient and way faster for consumers. But this also equals mega savings, for the companies and for you.Lenders estimated that a combined refinance application and loan approval used to take about two hours before everything shifted online. From going over the application information, verifying the information, chasing down incomplete information, contacting the credit bureau – the list goes on and on. There were so many steps that are now digital and oftentimes automated.Think of all that time that is saved. And since they don’t have to pay employees to track down all of that information, they can save a lot of money and use those resources to track down more potential consumers. Saving that amount of money on their end allows them to become more competitive and pass those savings onto you. After all, they have a lot more competition now as there are more vendors vying for your business.Easier and More Convenient Customer ExperiencesThe ease and convenience of refinancing online has made for better overall consumer experiences. Here are a few of the ways that technology has helped customers.Online reviews guide consumers towards the best refinance companiesIf there’s one thing the internet loves, its reviews. It has never been easier to gauge consumer experiences with a company. Easy access to customer feedback on websites like TrustPilot and Better Business Bureau can help customers decide which companies are best suited for their needs.E-signatures and online document portals make providing data easyYou no longer need to physically deliver documents, which makes refinancing so much easier (there’s A LOT of paperwork involved). In the past you needed to fill everything out with the lender, run home to grab documents you forgot, come back, sign more papers, and possibly run back home if you forgot something else. But now everything can be done from the convenience of your couch. You can scan and upload (or even just take a picture with your phone) all of your documents and then sign electronically. It doesn’t get much easier than that!Data encryption keeps your information much more secure than physical documentsAdvancements in data security also creates a safer space for your personal information. Through encryption and secured servers, your personal information is much safer online than it ever was sitting on a lender’s desk. There Are Now Companies That Specialize in RefinanceRefinancing used to be a side business for dealerships and lenders. It was something that you could do through these traditional lenders, but it was always an afterthought of their business model. The ease of technology has created a space for companies that specialize solely in auto refinance. Companies like Auto Approve are dedicated to making the auto refinancing process as easy and convenient as possible. Auto Approve essentially does the shopping and comparing for you. By simply requesting a quote and filling out some basic information, they can get you quotes from different lenders across the country in minutes. Since they focus on refinance, they know what terms and conditions you should look for and can guide their customers towards the best deals. So, Why Choose Auto Approve for Your Refinance?Auto Approve specializes in auto refinancing and knows the industry inside and out. They have a dedicated team that is committed to saving you money and creating a positive consumer experience. Here's why Auto Approve is the right fit for your vehicle refinance.Our customers love us! With an A+ rating from the Better Business Bureau and a 96% would-recommend rating on Lending Tree, you know you are in good hands.We give personalized service. While technology is great, sometimes you just want to talk to a real person. That’s why we have live agents to help you every step of the way.We don’t do markups. While some of our competitors tack on additional fees and percentages to their quotes, we never markup the prices we pass on to you. And that’s how technology has improved the world of auto refinancing.Interest rates are historically low. It's time to refinance your car before the rates are set to increase.Ready to start saving money today?GET A QUOTE IN 60 SECONDS

Last week the Federal Reserve announced that, in an effort to curb mounting inflation, it would be raising interest rates in 2022. (FYI: That makes now a great time to refinance your car.)But what does that mean for you and your financial wellbeing? In this article, we will look at what the rise of interest rates could mean for the rest of the year and how you can prepare for it.Here’s everything you need to know about 2022 interest rates.Why are interest rates going to increase?When COVID first touched down in the United States in March of 2020, nobody could predict what it would mean for the future, especially for the economy. Anticipating a shutdown of historic proportions, the Federal Reserve did what it could to curb economic collapse. And part of that plan included slashing interest rates so that people would not stop spending money. So what exactly did the Federal Reserve do? The fed funds rate, which is used as a benchmark for short term lending as well as other consumer rates, was lowered from a range of 1% to 1.25% to a range of 0% to 0.25%. The goal was to reduce the cost of borrowing to encourage spending in all areas of the economy. This helped a lot of people who found themselves