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College has never been more expensive, and never felt so financially unattainable. As of early 2022, the average college graduate had $39,351 in student loan debt, growing by over $5,000 in just two years. In the United States, the total student loan debt is about $1.75 trillion. It’s overwhelming to think about how these costs may continue to climb in the future.If you are a parent, it can be scary to think about how you will help your child afford it. But preparing early and doing your research can pay off tremendously when it comes to creating a college fund. So today we are talking about what you can do to start saving money for your kids’ education. Here are our top five tips to start saving for college.Start as early as possible.It is incredibly important to start saving early. The earlier you start, the more time your money will have to work for you, allowing you to grow your college fund as much as possible. Plus, if any of the college funds you select have a yearly maximum contribution, it will give you more time to add to the fund.Determine how much you should save.When you create a budget, it’s always a good idea to have a solid number goal in mind. But how can you even begin to estimate how much money you will need to save? You must take into account what state you live in, what college your child is thinking of attending, and what the living expenses might be. This helpful online calculator can help give you an idea of how much money you should plan on saving. Choose a college savings plan.There are a lot of options out there for college savings plans. Look around at all the pros and cons to determine what will work best for you. Education Savings Account (ESA) or Education IRAThese accounts are very similar to a Roth IRA, but they are intended for education. With these accounts, you can invest up to $2000 per year, tax free. They have a much higher rate of return than a regular savings account, and although the amount you can contribute is capped, it can still add up to a sizable college fund. At a rate of return of 12%, if you started investing when your child was born you could save over $125,000 by the time they go off to college. Note that there are income limits for these types of accounts. These accounts can be used to pay for any education-related expenses, including tuition, vocational schools, and textbooks. The money must be used by the time the beneficiary turns 30.529 Plan529 plans are often state sponsored, and can be used for future education. These plans vary greatly from state to state, but generally there aren’t any income restrictions and you can invest up to $300,000 per year. You want to make sure that you have a flexible plan that will allow you to stay in control of how the money is invested. Some of the 529 programs will freeze or automatically adjust your investments, which is not ideal, so be sure you understand what type of 529 you are opening.These accounts can also be used to pay for any education-related expenses, including tuition, vocational schools, and textbooks. UTMA or UGMA (Uniform Transfer/Gift to Minors Act)This type of account is not education specific. Insead, you are essentially opening a mutual fund that will transfer to your child when they turn either 18 or 21. It’s a great option to save, but the money can be used for anything when your child receives it, whether it’s for tuition or that shiny sports car they’ve always wanted.Savings BondsInvesting in savings bonds is a very low risk option for college savings. But with such low risk, there is also low reward. You will earn more than in a traditional savings account, but not that much more. Right now fixed rate bonds earn about .1% annually. Plan your budget and look for ways you can contribute more.Once you’ve figured out how much you want to save and what type of fund (or funds) you will start, now it’s time to make it a reality. For an in-depth look at creating and maintaining a budget, check out our post here. Creating a budget doesn’t have to be super complicated. Just follow our simple steps below to get started:Determine your income. Calculate your take home pay (your pay minus any taxes and deductions). Add in any additional income you may have (property rentals, dividends, tips, etc.) This is your total income.Determine your expenses. Add up your fixed expenses, which are the expenses you have that do not change from month to month (rent, mortgage, cable bill, internet, subscription services, etc.) Then add up and average out your variable costs, which are expenses that do change from month to month (groceries, electricity, entertainment, etc.) These are your total expenses.Compare. Look at the differences between your income and your expenses. How much of a gap is there? Are you saving every month or are you losing money every month?Look for more ways to save. Looking at your budget can help you see where you have wiggle room to trim some fat. Some common ways to free up some money every month include:Canceling unused subscriptions.Cutting back on dining out and entertainment.Buying generic brands at the grocery store.Refinancing your car loan (refinancing your car loan to a lower rate can loosen a lot of money every month and make a big difference in your budget).Extra money that you save every month can be allocated to your college fund. You know how much money you want to save, so use that number to determine how much you should be saving every month or every paycheck.Note: Saving for college is important, but don’t neglect your other responsibilities. Don’t shirk paying off your debts or building an emergency fund: instead try to divide up your extra money every month and do what makes sense for your situation. A healthy budget is about balance.Encourage your kids to be proactiveOf course we want to help our kids as much as possible to get a good head start for the future. But it is their future and their education, so it’s important to encourage them to take an active role in saving for college and investing. Here are some things that your kids can do to help fund their education. Open a Savings AccountTeaching kids early about saving is tremendously beneficial. Help them open a savings account so they can start saving at a young age.Get a JobWhether it's a part time job at night or on weekends, or a summer job, encourage them to start working as soon as they are able. Not only will it help them save some money and get some real world experience, it will also be a nice addition to their resume.Apply for ScholarshipsThere’s money out there for students, you just have to look for it. There are a ton of resources online and through your child’s school that will help them find scholarships for which they may be eligible. Even small scholarships can add up quickly.Apply for AidYour child should apply for federal aid when they are applying to college. Filling out the Free Application for Federal Student Aid, or FAFSA, helps colleges determine how much money they can offer your child. This may be in the form of scholarships, state aid, school aid, student loans, or work study. Read carefully to make sure they are not just student loans, which may or may not be beneficial for your child.Take AP classesIf your child  scores high on your AP classes, they can get college credit. And those are credits that they would normally be required to take (and pay for) at college. Take advantage of these classes in high school and make sure the colleges they are applying to take AP credits. They can easily save thousands of dollars (and possibly skip a semester) if they are proactive with their AP courses.Those are our top tips to start saving for college.Being proactive and starting to save for college can be very overwhelming, but we hope this helps you get started. A little investment early on can go a long way and pay off tremendously.If you are looking for more ways to save, consider refinancing your car loan with Auto Approve. Market rates are still low and you may qualify for a lower car loan APR, which can save you lots of money every month (money that could go straight into that college fund!) If you are thinking about refinancing your car loan, don’t wait!GET A QUOTE IN 60 SECONDS

