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One of the most important jobs parents have is to set their kids up for success in the future. And a huge part of that is teaching kids how to have a healthy relationship with money. While money isn’t the most important thing in life, we all know that life is much easier when you don’t have to worry as much about it. Teaching kids about the importance of making money, saving money, and spending money responsibly is a huge undertaking, but one that every parent must take seriously.  Here’s 12 ways you can teach your kids about money to set them up for success.#1. Set a good example for your kids.The biggest thing that you can do for your kids is to lead by example. If your children see that you have a good relationship with money they are more likely to have a similar relationship. Do you spend money rather carelessly, or do you think and budget before making large purchases? Do you have a savings account that you invest in? Do you have an emergency fund? Here are the top things that you can do to set an example:Have an emergency fund set up for the unexpected. Reiterate the importance and usefulness of having an emergency fund.Have a savings account or investment fund set up. Talk about the importance of setting money aside that is separate from your spending account. Look for sales. When you look for deals and sales, your kids will pick up on this behavior and mimic you.  Kids look up to those around them, even when you think they are not paying attention. The more that you emulate good behavior with your finances, the better off your child will be. #2. Give them jobs, not an allowance.An allowance is when you give your children money every week or month that is not tied to any actual task or job. Instead of this, try to give your children tasks that are tied to certain amounts they can earn. Make your bed every day of the week? That’s worth $5. Dust around the house? That’s worth $4. You can pick whatever chores and values work for you, but stick to your plan. If they do not do the work then they do not get the money. This will teach children that money is the direct result of work, and not simply a result of wanting it or asking for it.#3. Use a clear jar to save.Kids are very visual learners. For many kids seeing something on repeat is the best way for them to internalize something. If your children can actually see their savings build up it will emphasize the fact that working will increase their wealth. It will also serve as a motivator and make them want to save even more.#4. Open a savings account with them.Savings accounts are easy to open and easy to manage with the help and supervision of an adult. A savings account is a good first step towards money management and is a great way for you to teach your child about saving money and earning interest.#5. Discuss financial goals.Financial goals are important even when children are young. Goals give a purpose to the monotony of saving. Saving money is not nearly as much fun as spending money when we want, naturally. But teaching them to associate savings with working towards a goal will help them build a healthy relationship with money and work. As they get older you can define the difference between short term goals and long term goals. Short term goals may be saving for a certain toy or video game that they really want. Long term goals may be eventually buying a car or saving x amount of money for college. #6. Teach them to make vs. buy.When you make something you truly understand the value of something. The saying “time equals money” really rings true when it’s your own time that you are spending to create something. Sure, buying things is a whole lot easier than making something. But if you know that it takes 6 hours to knit a scarf, you will appreciate that scarf a whole lot more. And you will appreciate the value of the scarf if you do buy it elsewhere because you will know how long it took to make. Furthermore, teaching your kids how to make things is just good common sense. Knowing how to make your own food, greeting cards, gifts, etc will also introduce your kids to a world of hobbies and interests that they may never have been exposed to otherwise. #7. Warn them about credit cards.When you are a kid credit cards can seem magical. A plastic card that you can swipe and magically get anything you want? Yes please! But as we all know that is definitely NOT the case. Credit card debt can get out of control quickly and have a debilitating effect on your and your family. Explaining the dangers of credit card debt and encouraging them to pay with cash that they can see and feel will help them to avoid this danger. Again, kids are visual learners so it will be more valuable for them to see and feel the money that they are spending. The money that they worked hard to obtain. The relationship between work and money needs to be established early on with children.#8.Help them start a business.Helping your kid to open their own business is a great way to help them earn money and learn a lot of new skills. The “business” can be pretty small scale–think lemonade stand or car wash–but the lessons will still be applicable. You can teach them about advertising, budgeting for supplies, and profit margins all while having fun with them over the summer.#9. Give them a budget.Budgeting is one of the most important money skills a person should have in their arsenal. It is important to teach your kids the difference between income and expenses and how they can track everything. Making up a sample budget or showing them your monthly budget will give them a sense of how to do it and why it is so important.  #10.Teach them to invest.The younger you teach your kids about investing, the better. The magic of investing smartly is that your money will actually work for you. Explaining stocks and bonds to your kids may seem difficult, but if you introduce it in a fun way it can be very engaging for them. Allow them to pick a company and invest a small amount of money that is “theirs”. They will feel ownership and follow the investment. The more they follow it, the more they will absorb and understand how investing works and why it’s important.#11. Encourage charitable giving.It’s always good to encourage charity when talking about finances. It’s easy to get caught up in the dollars and cents of everything, but if you are able to give to those in need it’s important to do so. Whether it’s donating to an organization that you admire or giving to a local food bank, there are countless ways that you can contribute. Teach your kids that if they do not have the resources to donate money or items, donating your time can be just as, if not more, valuable. Having a healthy relationship with finances means that you understand the important role money plays in life, but you know that it is not the only thing that matters. Giving money and time is great not only for those in need, but it’s good for the giver as well. #12. Teach your kids to be content.This can be a tricky one, especially as your kids get older. It’s hard to ignore what other people have in the age of social media. Kids see others who have the best and the newest, so they will naturally want to have the best and the newest. But teaching your kids to appreciate the things in their own life will not only make them better with money, but will make them happier people overall. As with a lot of things, this attitude will start with you. Try to live your own life finding contentment in the things that you own.Those are 12 ways you can teach your kids about money. Money plays an important role in life so it’s vital that we teach our kids to have a good relationship with their finances. Money isn’t the only thing that matters, but having a balanced life of spending and earning will help to set them up for success in the future. A balanced budget is one of the most important money management tools you can teach, so it’s important to lead by example. If you are looking to free up some more money in your budget, think about refinancing your car loan. Contact Auto Approve today to see how much you could be saving!GET A QUOTE IN 60 SECONDS