strapped for cash. It also motivated people to not sit on the money they did have. Instead, they were encouraged to spend that money and help the economy at large.But playing out on the other side of this was a labor shortage. COVID restrictions kept many businesses closed, while illness and quarantine time kept businesses that were open consistently short-staffed.So we had a consumer base that had an increased demand for items due to low interest rates, and a supply chain that was limited due to staffing. So all of this helped contribute to a perfect storm of high inflation.For the past ten months, inflation has been well above the 2% target, reaching an annual pace of 7% in December 2021.There was a strong hope that the inflation would naturally level off as the economy reopened. As businesses reopened, economists anticipated there would be an increase in labor to balance out the supply and demand. But in January it became clear that more intervention was needed. And that’s why the Federal Reserve decided to increase interest rates.Interest rates are expected to rise initially in March, and then rise two more times before the year is over.How will increased interest rates affect me?So what does this mean for you personally? Increased interest rates will affect you in a few ways. Let’s take a closer look.Your Credit Card Rates Will RiseSince the fed funds rate will increase, the prime rate will increase as well. The Bank Prime Loan Rate is the credit rate that banks extend to their most credit-worthy customers. Credit card rates are based off of the prime rate. Rates have been around 16% but are expected to rise to 17% by the end of the year. Additionally, those applying for new credit may be more extensively risk-profiled.When interest rates rise, consumer spending generally reduces. Getting a New Loan Will Be More ExpensiveAs interest rates increase, it becomes more expensive to borrow money. Whether it’s a personal loan, student loan, or auto loan, it will be more expensive to attain these loans as the months go on. Your Savings Accounts Will Earn MoreOn the flip side of it costing more to borrow, the increase in rates will help your savings accounts. In 2021, Certificates of Deposit (CDs) earned just .13% interest annually. Experts hope that this will increase closer to the 1% mark. A $10,000 CD would thus earn you $100 in interest as opposed to $13 in interest. While that might not be a financial windfall, it will be significantly more than you were earning before.What should I do to prepare for increased interest rates?Pay Down Your Credit Card DebtWhile an increase of 1% to your credit card bill might not be a huge deal in the long run, it can become a burden if money is tight. And if you are only making minimum payments, the amount you owe can really snowball – and fast. This is why you should prioritize getting out of as much debt as you can. If you have some extra money from the student loan deferment, consider using that cash to pay off lingering credit card debt. It may also be a good idea to look into debt consolidation services to make these payments more manageable so that it will not take too much of a toll on your monthly budget and credit score.Refinance Your MortgageIf you did not refinance your mortgage in 2020 or 2021 when the rates were historically low, consider doing so now. Rates are still relatively low, but will likely increase to 4% by the end of the year. If you have a variable rate, you should prioritize refinancing to a fixed rate so that you will have a predictable payment as we go through this economic shift.Refinance Your CarThe good news is that the fed funds increase shouldn’t affect auto loans drastically. The competitive nature of the auto loan industry makes it less sensitive to drastic increases as a result of increased fed rates. But all of this is still a bit uncertain. That is why experts still suggest refinancing your car loan so that you are not caught off guard if or when the auto loan rates do increase.Improve Your CreditA higher credit score will always secure you a lower interest rate, regardless of other factors. This is why it is so important to work towards a good or excellent credit score. Paying down your credit cards and other debts and staying on top of monthly payments are the most important things you can do during this time. Read more here about how you can improve your credit score.That’s how 2022 interest rates will affect you.There is still a lot of economic uncertainty right now, and the announcement of increased interest rates is adding to that uncertainty. But experts agree that now is a perfect time to refinance: car loans, mortgages, and student loans alike. It’s all about securing a low fixed rate for yourself before interest rates increase. And that’s where Auto Approve comes in. We know how overwhelming refinance can seem, so we make it easy for you. Just fill out some basic information and we can get you a quote in minutes. It’s that easy! We handle the paperwork (including the DMV) so you can sit back and save.GET A QUOTE IN 60 SECONDS