We know that an auto refinance can save you a ton of money. We know that it can lessen your monthly payments and give you some breathing room. And we know that it’s a great way to change any terms in your car loan that aren’t beneficial to you. But how do you apply for an auto refinance? Today we are talking about the process of applying for an auto refinance and getting into the nitty gritty details. The Steps You Need To Take to Refinance Your Auto LoanThe good news is that it’s actually really easy to refinance. Auto loan refinancing is actually much simpler than mortgage refinancing, and can easily be done in a few hours. As with everything, preparation is key. So let’s get into the steps you need to take to refinance your car loan.Review your current loanLook at your current loan contract and review your current terms. Make sure you know the following:Current monthly payment The remaining balanceThe amount of time left to repay the loan in months (the loan term)The interest rate Additionally, make sure you are aware of any penalties for which you may be responsible. Some car loans have prepayment penalties that you will be responsible for if you end your contract early. Call your lender directly if you have any questions or want to review any of the fine print. Knowing your current loan terms will help you decide if a car loan refinance is worth it.Collect your documentsWhen you apply for an auto refinance, you will need to have all of your documents in order. Gather the following so you are as prepared as possible:A Photo ID, such as a passport or driver’s license.Your vehicle’s information, which may include the bill of sale, VIN number, make, model, and year of your car.Proof of income and financial history, which may include pay stubs, banking information, and your credit report.  Proof of residence, such as a mortgage statement, lease agreement, or utility bill. Note that PO boxes are not acceptable as proof of residence.Proof of insurance. If you are applying online, scan and upload all of your files so they are easy to access.Check your credit score and reportThe car loan APR that you are offered will depend heavily on your credit score, so you want to make sure that your credit score is in good shape. Request a copy of your credit report (which you can do once per year for free) and review it carefully for any errors or mistakes. Be sure that everything is accurate and up to date on your report. You can petition the credit bureau if there are any inconsistencies or errors. Remember, the higher your credit score is, the lower your rate will be. Being thorough in your credit report review can save you a lot of money. Research lendersWhile you will not have any offers to compare until you actually apply, you can do initial research to decide which lenders will be beneficial. Look around online for different credit unions, traditional banks, and online lenders. See what some of the average rate offers are, and look carefully at the customer satisfaction ratings. We recommend applying to three to five different lenders. To simplify this, you can use a company that specializes in auto refinance, like Auto Approve. We have existing relationships with the best lenders across the country, so you don’t need to research a million companies to know that you are getting the best deal around. All you need to do is fill out your information, and we handle the rest!Apply to lendersBe sure to apply to all of your lenders within a fourteen day period. This will ensure that all credit inquiries only count as one hit on your credit report. (If you use Auto Approve, we take care of all of this!)Compare your offersWhen the refinance offers start coming in, compare all of the rates and terms. What is the interest rate being offered? What is the repayment period?Are there prepayment penalties? There is no limit to the amount of times that you can refinance, so make sure you don’t agree to prepayment terms that you may regret in the future.Does the lender have good customer reviews? Do customers seem happy with their communication and transparency?Do the math and be sure that your new savings will offset any prepayment penalties for which you may be responsible.Sign and Start Saving MoneyOnce you have compared all of your offers and picked the best car refinancing option, simply sign on the dotted line and start seeing the benefits of refinancing immediately. (And if you use AutoApprove to refinance your car loan, we will even handle the boring DMV paperwork so you don’t have to!) How Do I Know If my Interest Rate is Good on my Auto Loan Refinance?The main benefit of auto loan refinance is that you can secure a lower car loan APR and save a lot of money. You should consider refinancing in the following situations:When interest rates are low. Interest rates are adjusted based on how the economy is performing. If the economy is not performing well, or is anticipated to not perform well, banks will lower their interest rates to encourage spending. If interest rates are lower than when you first took out your auto loan, it may be a good time to consider refinancing. (Hint: rates are low now, so it’s a good time to refinance)When your credit score has improved. Your credit score is a major factor in the car loan APR you will be offered. The most favorable rates and terms are given to those with very good and excellent credit. Even if your score has increased within your bracket, but you haven’t crossed into a better category, it still might be worth getting a few quotes and seeing if you can get a better rate. When your income has decreased or your expenses have increased. If money is tight, refinancing can provide some much needed breathing room. You can either get a lower car loan APR which will automatically reduce your monthly payments, or you can lengthen your payment period so that you will pay off the loan over a longer period of time (therefore reducing your monthly payments). Either way this can free up your monthly budget.Auto refinance sounds like a good option, but how do you know if your interest rate is good? The quick and easy way to know if your auto loan refinance rate is good is to ask yourself, “is this auto loan refinance rate lower than my existing rate?” If it is lower, then it’s probably worth refinancing. Always be sure to do the math to determine how much money you will save over the course of the loan repayment term. The car loan APR that you are offered depends on a number of factors:Your credit score. Your credit score tells lenders how likely you are to repay your loan, and repay it on time. There is no magic number, but the higher your score is, the better your offered rate will be. Your income. Lenders consider what’s called your debt to income ratio (DTI) which compares your monthly debt payments to your monthly income. The lower the ratio, the better your rate will be.Your vehicle. Lenders look at your car’s loan-to-value ratio (LTV) calculation to determine if your vehicle qualifies for refinancing. The LTV will help lenders decide if they can recoup their losses should you default and they need to resell your car.Lenders consider all of these factors to determine if you qualify for an auto loan refinance and what car loan APR you should be offered. What Are The Best Auto Refinance Interest Rates Today?The auto loan refinance rates are still incredibly low right now. So if you want to get the best auto refinance rates, you should consider refinancing as soon as possible.The Fed has announced that it will be increasing interest rates throughout 2022, so the sooner you refinance, the better. You can get the best rates by shopping around and doing your research. But we can save you a lot of work and hassle by handling this for you. All you need to do is collect your documents and answer some simple questions, and we will handle the rest! So if you are looking for the best auto refinance rates today, look no further than Auto Approve.And that’s how you apply for an auto refinance.The time has never been better to refinance your car with Auto Approve. But don’t just take our word for it. With a 96% would recommend rating on LendingTree and an A+ rating from the Better Business Bureau, you know you are in good hands. So don’t wait any longer! GET A QUOTE IN 60 SECONDS

