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Thinking about refinancing your SUV? You're in the right place.Refinancing is the process of taking out a new loan to pay off the balance of your existing loan, and there are a number of good reasons you might want to refinance a vehicle. Perhaps your financial situation has changed and you need a little more money every month, a little more breathing room in your wallet. Vehicle refinancing can help lower your monthly payments, either by lowering your interest rate, extending your payment timeline, or both. Maybe you have a bit of extra money and you want to pay off your SUV at a faster rate and be done with the loan entirely. Refinancing can lower your interest rate and decrease your payment timeline, allowing you to pay off your loan faster and, ultimately, saving you money.Here are some factors to consider when deciding if now is the best time to refinance a car or SUV.How to know if the time is right for your to refinance an SUVThere are many things to consider when it comes to refinancing a car. If any of the following apply to you, it might be a good time to refinance your vehicle.You didn’t get the best deal on your SUV in the first place due to your income or credit scoreMaybe your credit score had just taken a hit from some inquiries or missed payments. Maybe you had a tough couple months at work and your income wasn’t as high as the bank would have liked. Regardless, the bank didn’t view you as a very desirable candidate, and you were stuck with a rather high interest rate.Since then, your credit has improved. You have checked your credit reports on the three credit bureaus (which you can do for free once a year), and everything looks better. Your job is steadier, and your paychecks are a bit bigger. You know that if you went for that loan now, you would get a much better rate. While there is no magic credit score to refinance, you know that you are a much more desirable candidate this time around.If you originally bought your SUV when times were a bit tougher and your situation has since improved, this could be a great time to consider refinancing.You didn’t get the best deal in the first place due to a smooth talking salesmanYou went in to browse and get an idea of what kind of SUV you might be interested in, and before you knew it you were signing on the dotted line. Somehow you agreed to a 7% interest rate when other lenders were offering 5%, and you didn’t even see it coming. Car dealerships notoriously offer higher rates to make more money, and it is common to get caught up in the excitement and agree on the spot.In this case, simply refinancing with an accredited lender can reduce your interest rate, even if your credit score and income have remained the same.Interest rates in general have dropped since you first took out the loan on your vehicleDid you take out your SUV loan years ago when interest rates were high? Big banks tend to adjust interest rates based on how the economy is performing.If the economy is dragging, as we are seeing now, banks will often lower interest rates to encourage more spending. It is important to take advantage of these rates before the economy speeds up and the banks increase rates again. Timing is key when it comes to interest rates and refinancing your vehicle.If you're ready to start the refinancing process today, it's quick and easy to get a quote from Auto Approve. We never mark up rates from our lenders so, with Auto Approve, you know you're getting your best possible rate.Get a quoteYou want to add or remove a borrower to your policyAdding or removing a co-borrower to your loan is a very common reason to refinance, whether the reason is personal or financial.Adding a BorrowerMaybe times are tough right now. Your hours at work got cut and you are struggling to make ends meet. The monthly payments are simply too much to keep up on. Your friend or partner, however, could use a set of wheels, and they have some extra money to help bridge the gap in your payments. Best of all? They have fantastic credit. That's a great reason to consider refinancing your SUV! You can also refinance with a partner who has better credit simply to reduce household bills or help a partner who has worse credit than you by co-signing on their refinanced loan.Whatever your reason, adding your friend or partner to the loan can secure you a better interest rate and reduce your overall payments, since you will be splitting the monthly cost. The lender will consider your joint income and both of your credit scores when determining an interest rate.Removing a BorrowerWhat about removing a co-borrower? Maybe you had a co-borrower on the original loan because your credit wasn’t the best, but you don't really need the help anymore. Or maybe you were in a relationship that has now gone south and you need to separate from that person financially. Either way, refinancing your vehicle is a great way to sever that financial tie.You need the extra breathing room each monthYour finances have changed a bit for whatever reason, and you are having trouble making your monthly payments on everything. You want to take a big trip or are saving up for a big purchase. You simply want more spending money to pamper your family. No matter why you want a little extra wiggle room, refinancing could be the solution.Refinancing can allow you to lengthen your repayment period, which will lower your car loan payments every month. Keep in mind that this often means you will be paying back more money overall for the duration of the loan, unless you are able to drastically reduce your interest rate as well.It’s been at least six months since you originally took out your SUV loanYou need to wait at least 60 to 90 days to be able to apply for refinancing, as it typically takes this long for the title transfer to complete. But waiting six months will allow your credit score to bounce back from any dips that your credit score may have taken when initially securing your loan. First time borrower? Experts suggest waiting a year to refinance to optimize your refinancing options.You have at least two years remaining on your current SUV loanSince most of the interest for a loan is paid in the beginning, the more that is paid off on the loan, the less beneficial refinancing can be. Having at least two years remaining on your loan will help ensure that you will benefit from refinancing your vehicle.How you know the time is not rightWhile it might sound tempting to refinance with the current low interest rates, there are several reasons that it might not be the best time to refinance your SUV. If any of the following apply to you, consider waiting on refinancing your vehicle.Your credit score has decreasedYour credit score is the single most important factor in determining your interest rate. If your score has not increased since your original loan, you will likely not qualify for refinancing. Credit scores can decrease for a number of reasons, such as:Late or missed payments.High credit balances.One of your credit limits decreased.A lot of new credit inquiries.Your credit utilization score has dropped. This ratio is determined by adding up all of your credit card balances and dividing it by your available credit. This number should ideally be 30%Any of these factors can cause your credit score to drop. Request a copy of your credit report and, if you see any inconsistencies, you can report it to the credit bureaus. You need a high credit score for another reasonWhen you apply for refinancing, your credit score will take a hit. There is a fourteen day window allowed by the big three credit bureaus that allows for all credit inquiries in that span to count as one credit hit. But if you need your credit to be in good standing for another reason, say a mortgage application, it is best to hold off. These credit inquiries will affect your credit score for a year, so plan accordingly.The fees outweigh the savingsSome lenders build in prepayment penalties to their contracts. To offset the cost of losing your remaining interest, they build in penalty payments. Read your contract closely to see if you will incur any penalties, and call your lender directly if you are still unsure. Sit down and do the math to determine how much you will save by refinancing a vehicle, and see if that outweighs any penalty fees you might incur.You have an old vehicle or a vehicle with high mileageIf your SUV has very high mileage or is an older model, it will be difficult to refinance. It might make more sense to consider trading in or buying a new SUV if this is the case. You owe more on your SUV than it is worthWhen you owe more on your SUV than it is worth, it is referred to as being “upside down” or “underwater”. If this is the case, lenders may not see the value in refinancing your SUV loan.And now you can decide the best time to refinance an SUVIf the time seems right, Auto Approve is standing by to help you apply, compare offers, and determine the best refinancing option for you. Auto Approve never marks up the rate you pay, so you know you're getting the best rate available.With an A+ rating from the Better Business Bureau and a 96% would-recommend rating from Lending Tree, you can be confident that we will work hard to save you money.GET A QUOTE IN 60 SECONDS