Now is the perfect time to get a new set of wheels. Interest rates are set to increase in the coming months, so pulling the trigger now on a new car might be your best bet to secure low interest rates.But when it comes to leasing, you might have a lot of questions. Which is right for you, buying or leasing? What do you look for in a car lease? What terms should you know?Fret not – we’re here to help! Today we are talking all about car leases – the big things and the little things. Because in the end you should be 100% confident you’ve made the right choice with your car lease. Which is Better, To Buy or Lease a Car?Deciding between buying and leasing a car can be difficult as there are pros and cons to both. So before we discuss what to look for in a lease, let’s talk about which is better for you: to buy or lease a car?The Pros of Leasing a CarWhen you lease a car, there are a lot of benefits. First of all, your monthly payments will be significantly lower than if you choose to buy a car. Additionally, your warranty and lease agreement will cover a lot of repairs and maintenance. You will also never need to deal with the hassle of selling the car, and can get a new car every few years. For some people, this is an ideal situation.The Cons of Leasing a CarThe biggest downside of leasing is that it doesn’t give you an opportunity to build equity and the car is not an asset of yours at the end of the day. There are also restrictions of use that may hinder your driving life. There are always mileage limits, so if you drive a lot, leasing will cost you a ton in overage fees. You may be prohibited from leaving the country in your car or using your car for Uber or Lyft. Ultimately the car is not yours, so you can not treat it as if you own it (and forget customizing it in any way).The Pros of Buying a CarThe main upside of buying a car is that it is yours at the end of the day. You can customize it how you want, you can sell it when you want, and you can decide how and when you want to do maintenance and repairs. On top of that, financing is usually easier to get approved for than leasing.The Cons of Buying a CarWhen you buy a car, you will certainly have to put more money down upfront. In fact, the more money you put down, the better off you will be with your monthly payments. This can be a huge deterrent if you do not have a lot of extra cash. You will also end up paying interest on the total amount of the car, as opposed to leasing where you only pay interest on the car for the time that you use it. The Major Things to Look for When You Lease a CarThere is a lot to consider when it comes to buying vs. leasing a car. If you ultimately decide that you want to lease a car, here are the top things to look for in your lease. The Lease Money FactorThink of the lease money factor as the APR on the lease. Instead of being expressed as percentages, they are expressed as small decimals. To make the money factor easier to understand, you can multiply the money factor by 2400 to give you an approximate APR. For example, if the money factor is .00275, you can multiply that by 2400 to get a percentage of 6.6%.Just as with an interest rate, the lower the number the better. Money factors are oftentimes not disclosed on the lease sheet, so you may need to ask the salesman what money factor is being applied to your loan. Having a baseline understanding of what a competitive money factor for your credit score is will help you with your decision. If the money factor you are offered is completely out of line and you sign on the dotted line, you could be paying a lot of extra money.The Cap CostThe capitalized cost, or “cap cost”, is the market value of the car and the baseline of the lease price. Be sure to check a few different websites such as Kelley Blue Book and Edmunds to get a good idea of what the car is worth. This is a good place to start negotiating if the cap cost is not in line with other prices you come across.The Lease Residual ValueThe lease residual value is an estimate of how much your car will be worth when your lease is over. This is typically represented as a percentage of the car’s MSRP (usually between 45-60%). The residual value matters a great deal for your monthly lease payments.Say you lease a $35,000 car for three years with a 60% residual value. This means that at the end of three years your car will be worth $21,000. Your lease would be based on the $14,000 difference (or depreciation) of the car in those three years.But if you lease the same $35,000 car for three years with a 45% residual value, the same car will be worth only $15,750 at the end of the lease. Your lease payments would be based on the $19,250 depricatiation. Since this can make such a huge difference in your lease payments, be sure to ask what residual value the lease is based on.The Drive-Off FeesIn order to drive the car off of the lot, there will be upfront costs. This is a combination of the down payment and any additional fees, such as registration fees.Counter to buying a car, you actually want to put as little money down in the beginning as possible. The way that lease payments are constructed, you do not save a lot of money by paying more upfront. And if your car were to be totaled, there’s no guarantees that you would get that money back.The Overall CostBefore signing anything, determine what the overall cost of the lease will be. Multiply your monthly payment by the life of the loan, adding in all fees and taxes. Is it worth spending that amount on something that you will give back at the end of the lease term? Make sure you are comfortable with the total cost of your lease.Can You Lease a Car Online?Since everything seems to be online today, you