Leasing a car has a ton of benefits, especially if you are the type of person who loves having a new car every few years. And leasing a car is pretty popular these days – according to Experian, about 26% of new cars are leases.But how much does it really cost to lease a car, and how do you know whether you should lease or buy a car?Is it Better to Lease or Buy a Car?Leasing a car is essentially renting a car; you pay for the time that you are using it and the depreciation that occurs, but then you return the car at the end of the lease. So which is better, lease vs buy car?Pros of Leasing a CarThere are a lot of advantages when it comes to leasing a car. Some of these include:You will have lower monthly paymentsThe lease agreement covers a good deal of the maintenanceThe lease agreement covers some repairsYou will never need to deal with the hassle of selling your carYou can get a new car every year Leasing a car is generally good for people who do not drive too much, do not want to be bothered with maintenance and repairs, and like to have a new car every few years.Cons of Leasing a CarOn the other hand, there are some notable disadvantages to leasing a car. Some of these include:You do not build equity because you do not have the car as an asset at the end of the leaseThere will be mileage limitsThere will be usage restrictions – you may be prohibited from using the car for rideshares or from leaving the country with the car You cannot customize the car in any way – no paint jobs, tinted windows, upgraded sound systems, etc.Leasing a car is generally not good for people who drive a lot and people who like to customize their cars. Pros of Buying a CarThere are also a lot of advantages when it comes to buying a car. They include:You get to build equity – the car is yours and it becomes an asset of yoursYou can customize the car how you likeThere are no mileage limitsYou can decide how, if, and when you make repairs on the carYou can sell the car on your termsIt’s generally easier to get financing when buying as opposed to leasingBuying a car is good for people who drive a lot and do not want restrictions on their driving. It’s also good for people who want or need to build equity.Cons of Buying a CarThere are also some considerable disadvantages to buying a car. They include:You generally have to put down more money up frontYou pay interest on the car’s overall cost, as opposed to leasing where you only pay interest for your length of useBuying a car can be hard if you are strapped for cash. If you have a good credit score but not a lot of money to put down, leasing a car will be easier for you than buying a car.What is The Average Cost of a Car Lease?When it comes to a car lease, there are a few costs that you will have to consider. There is unfortunately more than just the monthly payments for which you are responsible.The Down PaymentLeases usually require a down payment. The amount required will vary from dealer to dealer, but can easily be a few thousand dollars. It is based on the make, model, location, and other variables from lease to lease. The down payment is also called the “Capitalized Cost Reduction”.The Monthly PaymentThis is what most people think of when it comes to the cost of a lease. This is the fee for using the car every month. It is based on the price of the car (including the added options), the length of the car lease, and the money factor. The lease money factor is essentially the APR on the lease. Instead of being expressed as percentages, they are expressed as small decimals. 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%)The lower the lease money factor is, the better. Sometimes the money factors are not disclosed on the lease sheet, so be sure to ask the salesman what money factor is being applied to your loan. It’s important to have a baseline understanding of what a competitive money factor for your credit score is will help you determine whether or not you are getting a fair rate. The Acquisition FeeThe acquisition fee is essentially the dealer fee for your transaction. It commonly runs anywhere from $400-$900. This may also be referred to as a bank fee or administrative fee.The Return FeeThe return fee is charged when you – you guessed it – return your car at the end of the lease. It may also be referred to as the disposition fee. This covers the cost of cleaning and repurposing your car for sale. It’s usually a flat fee set by the dealership and can run between $300-$400.The Extra Mileage ChargesLeases always have mileage limits on them. Whether the mileage limit is 10,000 per year, 12,000 per year, or 15,000 per year, you definitely want to keep an eye on this. Do not sign a lease agreement if you know you will go over the mileage limit, as extra mileage charges can add up to a lot of extra money out of your pocket. The mileage charge rate varies drastically from lease to lease, but usually ranges between $.10 and $.25 per mile. Going just 1000 miles over your mileage limit each year for the length of your three year lease can cost you between $300 and $750. If your mileage overage is high enough, it might make more sense for you to do a lease buyout, as it may save you money.The Wear and Tear ChargesWear and tear charges will vary greatly from lease to lease. While minor wear and tear is expected, there are additional fees for whatever the dealer may consider excessive. This may include dents, dings, stains or rips to the interior, or repairs to mechanical issues. The Total Cost of a LeaseThe total cost of a lease is more than just monthly payments, so be sure to take all of these different fees into consideration when determining the total cost of a lease.How Do You Get The Best Car Lease Interest Rate Deals?It’s important to shop around when looking for a car lease. There are four main things you need to consider when trying to get the best car lease deals and the best interest rate.The sale price of the car. Even though you are not buying the car, you want to negotiate this number. Your payments will be based partially off this price, so make sure it is fair. Use a website such as Edmunds or Kelley Blue Book to find a fair market price.The residual value of the car. Also known as the resale value, this is what the car is worth at the end of your lease. You cannot negotiate it, as it is set by the lender, but you want to make sure that you pick a car that has a good resale value in the first place. Most cars have a residual value of between 50% and 58% of their sale price.The money factor. The money factor, or interest rate, is highly dependent on your credit score. To ensure that you get the best rate available, make sure your credit is in the best shape possible. Make sure you are making consistent, on time payments and are not overextending yourself with monthly payments. It’s always good to check your credit report to ensure there are no discrepancies or any issues that are bringing down your credit score unfairly. If you have good credit, you can find rates between 2% and 5%. If you have average credit, you can find rates between 6% and 9%. If you have poor credit, you can find rates between 10% and 15%.The length of the lease. How long will you have the lease? Car leases typically last 36 months, which is the length of an average warranty. Be wary of longer leases; they can rope you into paying for more repairs and maintenance. And those are the ins and outs of car leases, and how much you can expect to pay for one. Leasing can be a very good option for some, while not a good option for others. Look at your driving habits and what your expectations are with your new car. You may find that buying a car is a better option for you.If you currently have a lease but you are interested in a lease buyout, contact Auto Approve today! We can help you secure a lease buyout loan so you can keep your car for less.Don’t wait... GET A QUOTE IN 60 SECONDS

There’s a lot to consider when it comes to refinance. Car loan refinancing can be especially confusing. When can you refinance a car loan? What is the best way to refinance a car loan? What are the pros and cons?Well, if you have questions on your mind about refinancing, good news! Today, we're talking all about auto loan refinance and answering all of your most burning questions!Here’s your guide to the pros and cons of an auto loan refinance.What Are The Advantages Of Refinancing Your Car?You can save money by lowering your interest rateThe main advantage of car refinance is simple: it can save you a lot of money. There are a few reasons why you might be able to score a lower car loan APR this time around:Your credit score has improved. If your credit score has improved since you initially applied for financing, there’s a good chance you can get a much lower car loan APR. Your credit score could have improved for a number of reasons. Making consistent and full on time payments can impact your credit score positively, as can paying down outstanding debt. Your credit score is one of the biggest factors in determining what interest rate you are offered, so an increase in your score can lower your interest significantly.The market rate has decreased. If the overall interest rate in the market has decreased, there's a good chance you may qualify for a lower car loan APR. Right now car loan APRs are incredibly low (although they are set to increase as the year goes on). In the past two years the average car financing rate has decreased over 1.3%, which can add up to a lot of savings if you refinance.You got talked into a bad deal in the first place. Dealerships are notorious for adding on high