Plans change, things happen, and unexpected events can throw us totally off-course from what we thought we needed in our daily lives. When it comes to the terms of your auto agreement, a lease might have seemed like an apt solution at one point; yet, due to circumstances out of your control, being in a car lease no longer makes sense for you.Fear not, millions of people find themselves in a similar predicament throughout the year, which is why it’s not uncommon to want to learn how to get out of a car lease contract early.It’s no secret that figuring out how to get out of a car lease agreement early can be a costly and lengthy process. But, you have options at your disposal that can make the entire experience more bearable, and we’re here to discuss them with you today. Whether you lost your job and can no longer afford the payments, or you need to outright own your vehicle for whatever reason, it’s time to investigate the alternatives that can put you into a better financial situation. Based on our research, we are going to provide you with 3 potential options below.How to Get Out of a Car Lease Early: 3 Routes1. Terminate the Lease Early: In many arrangements, your leasing company will offer you the ability to terminate your lease prematurely. This means you are free from making the remaining payments on the currently leased vehicle. But, in order to do this, you will have to turn in the car and pay the entire balance that is due, as well as the costs and fees that are probably going to be slapped onto the early termination. Remember that the Consumer Leasing Act does mandate that all of these details are included and available for you to review in the lease you have on record.So, let’s say you go for this option. The company may charge an early termination fee, which is normally the balance between the remaining balance and the credit you will receive from the value of the car. You may also have to pay a disposal fee, transfer fee, and taxes. All of this is disclosed inside of the signed lease.The fastest way to know what this total is going to be is to call up the leasing company and ask them point-blank what the total is going to be. You may also have to pay late fees, parking tickets, or anything else that has been accumulated as part of your leasing account.Since a car’s value typically depreciates more upfront, the earlier you terminate the lease, the higher the cost is going to be on your end. In many cases, the termination cost may be so high, that it makes more sense for you to complete the lease as agreed upon. If you don’t have the financial means to do this, you may need to finance the costs if it’s a life-or-death decision.2. Transfer the Lease: As you can see, terminating the lease may not be the most cost-effective option for you at this time. But you have another option: transferring the lease to a new lessee. In order to engage in this option, it needs to be one that is legal in your state, in accordance with your lease terms, and the party you are transferring the lease to needs to satisfy the requirements set forth by the lender.Don’t be fooled: this option will still come with hidden fees, like the lease transfer fee and other costs that will pop up. You should do your due diligence and ask for a final total from the leasing company before you opt for the early termination. If you are struggling to find a company that you can transfer your lease to, you can consider using a service that connects you to a new lender.3. Buying Out Your Lease: Depending upon the scenario, buying out the car entirely may be one of your best options with early termination. Yes, there are still fees involved; but, it’s worth running the numbers and seeing if an early buyout, along with the associated fees, comes in at a lower amount of what you could get if you go through with selling the car on your own. Or at least, if selling the car thereafter is still a feasible financial option when compared to the other two options listed above.Do note: in order to pursue this solution, you need to have the funds available to pay the early buyout fees. If you don’t, you will need to factor in buyout financing as part of the deal.If the market value of the car ends up being higher than the leasing company predicted it would be, a lease buyout may be the perfect solution for you and your wallet.Bonus: if you are leasing or purchasing another car when you terminate the car lease early, you may be able to roll over the amount you owe on the car you are returning to the amount you are financing for a new car purchase. This will create a higher monthly payment, but it at least will be one singular payment that may be easier for you to manage and pay off.Is it a Good Idea to Get Out of a Car Lease Prematurely?In many cases, you may have no other choice. If you go through all scenarios above and receive quotes, you can compare them and see which one makes sense. If all three options still clock in higher than your monthly leasing payment, you may want to consider financing – or – sticking with your car lease until the contract is terminated.Note: many people buy out their leases to avoid excess mileage fees, especially if you drive more than was agreed upon initially, or because used car values have increased recently, making your current vehicle worth more than the dealer thought it would be several years ago.The worst thing you can do is agree to one of these options without hearing the final monetary amount, first. Don’t be afraid to demand that from your leasing company: it’s a service they owe you as your lessee. Are you ready to get out of a car lease contract early? We hope this article helped.GET A QUOTE IN 60 SECONDS

It can be easy to get caught up in the car leasing gimmicks that are floating around all media and advertising spaces today. Many of these ads will claim that a lease is only $58 per week or $139 bi-weekly. These companies will state that it is easier to get into a new vehicle through a lease than it is by outright buying the vehicle.It may sound wise in nature, yet this is not always the case, and we want to talk about it in this article. In reality, leases are often much more expensive than they advertise and end up costing more than just financing the car in the end. How does this happen? Through the fine print, hidden fees, and extra costs that come with breaking leases or engaging in something that is not included in the confusing contract you sign when you agree to a lease.In order to protect yourself from unknown fees before you sign that dotted line, we’re going to look at some of the hidden penalties you should review in a car lease.Fees at the End of a Car LeaseHidden Interest and Taxes: Interest and taxes are surely applied to your car lease, even if it’s something they leave out of that ‘$58 per week’ marketing ad. When these two elements are factored into the equation, it’s more like $80 per week, and that’s just with the terms provided when financing a car. This can vary based on state, county, and dealership, which is why you should always factor in a lofty sum of money to cover interest rates and taxes.Can I negotiate these lease charges? Although you may be able to negotiate other elements of the lease, you will most likely be unable to negotiate the interest rate, much less the taxes. Be sure to check if there are any tax breaks available in your state for a car lease (note: they are usually not enough to compensate for the high-interest rates that are charged by dealerships today).Administrative Fees (Twice): Dealerships will apply two different administrative fees to your lease as a part of doing business with them. The first fee will come when you initially lease the car. The second fee will come when you return the car after the lease is completed. These fees can be as much as $750 each time, justified