may be wondering if you can lease a car online. And the good news is, yes! In fact leasing a car online may get you the best price as you can shop from thousands of dealerships and services. After you’ve picked the perfect car, follow the steps below to get the best deals.Research Dealerships and ServicesFirst step (after picking out your car, of course) is to compare the different companies and dealerships from which you can lease. The dealership website is often a good place to start. Start comparing prices and terms to see who has the best rates and deals.Calculate Lease vs. BuyEven if you are dead set on leasing a car instead of buying, calculate the overall price of both. Make sure you are comfortable with the lease cost knowing that you will be giving the car back after the term is over (unless of course you do a lease purchase through Auto Approve).Apply for Your LeaseAfter you’ve picked your dealership or car service, you can now shop around for a lease. The dealership or service will most likely be able to help you apply easily, but you can also use a different leasing company if you find a better rate online.Sign the Papers and Get InsuranceOnce you’ve been approved for your lease and are happy with all of the terms, you can finally sign on the dotted line. You will need to get insurance, and leases typically have high standards of what type of insurance you will need to get. Make sure you have all of the protection that is outlined in your lease agreement.Decide on ShippingThe main difference between leasing a car online and leasing a car in person is that you will need to have the car shipped to you (unless it’s from a nearby dealership). Dealerships and services will be able to arrange this for you, but you can also make your own arrangements by looking around online. You can save a good chunk of money by arranging this yourself, but it might be more complicated than going through the dealership.And that’s what you should think about when leasing a car.Whether you choose to lease or buy, getting a new car should be an exciting time. Do your research, shop around, and do what works best for your lifestyle.Do you have a lease that you want to purchase? Auto Approve can help!OWN YOUR CAR WITH AUTO LEASE PURCHASEOr are you currently financing your car and overpaying? We can help with that too!REFINANCE WITH AUTO APPROVEGET A QUOTE IN 60 SECONDS

Having a good credit score is incredibly important when it comes to your financial well-being. A good credit score means that you will more easily be approved for loans, get higher credit limits, better rates, and much more.While getting a good credit score can take years, there are many things you can do right now to help improve your credit score.So let’s jump in!Our top 8 tips on how to improve your credit score.What Makes a Good Credit Score?Credit scores essentially tell a lender how likely you are to pay back a loan that you take out. They also tell lenders how likely you are to pay back that money in a timely fashion. But how exactly do they determine that, and what factors do they consider?Your Payment HistoryOne of the most important factors in your credit score is your payment history. Do you pay your bills on time every month and in full, or do you have a tendency of missing payments here and there and not always paying in full? This history makes up 35% of your credit score.How Much Money You OweIf you owe a lot of money and are in a good deal of debt, this will affect your credit score negatively. Lenders look at what is called your Credit Utilization Ratio, which compares how much credit you have available to how much debt you are in. If you have a $20,000 credit limit but owe $15,000, you will have a Credit Utilization Ratio of 75%. But if you have a credit limit of $20,000 and only owe $1,000, you have a Credit Utilization Ratio of 5%. The lower your ratio is, the better your credit score will be. Experts recommend keeping your Credit Utilization Ratio below 30%. How much money you owe makes up 30% of your credit score.Other FactorsWhile credit history and your credit utilization make up the majority of your credit score, there are a few other factors that play a role in your credit score.The age of your loans and lines of credit also affects your credit score. Keeping your accounts active for a long period of time (particularly when they are in good standing) will help give you a good credit score. If you are young and starting out on your credit journey, you will find it hard to get an excellent score because of this. TTha age of your accounts make up 15% of your credit score.Your credit mix is another factor in your credit score. This refers to the different types of accounts you have. It is good to have a mix of credit cards, loans, mortgages, etc. This accounts for 10% of your score.The last factor is the amount of new credit you have. If you have accounts that are new, or a lot of credit inquiries, this will count against you negatively. Since they are new, there is not as much of an established track record that you will pay these debts back. This accounts for 10% of your score as well.Why is a Good Credit Score Important?Having a good credit score tells lenders that you take your finances seriously and that you are dependable. After all, lenders are in the business of making money, so they want to ensure you will pay them back. Having a good credit score will help with the following:Lenders will approve you for lower interest rates on credit cards and loansLenders will be more likely to approve youLenders will give you higher credit limitsInsurance companies will give you better insurance ratesLandlords will approve you for rentals more easily You will have more negotiating power for loans and accountsThese are all great reasons why you should want your credit score to be as good as possible.How Can I Improve My Credit Score?While building a good credit score takes time, there are some things you can do right now to help improve your score. Here are our top 8 tips for improving your credit score.Make On Time PaymentsAs we said before, your payment history is one of the most important factors in your credit score. Committing to making on time, consistent payments is the best way to increase your credit score. In just a few months you can see your score improve by prioritizing this.Boost your ScoreA new service called Experian Boost can increase your credit score instantly by including account payment histories that are typically excluded from credit score calculations. But how does this work?Utility and phone bills are usually not included in your credit score. Experian however looks at your bank account and identifies qualifying accounts that you make timely payments on, and gives you credit for those on-time payments. For example, your on-time Netflix payment would not normally count towards your credit score, but with Experian Boost, it would count positively. And the best part? If Experian finds that you don’t have a good history with these accounts, it won’t count them against you.Get A Debit Card that Builds CreditBuilding credit can be very hard, especially in the very beginning. But a new debit card is aiming to change that. The Extra Debit card connects to your existing bank account and your credit limit is based on your bank account balance. Every time you use your card to purchase something, you help build your credit. The Extra Debit card even has perks like a credit card does, like 1% back on all of your purchases. This debit card pays itself off every day, causing it’s credit utilization to reset every 24 hours. So you essentially have a card that pays itself off with no interest and can keep you below the suggested 30% Credit Utilization Ratio.Refinance your Car LoanWait – you are probably wondering “does refinancing affect credit scores” – and the answer is yes! A great way to improve your credit score is to refinance your car loan. It’s important to note that this will not instantly raise your credit score (in fact the hard inquiry on your account may temporarily ding your score). But refinancing your car loan can help you out in the long run. First of all, when you refinance you may be eligible for a lower APR than you are currently paying. This will save you money in interest. Refinancing will also allow you to change your payment schedule and adjust how much you are paying every month. If you are consistently tight with cash, freeing up money every month can make a significant difference in your budget and can help you pay off existing debt.Find out how much you could save with a free, instant quote (no credit check required!) from Auto Approve today.Set Up AutopayIf there are some bills that you just keep forgetting to pay, try signing up for autopay. Most companies have some version of an automatic payment system that can help you stay organized with payments. While it’s a simple step, this can help reduce missed or late payments if they are a consistent problem for your credit score.Check your Credit Report and Dispute any ErrorsYou should get in the habit of checking your credit report at least three times per year. This will help protect you from identity theft and will allow you to flag anything that is reported incorrectly. If an account reports missed payments to the credit bureau that you know were paid, this can affect your credit score substantially. If you notice an irregularity or mistake, you should notify the bureau immediately to have it addressed.Get a Higher Credit LimitIf you have a credit card that you are in good standing with, reach out to see if you can get a higher credit limit. If your credit score increased since your last limit increase or your income has increased, you may be eligible for a higher limit. And remember – a higher limit means that your Credit Utilization Ratio will automatically drop, as your available credit will increase. Pay Down Debt StrategicallyYour credit score looks at your overall debt to credit limit ratio, as well as this ratio for individual accounts. So if you have an account with a credit limit of $1500 and a debt of $1000, you have a 66% Credit Utilization Score for that account. Paying down these accounts first will help decrease that ratio and help your score much more than if you pay down another bill that has a lower ratio. Even if you owe more money on the other account, paying down the smaller bill may be more beneficial.Those are our top tips for improving your credit score.Having a good credit score is vitally important to having a healthy financial future. Try out some of these tips and see how they affect your credit score. If refinancing your car loan is something you are considering, reach out to Auto Approve to see how much money we can save you!GET A QUOTE IN 60 SECONDS