markups to financing plans. Simply refinancing to an accredited lender may reduce your interest rate, even if your credit score and income have remained the same.You can reduce your monthly paymentsRefinancing your car loan gives you the chance to reduce your monthly car loan payments. This can happen either by lowering your APR (which naturally leads to lower payments) or by changing your repayment period. If you need some extra room in your monthly budget, lengthening your repayment period will allow you to spread out your payments over a longer period of time. This will reduce your monthly payments.You can add or remove a cosignerIf you need to add or remove a cosigner for your loan, you will need to refinance your car loan. It is not possible to simply add or remove a cosigner, it requires you to take out a new loan completely. This is because interest rates and loan terms are highly dependent on the applicant. So if you want to add or remove a cosigner, refinancing your car loan is the best option.What Are The Disadvantages If I Refinance My Car?Your existing loan may have prepayment penaltiesIf your existing car loan has prepayment penalties, the penalties may outweigh the savings of a refinance. Car loan paperwork should have the fees listed out. If it’s unclear, call your agent to confirm.Reducing your monthly payments may mean you pay more overallIf you are refinancing your car loan to make your car loan payments more manageable, you may end up spending more money overall. Spreading out your payments over a longer period of time will reduce them, but it also means that you will be paying interest over a longer period of time. But if you need the extra breathing room in your monthly budget, it might still be worth it.It may temporarily drop your credit scoreWhen you refinance your car loan, you are paying off one loan with another loan. So you are closing out one account and starting a new one. This will affect two areas of your credit score: your credit history length and your new credit. Your credit history length will be reduced since you are closing one account out, and your new credit will show one new account and a hard inquiry into your credit. Neither of these account for a large portion of your credit score, but you should be aware of it. Especially if you are relying on a good credit score for another reason, such as a mortgage or another loan application. How To Decide If An Auto Refinance is Right For YouIf you are wondering if an auto refinance is right for you, ask yourself the following questions:Do you qualify?First off, are you even eligible for auto refinancing? If your car is more than ten years old or has more than 100,000 miles on it, your vehicle might not even qualify for refinancing.How much time has passed since your initial financing?There is no minimum amount of time you need to wait to refinance your car loan, but experts agree that waiting 6-12 months will give you the best shot at refinancing. This will give your credit score enough time to bounce back after the hard inquiry and will give you the chance to make consistent, on time, full payments. This will show lenders that you are a good candidate and will help ensure that you get a better interest rate. How much time is left on your loan?If there’s less than a year left on your car loan, it’s probably not worth it to refinance. First off, lenders will probably not find it to be worthwhile, so you may have a hard time getting approved. Second, it won’t be as worthwhile to you. Car loans are front loaded and amortized, meaning that in the beginning of the loan you are paying more towards the interest, and towards the end of the loan you are paying more towards principal. So the closer you are to the end of your loan, the less you are paying in interest (and thus the less auto refinance will save you).There are a lot of advantages to refinancing your auto loan, but it will depend on your situation whether or not the timing is right.If refinancing sounds like a good option for you, consider refinancing your car loan with Auto Approve. We specialize in auto refinance and have relationships with lenders all across the country. This means we can save you a lot of money and we can make the refinancing process super simple. And with a 96% would recommend rating on LendingTree and an A + with the Better Business Bureau, you know you are in good hands. So don’t wait any longer to start saving money!GET A QUOTE IN 60 SECONDS

Whether you are refinancing your car for the first time or the fourth time, you may be wondering “how many times can you refinance a car loan?” Well, we’ve got good news for you! Today we are talking all about auto refinance and how many times you can refinance your car loan. Is it Okay To Refinance an Auto Loan More Than Once?Long story short: there is no limit to the amount of times that you can refinance your auto loan. But there are some questions you should ask yourself if you are thinking about refinance. Auto loan refinancing should have you asking yourself:Do I qualify for refinancing?When did I last refinance?How will refinancing affect my credit?How do I know the time is right to refinance again?Let’s go through each of these and see if refinancing your car loan more than once is a good idea.How Can I Qualify To Do Auto Loan Refinance Multiple Times? Should I Refinance Multiple times?Do you qualify for auto loan refinancing?First off, do you qualify for refinance? Qualifying for an auto loan refinance will be pretty much the same every time you apply. Here are a few things that lenders will ask:How old your car isHow many miles your car hasHow much money is left on your loanMost lenders require that your car is less than ten years old and has less than 100,000 miles on it. As your car gets older and depreciates more, refinancing will get more difficult.It will also depend on how much time and money is left on your initial loan.Auto loans are front loaded amortized loans. This means that in the beginning of your loan you are paying more in interest, and towards the end of the loan you are paying more towards the principal. For the lender, this means that they will make more money off of you the earlier you are in your loan. For you, this means that you will save more money overall the earlier you are in your loan.If your loan has less than a year left on it, you will most likely not qualify for refinancing (and it probably wouldn’t be worth it for you in the first place).When did you last refinance your car loan?While there is no exact timeline to when you should refinance again, experts recommend that you have 6-12 on time payments with your current lender before you refinance. This will show lenders that you make full, on time, consistent payments to your car loan. It will also help your credit score. When you refinance your car loan, your credit score takes a slight ding from the initial hard inquiry that is made on your credit. After a year, that inquiry will disappear. Having on time payments during this period will also help your credit score, as payment history makes up 35% of your score.Will refinancing multiple times affect your credit?Refinancing multiple times will affect your credit, and it’s important to keep that in mind. But that doesn’t mean it will affect it negatively. When you refinance, you affect two parts of your credit: your credit history length and your new credit. Remember, refinancing is paying off one loan with a new loan. By getting rid of one account, you are decreasing the age of your accounts. You are also triggering a hard inquiry in your new credit. Pro Tip: The inquiries on your credit report last less than one year, so they are only temporary. While multiple inquiries can bring your score down, one or two will not affect you by more than ten or twenty points, so don’t let that scare you off from refinancing your car loan. The new credit category of your credit score only accounts for 10% of your score.When you refinance, you are aiming to get better terms, whether it is a lower car loan APR or a more manageable repayment plan. Either way, the goal is to save you money and make your monthly payments more doable. So if refinancing will put you in a better position to make full, on time, consistent payments, it will actually help your credit score in the long run.How do you know the time is right to refinance again?You should refinance if any of the following apply to you:You can get a better interest rate. If your credit score has improved since your last auto refinance, you may be eligible for a lower car loan APR. Similarly, if the market rates have decreased there may be lower interest rates available to you. This can save you a lot of money in the long run.You