as a way to compensate the administrative staff that will have to process the paperwork for the termination of the lease.In most cases, the average consumer is not surprised to see that fee the first time they take the car off of the lot. But, when they see the fee again after they return the car, they are shocked to learn that an extra $1,500 in total was omitted from that monthly payment number when they first inquired about the car lease.Termination Fees: Yes, you will be penalized if you decide to terminate a car lease before the agreed-upon date. You are probably thinking to yourself: but why? Isn’t the dealership receiving the car back in a better condition than if I had kept driving it? Whether you are moving, downsizing, or lost your job, any of these reasons will make it necessary for you to terminate the car lease. And, you have that right to do so, but you will be hit with a termination fee. The fee amount will vary based on the information in the lease you signed. Many people will find they end up paying the full amount of the lease via the termination fee, even if they turn the car in a year early. Be sure to ask the lessee to disclose what this fee is to you if you predict yourself needing to terminate the lease prematurely.Mileage Variations: A general car lease will enable people to drive 12,000 to 15,000 miles per year, give or take. If you go over this mileage count, you will have to pay for it – at 10 to 20 cents per mile. If you do the math, that means you would owe $1,800 on an extra 3,000 miles you drove over the preset amount. Extra mileage is one of the biggest ways a dealership makes a profit off of this lease – they can almost count on you breaking the agreement. If you predict yourself needing to drive a fair amount in the coming years, this is a major reason why a car lease may not make sense for you.Mileage Punishment – Auction Fees: Not only are you going to be slammed with fees per mile that you go over the agreement, but the dealer also reserves the right to tell you that you have to sell the car returned at auction. This means you are responsible to cover the difference between what the car sells for at the auction, and the initial value of the car that was configured based on the pre-defined mileage count. So, let’s say the dealer figured the car would be worth $13,000 after you returned it within the mileage count. If you go over that mileage count and the dealer determines the car is now worth $10,000 at auction, you are required to cover the $3,000 difference that they ‘lost’ as a result of your negligence. As you can see, this gives the dealer way too much wiggle room when it comes to the interpretation of the car’s worth. This is something you will want to hash out with the dealer before signing any paperwork. The Down Payment Omission: And finally, back to that $58 example above: this is a payment amount that is described after the down payment has already been put down on the lease. If you put a $5,000 down payment on the lease, your bi-weekly payment may only be $100 or $200 because you already paid handsomely to drive the vehicle. The moral of the story: that ad-based monetary amount is false.Need help refinancing your vehicle? We recommend you talk with our team first before signing any leasing paperwork. Auto Approve is here to help.GET A QUOTE IN 60 SECONDS

It started with toilet paper and aluminum cans, then bicycles and lumber. The world has gone through wild cycles of demand and supply over the last year, but not many people could have predicted this economic brain-teaser: car prices are through the (metaphorical) roof, with no indication of slowing down. For decades, conventional wisdom has held up for individuals who are purchasing a car. If you get a brand new car, you’re told that its value depreciates as soon as you leave the parking lot. A used car’s value only went down with time and kilometers. Conversely, if you were in the market for a used car, you could count on paying a fair price given the age and usage of the vehicle. In 2021 however, used car prices saw their biggest price increase in 68 years. Here’s what that looks like, according to Business Insider: An inflation by any other name...When the May consumer price report was published earlier this year, there was one glaring anomaly that, given the circumstances, was very alarming. The US was finally showing signs of coming out of the pandemic-induced recession, and business trends were looking up. However, the data showed inflation rising at the fastest pace since the 1990s. Some people (and economists) are using this data as signs that a long inflationary period is on the horizon. Could the government policies and market trends during the pandemic actually lead to a multi-year, super-inflationary period?Turns out that the trend was driven in large part by the uptick in just a few categories. According to Vox.com, about half of the increase in prices could be attributed to just four categories: used cars, rental cars, hotels, and plane tickets. Notice a pattern?Source: Vox.comDemand for cars and travel: Fast and furiousIn a normal year, used car prices typically rise about 1% annually. In 2021 so far, used car prices are up nearly 30 percent. Two factors are behind this unprecedented rise: supply chain disruptions in the new car market due to a global shortage of semiconductor computer chips, and the available inventory of cars.The semiconductor chip shortage: This has been a weird year for semiconductor microchip manufacturers (and everybody else). Car manufacturers cancelled orders for new chips early on in the pandemic because of low forecasted demand, but the opposite scenario turned out to be true. Earlier in the year, there was a major shortage of microchips, especially for North American car companies like Ford and General Motors. Fewer new cars were manufactured or brought over to the US. Available car inventory is low: With almost no US company able to manufacture new cars, used vehicles became harder and harder to come by. This led to a continent-wide inventory shortage. There just aren’t enough cars as there are potential car buyers. Dialing it in: how do these macro-trends impact you and your financial goals?At first glance, it may seem like buying a car is not a financially feasible decision anymore, at least in the near future.However, the rise in car prices have led to an unanticipated bonus for potential car buyers: auto loan refinancing approvals have increased 66% since May 2020, for the most part due to the rise in vehicle values and their positive impact on loan-to-value ratios (more on LTV later).It’s a win-win. Sellers get the immediate payoff from the current prices, especially if they’ve been wanting to sell or trade-in their wheels for a while. Buyers are getting approved for auto refinance requests more than ever before. As vehicle values go up, the Loan-to-Value ratio adjusts downward automatically. Since a lower LTV makes it easier (and cheaper!) for borrowers to refinance, this is a great opportunity for buyers in the market.Loan-to-Value (LTV): what it means and why it mattersLTV, or Loan-to-Value, is an important ratio to know when you’re financing a large purchase like a car or a house. It is a measure of risk, showing lenders (and buyers) to what degree a loan is backed up by a tangible, real asset. LTV is calculated by dividing the loan amount by the fair value of the asset. Say the car that you’re purchasing is $20,000 and you get a loan for $15,000, your LTV ratio is 75%. That means that 25% of the appraised value of the asset is not covered by the loan. The Loan-to-Value ratio is an important consideration when lenders are figuring out who they can loan out to (and at what rate). LTV ratios trending lower are great news for borrowers who may not have been able to get approved for auto loan refinancing in the past. Similarly, borrowers who already qualified for a refinance will get better loan terms if they apply now. Advantages of refinancing your auto-loanAccording to Experian, the average loan amount for a new vehicle is $33,739, and a used one usually runs up to about $20,723. Since a car is a major purchase for most people, going for refinancing while approval rates are so high can help you lower your interest rate, reduce your monthly payment, and improve your cash flow. Essentially, refinancing a car loan involves borrowing money from a new lender to pay off the current car loan lender in order to get more favorable rate terms on your new loan. Here are more details on how you can benefit from refinancing your car loan:1. You’ll end up paying less interestMost borrowers will end up paying less interest over the term of their loan if they refinance. Here is a calculator you can use to find out how much money you’d be saving through a refinance. The final amount depends on the remaining life of your loan and your new rate, but usually taking a few hours to refinance your auto loan can add up to hundreds (if not thousands) of dollars over years. 