We typically think we have two options when buying a car: buying new or buying used. But there is actually a third option that is somewhere in the middle. Buying a certified pre-owned car is a great way to get a car that is reliable and affordable. So what exactly does certified pre-owned mean, and what are the advantages?Here’s everything you need to know about buying a certified pre-owned car.What does certified pre-owned mean?A certified pre-owned car is a used car that has been thoroughly vetted and repaired by a car dealership. Every manufacturer has different requirements for the cars that they buy back through their CPO program. In general they will have requirements for the following:MileageAgeCondition Dealerships have these types of requirements to ensure that their CPO cars are dependable. They will recondition the cars and make any repairs so that the cars are at a new car level in both appearance and performance. Here are some CPO program requirements from major brands:Hyundai: Less than 5 years old, less than 60,000 miles, 150-point quality assurance inspection, and a clean CarFax History ReportDodge/ Chrysler /Jeep/ RAM: Less than 5 years old, less than 60,000 miles, 125-point quality assurance inspection, and a clean CarFax History ReportFord: Less than 6 years old, less than 80,000 miles, 172-point quality assurance inspection, and a clean CarFax History ReportToyota: Less than 6 years old, less than 85,000 miles, 160-point quality assurance inspection, and a clean CarFax History ReportSubaru: Less than 5 years old, less than 80,000 miles, 152-point quality assurance inspection, and a clean CarFax History ReportWhat are the advantages of buying a certified pre owned car?You can get a newer vehicle.CPO programs always have age and condition restrictions on their cars. Because of this, you can be assured that a CPO car will be newer than most used cars (usually less than 6 years old).They usually come with a warranty.Since CPO cars are newer they will often still be under their original warranty. Additionally, CPO programs will often include another warranty, such as limited bumper to bumper warranties for the first 12 months or 12,000 miles. These warranties do vary greatly from dealer to dealer and manufacturer to manufacturer so you need to read the fine print to be sure of what is covered. While some CPO warranties extend factory coverage, others will cover different things and kick in only when the factory warranty ends. Some programs will require a deductible for repairs, while others may cover repairs entirely.There are often added benefits. There are often added benefits when you purchase a CPO car, such as roadside assistance, free XM radio trial, and free oil changes for a set period of time. Many also include rental coverage should your car need servicing. Here are some benefits that specific manufacturers offer:Hyundai: Special financing rates, 10 year/ unlimited mile roadside assistance, no out of pocket cost for covered repairs, 90 day trial of SIRIUSXM Radio, Hyundai Protection Plan Wrap Service Contracts, no cost cap for towing under roadside assistance.Subaru: Special financing rates, 7 year/ 100,000 mile powertrain coverage, 24/7 roadside assistance, $500 owner loyalty coupon, 3 month trial of SIRIUSXM Radio, one year trial subscription to STARLINK.Ford: Special financing rates, 14 Day/1,000-Mile Money Back Guarantee, 12 Month/ 12,000 Mile Comprehensive Limited Warranty, 7 Year/ 100,000-Mile Powertrain Limited Warranty, roadside assistance.You can finance if you have the need.When you buy a used car from a private party, you will need to have cash in hand. You may be able to secure a personal loan, but they typically will have higher rates than an auto loan and have different requirements. But when you buy a certified pre-owned car you can secure financing. CPOs typically have lower APRs than merely buying a used car from a dealer that is not in the CPO program. Are certified pre-owned car prices negotiable? Just like when you buy a new car, you should definitely try to negotiate the price of your CPO. Some dealers have instituted “no haggle” policies, but there is usually wiggle room.You should always focus on the out the door price when you are negotiating to buy a car. Dealers will try to get you to focus on your monthly payment or the financing terms instead of looking at the price tag, but this is meant to distract you from the total amount that you are spending.Is a certified pre-owned car worth it?You will need to weigh the advantages and disadvantages when looking to buy a CPO car. There are a lot of benefits to CPO cars, such as a warranty, added benefits, and financing opportunities. Perhaps the biggest advantage is that you can get a really great car that is vetted and repaired and it will be much more affordable than buying a brand new car. For example, a two year old CPO car tends to cost about 25% less than a new car of a similar model. That’s a huge savings that will allow you to get a great car without breaking the bank. But, there are some disadvantages that you have to consider. CPO cars are more expensive than if you choose to simply buy a used car. This is because a CPO program will cover a total reconditioning and certification, which will run several thousand dollars more than a similar car that is not certified. Additionally you will have less options overall when selecting a car that is right for you. Because of the requirements that the CPO cars must meet, it’s likely that the exact car–make, model, color, trim level, etc–will be available. This might be a dealbreaker for you or it might not, but it is a disadvantage to consider.How can I prepare to buy a certified pre-owned car?Buying a CPO car is similar to buying a new car. Here are the steps you should take when looking to buy a CPO car. Do your research.If you have your heart set on a brand, do some research to find out about their CPO program. What are the requirements? What cars are available? You should have a good idea of what you are looking for in your future car, but having some flexibility will give you a great chance for success. You should also look into the financing options of different CPO programs. Many programs offer great rates on their CPO cars, which is another great benefit. Hyundai offers 0.9% APRs for 36 months on select cars, while Ford offers 0.99% APR financing for their “Gold Certified Vehicles.” Stopping in at a dealership and asking for more information may help you get an idea of what you want and what you can afford. You should also make a note of which benefits are offered. Some will offer free trials, some will not charge for certain maintenance services, and all of these things can help tip the scale towards one brand or another. Get pre-approved.Getting pre-approved for financing will not only give you a good idea of what type of car you can afford, but it will give you more leverage when negotiating. Many CPO programs may be able to beat your pre-approved APR, but it’s still good to have.  Find the car you want.Being flexible will help you to secure a certified pre-owned car. Finding the general car you want and being less picky about small details will benefit you greatly. Negotiate what you can.Finding out the price of other similar cars can help you to leverage a better out the door price. While dealers may point out that other comparable cars aren’t CPOs (and therefore don't come with the benefits of a CPO car) this knowledge can still help you to get a better deal. Some dealers may offer a low interest rate OR a low out the door price, in which case you will need to do the math and figure out what works out best. Sign and drive.When you iron out the details, you can finally enjoy your new car. If the interest rate isn’t exactly what you were hoping for, you can always contact Auto Approve to see if refinancing will secure you a lower rate.That’s everything you need to know about certified pre-owned cars.A certified pre-owned can help you get a great car for less than you would pay for a new car. If you are on a tighter budget and can’t quite afford the higher price tag, buying a non-certified used car and having it inspected by a mechanic may offer you some extra reassurance. If you are overpaying on your car loan every month, contact Auto Approve! Our experts can help get you the best refinance rate possible and help you through the process. Contact us today to see how we can help! GET A QUOTE IN 60 SECONDS

You’ve hemmed and hawed and haggled with the dealer–but you finally landed on a sales price for your new car. And while you may feel like the deal is done and you are all ready to go, it’s imperative that you look over all of the fees that will be added onto the price tag. There are a lot of fees that the dealer may add on, and one of these common fees is a destination charge. But what exactly is a destination charge, and can you negotiate it?Let’s talk about destination charges–what they are and how much they will cost you.What is a destination charge? A destination charge (also called a freight fee or freight delivery charge) is an added dealer fee that is meant to cover the cost of shipping your car from the manufacturer to the dealership. The fee is set by the manufacturer and is a flat fee that you will have to pay regardless of how far the dealership is from the manufacturer.  The destination charge is always listed as a separate line item on the sales contract. Manufacturers may have different names, but the cost is always meant to cover the shipping and handling of your car, and the cost is always passed on to the buyer.How much are destination charges?Destination charges can vary greatly from manufacturer to manufacturer.  