need some breathing room in your monthly budget. Refinancing can save you money by lowering your interest rate, and it also allows you to change your repayment schedule. If you need a little more wiggle room in your budget every month, you can change your repayment plan so that you are spying your loan off over a longer period of time. This can free up hundreds of dollars in your monthly budget.You want to add or remove a cosigner. If you want to change who is listed on the loan, you will need to refinance your loan. You cannot simply change who is listed as the borrower.When does it not make sense to refinance again?There are times when refinancing your car loan will not make sense for you. If your car does not qualify or is underwater. If you owe more on the car than the car is worth, or the car is simply too old, you will not be able to refinance. If there are hefty prepayment penalties. If your existing loan has significant prepayment penalties, the cost of refinancing may outweigh the benefits of refinancing. It’s always important to do the math to make sure that refinancing will be financially beneficial.If there’s less than a year left on your loan. If you have less than a year left on your loan, you may not qualify for refinancing, or it might not be worth it. Do the math and decide if it’s even worth it with so few payments left.How Can You Tell If Auto Refinance Companies Are Reliable?You’ve decided that refinancing is a good move for you right now. You can save a lot of money every month, and save money overall at the end of your loan. But how do you decide which auto refinance companies are right for you?When looking for a new lender, consider a mix of traditional banks, credit unions, and online lenders. You should aim to apply with 3-5 lenders. And make sure to apply to them all within a fourteen day period – this way it will count as one hard inquiry on your credit report. The easiest, most convenient, and most cost effective way to do this is to use a company that specializes in auto refinancing, like Auto Approve. We can streamline this process for you and handle all of the tedious paperwork, so that you don’t have to. When the offers come in, we bring them right to you.Once you have your offers, consider the following:What interest rates are being offered?What are the repayment periods?Are there prepayment penalties?Are there hidden fees?Do they have good customer satisfaction ratings?It is important to consider all of these aspects of the offer. One of the most important factors however is the customer satisfaction. You want to know that your lender is communicative and transparent. You want to know how your money is allocated between interest and principal, and what fees may be taken out. Issues in communication is the number one complaint with refinancing companies according to the Consumer Financial Protection Bureau. So don’t take this lightly.We know how important communication is here at Auto Approve. That’s why we pride ourselves on our customer service. Our TrustPilot reviews speak to our commitment to a fantastic consumer experience. We also have an A+ rating with the Better Business Bureau and a 96% would-recommend rating on LendingTree. Once you have your offers and compare everything, you will have to decide which lender is right for you. Once you decide, it’s just a matter of filling out the paperwork and signing on the dotted line. And if you use Auto Approve, we can handle all of the paperwork for you. Even the DMV paperwork!And that’s it – refinancing your car loan again can be that easy!There is no limit to the amount of times you can refinance your car loan, so you should refinance your car loan as often as it makes sense to do so.If you are like most car owners, you are overpaying on your car payments every month. But one stop over at Auto Approve can change that. So get started today!GET A QUOTE IN 60 SECONDS

Is your car loan APR high? If so, you are probably thinking about refinancing your car loan.But how do you know when it is the right time to refinance a car loan? Refinancing is all about timing, after all. So let’s jump in!How Long Should You Wait To Refinance Your Car? It is possible to refinance car loans at any point. But when is it the most beneficial to do so?At the bare minimum, you will need to wait 60 to 90 days to refinance your car loan. This is about how long it takes to complete all of the necessary paperwork and get everything filed where it needs to go.Experts recommend waiting at least six months to refinance your car loan. This will give your credit score a chance to bounce back after the initial hard inquiry on your account. It will also give you the chance to make consistent, on time payments to your current loan. This will help improve your credit score and prove to future lenders that you are reliable when it comes to repayment. The earlier you refinance your car loan, the more beneficial it will be to you. Why? Because car loans are amortized and front loaded. This means that in the beginning of your loan, your payments go more towards the interest than towards the principal. So when you are refinancing to a lower rate it will be more beneficial when you are paying the most towards that interest, i.e. in the beginning of the loan.You want to find the sweet spot where your credit score is at its best, ensuring you will get the best interest rates available, and where you are paying a lot towards interest, ensuring it will be most beneficial to you.Pro Tip: Be sure to check your existing auto loan before you refinance to see if there are prepayment penalties. These penalties can be heavy and may outweigh the benefits of refinancing.Understand How A Car Refinance Works Before You SignBut wait: how exactly does car refinance work?Car refinancing is when you pay off your existing car loan with a new loan, one that ideally has better terms and a better interest rate. If you have a low car loan APR and good terms, then great! You don’t need to worry about refinancing. But if you are like most car owners out there, you are probably overpaying on your car loan. So what are the qualifications to refinance your car loan?Your car’s age and mileage. If your car is older or has more than 100,000 miles on it, lenders may not want to refinance your loan.The time left on your loan. If you have less than a year left on your loan, lenders may not see it as worthwhile to refinance your loan.Your credit score. Your credit score should be in good standing to refinance your car loan. Your current payments. Lenders will want to see that you are up to date on your payments with your existing lender.Ok, so you meet the qualifications. But why should you consider refinancing your car loan? How beneficial can it really be? Refinancing your car loan can be a great idea for a lot of reasons.You can save money in the long run. A lower APR means that you are paying less in interest over the length of the loan. This can add up to thousands of dollars over the years.You can lower your monthly payments. If you need a little more breathing room every month, refinancing your car loan can lower your APR, which will lower your monthly payments. It will also allow you to change your repayment period. This means that you can choose to repay your loan over a longer period of time, which will automatically lower your monthly payments. You can add or remove a cosigner. People have cosigners for many different reasons. Maybe you have added on a friend because they have a better credit score, and it secured you a better rate. Or maybe you have your child on as a cosigner to help them build credit. No matter what the reason is, any change that you may want to make to your loan arrangement will require a refinance. You cannot simply add or remove a cosigner from an existing loan.Car refinancing has a lot of benefits and can save you a lot of money in the long run.What Fees Do Car Refinance Companies Charge?Refinancing a car loan is much different than refinancing a mortgage. While mortgage refinancing requires appraisals and closing costs, auto refinancing is much simpler. Typically your biggest fee will be your title fee, which is usually around $75. On top of that, the lender may charge a processing fee of $10 to $15 dollars. If your existing loan has prepayment penalties, you will be required to pay those as well.Some car refinance companies will charge additional fees when they refinance your car. This often comes in the form of them tacking on a percentage to the APR that the lender offers. At Auto Approve, we don’t believe in that. We want the savings to be passed on right to you. That’s why we never mark up our rates the way that some of our competitors do.Auto Approve is committed to making the auto refinancing process as easy as possible. That’s why all you need to do is head to our online quote form, answer a few quick questions, and let us handle the rest! We will shop around and get you multiple quotes from different lenders, handling all that legwork so you don’t have to. Then you can pick which deal and lender is the best for you!After you pick your offer, we will send you all of the documents that you need to sign electronically, so you can complete your refinance from the comfort of your home. And that’s it! We will even handle the pesky DMV paperwork for you. You don’t need to take our word for it. Our customers are raving about how easy and hassle free refinancing a car loan with Auto Approve is. We have an A+ rating with the Better Business Bureau and our customers have given us a whopping 96% would recommend rating on LendingTree. Not to toot our own horn, but we definitely know what we are doing when it comes to refinance.The sooner you refinance your car loan, the more money you can save in the long run.So, what are you waiting for?GET A QUOTE IN 60 SECONDS