2. You can improve your cash flowIf you purchased your car a few years ago, you would not have had access to today’s historically low rates. Or maybe you financed your car through the car dealership, which generally doesn’t have the lowest rates in the market. Finally, if your credit score or income was lower than what it is right now, you can almost guarantee a lower rate through a refinance. While there are fees associated with refinancing an auto loan, borrowers almost always save more than they spend. Generally, if you refinance early on in the life of the loan, you’ll save more money. Personal finance website Credit Karma found that the average savings for members who refinance loans through its service is $3,000, or about $55 per month.3. Your LTV value will most likely improveRefinancing your auto loan may lead to a lower LTV ratio. Your car gets a brand new appraisal during a time when car valuations are much higher than previous years, so the ‘value’ part of the Loan-to-Value ratio goes up. A lower LTV in turn can allow you to make smaller monthly payments, if that is what fits into your budget right now. It also means you have more equity in your asset (your car), and you can use that higher valuation to support other financial moves (like using it as collateral for a business loan, etc).Why now is the perfect time to refinanceThe pandemic caused an unprecedented reduction in the supply of both used and new cars. And pretty much immediately, prices went up. This market bubble, combined with the historically low rates that the government has introduced, presents an opportunity for car buyers to refinance their car purchase. With a 66% increase in auto refinance approvals since last year, borrowers should take advantage of market trends while they can. There is a strong case for consumers to secure a refinance during a period of historically low interest rates and high car values. If you’ve been thinking about refinancing your auto loan, now is the time to apply. Unlike refinancing a mortgage, refinancing a car loan is extremely easy. It can almost entirely be done online and within a couple hours in most cases. Prospective buyers who did not get approved for auto loan refinancing even a few months ago might be hesitant to try again, but remember that the lower LTV ratios right now mean that your application is more likely to get approved without you having to take any additional steps. Consumers with strong applications (great credit, stable income, low debt, for example) may get even better loan terms. Rates are as low as 2.25% right now, making the cost of borrowing almost negligible. Simply put, borrowers benefit when rates are low. If you’ve been looking for a way to cut down on your monthly expenses, this is one expense that can make a huge difference.Although car values are expected to remain high for another few months, the truth is that a trend like this quickly gets corrected through policies and market forces. Consumers and borrowers who have been on the fence should take advantage of this market sooner rather than later and refinance their auto loans while conditions are still so favorable. GET A QUOTE IN 60 SECONDS

Too many people assume that their auto loan is something they are locked into forever. They assume there is no wiggle room or alternative financing options that may make more sense down the line. When things and situations change in your life, the monthly auto loan payment you were once making may no longer be something you can afford. That’s when car refinancing comes into the picture.If you borrow money to purchase a vehicle, it’s always wise to check that you are not paying more than you need to pay. Given that rates are at historic lows, and auto values are at historic highs, it is almost a certainty that you can lower your monthly car payment. In most situations, even if your life situation hasn’t changed, you can save money by refinancing a better loan. But before you can do that, we want to provide you with a general overview of when you should refinance your car.When Should I Refinance My Car Loan?Contrary to popular belief, you are not obligated to wait any amount of time before refinancing your car loan. You have to, instead, meet the requirements for the new loan to refinance it. Time is not part of those requirements – you can refinance immediately after buying the vehicle if you want. You need to just be sure that you are pursuing a better deal, in the end, one that requires the least amount of money to be paid towards the vehicle.Note: in some states, you only need your new registration before refinancing. This may slow down the process by 4 to 6 weeks, which is why we recommend you engage in this part of the equation starting today.What Do I Need for Refinancing My Car?Generally, you are going to need to collect the following:Information about the current loan and lender, your account numberYour current total loan balanceVehicle information including the make, model, year, and VINWhy Should I Refinance?The two main reasons why people refinance their vehicles are to lower their monthly payment or lower their interest rate. The ability to borrow at a lower interest rate means you will pay less for your car after taking all of your borrowing costs into account. Since an interest rate is part of the monthly payment you agree to in the loan, it’s something that you should consider changing if interest rates change over time. Since interest rates are currently at historic lows, the time has never been better to refinance your car.When you replace the current loan with a lower rate, you will want to engage in this change as soon as possible. In some cases, you can skip 2 monthly payments as the loan is being transferred from one lender to a more favorable one. Note: most auto loans are amortizing loans, which means you pay a fixed monthly payment with interest that is already built into that payment. A lower interest would mean a lower monthly payment.When Should I Try to Refinance My Car Loan?NOW! Now is always the best time. The refinance process is simple, there is no risk for you to find out your available options, and in most cases, you will be very glad you elected to move forward. You will save money immediately, and even potentially receive a few month’s reprieve on making any car payments at all. If you have significantly improved your credit score since obtaining the original loan, you may be able to negotiate a lower rate or remove a cosigner from the loan. How can I improve my credit score? This happens when you make on-time loan payments for multiple months – or years. About 10-12 months is enough time to see a change in your credit score, which you can use as leverage to negotiate a better loan rate.Refinancing Mistakes to NoteRefinancing is tempting at times, but can also be a poor decision if you don’t follow the details mentioned above. Here are some of the most common pitfalls to avoid when refinancing an auto loan:Prepayment penalties do exist, which means you may have to pay extra if you pay off a loan before a term is up. Look up the details of your loan and inquire what this fee is going to be.Waiting too long to refinance. The longer you wait, the less sense it makes to refinance. Lastly, don’t miss any payments. If you think that the refinancing process has paused your payments, think again. You want to triple-check before you halt payment for the previous loan. We hope this has solved any problems related to your question: when should I try to refinance my car? As always, do your due diligence and call up your lender with questions before you make any decisions. Hidden fees, contractual obligations, and the actual value of the car should all be factored into any refinancing agreements. But, if the stars align, then there is no reason why you should not allow yourself to benefit from auto refinancing. It always makes sense to check your options and see how low you can get your monthly payment or your interest rate.GET A QUOTE IN 60 SECONDS