In fact, they can even vary from model to model. This is because larger models such as SUVs and pickup trucks are heavier and therefore cost more to transport. Destination charges can vary from $900 up to $2000 depending on the car you buy. If your car is a high end luxury vehicle you can expect to pay several thousands in destination charges. It’s important to note that destination charges only apply to transporting cars in the US. Foreign manufacturers shoulder the cost of getting their cars to the US. Are destination charges negotiable?Because these charges are set by the manufacturer, they are considered non-negotiable. Even if you live near the manufacturing plant and you know that the cost of delivering the vehicle pales in comparison to the destination charge, it doesn’t matter.  These prices are set at a high level and are calculated by considering all of the vehicle delivery costs across the country, although the exact method that manufacturers use has never been revealed.Are destination charges getting more expensive? Destination charges for certain makes and models are getting more and more expensive, disproportionately so compared to the price of cars. It is interesting to note that some manufacturers have only increased their charges to keep in line with inflation.  A Consumer Reports study in 2021 found that BMW, Infiniti, Lexus, Lincoln, Mercedes-Benz, and Volvo each increased their destination charges by less than 20%, while Stellantis (the company behind Chrysler, Dodge, Fiat, Jeep, and Ram) increased their destination charges by more than 90% on Chrysler, Dodge, and Jeep brand vehicles.  So why the discrepancy between manufacturers? Car manufacturers are keeping their lips sealed. There has been a lack of transparency about how these fees are calculated, which makes many people skeptical that the charges are fair. Instead many feel that the added fees only serve to increase the overall sticker price and increase the profits for the manufacturers. While it’s hard to say with certainty whether or not the fees are fair, the fact remains that they are a non negotiable and inevitable part of buying a car.How can you prepare for destination fees? The only thing you can do when faced with these fees is to calculate it into your car budget. When you initially look to buy a car, it is easy to look at just the sticker price of the car you want and ignore the rest. But the truth is that buying a car will cost you much more than the sticker price states. In addition to your car’s sticker price you may (and probably will) be required to pay the following fees:Destination chargeDealer preparation feeSales taxTitle and registrationDelivery fee (this is different form the destination charge: this is if you need the car delivered to your house)Documentation fee These fees and taxes will easily add thousands of dollars onto your total sale price. But these fees will vary based on the price of your car and the manufacturer.  Your first step when looking to buy a new car should be to look at your budget. Looking at your total income and your total expenses will help you determine how much you can comfortably afford to pay every month. You will also have to determine how much of a down payment you can make. A down payment will help you avoid an upside down loan (where your car is worth less than the amount you owe).The total amount you owe will be the sale price of the car plus taxes and fees. When you look at new cars consider these added costs. You can do some research to determine how much the destination charge is on the car you are interested in. This will help prepare you for the total cost of your new car. While you cannot negotiate the destination charge, there are other fees that you may be able to negotiate. The following fees may have some wiggle room that can help you cut costs.Advertising fee. This fee is exactly what it sounds like–it helps cover the dealership’s local and regional advertising. If this is listed as a line item, you may be able to haggle it down.Dealer prep fee. If you are buying a new car, one may wonder what the dealer actually has to prep. Because of that, you can make a reasonable argument to the dealer that the fee should either be reduced or waived completely. VIN etching. This is an add on that some dealers will throw on as a “theft prevention tool”. But in reality you can buy a DIY kit online for a fraction of the price.GAP Insurance/ Credit Insurance/ Extended Warranty. These are all optional coverages that you can add on, but will increase your price. While some may be worthwhile, you can shop around and shouldn’t feel pressured by the dealer.The bottom line is that when you are buying a car you need to consider all of the costs–the sticker price plus all of the taxes and fees.That’s everything you need to know about destination charges. Having a firm and realistic number of how much you can spend in total on your car is essential when shopping for a new car. Negotiate where you can and search for a car loan that works for you. If you aren’t happy with your current car loan, contact Auto Approve today to see how we can help!GET A QUOTE IN 60 SECONDS

We could all use extra money, right? But when you are in college it can feel especially hard to find the time to make money. Between sporadic class schedules, late night study sessions, and a busy social life, squeezing in work can be challenging. But there are ways that you can make extra money that work around your hectic schedule and can fit easily into your college lifestyle.Here are 12 ways you can make some extra money in college.Find an on campus job.Many jobs are unable to accommodate the shifting schedules of a college student. But on campus jobs are especially used to this and create schedules accordingly. There are tons of on campus jobs that can suit your personality, skill set, and interests. In addition to having flexible hours, on campus jobs can help you to meet more peers, see friends regularly, and are in close proximity to your classes. On campus jobs typically don’t require a large time commitment either. Here are just a few of the opportunities that you can find on most campuses. Library AssistantBaristaBookstore AssociateIT AssistantDining Hall WorkerLifeguardMail Room AssistantCampus Tour GuideFitness Center AttendantTutorResearch Assistant  Become an Online TutorOnline tutoring is an easy way to make money from the comfort of your own dorm room. There are a lot of websites that will hire you as an online tutor, usually paying around $20 an hour. Some sites require you to have completed certain classes, while others do not have such restrictions. From SAT prep to geometry to teaching students in other countries how to speak English, there are a lot of tutoring possibilities available. Become a Resident AdviserBecoming a resident adviser is a great way to make extra money during the semester. Being a resident adviser is more than merely a part time job though, it’s a bit of a lifestyle change. You will not be able to have a roommate or live off campus. You will also have to act as a therapist and crisis manager at times. But there are a lot of benefits to becoming a resident adviser. Most colleges will fully cover the cost of room and board and will give you a single occupancy room. You may also get dining hall perks, a laundry stipend, and an hourly wage. Being an RA is a wonderful way to help younger students while also helping your wallet.Babysit (or Dogsit)Babysitting is a great and easy option for college students. There are millions of parents out there that would love a night out, and college students can use the time after the kids are asleep to study and work on assignments. There are many sites out there that can help connect students with parents. You can also check with your college to see if they have any programs set up.  If you aren’t really a kid person, dog sitting might be a better option for you. If pet owners are going away for the weekend and don’t want to put their pets in a kennel, they may be willing to pay you handsomely for taking care of their furry friends. Typically this requires taking them out to the bathroom, taking them on walks, feeding them, and ensuring they are safe. This can allow you to still enjoy your weekends but make some extra money bonding with a new buddy. Work for a Catering ServiceRestaurant work will typically require a set schedule with times that may not work for you. But catering jobs are much more flexible. Caterers instead will send out lists of upcoming events, detailing the location, required times, and the pay. You can then decide which events work for your schedule and which do not. These gigs can pay pretty well and usually have a tip on top of an hourly wage. Look in neighboring towns and reach out to see if any local caterers need help. Chances are they could use another pair of helping hands, especially in the wedding season and around holidays. Take Surveys and Quizzes OnlineYour opinions matter, especially to marketers. They want to know what your demographic is interested in on a whole range of topics and they will pay to get some honest feedback. Sites such as PrizeRebel simply ask you to sign up and take quizzes at your leisure. You can redeem your earned points for PayPal cash or for hundreds of different gift cards. It couldn’t be easier to make money from the comfort of your bed. Become a TranscriberMany people will pay for you