Years ago, you thought that a one-stop-shop for your new truck would be the best option for you. You could pick out your truck, go for a test drive, arrange your financing, and drive off in your new car in just a few hours. Unfortunately, if this sounds familiar, there’s a good chance you are overpaying for your truck loan.If you got your initial truck loan from the dealership, refinancing could save you a ton of money.Let's take a look at the who, what, why, and how.Is it better to get an auto loan from your bank or the dealership?First off, let’s talk about the differences between getting a vehicle loan from a bank or lender and getting one from a dealership. There are pros and cons to both, but in general it is better to get your loan from a lender. What is dealer financing?Dealer financing is simply when the truck dealership sends out your information to different lenders and banks. They receive the offers and present them to you, but with an added percentage (their markup).What is direct financing?With direct financing you get approved for your financing before you shop at the dealership. You have to do more of the legwork, but you avoid the dealer markups. What are the advantages of dealer financing?There are two main advantages of financing through a dealership: convenience and incentives. The main advantage of dealer financing is convenience. You simply fill out some paperwork, and they will handle getting all of the quotes for you. They already have relationships with banks and lenders, so this typically happens pretty quickly, and you can drive off in your new car in just a few hours.Another advantage of dealer financing is the offers and incentives they may give. They can offer promotional rates and discount their inventory at certain times. What are the disadvantages of dealer financing?The major, and most important, disadvantage of dealer financing is that it will most likely cost you more in the long run. Since they are acting as the inbetween for you and the lender, they are simply marking up the rates.Additionally, the “deals” that dealerships run are oftentimes not worth the money you will save by going through a traditional lender. A little savings up front rarely outweigh an increased APR of 1-2%.What about “No Credit, No Problem”?A big draw of dealership financing is the “no credit, no problem” advertising. They tell you that even if you have very poor credit, they can still approve you for financing that is beyond your means. But these deals are dangerous, as they are high risk loans and will carry a much higher APR than traditional loans.What about 0% financing?Sometimes dealers will offer 0% financing. But how do they make money off of this? Well, they use this as a way to get people in the door. They can either raise the sale price of the car beforehand, or use it as a chance to get rid of older models that aren’t selling as well. Either way they are making money, just not through the financing.How much do dealers make off financing?Dealers essentially “buy” the financing for a vehicle at one rate, add on to it, and then “sell” it to the consumer for the marked-up rate. Each sale is different, but typically dealerships can make thousands of dollars from the marked up rates of financing. The dealerships do have some wiggle room with this – after all, they can choose how much they want to make each sale. This means that dealers can reduce the APR at certain times to encourage sales and meet monthly sales goals (it’s true that buying a car at the end of the month can get you some better deals).When should I refinance my truck loan?If you got your truck loan from a dealership, you should definitely think about refinancing as soon as possible. After all, the sooner you refinance your car or truck, the sooner you will start to save money.Again, if you financed through a dealership originally, refinancing is most likely a good option for you right now. But here are some other factors that may help you decide that refinancing is the right move for you.Your credit score and credit worthiness have improvedIf your credit score has improved, you will most likely be approved for a lower APR. Lenders reserve their best rates for customers with the highest credit scores. 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 areas has changed since your initial financing. Check your credit report to make sure everything is accurate and up to date. This will put you in the best position to get a good deal when refinancing an auto loan.Market interest rates have decreasedIf the market rates have decreased since you originally financed your truck, there’s a good chance you can get a lower interest rate if you refinance. Market rates are set to increase later this year, so the time is now to commit to refinancing. You are having trouble making monthly paymentsIf you are having trouble with your monthly payments, refinancing your car loan or truck loan may help a great deal. Refinancing can help you with monthly payments in a few ways. First of all, it can help you secure a lower interest rate which will automatically reduce your monthly payments. This will also ensure that you will save on the total amount that you pay back.  Second, it will allow you to adjust your repayment plan. Lengthening your repayment plan will allow you to pay off your loan over a longer period of time, making your payments every month significantly lower.There are not significant prepayment penalties on your original loanBefore you get too deep into refinancing, you want to make sure that your current loan doesn’t have any deal-breaking prepayment penalties. If your loan does have some significant penalties for paying off the loan early, then you should do the math to determine if it is still worthwhile to refinance. You want to add or remove a cosignerIf you are looking to either add or remove a cosigner, you will need to refinance your car or truck loan. There are a number of reasons why adding or removing a cosigner might be a good move for you – read our blog post all about cosigners here.Where can you refinance a truck loan?You can refinance your car loan with most lenders that do auto refinancing – including the dealership. But you will likely not help yourself by refinancing through a dealership.You can refinance a truck loan with most lenders, including credit unions, traditional banks, and online lenders. You want to do your research and be sure to consider the following:The interest rate. Where can you get the most competitive interest rate?The prepayment penalties. Are there prepayment penalties? Your cash flow. Do you need a longer repayment plan so that your monthly payments are on the lower end? Or would you prefer a shorter repayment plan so that you can pay off the loan faster and save money overall? Customer satisfaction. Are their customers happy, or are they frustrated? Use websites like TrustPilot and the Better Business Bureau to check out each lender.  Hidden fees. Look over the terms to see what additional fees you are being charged. But did you know you can save yourself a lot of time and energy by using a company that specializes in auto refinance? Auto Approve is the fastest and most effective way to refinance your car or truck loan. We have established relationships with lenders from all across the country, and we use those relationships to get you the best deals possible. We handle all of the paperwork for you so you don’t have to worry about it. Just head over to our online quote form, fill out some information, and we can have offers for you within minutes. The best part? We never mark-up our rates – EVER! The rates we get from the lenders are the rates we pass on to you. Once you pick a deal that works for you, we even handle the DMV paperwork! (It seriously couldn’t be any easier)But don’t just take our word for it. We have a 96% would-recommend rating on Lending Tree and an A+ rating from the Better Business Bureau. And if that’s not enough, you can head over to our TrustPilot page to see exactly what our customers think.In short? If you got your initial truck loan from the dealership, refinancing your auto loan with Auto Approve could save you loads of money. So what are you waiting for? Start saving money with Auto Approve today!!GET A QUOTE IN 60 SECONDS