Countless articles cover refinancing a car or terminating car leases prematurely today. But, what about motorcycle loans? Does it work the same way it does with a regular car loan? The answer is yes, you can refinance your motorcycle loan, and we’re going to explain it in-depth below.Similar to refinancing a car, when it comes to refinancing a purchase as expensive as a motorcycle, you want to do your due diligence and make sure that all information has been considered and reviewed. There are plenty of aspects that culminate in the final decision, which brings us to the first important question of the article: why do you want to refinance your motorcycle?Figuring out your ‘why’ can help you make a more informed decision down the line. Maybe your monthly payments are too high, or your spouse lost their job. Or, perhaps your credit score has changed dramatically, and you feel you can secure a more favorable interest rate that is related to your eligibility as a borrower. Think about why it is that you want to lock in a new loan rate for you and your motorcycle as you learn more about your options. You will be able to save money if you refinance to a lower annual percentage rate (APR), but you will also need to lower your payment as well – which can be done by refinancing for a longer term. Whether you are trying to pay off your bike more quickly, or simply lower your monthly payments, you will be able to save money when refinancing your motorcycle loan.If all of this sounds confusing, it’s because it can be if you don’t review the information thoroughly. Regardless of your reason for refinancing, any vehicle or motorcycle loan is up for negotiation, especially if your credit score changes. It may be possible to even refinance with poor credit, but do note, the trade-off is higher interest rates in the end. That’s why you always need to do a side-by-side comparison of pricing options over the course of the loan term so you know if you are selecting the option that is best for you.How to Refinance a Motorcycle LoanWe’ve been conditioned to assume that refinancing anything is a lengthy and complex process. In fact, with proper preparation, refinancing doesn’t have to be overwhelming at all. Lowering the cost of your motorcycle financing can save you thousands over time, which can make the entire process worth it. Will it require extra time from you? Yes. But if you align with the right lenders, you can save time and money throughout the payment cycle of your motorcycle.So, you’re ready to learn more about refinancing your motorcycle. You want to figure out if there are savings in the refinancing process and all of the title fees that will be paid for by the interest savings. We applaud you for taking this first initiative, and learning more about what refinancing a motorcycle loan can do for you.Next, it’s time to think about the actual rates. How do you know if you are agreeing to a good rate?Step 1: Sift Through Your Options. When you know how much you need to borrow, you can start to compare rates and how they stack up against what you currently pay. Rates will vary by lender, your credit score, and the age and make of your motorcycle. Each lender will come with its own credit score requirements. In general, the higher your credit score, the better the rate you will be able to secure.Step 2: Use the Internet. There are many online tools that can help you arrive at a final number for repaying a loan. One of the tools is a refinance calculator, which can help you organize the loan amount and term, and how that relates to a final monetary amount.Step 3: Check Your Credit Score. When you apply for refinancing, lenders will submit a hard inquiry on your credit. This will temporarily lower your score (it will bounce back). That’s why you want to check your credit score ahead of time, so you know your current standing. You want to do your homework and pick the one company you believe will work in tandem with your loan requirements. Step 4: Look Out for Fees. The fees are where a lot of these companies make their money and are written right into the leasing or lending contract. The fees can come from a variety of things related to the application process. Be sure to ask any potential lenders if they charge any fees.Step 5: Collect Your Documents. By organizing the documentation you are going to need ahead of time, you will be able to expedite the process more quickly. Things you can gather include the vehicle identification number, the make and model, the value of your bike, and the bike’s insurance information. When all of this is gathered, you can complete the application form quickly and submit it. If the lender agrees to take you on, you will need assistance in paying off the loan since the lender will not permit you to pay it off on your own. Once this is done, you will begin paying monthly payments to the new one. Be sure to always check that the old loan has been settled before you stop making your payments on it. If the refinancing does not overlap, you could be pegged with a late payment penalty that will impact your credit score.Refinancing your motorcycle loan can be a viable option for you if you want to save money or benefit from an improvement in a credit score. Here at Auto Approve, we make refinancing painless for our clients, which is why we want you to know we can support you through the process.Get in contact with our team today.GET A QUOTE IN 60 SECONDS

We can’t always control the circumstances in our lives, which is why at times, our financial situations may change without warning. Whether you want to simply lower your car payment, you want a lower interest rate, or you want to remove a co-borrower from your loan, auto refinance is a viable and responsible option that is available at your disposal today.When you elect to refinance your car, Auto Approve makes the process easy by paying off your old loan and setting up your new, more favorable loan. This can be an option for you no matter what your credit score is. Most people don’t realize that they may qualify for a lower monthly payment or interest rate, or how simple it is to remove the co-signer from your original loan for whatever reason. The beauty of auto refinancing is that you get a fresh, new start with better terms and rates than your original loan. The fact is, most people are eligible for much better terms than they currently have. It’s always smart to sit back and reflect on how you can achieve the best possible loan terms and rules for your present financial situation. The process just takes a few minutes - you submit your information, and Auto Approve taps into their network of the nation’s top lenders to get you the best terms possible.But, before you dive into auto refinance full-speed-ahead, let’s first look at a general overview of how to refinance your car, and if it makes sense for you.How to Refinance Your CarGeneral Overview: Does Refinancing Make Sense for You?Although auto refinance makes sense for the majority of situations, it’s still something you want to review before you commit yourself fully. If your current loan has a prepayment penalty, you will want to explore what that penalty looks like and if you can have it waived. Most of the time, there is no prepayment penalty, but it’s always wise to do your due diligence and check.If there are additional fees associated with canceling the loan, like needing to re-register the vehicle and transfer the title after refinancing, plan for this ahead of time. Fees can change per state, so it’s worth checking on what the specific details are for your state.You also want to consider the age of your car. Some lenders will be stricter about refinancing cars that are over 10-years-of-age or with more than 100,000-miles on the car. Overall, though, if you need to change the terms of the loan immediately or your credit score has improved, then the cost savings that come with these changes can override the fees mentioned above. That’s why auto refinance is something that is recommended for the majority of people today. We just want to encourage you to, as always, do your homework.Gather the Necessary Documentation:Now that you have determined that you want to pursue auto refinance, it’s time to collect the necessary documents to make it happen. Here is some of the information to anticipate presenting: employment information and history, residential information and history, social security number, date of birth, proof of mortgage statements, and address.Some lenders will want to know that you can repay the loan you are signing to. A paycheck stub, or a tax return can satisfy this request. They may also request proof