to transcribe their audio. Businesses will pay to have meetings transcribed, professors will pay to have lectures transcribed, podcasters will pay to have episodes transcribed–the opportunities are endless. While AI is getting better and better, human transcription is still far superior and many people will pay for quality work. If you are a good listener and a fast typer, this is a great option for some extra money. Transcribers can make $5-$20 per audio hour depending on their skill level.Become a TranslatorIf you are fluent in another language, becoming a translator is a great side gig. Many businesses and organizations will pay to have their content translated and edited for clarity. Your college’s foreign language department may have relationships that can help make this connection for you. If not, there are plenty of websites that can assist you.Work for a Delivery ServiceIf you have a car on campus and like driving, consider working for a delivery service. This could mean many different things. You may be interested in delivering food for a local restaurant, or signing up for a service like UberEats. But it doesn’t have to be just takeout. You can also deliver groceries, sign up to deliver with Amazon, or deliver for a local florist. Using your car for Uber or Lyft is another option if you have a dependable car. They often have car requirements, so be sure that your car fits the bill. If you have a leased car there may be a provision in your lease that forbids rideshare programs.Sell Your Old Stuff.As the saying goes; out with the old, in with the new. But when you are in college you may need to get rid of the old before you can buy the new. Look through your things to see what you no longer need. Are there clothes that you no longer wear that could find a good home somewhere else? Are there electronics that are still working perfectly well that are just a bit outdated? Chances are you can sell all of these things to get a little extra cash for yourself. You can try selling your things online at thrift stores, list your things on Marketplace or Ebay, or just have an old fashioned garage sale. Get your friends to join in with you to make your sale even bigger and better. Plus it will make the day a whole lot more fun.Sell Your Old Textbooks.Textbooks are an expensive part of college. And even in today’s age of technology they can be hard to avoid. But used textbooks are worth a good deal of money, so it’s worth reselling them when you can. The easiest way to do this is to find someone who will be taking the same class next semester who has the same textbook requirement. Selling it at a discount will make it a win-win situation. If that’s not an option, there are a ton of places online that will sell your books for you, including Amazon. Be sure to shop around so that you can get the best price for your used books. You won’t be able to recoup the total cost of your books, but it will be enough to make it worth the added effort.Keep Looking for Scholarships.Once you get to college, it might be easy to forget about the scholarship application process that ruled your high school life. But there are loads of college scholarships that are designed for people already in college. Devote an hour or two a week to research and applications–you may be surprised at what you may find and how much you can make. You can also try writing to the dean of your college and seeing if the school can give you a merit based scholarship. If you have been getting good grades and can articulate your need for extra money, the school may be able to award you additional money.Those are 12 ways you can make some extra cash while you are in college. College is more expensive now than ever before, and college students could definitely use some more breathing room in their budgets. Try one (or several!) of these and see how much money you can put back in your wallet. If you are making car payments every month, that can very quickly put a wrench in your financial plans. But refinancing your car loan with Auto Approve can help! Contact us today to see how much money you could be saving!GET A QUOTE IN 60 SECONDS

In March of 2023, the price of groceries had increased by 8.5% when compared to March of 2022. The price of eggs had increased by 36%, the price of margarine had increased by 33.4%, and the price of frozen vegetables had increased by 20.1% according to the consumer price index report from the Bureau of Labor Statistics. There are a lot of reasons for this increase, from inflation to supply issues to tariffs, but the effect is all the same: we are spending more and more of our hard earned dollars on groceries. This means that we need to get creative to cut costs and keep more of our money in our pockets. Here are ten ways you can cut your grocery bill in 2023.#1. Plan ahead and consolidate.The best way to cut your grocery bill is to be highly organized. By planning out your meals for the week (including your snacks!) you can avoid buying unnecessary ingredients and wasting food. And when you can plan meals that use the same ingredients, try to do so. If you can plan on using tomatoes in a few of your meals instead of just one, chances are you will not waste as much.  #2. Shop alone.When you shop with a friend or family member, you are much more likely to buy more things you don’t need. They may try to talk you into an additional purchase or a different brand that is more expensive. Being alone means that you and you alone can make the decisions and focus on cutting your costs. #3. Choose the right grocery store. If you live in a small town, you may not have a lot of options in terms of where you shop. But if there are a few different stores in your area you should take the time to compare prices. Certain stores may have better prices for certain things, so take note of what the differences are. Also compare the rewards programs and see which one might provide the best benefits for you. #4. Avoid buying prepared (or pre-cut!) food.In general, skipping the prepared food aisle will save you a lot. Cooking your own food will always be cheaper (and probably healthier). Additionally you should avoid buying any foods that are pre-cut. Will pre-cut green beans save you time? Absolutely. But they will cost you twice as much, so it’s worth the added time to save a lot of money in the long run. #5. Look at the unit price.It’s easy to simply compare the package price when scanning for the best deal. But oftentime this results in comparing apples to oranges. Many products will vary in the weight or amount that is packaged. This is very common with manufacturers who don’t want to increase their prices outright. Instead they reduce the amount of what is being sold and make their profits that way (also referred to as “shrinkflation”). But by comparing the unit price you will ensure that you are comparing the right numbers. #6. Buy and cook in bulk (and maybe include a friend).Buying in bulk is almost always a less expensive option. Whether you join a membership warehouse club, such as Costco or BJs, or just buy the family packs at the grocery store you will find more savings when you do this. Buying in bulk may not make sense if you have a small household or live by yourself, but you can still use this method for maximum savings. When you buy meat in bulk you can portion it out when you get home and freeze packages that weigh one or two pounds each. Then when you are ready to use it you can simply pull and defrost.  If you live alone it may make sense to purchase some bulk items with a friend that you can split up. Things like nuts, pasta, and toilet paper can be bought in large quantities but you might not need or have the space for a large quantity. But splitting these items with a friend means that you can both save money without the commitment of a large purchase. Cooking in bulk can also help to save money and time. By cooking a large batch of something and freezing smaller portions you can save money and give your future self a good meal. Things like soup, chili, and lasagna are easy to cook in bulk and can provide many meals for a later date when you don’t feel like cooking (because let's be honest, takeout is expensive too!) #7. Start an herb garden.Even if you have a small apartment, consider starting a mini herb garden. You can start one very inexpensively and can save yourself a lot of money. When you buy pre-cut herbs they tend to go bad relatively quickly, but if you have some plants where you can simply clip off what you need, you can avoid a lot of waste. Herbs require minimal care, so even if you don’t have the greenest thumb you can find success with a simple setup. See what herbs you use the most, but basil, parsley, oregano, thyme, rosemary, and mint are some simple herbs that can give you a lot of versatility.  #8. Make a grocery budget.We’ve said it before and we will say it again: you need to have a budget. Budgets are the best way to stay accountable for your spending and avoid issues like overdrawn cards and missed bills. Your budget should include a realistic budget for your groceries. Looking at past receipts and purchases can give you an idea of how you should approach this, but sticking to a number will help you avoid impulse purchases. #9. Shop the sales before you plan your meals.Many of us think about what we would like to cook this week as a first step for grocery prepping. But by looking to see what is on sale first you can build your menu around that. If ground beef is on sale, see how you can use it a few times during the week. If pork loin is on sale, see if you have space in the freezer to buy an extra and freeze it. #10. Look in your freezer first.We’ve mentioned freezing things a few times, but how often do you freeze something and then forget about it? Take the time every week to see what you have in your freezer before you plan your meals and hit the store. You want to pay attention to the dates when you freeze things as well, as different foods are safe in the freezer for different times.Those are ten ways you can cut your grocery bill in 2023. If you are looking for other ways to cut your costs, consider refinancing your auto loan with Auto Approve. Don’t wait, get in touch today!GET A QUOTE IN 60 SECONDS