There’s a lot of information out there when it comes to refinance. Car loan refinancing doesn’t have to be complicated though! Today we are talking all about the dos and don’ts of refinancing and answering all of your questions. How To Prepare For An Auto RefinanceBefore you commit to auto refinance, there are a few things you should do to prepare, and a few things you shouldn’t do. So let’s talk about the dos and the don’t of auto refinancing!Do: Wait at Least 6 Months Refinancing your car is all about timing. Experts recommend waiting 6 months to a year before refinancing your loan. This will give you the chance to make consistent, on time payments to your lender, which will make your future lender more confident in your repayment ability. This will help your credit score. It will also give your credit score a chance to bounce back after the initial hard inquiry of your first financing request.Don’t: Wait Until There’s Less than a Year Left On Your LoanYou don’t want to wait too long however to refinance your car loan. Car loans are front loaded amortized loans. This means that in the beginning of your loan, most of your payment is being applied to the interest of the loan. As your repayment period progresses, you will pay more and more towards your principal. By the last year of your repayment, most of your monthly payments are applied to the principal. When you refinance, the goal is to save money by reducing the amount of interest. So the earlier you refinance your car, the more money you will be able to save in overall interest. So don’t wait until your loan is nearing its end to refinance your car loan.Do: Make Sure Your Car is EligibleBefore you get too deep into researching your car loan refinance, make sure your car is eligible. If your car is older than ten years, or has more than 100,000 miles on it, it may not be eligible to refinance.Don’t: Apply to Refinance if Your Loan is UnderwaterUnfortunately, if your current loan is underwater (meaning that you owe more on your car than your car is worth) you will have a very difficult time trying to refinance. If your loan is underwater, check out our tips here on how to get out of your current loan.Do: Check Your Credit Score and Credit ReportBefore you apply to refinance your car, you want to make sure your credit score is looking good. Check your score and get a copy of your credit report. You can get a copy of your credit report for free three times per year (once from each of the major credit bureaus). Look for any discrepancies in your report – this could include missing payments, inaccurate credit amounts, or mistakes in your personal information. If you notice any problems, contact the credit bureau immediately to dispute.If your score could use a boost, check out our tips on increasing your credit score.Don’t: Spread Out Your ApplicationsWhen you apply for financing, it will trigger an inquiry on your credit report. This inquiry counts against you on your credit report, but only for about a year. But multiple hard inquiries can add up and drag your score down. The credit bureaus know that this can make it difficult to apply to different lenders, so they allow a window of fourteen days where all hits will count as one hard credit inquiry. So don’t spread out your applications over a span of a month or two – better yet, use a company that specializes in auto refinance, like Auto Approve. They will apply to different lenders in a short period of time so you can compare quotes easily.Do: Keep an Eye on Market RatesThe interest rate that you are offered will depend somewhat on the market rates. Right now, market rates are still low. It is a great time to think about refinancing your car loan before the rates increase (and the Federal Reserve has already announced that rates will be increasing this year). If your car loan is a few years old, chances are you can get a better interest rate now than you got initially.Don’t: Wait Refinancing is about striking when the iron is hot. And right now, the iron is red hot. Don’t wait and put off refinancing if you believe that rates will get lower in the near future. There’s more than a good chance that they will not. Instead, get your ducks in a row and apply for refinancing sooner rather than later.Do: Read Your Current Contract Carefully for PenaltiesBe sure to read the fine print in your current loan agreement. Are there penalties for paying off your loan early? Sometimes these fees can add up to a lot of money. Don’t: Skip the MathIf there are prepayment penalties, it’s important to sit down and do the math. Will refinancing be worth it? Calculate how much you can save with a lower interest rate or shorter payment schedule (or both!) and see if the savings will outweigh the penalties.Do: Shop Around for the Best RatesLike everything else in life, it pays to shop around. The only catch is that you will often need to formally apply for refinancing to get offers to compare. Look around online for different credit unions, traditional banks, and online lenders. Look through average rate offers and customer satisfaction ratings to pick 3-5 lenders. Then apply to all of those lenders (within fourteen days) and compare the offers that come back.Don’t: Rush into a Deal Don’t simply accept the first offer that rolls in. Make sure you get all of your offers together and find the deal that is right for you. Be sure to think about the following when making your decision:What is the interest rate being offered? What is the repayment period?Are there prepayment penalties? (Remember: there is no limit to the amount of times that you can refinance, so make sure you don’t agree to prepayment terms that you may regret in the future.)Does the lender have good customer reviews?You want to take your time and compare all of these factors before signing any dotted lines.Refinance Your Auto Loan The Right WayFollowing our tips above will help ensure that you refinance your auto loan the right way. But how do you know the time is right to refinance? Auto loan should be considered if any of the following applies to you:Your credit score has improved. If your credit score has improved, you will most likely be eligible for a better car loan interest rate, which can save you a lot of money in the long run.The market rates have improved. If your loan is a few years old, there’s a good chance the market rates have decreased since your initial loan. This can get you a lower car loan interest rate and, again, save you a lot of money in the long run.You need more breathing room in your monthly budget. If your monthly budget is a little tight, refinancing your car loan can allow you to change your repayment period. By lengthening your repayment period, you can reduce your monthly payments significantly and get you some extra breathing room every month. You need to add or remove a cosigner. The only way to add or remove a cosigner from your existing loan is to refinance. If any of the above apply to you, refinancing your auto loan is probably a good idea. After all, the sooner you get your loan refinanced, the sooner you will start saving money. Auto Approve knows how important timing is when it comes to refinancing, which is why we make the refinancing process as quick and easy as possible (we even handle all of the paperwork!)Find The Best Auto Loan Refinance For YouThere’s a lot to think about when choosing a refinancing company. Believe us, we know how overwhelming it can be, not to mention time consuming. So how do you find the best auto loan refinance companies?The answer is easy. Use a company that specializes in auto refinance! At Auto Approve, auto refinance is our passion. We know the ins and outs of the application processes and we know what lenders want to see to make the best offers possible. We have relationships with some of the most trusted lenders in the business, and we use those relationships to secure you the best loan terms possible.But don’t just take our word for it. We have nearly 2,000 five star reviews on TrustPilot (and more reviews are rolling in every day!) and an A+ rating with the Better Business Bureau. And those are the dos and don’ts of refinancing your car loan.So what are you waiting for? Get a free, instant quote from Auto Approve today to get started on your auto loan refinance! GET A QUOTE IN 60 SECONDS

Refinancing your car loan may seem overwhelming. You know you can save a lot of money by doing so, but it’s hard to know where to start.While it may seem complicated, refinancing is actually quite easy (and quick!) So if you are thinking about refinancing your car loan, follow our five simple steps and start saving money today!If you want to refinance a car loan, follow these five easy steps.1. Decide if refinancing is right for youFirst off, you need to figure out if refinancing is right for you. There are a few different things you will need to consider. How much time is left in your loan?While you are able to refinance your loan at any time, there are certainly times where it makes more sense to do so. Experts recommend waiting between six months and one year to refinance. This will give your credit score a chance to bounce back after the initial hard inquiries, and will give you an opportunity to make consistent payments. All of this will lead to securing a lower APR.Refinancing your car loan is more beneficial to you the earlier you do it. Car loans are front-loaded interest bearing loans, meaning that in the beginning of the loan more of your payments go towards interest payments, and towards the end of the loan more of your payments go towards the principal. So the earlier you refinance, the more you will affect the amount of interest you are paying. It is most likely not worthwhile pursuing refinancing if you have less than a year left on your original loan. At this point most of your payments will be applied to the principal. But it is always a good idea to do the math yourself to decide if you will save money or not.Does your loan have prepayment penalties?If your original loan has penalty payments for paying off your loan early, it may not be worth it for you to refinance your car loan. Read the terms of your current loan very carefully to determine what the penalties may be. If you are unclear on the prepayment penalties of your loan, be sure to contact the lender to find out.Has your credit improved?If your credit score has improved, you will be more likely to secure a lower interest loan. If your credit score has not improved, refinancing might not be worth it. Your credit score depends on the following categories:Payment History (35%)Accounts Owed (30%)Length of Credit History (15%)Credit Mix (10%) New Credit (10%)The most important factors in your credit score are your payment history and your accounts owed, also known as your credit utilization ratio. If you have been more consistent with on time, full payments, your credit score may have increased a good deal. If you have paid down some of your debts and lowered your credit utilization ratio, this also may have increased your credit score significantly.Check your credit score to see where you are at. Better yet, get a copy of your credit report. You can get a copy of your credit report for free three times per year. Read through it thoroughly to check for errors and report any discrepancies. Catching errors early on can save you from a huge headache in the future.Are the market rates good?Interest rates depend greatly on the market rates in general. If you first secured your loan when the rates were high and they have now decreased, it’s probably worth looking into refinancing. Pro Tip: Market rates are set to increase this year, so now is the perfect time to refinance your car.Is your car eligible?You need to ensure that your car is eligible to be refinanced in the first place. If your car is more than eight years old or has more than 100,000 miles on it, you may not be able to refinance.2. Get all of your information togetherIf you’ve gone through the details of your loan and your credit report and determined that it does make sense for you to refinance, you will need to gather up all of the necessary paperwork. You will need the following information:Your information. This will often include your ID, social security number, and proof of residence (not a PO Box).Your car’s information. You will need to know the make, model, year, VIN (vehicle identification number), and mileage of your car.Proof of income. You will need proof of employment, like recent pay stubs. Proof of insurance. Your lender will want to be sure that your car is insured.Loan information. You will need all of your current loan information, including the balance and the lender’s contact information.3. Look for lenders and start applyingOnce you have all of your documents together, you can start looking around at different lenders to refinance your car loan. You won’t really be able to compare rates and terms until after you apply and the offers start coming in. You should try to apply for refinancing with three to five different lenders. This will give you a few options to choose from, as well as give you some negotiating power. Start by looking around at a dozen or so lenders, including credit unions, traditional banks, and online lenders, and whittle your list down from there. Keep your eyes open for deals, and try to get your list down to three to five lenders.Be sure to apply for all of your loans at once. When you apply for financing, it triggers a hard inquiry on your credit report that will affect your score negatively for about a year. If you apply for all of your loans within a fourteen day period, they will count as one hard inquiry on your credit. If you were to space out your applications, it would count as multiple hard inquiries and affect your credit score negatively.Pro Tip: Using a company that specializes in auto refinancing, like Auto Approve, is the most efficient way to apply for refinancing. They have relationships with top lenders across the country so they can be sure to get you the best rates possible. Plus, they handle the paperwork so you don’t have to.4. Choose the best lenderOnce you have all of your offers, you will have to decide which one works best for you. Be sure to consider the following when making your decision:The interest rate. Who is offering the most competitive interest rate?The prepayment penalties. Are there restrictive prepayment penalties? There is no limit to the amount of times that you can refinance, so keep in mind that you might want to refinance again in the future.Your cash flow and the repayment terms. Do you need a longer repayment plan because your cash situation is a little tight? Or would you prefer a shorter repayment plan so that you can pay off the loan faster and pay less overall? You will have a choice within each loan offer, so compare all of your options to see what makes sense for you.Customer satisfaction. Look at each lender and check them out on websites like Better Business Bureau and TrustPilot. Are their customers happy, or are they frustrated? Do they have clear and concise communication with their customers, or are there hidden fees and delayed correspondence? Take all of this into consideration when deciding on a lender.Hidden fees. Look over the terms to see what additional fees you are being charged. Are there high administrative fees? Do they charge processing fees? Read all of the fine print to be sure you are not missing anything.There is a lot of information to consider, so determine what is most important to you when it comes to choosing a lender.5. Finalize documentsOnce you’ve picked a lender, it’s time to sign all of your documents. Most lenders and refinancing companies will take care of most of the paperwork for you. This will involve paying off the balance of the old loan and beginning payments on the new loan. It’s always good to reach out to the previous lender to ensure the loan was paid off in full. At Auto Approve, we know what a headache all of the paperwork can be. That’s why we collect all of the documents you need and send them to you electronically. All you need to do is e-sign and we handle the rest (even the DMV paperwork!)And that’s how you can refinance your car loan in five easy steps.Refinancing your car loan doesn’t need to be scary or overwhelming. We’ve designed Auto Approve to be a one-stop-shop for your refinancing needs. All you need is your personal information and your car’s information, and that’s it! We will shop around for quotes and help you decide what makes the most sense for your situation. Just follow our five steps and you will be saving money in no time at all. Don’t wait, get started today!GET A QUOTE IN 60 SECONDS

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