of insurance as part of the process. Next, you will need to know the balance on your current auto loan, as well as that lender’s information if you are switching to a new lender. It’s worth noting your interest rate and length of the prior loan so that you can use that as leverage when shopping for a new loan.You will need the vehicle identification number (VIN), which can be found on your insurance card or located on the registration and title statements. Speed Up the Process with Prequalification:It’s time to expedite the process with prequalification. Applying for prequalification can be a great place to start so that you know your leverage. To get prequalified, the lender will gather a few pieces of your personal information as stated above. Once the information has been gathered, Auto Approve will prequalify your file and give an estimate or pre-approval that will provide you with an idea of what rates and terms you qualify for at that time.Apply for the Auto Refinance Loan:Ok, the moment is here. You are ready to apply! You will need to complete a loan application. Auto Approve then decides the best fit lender based on the prequalification and the credit profile of the applicant. Our team will submit the application to the lending institution. We will contact you for approval prior to submitting the application so you are in the loop from start to finish. Should the loan be approved, you will sign the paperwork presented by the lender, detailing the terms of your new loan. Always keep a record on file for future reference. The minimum amount you owe each month will be included via the digital copy of the deal. Be sure to never go below the minimum amount. If possible, pay more than the minimum amount to shorten the life of the loan.Transferring Your Old Loan:The transition from your old-to-new loan will be handled by Auto Approve. Be sure to still reach out to the previous lender to ensure that the transition has been done timely and professionally. When to Refinance a Car LoanWe know that was a lot of information, which is why Auto Approve is here to assist you throughout the entire experience. We make refinancing simple and easy, saving you time, frustration, and potential credit dings along the way. Start with a quote through our platform, and allow us to work with banks and credit unions to find your best rate. That’s it. Auto refinance, made with you in mind.GET A QUOTE IN 60 SECONDS

It’s hard to overstate the importance of a good credit score. After all, they are the main factor that lenders use when determining whether or not you are a good candidate for a loan. But your credit score is important for reasons beyond borrowing. A good credit score can help you score a better apartment, get you better rates on car insurance, and more. But how much do you really know about your credit score, and what questions should you be asking?Here’s everything you need to know about your credit score.What is credit? And what is a credit score?Credit refers to any agreement where a borrower receives money from another person or institution with the understanding that they will repay the money, usually with interest. When people talk about credit, they are referencing their credit history, which is a record of their credit usage. A credit score is a number that indicates to lenders their capacity to repay a loan. A credit score is between 300–850 and indicates a consumer's creditworthiness. The higher the score, the more likely a person is deemed to pay back their loan. How are credit scores calculated?Credit scores take into account five different factors in your credit history. Each factor is weighted differently. The factors are:Payment history (35%). Do you pay your accounts in full and on time?Amounts owed (30%). How much money do you owe?Length of credit history (15%). How long have you had accounts?Credit mix (10%). Do you have a healthy mix of accounts?New credit (10%). Are there new accounts that you haven’t proven your ability to pay?Every month different agencies will voluntarily send information to credit bureaus. These agencies typically include banks, credit unions, retail credit card companies, mortgage companies, car loan lenders, and debt collectors. These companies will share:Any new applications for an accountThe date a new account is opened and the loan amount/ credit limitThe account balanceThe status of payments madeWhether or not the account is sent to collectionsAdditionally, credit bureaus also purchase public records from public records providers. These include liens, court judgements, and bankruptcy filings.How do I know if I have good credit?The best way to know if you have good credit is to simply check your credit score. There are many sites that will allow you to check your credit score for free, so it’s a good idea to monitor it regularly. Additionally, you should check your credit report at least once a year (but we recommend reviewing it three times).Credit bureaus will allow you to access your credit report once per year for free and without it affecting your credit score. If you do this once every four months at each of the three bureaus, you will be able to effectively monitor your credit.Your credit score will follow into one of five categories, which will indicate the health of your credit score.Exceptional (Super prime): 781 to 850Very Good (Prime): 661 to 780Good (Non prime): 601 to 660Fair (Subprime): 501 to 600Poor (Deep subprime): 300 to 500What should I look for in my credit report?When you are able to review your credit report there are several things you should look for. Your report is broken down into four sections that you should review.Your personal information section. You should review to make sure that your name, address, social security number, employment history, and marital status are all up to date.Your public records section. You should review this to make sure that there are accurate records of any lawsuits, bankruptcies, liens (including tax liens), and judgements. Your credit accounts section. This will be the longest part of your report, but it's where the meat of your credit score lies. Review it to make sure your payment history is correct, that account ownership is correctly listed, that debts that are paid off are listed as so, that closed accounts are accurately noted, and that there is no negative payment information that is older than seven years.Your inquiries section. Review this to ensure that you authorized any hard inquiries on your account. It is illegal for someone to request a hard inquiry without your consent.If you notice any errors to the credit agency as soon as possible. They will look into the matter within 30 days. If they do not comply they will be in contempt of the Fair Credit Reporting Act.What are the benefits of good credit?There are many benefits of having good credit, and in general it will make your financial life much easier. These benefits include:You will be offered lower interest rates on credit cards and loansLenders will be more likely to approve youYou will get utility services more easilyLandlords will approve you for rentals more easily You will be approved for higher credit limitsYou will look better to potential employersYou will get better insurance ratesYou will have better negotiating power for loans and accountsWhat credit score do I need to refinance my car?There is no magic number credit score when it comes to refinancing your car. But car loan refinance is much more beneficial when your credit score is in good shape.The car loan APR you are offered will be based on a few factors:Your credit scoreYour income and debt-to-income ratioYour vehicleYour current loan informationCurrent market ratesYour credit score is the factor that you will have the most control over. The better your credit score is the lower the car loan APR you will be offered. The best rates are reserved for those with the best credit, so taking the time to improve your credit score is well worth it.Does refinancing affect credit score?People commonly wonder if refinancing hurts credit score. And while it will affect your credit score slightly, the benefits of refinancing a car will far outweigh any slight dips that it may cause in your score. Refinancing a car loan affects two parts of your credit score, your history length and your new credit. Opening a new account, it will shorten your credit history length. It will also count as a new credit and the hard inquiries will be noted in your credit report. But both of these will only cause slight dips in your score, and hard