Buying a car online is a convenient option for many and has a lot of advantages over buying from a traditional dealership. From doing your own research to avoiding the hassle of car salesmen, there are many reasons Americans enjoy buying online. And yet for some the traditional car buying process will always prove superior. So if you are in the market for a new or preowned car, here’s your guide to shopping for a new car in the 21st century. Here’s how you can buy a car online and how it’s only slightly different from the traditional car buying process.What are the advantages and disadvantages of buying a car online? When you shop around for a car online you have the buyer's advantage. You have endless amounts of information at your fingertips so it is easy to compare different prices, options, and take customer reviews into consideration. And according to a 2022 study by The Zebra, Americans like a lot of the benefits that come along with the online car buying process while they are less enthusiastic about the traditional car buying experience. Consider the following statistics based on a 1000 person survey:46% of people prefer to shop for cars alone, without the assistance of friends or familyOnly 7% of people want help from a car salesman61% of people have felt taken advantage of at a dealership Given these numbers, it’s not surprising that many people like to turn to the internet to start the car buying process. Shopping online is a more solitary experience, so it’s easy to avoid any outside input.  And yet buying a car online isn’t the standard for most. Most people still prefer to go to the dealership, even if they are unhappy with a lot of the aspects of traditional buying. When you go to a dealership you can test drive a car on the spot, which is a major consideration for many. Additionally, many like to have the human experience. When you are making a major purchase, it may be more comfortable to have a person to talk to, ask questions to, and in general have someone who can guide you through the process. As great as the internet is, it cannot create a human connection.When asked about what parts of the online car buying process people were unhappy with, A PC Magazine survey found that people would like to see improvement in the following areas:They wish the terms and process for returning the car was better defined and explained.They wish finance rates were more competitive.They wish the return window was longer.They wish the registration process was faster.There are pros and cons to traditional buying and online buying, so it’s ultimately up to you to decide which is a better fit for you. Where can I buy a car online?If you do want to buy a car online, there are many places where you can do so. Our friends at LendingTree have ranked some of the most popular sites to see how they compare. Kelley Blue Book and Edmunds both sell cars online. So on top of being great resources for car research, you can directly buy cars from them as well. Lending Tree has ranked them as the two with the best online reputation, which is a pretty good indication that they are a good place for many to start their searches. But there are many more places to check out. Here are some other rankings from LendingTree: Best for Consumer Reviews: Cars.comBest for Used Car Deals: CarsDirect.comBest Variety of Cars for Sale: Autolist.comBest Selection of Inspected Used Vehicles: CarvanaBest for Shopping Around: CarGurusBest for Selling Used Cars: AutoTrader There are a lot of places to shop online, and asking friends or family members about their experiences may help you determine where you can find the best deal.  How to buy a car onlineIf you decide to buy a car online, the process is very similar to how you would buy a car traditionally. Here’s how you can buy a car online: Step 1. Determine your budget.As with traditional car shopping, you must decide what you can afford comfortably. Sit down with your finances and decide how much of a down payment you can make and how much you can afford to spend on monthly payments. Step 2. Get pre approved.Getting preapproved for a loan will help solidify what you can afford and what you know you can get a loan for.  Step 3. Assess what type of car you need.How will you be using your car? Do you need it to commute and get good gas mileage? Do you need lots of room for your family?  Step 4. Pick a model (or models).Pick a few models that you are interested in. If you have a few different models you will have an easier time finding a good deal, as there will inherently be more deals to choose from. Step 5. Start looking online.Check out a few different sites and see what kind of deals you can find. You can even chat with associates online that can help guide you through the online car buying process. Step 6. Schedule a test drive. While you may not be able to test drive in a traditional way, some brands are able to arrange an at home test drive. Hyundai’s Shopper Assurance Program is an example of this: they can have someone come to your home with a car so that you can test it out before buying.  Step 7. Finalize what you want.Determine exactly what features you want in your car. What addons are worth it to you and what would you consider skipping? Remember that addons can drive up the amount of your car loan significantly.  Step 8. Sign and get your car delivered (or go to the dealership).In some instances you may need to go to a dealer to finalize the details. But whether it’s in person or online be sure to read all of the fine print carefully before signing. After that you can schedule your new car’s delivery and you’re all set!  That’s how you can buy a car online.Buying a car online is similar to buying at a dealership, but there are some differences. Try looking around online beforehand to determine what is a better fit for you. If you aren’t necessarily in the market for a new car but are in the market for a new car loan, Auto Approve can help! Our refinance experts can help save you money with a car loan refinance. Contact Auto Approve today to see how much money you can save!GET A QUOTE IN 60 SECONDS

We all make choices every day that have effects both big and small. Some things affect us personally, while other things affect the world around us. And many of these everyday choices affect both. Living sustainably means that you are trying to reduce your negative impact on the world around you, and doing so can actually help you to save money. Making smart and sustainable choices can help you and the world around you, so it is oftentimes a win win. So how can you make choices to live more sustainably in this day and age?Here are ten ways you can live more sustainably. Try to go plastic free when possible.It’s no secret that plastic is terrible for our environment. It’s inability to break down means that it will stick around long after we are gone. Plastic makes up 80% of ocean debris with billions of pounds of plastic that can be found on ocean surfaces. And the fact that most disposable products are made of plastic means that this problem isn’t going away any time soon. This problem is obviously so huge that it is more than one person can fix. And while that is true, every step that we can take will help in a small way and we owe it to our planet to make the effort. Limiting your use of plastic can also result in savings for you. To limit your use of plastic, consider taking the following steps:Switch from disposable water bottles to a reusable water bottle. Getting a filter for your tap may be necessary but you will save a lot of money and a lot of wasted plastic.Use reusable totes when grocery shopping. Plastic grocery bags are incredibly wasteful so using a reusable bag is a great way to help the environment. If plastic bags are a must for you, be sure to recycle them at the grocery store (rather than in your recycling bin at home where they are usually not accepted).Avoid shopping online when possible. Many online stores use