inquiries only affect your credit score for about a year.But the benefits of refinancing a car loan can really help your credit score. If you are having trouble making your monthly payments, refinancing to a longer repayment period can lower your monthly payments and make your monthly budget more manageable. This means that you will be able to more consistently make payments (on all of your accounts, not just your car loan). And that can really bump your payment history section, which is the most influential section of your credit report.Refinancing to a lower car loan APR can also loosen up more money in your wallet so that you can pay down other debts, which will also improve your credit score.How can I raise my credit score?If you are interested in refinancing a car loan it is a good idea to work on your credit score before applying. This will give you the best chance to be offered good terms and a good car loan APR. There are a few steps you can take to ensure your credit score is in its best shape before you apply.Make on time payments to all of your accounts (consider autopay if applicable).Check your credit report for errors.Pay down debts with high credit utilization ratios first.Continue using your credit responsibly.Don’t close any credit accounts.Request higher limits on your accounts.Catch up on any past due bills.Have someone cosign a loan with you (you can benefit from their good score).There is no quick way to improve your credit score. It will take time and commitment, but it will be worth it for you in the long run.That’s everything you need to know about credit scores: what they are, why they are important, and how you can improve yours.Building a great credit score takes time, but it’s incredibly important to your long term financial success. Better interest rates, easier approvals, and more peace of mind are waiting for you on the other side.Refinancing a car loan is a great step to helping your credit score. While you want your score to be in great shape before applying for refinance, keep in mind that it can help you improve your score too by loosening up some money every month.If you are thinking about refinancing your car loan, contact Auto Approve today! Our experts can help guide you through the refinancing process and help you start saving money immediately.So don’t wait, contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS

When you are applying for a car loan, you may be wondering what lenders are taking into consideration. Just how far do they dig, and how can you be sure that you will be approved for a new car loan? Here’s how banks determine car loan eligibility (and how you can make sure you qualify).How do banks determine if you qualify for a car loan?Lenders will look at a lot of information when determining whether or not you are eligible for a new car loan. Your current finances, your credit score, and other factors are all considered when determining eligibility.Your current incomeLenders want to see that you have steady income. Lenders will want to see current pay stubs if you are a W-2 employee (usually they will want to see more than one). If you are self employed or receive social security, you may need to provide bank statements. The lender will tell you what documents you will need to provide. They will also look at how your income compares to your debt (your debt-to-income ratio).Your credit scoreWhen you apply for a car loan lenders will pay special attention to your credit score. Your credit score is an indication of how likely you are to repay your loan, so the higher your score is, they will view you as more likely to repay your car loan. A good credit score will also help you to secure the best car loan APR possible.Your identity and residenceLenders will need to verify that you are who you say you are. They also need to know where you live so that they can repossess the car should you fail to make payments. A government issued ID is usually required for this. If you do not have one, a utility bill or lease agreement may suffice.Your down paymentAre you wondering “how does increasing the size of your down payment impact your auto loan?” The answer is, a lot. Lenders feel more comfortable giving you a car loan if you make a down payment. It will also mean that you have to borrow less money and will in turn get a more favorable car loan APR.What credit score is needed for a bank auto loan?A good credit score means you are a more trustworthy loan candidate in the eyes of the lender. Credit scores can be broken down into five categories: Exceptional (Super prime): 781 to 850Very Good (Prime): 661 to 780Good (Non prime): 601 to 660Fair (Subprime): 501 to 600Poor (Deep subprime): 300 to 500 There is no hard and fast rule for what credit score you need to have to secure a car loan, but generally you will have an easier time getting a car loan if your credit score is above a 620. But don’t just take our word for it. The latest Experian data from the third quarter of 2022 provides data on the car loan APRs offered by credit score.Superprime (781-850) average APR offered: 2.96%.Prime (661-780) average APR offered: 4.03%.Nonprime (601-660) average APR offered: 6.57%.Subprime (501-600) average APR offered: 9.75%.Deep subprime (300-500) average APR offered: 12.84%. Additionally it found that 65% of borrowers had a credit score above 661, while only 2% of borrowers had a credit score below 500. So while it is clearly not impossible to finance a car with a poor credit score, it is significantly more difficult and borrowers are offered much higher car loan APRs.How do I qualify for a refinance for a car loan?If you are looking to refinance your current car loan, you may be wondering what requirements to refinance a car there are. The refinance requirements are similar to those of simply applying for a new car loan, but your current loan and vehicle must also be taken into consideration.Your loanWhen it comes to refinance, lenders want to see that your current loan is at least six months old (although experts recommend waiting a year to refinance to give your credit score time to settle again after your initial financing). This will show that you can make your payments for this loan on time and in full. Some lenders might not require this, but you will need to at least wait until the car’s title is in the possession of your current lender. This can take weeks or even months for the paperwork to get straightened out. Lenders will also consider the time remaining and the balance remaining on your loan. Lenders usually have requirements for how much time is left on your loan (two years is pretty standard). Lenders also typically have requirements for how much of a balance remains on your car loan ($5,000 is another typical amount). If you do not have a lot of money or time remaining on your car loan you may have a difficult time qualifying for a car loan refinance.Your vehicleLenders will also consider the car you are refinancing. If your car is too old or has too many miles on it (more than ten years old and/or more than 100,000 miles) lenders may not approve you for refinancing. Some lenders will refuse to refinance certain makes and models, such as large engine or commercial vehicles. Your vehicle’s history will also be taken into account by lenders. If your car has been in a significant accident or had water damage this might be an issue for refinance.The loan to value on your current vehicle is another piece that lenders will consider when it comes to refinance. Your LTV is the total amount of your loan divided by your vehicle’s actual cash value. If this number is more than 125%, you may have a hard time getting approved for a car loan refinance. Other considerationsWhen it comes to refinance, lenders will again consider the following: Your current income and debt to income ratioYour credit scoreYour identity and residenceYour down paymentWhen applying for car loan refinance you should prepare yourself as much as possible by ensuring your credit score is in tip top shape.That’s how banks determine car loan eligibility for both new cars and refinance. Lenders look at a lot of information when determining whether or not you will qualify for a car loan. It’s a good idea to gather as much information as you can ahead of time and work on your credit score to give yourself the best chance possible of getting approved.If you are considering car loan refinance, Auto Approve is here to help! Our experts can guide you through the process and help find the refinance loan that is right for you.So what are you waiting for? Get your free quote today!GET A QUOTE IN 60 SECONDS