loads of plastic when shipping, from bubble wrap to simply wrapping the products multiple times in plastic. Shopping local instead will help keep your local economy buzzing and cut down on plastic waste. Cut back on shopping in general.Shopping in general has a lot of environmental implications. Shopping for the latest fashion that is barely worn and then tossed aside creates a lot of waste. The packaging from frequent shopping also means that more waste ends up in landfills. Think twice before heading to the store and ask yourself if this purchase is something you really need. This will also result in big savings, and who couldn’t use some extra cash every month. If you really want to refresh your wardrobe or home, think about buying second hand. You can find a lot of nice and barely used clothes, furniture and home goods by just looking around and doing some research.Consolidate your driving trips.If you live in a city, you most likely rely on public transportation. But if you live in the suburbs or in a rural area, a car is a necessity. But that doesn’t mean we are doomed to be wasteful. Consolidating our trips as much as possible can help us save on gas usage (which will also help us save money) and lower our emissions. If you are able to carpool with friends or family who live locally that can also help lessen our carbon footprint. A win for the planet and a win for our wallets.   Ditch the take out.Take out is easier, we get it. But eating at home is better for your health, better for the environment, and better for your wallet. When you order take out there are disposable containers and packaging that is unavoidable. There is also the trip to make the delivery which adds to emissions and gas usage.  When you order food out you also have much less control of what goes into what you are eating. By cooking at home you can control the amount of oil and salt that is in your food. You can choose what vegetables are in season, and if you choose to shop from local farms you are reducing the amount of travel that is associated with importing produce.  Cooking at home is just plain cheaper than ordering take out too. By shopping grocery sales and using coupons you can save tons of money every week. While it does require more planning and more time (which makes it hard, we know) there are plenty of resources online that can help you prepare and organize some quick and easy weeknight meals.Try to avoid single use items.Single use items are everywhere in modern life. But finding alternatives to these conveniences help our environment and–you guessed it–save you money at the same time. Using reusable containers instead of tin foil, plastic baggies, and plastic wrap is much more environmentally friendly and much more cost effective. Here are a few other areas where you can avoid single use:Use silicone baking mats instead of parchment.Bring your used candles to a local candle maker to have them refilled.Use kitchen towels as much as possible instead of paper towels.Use cloth napkins instead of paper napkins.Avoid disposable cutlery and plates as much as possible.Use cloth diapers and wipes if you have a little one. Cloth diapers have come a long way and modern ones are much easier to use and more effective than the ones from thirty years ago. If you must use some single use items, try to repurpose them if possible. Wash your plastic cutlery, use the cardboard paper towel rolls for crafts, be sure to recycle anything that you can. Purchase sustainable and eco friendly products.Paying attention to labels and certifications when you are looking to purchase new products. There are several accreditations and programs that companies can apply to that will certify their products as eco-friendly or fair trade, such as Fairtrade Certified or Non-GMO Project Verified. If a certification or award sounds unfamiliar, do some research to find out more. Not all of these certifications are equal, and some are even made up by the company itself. But seeking out products that are taking steps to be eco friendly means you are using your money responsibly to support companies that believe in sustainability.Reduce the amount of meat you consume.Factory farmed animals create one of the biggest roadblocks for sustainability. The carbon footprint associated with this type of large scale breeding and slaughter is incredibly large. The amount of water and energy that is required for the production of meat is huge, and the industry has issues with the pollution of air, water, and soil. In fact our global food system is responsible for 25% of greenhouse gas emissions per year. Farming for beef in particular creates one of the largest carbon footprints.  Reducing the amount of meat we consume is the best way to combat this, although cutting out meat entirely from your diet may be less than ideal for you. But if you can reduce the amount of meat you eat and replace it with more sustainably sourced options (like certain types of fish) you can help reduce the footprint of this enormous industry. Vow to reduce your food waste.The amount of food that is wasted in the United States is truly mind blowing–nearly 40% of all edible food is thrown away. Whether it wastes away in our fridge or is just discarded because we don’t want or need it anymore, food waste is everywhere we look. There is an incredible amount of waste at grocery stores in particular who are forced to toss expired foods (even if they are still good) and get rid of the produce that no one buys. By trying to reduce your food waste you can save money while also helping the environment. You can do so by planning your meals out ahead of time, getting creative with leftovers AND scrap pieces, and purchasing items that are near to their expiration date (if you plan to use them right away). Make your big ticket items environmentally friendly ones.When the time comes to buy investment items, choose them wisely. If you need a new car, consider an electric or hybrid car. If you are looking for large appliances such as a refrigerator or dryer, try to get an appliance that has an Energy Star label. These appliances are more efficient and therefore will save energy (and save you money). Start now, even if the changes are small.The issues that our world is facing may feel overwhelming, but it’s important to not settle into the mentality of “but what can I do, I’m just one person”. The fact is that if we all make small changes in our lives and throughout our days, we will have a very big impact on our world. Together we can commit to reduce emissions, waste less, and live more sustainable lives. And those are ten ways you can live more sustainably in 2023.Making sustainable choices can help the planet while also saving you money. If you are interested in saving even more money, think about refinancing your car loan with Auto Approve! Don’t wait, get started today!GET A QUOTE IN 60 SECONDS

If you are interested in leasing a car, timing is everything. About 20% of new car sales are leases, so while it is not as popular as it used to be, it is still a great option for many people. Leasing allows people to have lower monthly payments, enjoy a new car every year, and have minimum maintenance worries during the life of their lease. But is there a good time to lease a car, and how can you time your lease in order to get the best deal possible?Let’s talk about the best time of year to lease a new car.When is the best month to lease a car?In general you will find the best deal on a new car lease is right when a new car is released. That is because the residual value of the car will be the highest at this point. A car’s residual value is the expected value of the car at the end of the leasing period and its expected value will only increase as the months go on. Residual values that are listed in contracts are typically based off of the Automotive Lease Guide's Residual Percentage Guide. These numbers get updated every two months, and every two months they tend to tick lower in value. Most new car models are released between July and October, so this is the time of year where you are most likely to find a great deal. But there are other times throughout the year where you may find great deals.Holiday weekends are a great time to find deals on new car leases. Famously good deals days include:Presidents’ Day WeekendMemorial Day WeekendLabor Day WeekendThanksgiving Additionally you might score a good deal by choosing to wait until the end of the month to lease. Dealerships have monthly quotas that they are trying to meet, so if you wait until the end of the month they may cut you an exceptionally good deal to help meet their quota. This also applies to the end of a quarter or the end of the year.  How can I get the best deal on my leased car?When looking to get the best deal on your new leased car there are a number of steps you can take to give yourself an edge. Get your finances in top shape.Whether you plan to buy a new car or lease a new car, having your finances in good order is the best way to ensure you get the best deal possible. At the top of this list is getting your credit score as high as possible. A good credit score is irreplaceable, so work to improve it before you look into leasing or financing.  Obtaining a copy of your credit report and looking for areas of improvement is the best way to do this. This will break down your credit score and allow you to see any missed payments, late payments, opened and closed accounts, credit limits, and any negative events (such as bankruptcy). You can dispute errors if you notice any, which can help you avoid serious problems in the future.  When you look at your credit report, see where you can improve. Can you work to make more timely payments? Are there areas where you can pay down your debt? Can you ask for any increased credit limits? All of these steps will improve your credit score and ultimately score you a better deal. Negotiate fees on your lease.Dealers love to add on fees to, well, everything. So doing your research ahead of time and knowing what fees are negotiable can save you a lot of money. You may be able to negotiate the following fees in your lease.The mileage allowance feesDisposition feesPurchase options fees You will most likely not be able to negotiate the acquisition fee, registration, or taxes. But if there are extra fees thrown at that look unfamiliar, you should always try to negotiate.  Understand the terms.Car leasing has a lot of lingo that you should get to know beforehand. While it may not necessarily get you a better deal, it will help you avoid getting taken advantage of and settling into a bed deal. Here are some of the most important terms you need to know.Acquisition Fee:  Covers the expenses of arranging the loan, such as obtaining your credit report and verifying that you have insurance.Adjusted Capitalized Cost: The amount that the lease payments are based on. It is the cost of the car minus any down payment, plus any fees.Base Monthly Payment: Your lease payment will be based on the amount of depreciation that will occur over your lease period. Taxes and fees may be added onto this.Capitalized Cost: The cost of the new car. Disposition Fee: The cost of preparing the car for sale at the end of lease. This is a fee so that the car may be cleaned, serviced, and prepared for sale as a certified pre owned car.Money Factor: The number that determines the interest you will pay on the lease (multiplying the money factor by 2400 will give you an approximate interest rate).Residual Value: The leased car’s anticipated value at the end of the lease period.  Knowing these terms will help ensure you understand the deal that you are entering into. The more familiar and comfortable you are with these terms, the better you will feel when entering into a car lease.Is it worth it to lease a car?Deciding whether to lease or buy a car is a big decision. There are pros and cons to leasing and to buying, so you should take the time to consider each option.  The pros of leasing include:Lower monthly paymentsLower down paymentNew car every few yearsLess maintenance and repair expenses The pros of buying include:Owning a car builds equityNo limits and restrictions on usage, such as mileage limitsYou can sell your car at any time Consider how you will use your car, what you will use your car for, and how much you can afford to spend on car payments every month. If you love your leased car at the end of the lease period you can buy out your leased car with a car lease buyout loan from Auto Approve.That’s when you will have the best chance to get a great deal on a car lease.If you are thinking about buying your leased car, Auto Approve can help! Contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS

Summer is almost here and we are ready to pack our bags, slather on the sunscreen, and head out for vacation! But with such high prices it’s more important than ever to be smart about how we plan our summer fun. So before you click the confirm button on your summer vacation, check out our top ten ways you can save money on your summer vacation this year for maximum fun and minimum cost.Here are ten ways you can save money on your summer vacation.#1. Plan a staycation with day trips instead.Have you ever looked around your area and realized that there is actually plenty to do that you haven’t really taken advantage of? Instead of booking a hotel, flight, rental car, etc, use your summer vacation funds to take some fun day trips in your area. With the money you are saving on transportation and lodging, you can be sure to splurge on local activities and meals (and still stay way under your vacation budget). To make your staycation feel like a true vacation, make sure you hit the pause button on all of your tasks and projects. It can be hard to disconnect from everyday life, but scheduling out your days and treating your home like your hotel will help keep you in vacation mode. Hide the laundry baskets and tell your friends and coworkers that you cannot be reached. Here are some fun local activities that you may be able to enjoy in your area.Explore a park or nature preserve that is within driving distance.Go to a local amusement park, zoo, or water park for the day.Head to a beach, whether it's the ocean or just a nearby lake.Plan a camping trip, even if it’s just in your backyard.Have a movie day where you binge watch all of the movies you’ve been meaning to check out (a great rainy day option).Play tourist to whatever local museums or attractions your area has to offer. The options are endless and chances are there is more to do in your area than you realize. #2. If you want a destination trip, plan ahead.If a destination trip is your main goal, then planning ahead is incredibly important. When booking flights, be sure to monitor prices. Wednesdays are usually the best days to book flights (you can save $57 on average when compared to the most expensive day to book, which is Sunday). Research has found that booking your flight 76 days ahead of time is when you can usually find the best deals. But in general keeping an eye on prices and patterns and jumping on a good deal when you see it will help you secure a good rate. 3. Try to save at mealtime.It’s easy for spending to get out of control at mealtimes. After all three meals a day out for a week or two will quickly add hundreds and thousands on to your vacation bill. Instead, opt for more snacks and grab and go options and less sit down meals. Finding some BYOB spots can also help keep your dinner bills to a reasonable amount. 4. Use your cash back rewards.Cash back rewards can feel like found money, which is why we love using these rewards for fun stuff. If you save your rewards for the entire year, you will have hundreds of dollars that can help fund your meals, hotels, activities, and flights. Be sure to do your research and find a card with a rewards system that works for you and your spending habits. If you plan on flying, look for a card where you can earn miles.  Not only do you want to find a card that gives you rewards you can use, but you need to find a card that rewards the type of spending you do. If a lot of your shopping is at the grocery store, find a card that caters to this. Some cards will give you up to 6% cash back for grocery purchases, like the Blue Cash Preferred Card from American Express. Other cards cater more to online shopping or transportation purchases, so try to find the best one for your spending habits. 5. Bundle your vacation. You may be able to save more money by booking your vacation travel and lodging together. There are many sites that offer this, such as Kayak, Expedia, and Travelocity. But it’s important to not just assume everything will be cheaper if you book together. Again, you will have to do some research (and some math) to see what your savings are. Additionally if you are trying to apply rewards points and frequent flier miles you may need to book separately. 6. Book a vacation with friends.If you have some friends or family that are also looking for a destination trip, think about vacationing together. You may be able to find a house to rent that will be much more affordable than individual hotel rooms. Renting a house on AirBnB or Vrbo will allow you to cook some meals for your family, which can save a lot of money. You may be able to split a rental car and plan some at home activities, such as a game night, which can all add up to even more savings. 7. Pick a less popular destination.We know that it can be hard to ignore the allure of some vacation hot spots like DisneyWorld, but looking around for some off the beaten path vacation spots can save you a lot of money in general on your trip. Lonely Planet is a great resource for this and can offer some great suggestions on some fun and unique vacation spots. Some of their US vacation suggestions include:Buffalo, New YorkAlbuquerque, New MexicoGreenville, South CarolinaSt Louis, Missouri The United States has tons of beautiful and interesting cities that are full of history and charm, and most of them are cheaper and more accessible than the big cities like New York and LA. If you are looking to travel internationally, this applies even more. There are a ton of amazing vacation spots that are incredibly affordable. Laos, Turkey, Hungary, Thailand, Costa Rica, and Indonesia are wonderful vacation destinations that are very affordable (even downright cheap). 8. Treat your vacation savings like a bill you have to pay.If you plan to go on a vacation, you should try to save for it all year round. The best way to do this is to add your vacation savings into your monthly budget and pay into it every month. Saving a few hundred every month will mean that your vacation is covered when the time rolls around and there is much less pressure to scrounge together the money you need. There are loads of ways to trim your budget throughout the year, from refinancing your car loan to switching to generic groceries. Finding ways to save throughout the year will make planning your vacation much more enjoyable and stress free.9. Take care of your car for savings all year round.One of the biggest expenses for many people is the cost of their car. Car payments, gas, insurance, parking, and maintenance can all add up and seriously deplete our vacation savings. But if you take care of your car year round it will run more efficiently and save you money on gas, repairs, and maintenance. Making sure your tires are properly inflated, your oil is changed routinely, and giving your car a tune up when it needs it are all small steps that will keep your car running smoothly.  10. Take advantage of free activities wherever you go. There are most likely a lot of free or cheap activities available wherever you go. While it's fun to splurge on a few activities, be sure to look into local free activities. Here are some of our favorite free (or super cheap) activities that you can find in most vacation cities.Check out a festival. Most cities have festivals and parades throughout the summer that will offer an inexpensive way to experience the culture. Food carts, free entertainment, and a ton of sights to see–what could be better?Look into free admission nights and days. Many museums and exhibits offer free admission time periods. While these times are usually crowded, they give you a free activity and an engaging experience.Find a historical site and tour. Many historical sites offer free admission and guided tours. You can learn about our country's history and enjoy the fresh air with no cost to you.Look into walking tours. Many cities offer maps online of self-guided walking tours. You can follow the route and read along to learn more about the city’s history and hit the most famous spots it has to offer. Those are our top ten ways to save money on your summer vacation. Going on vacation is fun, but shelling out the cash for it is not. After all, you are supposed to recharge your batteries on vacation, not drain them because you are stressed about money. So do your homework, research, and budget year round to make sure your vacation is truly restful.  Looking to save money with a car loan refinance? Contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS

It’s no secret that the economy has been a bit all over the place the past few years. And while there are many reasons for this and many factors at play, one thing is for certain: a lot of people have seen their debt increase recently. In fact car loan debt is now at an all time high, with more people shelling out more and more money every month for their new car payments. So what’s going on? Here’s why car loan debt is at an all time high right now.How high is American car loan debt?US auto loan debt is at around 1.552 trillion dollars, which is up about 1.84% from the previous year. This number sounds so large it’s hard to actually imagine how much debt this is, but for the 107 million Americans who have auto loans, this means that their payments are higher than ever before. The average monthly car loan payment is over $700, up from about $620 last year. On top of that, 2 out of every 13 people with a car loan today are paying over $1000 a month.  These high car payments make paying for a new car nearly impossible for most people with moderate incomes, and many analysts feel that new cars are becoming a luxury that only high income families can afford.Reason #1: The interest rates are high.One of the primary reasons for the high amount of auto loan debt is the high interest rates. In an effort to combat inflation, The Fed has been increasing interest rates steadily over the past two years, which has had complicated implications for the economy at large.  The Fed has the task of balancing interest rates in a way that encourages reasonable savings and reasonable investing. When rates are very high, spending is discouraged and saving and investing is encouraged. When rates are low, spending is encouraged and saving and investing are discouraged.  In order to get our economy back on track after the pandemic, The Fed lowered interest rates to encourage spending and revive the economy. But now it must slow the amount of spending to decrease demand and keep the value of the dollar steady. And all of this leads to now, where the prime rate (the benchmark interest rate for the economy) is particularly high. This high prime rate affects rates across the board, including mortgages, credit card rates, and auto loan rates. This increase in car loan interest rates makes getting a new car all the more expensive, and makes it unattainable for some. These rate increases affect everyone, but they will affect those with lower credit scores the most. So if you need a new car and depend on a loan, you might be out of luck (and get yourself way in debt). Reason #2: Car prices are high.On top of the rising interest rates, cars are just more expensive in general right now. The average new car cost $49,075 at the end of 2022, which was an increase of $2,297 over the previous 12 months. So why such a jump?  Inflation is certainly part of the story, but there are many other factors that are causing this increase. The major factor is simple supply and demand. Auto manufacturers are still playing catchup from the pandemic which caused manufacturing to slow majorly. And there are still many people who are simply willing to shell out the money for a new car. Pickup trucks specifically have been selling particularly well, with Kelley Blue Book reporting that Ford sold more than 75,000 F-series trucks in December alone, with an average sticker price of $66,451. If people are willing to pay the price, manufacturers have no incentive to reduce prices. Automakers are still recording record high profits despite the fact that they are excluding millions of Americans from the car buying process. So even as we are moving past low supply levels, it seems unlikely that prices will lower. Additionally, new cars just have nicer features than ever before. Car buyers have come to expect a certain high level of trim, safety features, and infotainment systems that all add to the base price of the car. Cars are also more powerful now than ever before, with more horsepower coming standard. When you add on a few upgrades it’s easy to see how a new car price can tick up north of $50,000 very quickly.What should I do if I want to buy a new car?Unfortunately you might not have a ton of options if you have your heart set on a new set of wheels. If you can wait it out for a few months (or even a year) you may find better rates and reduced prices, but nothing is a guarantee. Some manufacturers are offering incentives and deals to encourage sales, but it might not be enough to make the sale worthwhile. If you really need a new car, it’s important to make sure your personal finances are in good order (a good credit score is still your best bet to get a good car loan interest rate). But there are also some other steps you can take to keep your car payments reasonable.Get preapproved for a loan. This will help to give you more negotiating power when you step foot in the car dealership. You already know what interest rate you have been approved for, so you know what interest rate the dealer will have to beat if they want to finance with you.Do your research ahead of time to compare prices. Look around at different dealers to compare prices and see where you can get the best deal. Decide what features you need. Determining which features you can’t live without will also help to keep you in your budget. Skipping on the upgrades and addons is a great way to keep your monthly car payments more manageable. Get a cosigner. If your credit score isn’t great, a cosigner may help you to secure a better car loan APR than you would be able to secure on your own.Buy your leased car to get a good deal. You will be able to buy your leased car for the amount that is listed in your leased contract, so you might get the best deal that way. While these steps may help to make your payments more manageable, it might make the most sense for you to wait on your new car purchase. That’s why car loan debt is at an all time high (and what you can do to get the best deal possible). If you are interested in buying your leased car, contact Auto Approve today to see how they can help! GET A QUOTE IN 60 SECONDS