Insurance, warranties, vehicle protection plans, GAP insurance. Let’s be honest, it can be downright confusing to keep all of these products straight. While they are all meant to protect your property, they all work in different ways and protect you in different ways.Let’s talk about GAP insurance, how it works and how you can decide if it’s worth it.What is the purpose of GAP insurance?Before we get into what GAP insurance is, let’s talk about all of the different vehicle protections you have and discuss what protects what.WarrantyA warranty is provided by the car manufacturer and covers any problems that may occur to the car that are not your fault. There are two types of warranties, limited bumper to bumper warranties and limited powertrain warranties. Limited bumper-to-bumper warranties cover most things that can go wrong on your car, generally only excluding things like wear and tear and theft. Limited powertrain warranties cover the parts of your car that make the car drive, such as the drivetrain and the transmission. These typically last three to five years depending on the dealer.Vehicle Protection PlanA vehicle protection plan is an optional feature that can cover if something goes wrong on your car that is not your fault after your initial warranty expires. It is essentially an extended warranty. Coverage varies from policy to policy. Vehicle protection plans and warranties are designed to cover problems with your car that are not related to an accident.Car InsuranceCar insurance on the other hand is designed specifically for accidents and external factors that affect your car. Car insurance protects you in two ways: it covers any damage that occurs to your car as a result of an accident and protects you financially if you are liable for someone else’s injuries or damages. Car insurance is required in all states except New Hampshire (but you are still financially responsible for any damages that are your fault, so you should really have it anyway).There are different levels of insurance which all cover different things:Liability insurance is composed of three parts: bodily injury coverage per person, bodily injury coverage per accident, and property damage coverage per accident. This covers any damage you may cause to another driver, their passengers, or their property, including their car. Liability insurance is the minimum insurance requirement in most states. Comprehensive insurance, which covers the cost of damages to your vehicle if there is a non-crash accident, such as weather damage or theft. This also covers damage that occurs if you hit an animal. Collision insurance covers damages to your vehicle if you hit or are hit by another vehicle.GAP InsuranceGAP insurance, or Guaranteed Asset Protection, is optional insurance that kicks in when there is a gap between what insurance will pay and what you still owe on the car.Let’s say you owe $15,000 on your car when you get into an accident. Your car insurance decides that they will only pay out $12,000 in damages. This means that you are still responsible for $3,000 to the lender. GAP insurance would ensure that you do not have to pay this amount.How quickly do cars depreciate?GAP insurance protects you from depreciation. But just how fast do new cars depreciate? Well, pretty quickly actually. When looking at the rate of depreciation, we can divide it into three categories: after it leaves the lot, after one year, and after five years.After it leaves the lot…Your car loses value the second you drive your car off of the dealership’s lot. The car officially has an owner and is no longer a new car. It is estimated that a new car loses about 10% the moment it leaves the lot. Your car can go from $30,000 to $27,000 in a few seconds. After one year…Your car will lose the most value in the first year you have it. Experts estimate that new cars lose 20% of their value in the first year. After five years…After the initial depreciation of the first year, cars tend to lose about 15% of their value every year. By the end of the car’s first five years, it will lose about 60% of its original value. Depreciation occurs due to a number of factors, including:Mileage. High mileage shortens the amount of usable time left on the car and causes faster depreciation. Age. The older a car is, the less it’s worth. The Make and Model. Certain car’s depreciate at a faster rate simply due to supply and demand. Value is ultimately based on how much someone is willing to pay for it. If you have a less desirable car, expect your car to depreciate at a faster rate.Ownership History. Cars with fewer owners will depreciate more slowly than those with a lot of owners.Condition. If the car is in good condition and has not been in a lot of accidents, it will depreciate slower. If it has a pretty checkered past, it will deprecate at a higher rate. Regular oil changes, alignments, and general maintenance will slow deprecation. Color. While this seems insignificant, the color of your car will actually dictate depreciation. Neutral colors depreciate slower than other colors, since neutral colors are always in style. Is getting gap insurance worth it?GAP insurance is specifically designed for people who are financing, so it will not make sense for everyone to get it. But there are times when it is definitely worth it. Ask yourself the following questions to determine if GAP insurance is worth it. Did you put less than 20% as a down payment?GAP insurance helps you when your car loan is underwater. This means that you owe more on your car than your car is worth. Your car is more likely to be underwater if you did not put a significant amount down. Depreciation occurs at different rates depending on your car, but your car starts depreciating the minute you drive off the lot. The more you put as a down payment, the less likely your car’s depreciation will outpace the car’s value.Is your car a lease? Your car lease may specifically require GAP insurance, in addition to collision, comprehensive, and liability. Check the fine print to determine if it is necessary.Does your car have a high depreciation rate?As we mentioned above, different cars depreciate at different rates. Luxury cars tend to depreciate at the fastest rate, but every make seems to have a few models that suffer from depreciation more than others. Be sure to do your research to determine if your car will suffer. Do you drive a lot?One of the biggest contributors to depreciation (that you can control) is how many miles you put on your car. If you drive a lot, your car will depreciate faster and will have a higher chance of ending up underwater.Do you have a long repayment period?The longer your repayment period is, the higher the chance is that your loan balance will outweigh your car’s value. Long repayment periods are great for your monthly budget (after all your monthly payments will be lower when you have a longer period to pay the loan off). But long repayment periods mean that you will pay more in interest over the life of the loan and your car will have a greater chance of becoming underwater. GAP insurance can help protect you from this.Can you get gap insurance after you buy a car?GAP insurance is not offered by car dealerships, so getting it after you purchase your car is not a big deal. You can get GAP insurance through most standard insurance companies, or you can get it from a third party.If you are looking to refinance your car, Auto Approve works with you to make sure you get the best GAP coverage possible. Our loans come with GAP to protect you from negative equity. And the best news is that GAP insurance is incredibly affordable. Most customers can get GAP insurance for less than $14 a month. And considering how much money and hassle that can save you, it’s a real life saver (at an incredible price).That’s everything you need to know about GAP insurance, and how you can decide if it’s right for you. If you are considering refinancing your car, it makes really good sense to bundle GAP insurance in with your new loan. It is easy, affordable, and can save you a lot of headaches in the future. No one wants to get stuck with a bill they can’t afford (and a car that’s totalled and still keeping you in debt). Auto Approve is here to help you refinance your car loan with ease. Our experts can help guide you through the refinancing process and make sure you get the best car loan possible. Add in GAP insurance and you are set.So don’t wait any longer, contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS