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Here’s what you need to know. If you were previously unable to refinance your car loan and save money, you may be eligible now to do so if: your credit score has gone up, your overall financial picture has improved, your vehicle’s value has increased, or lower interest rates are available than the last time you checked, making a beneficial refinance available to you.Read on to learn more.Car Loan Refinance Eligibility: Your Complete GuideIn this guide, we’ll break down:when you’re more likely to be eligible to refinance your car loanhow to know if you’re likely not eligible to refinance your car loanWhy You Might Be Eligible To Refinance Your Car LoanYou may have become more eligible for a beneficial refinance if:Your credit score has improvedYour income has increasedYour debt has decreasedYour vehicle’s value has gone upYour Credit Score Has ImprovedA low credit score is one of the top reasons people are ineligible to refinance their car loans. Credit scores are important because they indicate to lenders how likely a person is to repay the money they borrow. The following factors make up your credit score:Payment history (35%) – This category tells lenders if you pay your accounts on time, and if your payments are on time, full, and consistent.  Amounts owed (30%) – This category tells lenders how much debt you are in. The accounts owed category calculates how much debt you are in compared to how much credit is available to you. This is called your credit utilization ratio, which measures the amount of money you owe to the amount of credit you have available to you. Lenders look for this ratio to be 30% or less.Length of credit history (15%) – This indicates how long you have had your accounts open. Credit mix (10%) – This section shows how diverse your portfolio is; a good mix of loans, credit cards, retail credit cards, mortgages, etc will help show lenders that you are able to balance having varying accounts open.New credit (10%) – If you are opening new accounts, this indicates to lenders that there is variability in your debt. In other words, you may currently owe more money than your current report is reflecting. A change to any of these categories can significantly affect your credit score, and therefore significantly affect your loan refinance eligibility. This is particularly true if your score increase pushes you into a different credit score bracket:Exceptional (Super Prime): 800-850Very good (Prime): 740-799Good (Near Prime): 670-739Fair (Subprime): 580-669Very poor (Deep Subprime): 300-579If your credit score increases from 650 to 700, that can have a huge effect on your eligibility AND on the car loan APR you are offered. Your credit score is likely to increase when you:Make consistent, full, and on-time paymentsPay off debt (reduce your credit utilization ratio)Have a negative event expire (such as a bankruptcy)Have an increase in your line of creditIf your credit score has increased, it is definitely worth considering an auto loan refinance.Your Income Has IncreasedWhen you apply for a car loan, lenders look at your DTI: your debt-to-income ratio. Do you make enough money to support the debt you are in? A high ratio may indicate to lenders that you are in over your head financially and are less likely to keep up on payments.An increase in income will reduce this ratio. So if you got another job (or a raise) since your initial refinancing application, you may now be eligible for a new loan.Your Debt Has DecreasedPaying off debt will not only help your credit score, but help lower your debt-to-income ratio as well. Just as an increase in income will lower your DTI, so will paying off debt. So if you have paid off some student loans, eliminated some credit card debt, or have just consistently been paying off your debt without taking on more, you may have lowered your DTI significantly. And this can make you eligible for auto refinance.Your Vehicle Has Increased In ValueEven if everything about your personal financial picture is around the same, you may be eligible to refinance right now if the value of your vehicle has gone up, lowering your LTV, or loan-to-value. During the pandemic, the price of new and used cars went through the roof, and values have remained somewhat elevated, so your vehicle may be worth more than you know. Get a free quote from Auto Approve or look up your car in the Kelley Blue Book to find out more about your vehicle's value and how it may have affected your eligibility for refinance.Why You Might Not Be Eligible To Refinance Your Car LoanWhile there are some things that may make you eligible to refinance your car loan now, there is still a chance that you are not eligible.You may not be eligible for a beneficial refinance if:your credit score has decreasedyour income has decreasedyour debt has increasedyour car is ineligibleyour loan is ineligibleYour Credit Score Has DecreasedIf your credit score has decreased recently, especially if it has dropped below 650, you will most likely not be eligible for car loan refinance. And if you are eligible, you might not qualify for a good car loan APR. It is a good idea to work on improving your credit score before applying.Your Income Has DecreasedIf your income has decreased due to a job change or other reason, you may not be eligible for car loan refinance. That’s because, even if your debt is unchanged, this drop will increase your DTI, making you a less desirable loan applicant.Your Debt Has IncreasedSimilarly, increasing your debt will increase your DTI ratio and make you a less desirable car loan applicant.Your Car Is IneligibleLenders have requirements when it comes to the vehicle you will be refinancing. Typically, the older the car is, the less inclined a lender will be to refinance. If a person is unable to pay their loan, the lender is entitled to take the car as collateral. In this case, they will need to be able to sell the car to recoup their losses. So if the car is older and/or has a lot of miles on it, they will not be able to get as much money for the car.Each lender will have their own vehicle requirements, but it’s common to require that the vehicle have less than 125,000 miles on it and be less than 12 years old. Lenders are ultimately concerned with your vehicle’s loan-to-value ratio, which is the balance of the loan compared to the value of the car. If your loan is $15,000 and your car is valued at $15,000, your LTV is 100%. Your car will depreciate in value as time goes on, and you want your loan balance to keep pace with that. A RateGenius survey from 2015 to 2019 found that 90% of approved applicants had an LTV of less than 123%. However, as we mentioned above, used car values rose dramatically from 2020–2022 and have stayed relatively high, so if your vehicle was financed before the pandemic, it’s worth checking its current value.Your Loan Is IneligibleIf there isn’t a lot of time remaining in your loan, or if the balance isn’t large enough, you may not qualify for a car loan. Lenders will not find value in taking on a small loan, as they will not make much in interest. Each lender will vary in their guidelines.Why You Should Refinance Your Car Loan With Auto ApproveWhy should you consider Auto Approve for your car loan refinance? we take refinancing personallywe don’t waste timewe shop around for the best dealswe never mark up pricesIf you think you may be eligible for a car loan refinance, consider refinancing with Auto Approve. Auto Approve specializes in auto loan refinance and has relationships with trusted lenders across the country. This means you can easily find the most competitive rates available to you.We Take Refinancing PersonallyWe know how overwhelming the thought of refinancing can be, and you may feel like you don’t even know where to start. And we get it. That’s why we give you a real person to guide you through the process. Just read our reviews to see how much our customers love working with our refinance specialists. We Don’t Waste TimeOne of our top compliments from customers is about our fast turn around. We know that your time is important, so when you get a quote from Auto Approve, we make sure to get to work right away. We have great relationships with lenders around the country, so you can get great offers, fast. Our trusted refinance experts can help you decide on a loan and get all of the paperwork done quickly. We even handle the DMV paperwork for you. Using Auto Approve streamlines the refinance process to save you time and money.We Shop Around For The Best DealsThere are a lot of lenders out there, from credit unions to traditional banks to online lenders. It can be overwhelming to know where to start. At Auto Approve, we handle comparison shopping for you, getting quotes from our network of 40+ lenders. Our experts understand which lenders might be the best match for you and can help you lock in your best deal. We Never Markup PricesAt Auto Approve, we never add mark-ups or hidden fees. We believe in passing the savings right on to you, which is why we never inflate our prices or charge extra.That’s What You Need To Know About Car Loan Refinancing EligibilityNow you know why you might be eligible for car loan refinancing even if you weren’t before, and why you should consider refinancing your car loan with Auto Approve.If you haven’t been able to refinance in the past, you may be eligible now to do so. An increase to your credit score or income, or a decrease in debt could make you eligible for a low car loan APR and lower monthly car payment. Get your free quote to get started today!

Here’s the short answer:Guaranteed Asset Protection, or gap insurance, is optional insurance that kicks in if your car is totaled or stolen. It essentially covers the “gap” between what you still owe on your vehicle and the depreciated value of the vehicle. Read on for more…In this guide to gap insurance, you’ll learn how this type of insurance works, how much it costs, and when you should consider getting it.Your Complete Guide to Gap InsuranceIn this guide, you'll get answers to the following Frequently Asked Questions about gap insurance:What is gap insurance for?How does gap insurance work?How much does gap insurance cost?Is gap insurance required?How do I decide if I need gap insurance?Is gap insurance really worth it?How do you get gap insurance?What Is Gap Insurance For?If you have a car loan, it is possible that your car may be or become valued at less than you owe on it. This becomes a major problem if something drastic happens to your car. For example, if your car is stolen or totaled, the insurance company will typically only pay out what the car is valued at, not the amount that you have left on your loan, leaving you still making payments on a vehicle you no longer have. How Does Gap Insurance Work?Gap insurance kicks in when there is a gap between what insurance will pay and what you still owe on a vehicle. For example:Say you take out a loan for $20,000 on your new car, and a few months later your car is totaled while it is parked outside your house. You file a claim with your insurance company, and they agree to pay $17,000. The $3,000 difference is ultimately your responsibility, even though the situation was completely out of your control. If you have gap insurance, then you would file a claim and your policy would cover that difference.Gap insurance ultimately works in conjunction with comprehensive and collision insurance to minimize or eliminate your out of pocket expenses.How Much Does Gap Insurance Cost?Like everything, the cost of gap insurance can vary greatly between insurance companies. The following variables will affect the cost of gap insurance for your vehicle:Where you liveYour ageYour previous claims historyThe actual value of your carThe total amount you owe on your carIf you go through your current provider, you can expect to pay a yearly flat fee of $500 to $700 for the coverage. If you finance through a credit union, you can expect a monthly add on of $20-$40. At AutoApprove, we work with lenders to get the best rates on gap insurance possible, usually costing around $14 per month. As far as insurance coverage goes, it offers a great return on investment should you ever need it.Is Gap Insurance Required?Gap insurance is not a required insurance, but may still be a good idea depending on your financial picture. Some types of insurance are typically required by your state or your lender, depending on your location and situation. Liability Insurance. This insurance is required by almost every state in the United States (excluding New Hampshire). It is composed of three parts: bodily injury coverage per person, bodily injury coverage per accident, and property damage coverage per accident. This covers any damage you may cause to another driver, their passengers, or their property, including their car.Comprehensive Insurance. This covers the cost of damages to your vehicle if there is a non-crash accident, such as weather damage or theft. Comprehensive insurance also covers damage that occurs if you hit an animal. Collision Insurance. This covers damages to your vehicle if you hit or are hit by another vehicle.If your car is financed, you may be required to get all three types of insurance. Even so, it is possible that these policies may not cover all of the damages in the case of an incident, and you could end up still owing money on your car.How Do I Decide If I Need Gap Insurance?If your car is not financed, you do not need gap insurance. If your car is financed, it depends largely on the expected depreciation of your car. It is important to remember that cars depreciate rather quickly, losing about 20% of their value in the first year alone. It is always worth checking Edmunds or Kelley Blue Book to see what your car is worth. Here are some factors that can help you decide if gap insurance is necessary: You put less than 20% as down payment on your car. This makes you more likely to end up with negative equity as soon as you leave the dealership. Your car depreciates the minute you leave the dealership, so if you only put down a low down payment, you might immediately owe more than the car is worthYour car is a lease. Some leases require gap insurance in addition to collision, comprehensive, and liability.You drive a lot compared to the average person in your area. This will cause your particular car to depreciate faster. Your car model has a tendency to depreciate fast. Some cars simply lose value faster than other cars, while some cars hold their value extremely well. Gap coverage might be worthwhile if your car model doesn’t hold its value particularly well.Your car loan repayment period is long. If your loan is 5 years or longer, there is a higher chance that your loan balance will exceed your car’s market value. Gap insurance can protect you from this depreciation.Is Gap Insurance Really Worth It?If there’s a good chance your car will depreciate faster than you will pay it off, you should strongly consider gap insurance. You will need to do the math to determine if gap insurance is worth the investment.  First, go online to determine how much your car is worth. Use sites such as Kelley Blue Book and Edmunds to get a value for your make and model. It is best to find an end of year value for each year of your loan.Take a look at your loan terms. See how much you will owe each year, and compare this to what your car will be worth at the end of each corresponding year.Calculate how much gap insurance will cost for each year.Look at the difference in your car’s value and what you owe at the end of each year. Based on this, determine how much gap insurance will save you in the event of a disaster. How Do You Get Gap Insurance?Guaranteed Asset Protection (GAP) usually comes with your loan or can be purchased from your lender. If your insurance company does not offer gap insurance, you can purchase it as a stand alone policy from another provider. You can also add gap insurance when you refinance a vehicle.Now You Know About Gap InsuranceGap insurance is designed to cover what collision and comprehensive insurance do not cover, and can protect you against depreciation.If you’re choosing to refinance your vehicle with Auto Approve, we will work with you to make sure your new loan includes any gap coverage that makes sense for you. We work with our network of lenders to get you competitive quotes, then help you choose the rate and coverage that best fit your needs.Get your free quote now.

Here’s the short version.Interest is essentially the cost of borrowing money, usually expressed as a percent of the total amount borrowed. The interest rate is the name we give the percentage charged (or earned) on borrowed money.Say, for example, you lend me $100 with 5% simple interest to be paid back within the year. That means, when I pay you back, I’ll owe you a total of $105. $5 is the interest I paid as a fee for borrowing that money from you, and 5% is the interest rate on the loan. You get that $5 to pay you for taking on the risk of lending money, in case for some reason I failed to pay you back, or inflation made $100 worth less by the time you got it back.Interest rates are applied to just about every common lending or borrowing situation that occurs in a professional financial setting. Vehicle loans, mortgages, student loans, business loans, credit cards, and so on all have interest rates applied to them.Interest rates are affected by the economy. They respond to the supply and demand of credit, inflation, and government monetary policy.When it comes to your loans and payments, changes in interest rates can reflect in your personal finances. For example, loans with variable rates may see rate changes, or you may be able to save money through a well-timed refinance.Read on for a more in-depth look at interest rates – what they are, how they work, and why they matter (even if you’re already locked into loans).Your Complete Guide To Interest RatesIn this guide, you’ll get the answers to these Frequently Asked Questions about interest rates:What are the kinds of interest rates?What’s the difference between interest rate and APR?Who determines interest rates?What causes interest rates to go up and down?How do interest rates affect car payments?How do you know if market changes mean you could save money?What are the reasons people consider refinancing?What are the kinds of interest rates?Here are a few key terms to help you better understand loans and interest rates:Simple interestCompound interestPrime rateFixed rate loansVariable loansAPRAPYSimple InterestSimple interest is interest that is applied only to the base amount borrowed or lent. Simple interest percentages are charged on a per year basis, using the following formula:Interest = principal x rate x term (in years)So, let’s say you borrowed $100,000 at 4% to be paid back over the course of 5 years. With simple interest, you would pay:$100,000 x 0.04 x 5 = $20,000$20,000 in interest, meaning the total you’d have to pay back over the course of 5 years would be $120,000 – you’re paying back the principal plus the interest.Compound InterestCompound interest is interest that’s applied to the base amount borrowed plus any interest owed from previous periods.It’s calculated using the formula:Interest = principal x (1 + rate)term – principalSo, taking the same lending scenario but making it compound interest, you’d have:$100,000 x (1 + 0.04)5 – $100,000 = $21,665.29That means you have $21,665.29 to pay in interest. Compound interest is more commonly used in business scenarios like investing.Prime RateThe prime rate is a reference rate or base rate used by banks. While each bank sets their individual base rate, resources like the Wall Street Journal typically take the average of recent rates from a wide group of major financial institutions to determine a U.S. prime rate. The rate tends to fluctuate based on factors like the Federal Reserve’s federal funds rate.Fixed Rate LoansFixed rate loans are loans that have a set interest rate for the life of the loan. Fixed rate loans are popular because they offer stability for budgeting and can protect you from market fluctuations. Their downside is that if rates go down, you don’t benefit, and they may come with more penalties if you want to repay your loan early or refinance.Variable LoansVariable loans are loans where the interest rate can change based on prime rate fluctuations.Most variable loans start with an introductory rate (usually a lower rate than comparable fixed rate loans) that remains fixed for 1, 3, or 5 years. After that, the rate will be adjusted to reflect the market roughly every 6 months. While variable loans often start off more affordable and offer borrowers the chance to benefit if interest rates drop, they’re also more volatile and can result in much higher payments if rates go up.Annual Percentage Rate (APR)APR, or annual percentage rate, is the total annual cost of borrowing money on a loan, expressed as a percentage. What’s the difference between interest rate and APR?The APR includes not just interest but also any fees on top of the interest. Many loans have other fees attached to them than just the interest rate, so it’s important to review your APR closely when taking out a loan or credit card.Annual Percentage Yield (APY)APY, or annual percentage yield, is the total annual interest earned on an account. Essentially, APR expresses the total amount you pay for money borrowed in a year, and APY expresses the total amount earned for money loaned, invested, or saved.Who determines interest rates?Banks and lenders determine their individual interest rates based on a variety of factors including: prime rates, the Federal Reserve’s federal funds rate, and the borrower’s unique financial picture.The interest rates available to you individually may go up and down based on market rates, but will also be determined based on things like your credit score, income, and payment history.What causes interest rates to go up and down?Interest rates are tied to broader economic trends. You’ll often hear about the Federal Reserve, or the Fed, setting rates, because the federal funds rate does set the tone for broader prime rates in the U.S. While the Fed is not solely responsible for interest rates, they do tend to adjust their rates up and down based on the economy. The key factors they look at are:InflationEmployment dataGenerally, lower rates mean more borrowing, so the Federal Reserve might adjust rates up to keep inflation in check, or they might lower rates when unemployment is high to stimulate the economy and help create more jobs.How do interest rates affect car payments?Interest rates are reflected in any formal borrowing and lending, including vehicle loans.If you have an auto loan and make a monthly car payment, then you likely have a fixed interest rate loan with a rate based on your downpayment, financial picture, and prime rates at the time you financed your car (plus, in many cases, dealership markups). How to know if market changes mean you could save moneyYou should make sure you know your current loan rate and keep track of market changes. If rates are lower than when you got your financing, you may be able to benefit from refinancing your loan(s).Paying attention to prime rates can help you make money by investing when rates are high and financing or refinancing when rates are low.Other reasons to consider refinancingHowever, federal and prime rate changes are not the only reason to consider refinancing. As well as lower market rates, you may want to look into refinancing if:Your financial picture or credit score has improvedYou financed through a dealershipYour monthly payment is too high and you need more favorable termsYou want to add or remove a co-signerYou want to change your loan terms to pay it off sooner (or later)Refinancing a car loan is a common way to get a better deal and save money on car loan payments.That’s Everything You Need To Know About Interest RatesInterest rates are an integral part of the American economic ecosystem, and understanding them can help you make better financial decisions.Could you benefit from a lower rate on your auto loan?Get your free quote now.

Can winter damage your car?The short answer is yes. Winter conditions can: reduce your car’s battery life, affect your tire pressure, corrode the parts of your vehicle most exposed to salt, cause damage to suspension and wheel alignment, cause parts of your car to temporarily freeze shut, and more.Depending on where you are and the kind of wintry weather you’re facing, your vehicle may be at risk for a wide range of problems. Read on for a more complete picture of the possible damage winter can do to your car and how best to avoid it.The Complete Guide to Winter Car DamageWinter weather can directly and indirectly do damage to your car.Winter Vehicle Damage Risks By PartWinter may interfere with your vehicle’s:BatteryTiresLocks and handlesWindshield and wipersPaint jobBodySuspensionSpark plugTouchscreensHere’s how, and what you can do about it.1. BatteryBatteries need to use more energy to start and to run in the cold, so your battery life will be shortened when the temperature drops. While a car’s battery is always essential, this is especially a concern for electric vehicles (EVs) that run entirely on battery power, as they’ll have shortened ranges throughout the coldest months.For similar reasons, your vehicle needs more fuel to get running and stay running in the cold, so winter often lowers the gas mileage you get. Be prepared to pay a little extra at the pump and fill up a little more frequently when temperatures drop.It’s good practice to get your battery checked by a mechanic during the winter to make sure you don’t get caught out in the cold with a dead battery. And, if you can park indoors, that can help keep your vehicle from getting as cold, which can help mitigate some of the effects of the cold on your fuel usage and battery.2. TiresWinter weather can affect your tire pressure and traction. Not all tires are conducive to driving in icy conditions.You might remember from school that cold air contracts and hot air expands, and what happens to tires in winter is a real world application of that principle. When the weather changes, you need to be mindful of your tire pressure to ensure your tires aren’t too low – and when things heat up again, you’ll want to remember to adjust accordingly.And that’s not all – the cold can make the rubber on your tires harder, reducing their grippiness. It’s important, if you’re going to be driving in the cold, to make sure you have at least all-season tires on your vehicle. Those who live in colder climates where winter weather is a regular occurrence should strongly consider dedicated winter tires, which are made with a softer rubber to ensure better traction.The damage winter weather does to roads can also mean more risks to your tires, so make sure you check not just the pressure but your tires’ age and treads, and take the time to check for damage after driving through less than ideal conditions.3. Locks and HandlesWhen rain freezes or snow melts and refreezes on your vehicle, the locks and handles can get frozen shut by ice. If you’ve ever lived in a cold climate, you know the annoyance of an iced-over door handle when you’re already running late.Fortunately, there are tailormade de-icing products for this express purpose that you can buy. While some people will use warm water to melt ice off of door locks and handles, adding water can cause additional issues, so it’s best to keep de-icer spray on hand or – even better – use a silicone lubricant ahead of any nasty weather to keep your essential mechanisms from freezing in the first place.4. Windshield and WipersWindshield wipers can get stuck to the window and worn down in the winter, and any existing issues with your windshield can be exacerbated.Windshield wipers are particularly prone to winter-related issues. That’s why you’ll often see them with their arms lifted off the windshield and up when a storm is coming – they can get stuck to the windshield, and unsticking them can be a big headache that can wear down the rubber on the wipers.To combat winter wiper wear, experts suggest making sure you have plenty of wiper fluid, using a high-quality winter fluid with de-icer, and even replacing your standard wipers with special winter wiper blades.As for the windshield, the most common problems that come up during the winter are: cracks and imperfections getting worse because cold causes the glass, like the air in your tires, to contractpeople accidentally cracking or even shattering their windshield by trying to de-ice with hot waterIf your windshield gets icy, use your car’s defrost setting and a plastic ice scraper instead.5. PaintYour vehicle’s paint job can get minor knicks and scratches from the scraping and shoveling that often happens on and around a car during the winter, but the greatest danger to the paint job comes from salt. Salt is corrosive and can damage both your car’s paint job and the body itself. While small imperfections in your paint might seem minor, if they leave your vehicle vulnerable to moisture and rust, they can have long-term consequences. Getting a preventative extra coat of wax or making sure you get touch ups or polishes when issues arise can help bumps and scrapes from becoming rust and corrosion.6. BodyAs with your vehicle’s paint job, your vehicle’s body is most at risk of salt damage in the winter.Road salt makes the roads safer, but it can also be corrosive when left on your vehicle for any length of time. If your vehicle gets pummeled with salt after a storm, make sure to take the time to wash the salt off – including the undercarriage. The extra water exposure from driving over snow and slush, combined with the effects of salt, can also cause rusting, so the best thing you can do is be on high alert for issues with your car’s chassis. If you catch issues quickly, they’re easy to deal with, so wash and check your vehicle at least once a month, and consider a preventative coating if you’re living in an area where winter road conditions last for months.7. SuspensionSudden jolts and impacts from potholes and other road bumps can damage your suspension.While winter might not affect your suspension directly, bad weather and rapid temperature changes can cause cracking and potholes in the road, and snow can make road damage harder to spot. That means it’s important to be extra vigilant for new bumps and dips in the road in the winter and spring.8. Spark PlugOlder spark plugs can struggle in the cold weather months because a stronger spark is needed when the air is colder and they are susceptible to corrosion.A new spark plug should do just fine in the winter, but if you have an aging spark plug, you might find your car gets harder to start as the temperature drops. Idling can also cause carbon build-up, which can also cause spark plug issues over time. 9. TouchscreensTouchscreens are more likely to glitch or freeze when very cold.Liquid crystal display (LCD) screens, which are now common in cars, become slugging when they get too cold. That’s because they quite literally use liquid, and cold liquid simply doesn’t move as fast.To get your screen back into fighting form, you'll simply need to slowly warm it up. For the most part, it shouldn’t be permanently damaged except in extreme cold (below -4° F), but vehicles that rely on touchscreens for essential functions should ideally be parked in a garage during the worst winter weather whenever possible.Want extra cash in hand for winter car maintenance?Refinancing your vehicle with Auto Approve could help you save you thousands.Get a free, no-commitment quote to see how much you could save.How To Avoid Winter Damage To Your CarHere are 9 things to do – and one don’t – if you want to keep your car in tip top shape through the colder months.Do park in a garage when you have the option.Do get your vehicle serviced for winter, especially if you’re unsure about your vehicle’s winter readiness.Do wash your car when it’s been exposed to a lot of salt, and consider getting an extra coat of wax to help protect your paint and chassis.Do use an ice scraper, not your windshield wipers (and never hot water!), to get snow and ice off the windshield.Do check your tire pressure as temperatures change.Do go over winter driving best practices so you’re ready for any challenges rough roads might bring, from black ice to pot holes.Do make sure you have plenty of coolant.Do get your vehicle’s battery load tested – or pay attention to the range indicator, for EVs.Do keep a winter emergency kit in your car.Don’t run your car more than you need to – it’s a myth that you need to start your car every day, starting it from cold will cause more wear and tear than leaving it a few days, just check to make sure you’re not getting snowed in or iced out by frozen handles and locks.The short version is: an ounce of prevention is worth a pound of cure. Anything you can do to prepare your car for winter’s challenges before you start seeing signs of wear and tear will save you money and time in the long run.That’s Your Guide To How Winter Damages CarsNow you know what to do, what not to do, and what to watch out for this winter.But what if it’s too late?If the winter weather’s caused damage that needs fixing, you might find yourself trying to squeeze maintenance into your budget.Fortunately, most people can save money by refinancing their vehicle.When you refinance with Auto Approve, you get guidance from a dedicated expert to make sure you get the best deal for you.Get a free quote now.

If you are wondering how to get out of a car lease early, there are three main options to consider: transfer the lease, return the car, or buy the car.Which you choose will depend on the details of your lease, the vehicle, and your finances.Read on to learn about each option, how it works, and why someone might choose or avoid it.Ending Your Car Lease Early: The Complete GuideIn this article, we’ll look at:Reasons to end a car lease earlyTransferring a car leaseWays to terminate your car lease Considerations for buying out a leaseWhat you need to know to get a lease buyout loanWhy end a car lease early?There are a number of reasons why you might want to get out of your car lease early. For example: You just lost your job, and the payments are too much to keep upThe vehicle you leased isn’t fitting your needs anymoreYou want to be done with leasing and simply own your car outrightYou’re worried about excess mileage feesThese are all valid reasons, and they’re not the only reasons. Plans change, things happen, and unexpected events can throw us totally off-course from what we thought we needed in our daily lives. When it comes to the terms of your auto agreement, a lease might have seemed like a good solution at one point; yet, due to circumstances out of your control, being in a car lease no longer makes sense for you.Fortunately, tons of people find themselves in a similar predicament each year, which is why it’s not uncommon to want to learn how to get out of a car lease contract early.Still confused? Here are a couple frequently asked questions about reasons to end your car lease before it’s up.What are excess mileage fees?When you get a lease, it often includes a maximum number of miles you’re allowed to drive per year. If you stay under that mileage, some lenders will give a small refund for preserving the car. If you go over it, however, you’ll get charged a fee per mile, payable at the end of the lease. This is because the mileage affects the value and wear and tear of the car.For example, let’s say you had a 3 year lease with a maximum annual mileage of 12,000 miles at a rate of $0.25 per mile over the limit, and you average 14,000 miles per year.You would be 2,000 miles over every year for three years, so you would owe:(2,000 x 3) x $0.25 = $1,500.00$1,500 at the end of the lease. It can really add up!Many people buy out their leases to avoid these excess mileage fees. That’s been especially true in the past several years, since used car values increased during the pandemic and have stayed elevated. This may make your current vehicle’s value higher than the dealer thought it would be at the time the lease was signed.Is it a good idea to get out of a car lease prematurely?That really depends on your unique situation. In many cases, people choose it because they feel they have no other choice. Figuring out how to get out of a car lease agreement early can be a costly and lengthy process. However, if the cons of staying in your lease outweigh the costs and challenges of getting rid of it, then it makes sense to stay the course.If you have decided that you need to make a move and get out of your lease, make sure you really take time to weigh your options, and don’t agree to anything without hearing the final numbers on what you’ll owe or receive. Don’t be afraid to demand hard numbers from your leasing company: it’s a service they owe you as your lessee. So, with all that under consideration, how do you get out of a car lease early?Options for ending a car lease earlyThe short version is, you can do one of three things:Return your vehicleTransfer your leaseBuy your vehicleLet’s break down each option.Return your vehicleThe simplest way to get out of a lease early is to terminate the lease agreement and return the car. However, this is also often the most costly option. When you terminate a lease early, you may be responsible for all or some of the following expenses:early lease termination feeremaining payments on your vehicleany costs related to resaletaxes associated with leasingnegative equity between your lease and the current market valuestorage and transportation of your vehicleSince a car’s value typically depreciates more upfront, the earlier you terminate the lease, the higher the cost is going to be on your end. In many cases, the termination cost may be so high that it makes more sense for you to complete the lease as agreed upon. Remember that the Consumer Leasing Act does mandate that all of these details are included and available for you to review in the lease you have on record.Early lease termination feeEarly lease termination fees vary widely from lease to lease. They are often based on a sliding scale, making it more burdensome to pay off the earlier you are in your lease. For example, if you terminate your lease in the first year, you may be required to make three additional monthly payments, whereas if you terminate your lease in the second year you may only be required to make two additional payments. Review your lease agreement thoroughly to determine your responsibility.Remaining payments on your vehicleYou may be required to pay some or even all of the remaining payments on your vehicle. This is potentially the most expensive part of exiting a lease early. If you decide to terminate your lease with 18 months left on your contract and your monthly payments are $300, you may be on the hook for $5,400 in addition to the other fees associated with termination. Any costs related to resaleLease agreements typically require you to pay a disposition fee, which covers any costs associated with reselling the car. This could include getting the car thoroughly washed and detailed, fixing any cosmetic dings, and performing any necessary maintenance. This can range from a few hundred to a few thousand dollars depending on the terms of your lease and the condition of your car. Taxes associated with leasingIf there are any additional taxes associated with the lease, you will be required to pay those. These costs vary greatly from state to state so you’ll want to make sure you know how much you’ll owe in taxes before making any decisions.Negative equity between your lease and the current market valueNegative equity is when you owe more than something is worth. This is also referred to as being “upside-down” or “underwater” on a loan. When it comes to a lease, it means that your monthly payments are not paying down the balance of the lease faster than the car is depreciating. Your lease agreement might require you to pay some or all of this difference in the car’s value.Storage and transportation of your vehicleAny costs related to the physical removal and storage of your vehicle will be your responsibility to pay.As you can see, all of the lease termination fees often make this the most expensive and least practical way to get out of a lease early, though it is definitely the most straightforward. Transfer the leaseA very popular option to get out of a lease early is to transfer your lease to another person. It is important to look at your lease agreement, however, as not all leases permit a third party transfer.Websites such as leasetrader.com and swapalease.com can help match you with someone looking to take over a lease. However, you must ensure that it is legal to do so in your state. The new lessee must also meet the lender’s requirements. If you are able to transfer the lease, you will most likely be held responsible if the third party stops making payments. You will also be required to pay any transfer fees, which can range from $500 to several thousands of dollars. It is common to offer incentives for people to take over your lease as well. An extra $500 to anyone willing to take over your lease might convince someone who is on the fence about whether taking over your lease is a good move. This option may be less expensive than returning your car early, but will still come with hidden fees, like the lease transfer fee and other costs that will pop up. You should do your due diligence and make sure you have a full tally of all associated costs before choosing to transfer your lease. Be sure to compare the costs between a lease transfer, early termination, and lease buyout before making any final decisions.Buy the carSometimes the most financially beneficial way to end a lease early is to buy the car from the lender. If you have the capital to do this outright, you can simply buy the car and pay for any associated fees. If you do not have that amount of cash on hand, you can opt for a car lease buyout loan. Depending upon the details of your vehicle and loan, buying out your vehicle entirely may be you best option for early termination. Yes, there are still fees involved, but it’s worth running the numbers to compare this option against the others. Many people who need or want to get out of their car lease option pick buying their vehicle outright (or getting financing to do so) because, unlike the other options, you get to keep the car at the end of the process. This means that you can either keep and use the vehicle or resell it, recouping some of the costs involved.Let’s take a closer look at how buying your leased vehicle works.How to buy your car from your lease agreementDetermine your car’s valueCheck for excess mileage, wear and tear, and disposition feesObtain a lease buyout loan, if necessaryDetermining your car’s valueEvery car lease has a residual value that is listed in the loan agreement. The residual value of a car is based on your car’s expected depreciation over the life of your loan and is predetermined by the leasing company. It is usually non-negotiable. This is the number that you are bound to should you choose to buy your car.It is important to also look at your car’s market value. This is based on the demand for your car, and will give you an idea of how much you can get if you resell the car. It is important to know what the market value is of your car to determine if it makes sense to purchase it. If the residual value of your car is $13,000, but the market value is $11,000, it would mean that you are paying $2,000 more than what your car is worth. Consider these values and determine if a car lease buyout makes sense for you. Maybe you want to keep the car for yourself and you are comfortable with paying for the residual value. Or maybe you want to resell the car, and you will still make money on the transaction based on the market value of the car. Other considerations for buying out your leaseBuying your car from your lender can release you from fees that you might otherwise have to pay. Leases often include charges or penalties for the following:Excessive mileage. Most leases have yearly mileage limits, and if you exceed that mileage amount, you can be paying huge penalties. These penalties can range from $.10 a mile to $.30 a mile, which can add up to several thousands of dollars if you drive a lot. Wear and tear. When your car is turned in after your lease is over, it is subject to inspection. Dealers will charge you for any external dents, stains to the interior, and anything else they think will hurt resale value. These fees can vary greatly depending on the condition of your car.Disposition fees. Dealers will usually charge you a disposition fee, which covers all costs associated with reselling your car. Think of all of these fees as money that can be put towards buying your car from your lease. If the fees add up to $3,000, it might make sense to take that $3,000 and use it to invest in the purchase. It is always a good idea to call your lender directly and find out exactly how much it will cost you to buy your car from your lease. To obtain a lease buyout loan:Call your existing lease company.Shop around for rates. Call your existing lease company, again. Sign the papers and notify your insurance company.Keep or sell your vehicle. If you’ve done the math and determined that buying out your lease is the best way to terminate your lease early, you may need to obtain a lease buyout loan. Not all lenders offer this type of loan, but at Auto Approve we work closely with lenders that provide these loans and will work with you to find your best rate possible. To get a lease buyout loan, you will need to take the following steps:Call your existing lease company. First, find out how much it will cost to buy your car. Tell them you are looking to buy out your lease and see if they provide that service.Shop around for rates. At AutoApprove we can jump start this process for you and help you start comparing rates.Call your existing lease company, again. Give them a chance to beat any competing rates that you may have found.Sign the papers and notify your insurance company. Make sure all of the necessary papers are signed, and tell your insurance company about the new lender. Since you will no longer have a lease, you may be able to reduce your coverage and your monthly payments, as you will no longer be required to have high liability coverage.Keep it or sell it. Now that the vehicle is yours, you can decide if it’s worth keeping it, or selling it and keeping the profit.Now You Know How To Get Out of a Vehicle Lease EarlyIt is not always easy to get out of a lease early, but there are options available to thos ewho want or need to do so. The best option for you will depend on your unique situation, but it rarely makes sense to terminate the lease outright. Finding a third party lessee or securing a buyout loan is the most beneficial option for most lessees. The worst thing you can do is agree to one of these options without knowing the final financial figures, so be sure to do your research.And if you are interested in obtaining a car lease buyout loan, get in touch Auto Approve today to get more information on how our experts can help you navigate the process and find a great deal from one of our trusted lenders.Get in touch today.

Want to lower your monthly car payment as soon as possible? Read on to find out how to make it happen.Here’s the short version.You’ll want to check whether:your payment is higher than it should beyour current lender is willing to negotiateit might make sense to sell your vehicle and buy a less expensive onerefinancing your vehicle makes sense for youlowering your car payment is the right solution for youRead on for your complete guide to lowering your monthly vehicle payment – whether it’s possible, whether it’s a good idea, and how to make it happen.The Best Ways To Lower A Monthly Car PaymentIf you have financed your vehicle, you may feel overwhelmed by your monthly payments. When you add on gas, insurance, and maintenance, your car can quickly eat up your monthly income. But there are a few ways to get a lower car payment and loosen up your monthly budget.In this guide, we’ll cover:What is considered a high car payment – and what makes a car payment too highThe best ways to lower your monthly car paymentThings to consider to decide whether you can (or should) lower your car paymentWhat Is Considered A High Car Payment?There are two types of too-high car payments:Monthly payments that are too high for your budgetMonthly payments that are above market ratesYou might be wondering if your car payment is higher than it should be. There is no hard and fast number that constitutes a “high” car payment, and it will depend a lot on what your finances and your budget look like, but here are the primary things to consider.Is your car payment too high for your budget?In general, it is recommended that you should spend no more than 10-15% of your monthly income on your car payment. Your total transportation expenses (gas, insurance, maintenance) should not exceed 20% of your monthly income. So if your car payment is over 15-20% of your monthly income, you are probably out of your budget with car payments.But that rule is not cut and dry. Look at your own personal budget to make the call. Consider all of your income and all of your expenses: the variable expenses (such as groceries and entertainment) and the fixed expenses (such as rent and insurance). If you are spending more than you are bringing home every month, it is safe to say that you need to shore up your budget, and reducing your monthly car payments will be a step in the right direction.Is your car payment too high for the market?There’s a possibility that your current loan terms don’t reflect the lowest Annual Percentage Rate, or APR, available to you.This can happen because:You got your loan when interest rates were higherYou got your loan from a dealer that marked up the rate so you didn’t get the lowest rate available to youYour financial picture has changed and you’re now eligible for lower rates than you were when you initially got the loanUse Auto Approve’s savings calculator (scroll down to find it!) or get a personalized, no-commitment quote in just  a few minutes to find out if you’re paying more than you need to be. Most people can save money on their monthly payment by refinancing to a loan with better terms. However, if your credit is very bad or your finances have other red flags, you may not be eligible for the best market rates.The Three Best Ways To Lower Your Monthly Car PaymentTry renegotiatingSell or trade in your vehicleRefinance your loan1. Try Renegotiating It never hurts to talk to your current lender about your money situation (and don’t be embarrassed, it happens more often than you might think). There might be a few things that they can do to alleviate your situation. Sometimes they will let you defer payments for a few months, but you will still accrue interest during this time so it will end up costing you more overall. Lenders may let you renegotiate certain terms of your loan, but in this case it’s better to apply for refinancing with a few different lenders, as they may be able to beat your current lender.2. Sell Your Car Or Trade It InIf you anticipate having a long term issue with car payments, it might be a good idea to sell your car privately or trade it in at a dealership.If you choose to sell your car, make sure you clean your car thoroughly ahead of time and take good pictures that will highlight your car’s best features. Do some research on Kelley Blue Book or Edmunds to find what a fair resale value will be. Call your lender to find out exactly how much you have left on your loan so you know how much you owe (and how much you should try to get when selling your car).Alternatively you can choose to trade your car in. This is a good option if you still need a new car but cannot afford your current loan. It is important to know beforehand how much is left on your current loan and what the resale value of your car is.3. Refinance Your LoanRefinancing your car loan is the best way to lower your monthly car payment. It is much easier than selling your car and much more effective than trying to negotiate with your current lender.When you refinance your loan, you want to apply with 3-5 lenders to get the most competitive rates. It is best to use a company that specializes in vehicle loan refinance, as they will have relationships with many lenders and can help you pick the best loan for your situation.Refinancing will be most effective if you are prepared. Take the following steps to make sure you get the best car loan refinance offers:Make sure your credit score is in good shape. The higher your credit score is, the better car loan APR you will be offered. Make sure you are paying your bills on time and in full (scheduling autopay is a great way to do this), pay down your debts that have the highest credit utilization ratio, and check your credit report.Know your current loan terms. You should know your current monthly payment, the amount of time you have left to repay, the car loan APR, and if there are any prepayment penalties for which you may be responsible. Call your lender if you have questions–you don’t want to refinance if the fees will outweigh your savings.Collect any documents you may need. You will most likely need a photo ID, your vehicle’s information (bill of sale, VIN number, make, model, and year), your proof of income and financial history (pay stubs, banking information, and your credit report), proof of residence, and proof of insurance.Research lenders. You won't be able to compare loan terms until you actually apply, but you can look around online for different credit unions, traditional banks, and online lenders. See what some of the average rate offers are, and see what their customers have to say. Customer satisfaction ratings are very important, so don’t ignore this step. Using a company that specializes in auto loan refinance can make this step much easier.Apply and compare. Once you have completed your research you can start applying. Be sure to apply in a fourteen day window so that all of your applications will count as one hard inquiry on your credit account. When the offers come in, look at the interest rate, the repayment period, the prepayment penalties, the fees, and the customer reviews to decide what loan is right for you. Sign and save. Once you pick a loan that is right for you, all you have to do is sign and start saving. And if you use Auto Approve to refinance your loan, they can help you fill out all of the paperwork (even the DMV paperwork!)Refinancing is the easiest and most effective way to reduce your monthly car payments. It allows you to shop around and compare offers so that you know you are getting the best terms possible. And when you have a company that specializes in car loan refinance, it is quick and easy.Does Lowering Your Monthly Vehicle Payment Make Sense For You?Here is a checklist to help you decide.Will your current lender negotiate?Does your vehicle make sense for your budget overall?Will lowering your vehicle payment fix your budget?Are you eligible for a lower car loan rate through refinancing?Will your current lender negotiate?Do you like and want to stay with your current lender? Have you contacted them to see if they can offer you a break?Does your vehicle make sense for your budget overall?If your budget is too tight and you’re still driving an expensive vehicle, there is no shame in downgrading to a more practical, affordable vehicle. While renegotiating your loan or refinancing to a new loan with more favorable conditions can certainly save you money, if your budget needs more wiggle room than tweaking your APR can offer, you may need to make a bigger change. Find out how much you might be able to save to give yourself a better idea of whether it’s enough.Will lowering your vehicle payment fix your budget?This is a similar question to the last one, but if your car is already sensible for your budget or if keeping your current vehicle is non-negotiable, you may need to look at additional ways to save money. You should still try to secure a lower monthly vehicle payment, but it may need to be part of a larger plan to right your financial ship.Here are some resources to help you get started:Inflation Getting You Down? 8 Simple Ways to Save Money in 202510 Sneaky, Simple Ways to Spend Less Money Every DayA Beginner’s Guide to Budgeting: Pay Down Debt FastFuel Efficiency Hacks: Saving Money at the PumpHow to Stop Impulse BuyingHow To Make the Most of Cash Back RewardsCan't Make Your Car Payment? Your Guide On What To DoTop 10 Ways to Save Money on Your Grocery BillsAre you eligible for a lower car loan rate through refinancing?The simplest way to lower your car payment quickly is to refinance your vehicle loan. Get started with Auto Approve today.Those Are The Top Ways To Lower Your Monthly Car Payments Now.Refinancing your car loan is your best bet when it comes to securing a lower monthly car payment. It allows you to shop around and compare terms so that you can be sure you are getting a better loan while allowing you to keep your car. If you think refinancing your vehicle is a good move for you, be sure to prepare ahead of time to ensure you get the best loan offers possible.Auto Approve is here to help with your car loan refinance. Our experts can guide you through the process to make your refinance a breeze. So don’t wait, get your free, no-commitment quote from Auto Approve today to see how much money you could be saving!GET A QUOTE IN 60 SECONDS

Looking for great songs about cars and driving? Add these hits about hitting the road to your driving playlist.tL;dR: Some of the best songs about driving include:“Cruisin’” by Smokey Robinson“Low Rider” by War“I Drove All Night” by Roy Orbison or the 2003 cover of “I Drove All Night” by Celine Dion“MONACO” by Bad Bunny“Milwaukee, Here I Come” by Dolly Parton and Porter WagonerFor a longer list of songs about driving or to skip straight to listening, check out this Spotify playlist.Hitting the Road? Here Are Some of The Best Songs About Driving and CarsWhat you listen to can make or break a long drive. One way to set the mood and get off on the right foot? A great playlist of songs about driving, road trips, getting out of dodge, and cars. Here are some top hits and lesser known picks to help you have a great drive, organized alphabetically by song title. For the purposes of this list, “By:” lists the performing artist, not the songwriter(s).1. Bright Side of the RoadBy: Van MorrisonYear: 1979Genre: FolkThis peppy, harmonica-heavy song invites an old lover to fall back in love as they move from “the dark end of the street to the bright side of the road.”2. Cruisin’By: Smokey RobinsonYear: 1979Genre: R&B/SoulCruisin’ is a smooth, chill love song that’ll have you gently swaying in your seat. Smokey Robinson invites the listener to “cruise away from here” and croons that “cruisin’ is made for love.”3. Diesel Smoke, Dangerous CurvesBy: Red SimpsonYear: 1967 Genre: CountryDiesel Smoke, Dangerous Curves is a fast-paced trucker song about the dangers of a long, winding road at the end of a long day.4. drivers licenseBy: Olivia RodrigoYear: 2021Genre: Indie/Power PopIf you're looking for more of an angsty, heartbroken driving vibe, Olivia Rodrigo’s driving power pop break-up song about driving by an ex’s suburban house made a big splash when it came out in 2021 for good reason.5. End of the LineBy: The Traveling WilburysYear: 1988Genre: Folk RockThe Traveling Wilburys was a supergroup that included Bob Dylan, George Harrison, Jeff Lynne, Roy Orbison, and Tom Petty, and End of the Line – where they sing “Well, it's all right riding around in the breeze, well, it's all right if you live the life you please” – offers a catchy hook worthy of the collected big names.6. Fast CarBy: Tracy ChapmanYear: 1988Genre: FolkFast Car is a sad song with powerful lyrics about getting away and an unforgettable tune that’s stood the test of time, with many covers and remixes making it big in the past few years – but the original version is still incomparable.7. FreedomBy: Beyoncé featuring Kendrick LamarYear: 2016Genre: Contemporary R&B/Gospel RockFreedom, off Beyoncé’s 2016 album “Lemonade,” may not technically be about driving, but is a great song for making a break for it and hitting the open road.8. Get ReadyBy: The TemptationsYear: 1966Genre: R&B/SoulGet Ready is a perfectly joyful Motown hit for those driving with a mission. Get ready to sing along, “Get ready, here I come!”9. Heads Carolina, Tails CaliforniaBy: Jo Dee MessinaYear: 1996Genre: Country On the flip side, if you’re driving with a plan to just get lost, the pop country song Heads Carolina, Tails California can be your anthem as you go anywhere the road leads you.10. Holiday RoadBy: Lindsey BuckinghamYear: 1983Genre: Pop RockHoliday Road was written by Lindsey Buckingham of Fleetwood Mac for the 1983 movie “National Lampoon’s Vacation,” then got re-used in most of the subsequent “Vacation” movies, meaning for many it’s inextricably linked to the idea of a zany, if not always successful, family road trip.Lower your monthly car payment with Auto ApproveHi! This is Auto Approve, by the way. We make refinancing quick and simple. A dedicated Auto Approve refinance expert can help you refinance your vehicle loan to save money on your monthly car payments (or truck payments, or motorcycle payments, or SUV payments).Get started now.11. I Drove All Night By: Celine DionYear: 2003Genre: Dance PopOriginally written for and performed by Roy Orbison in the late ‘80s/early ‘90s, the 2003 Celine Dion dance cover gave new, higher BPM life to the catchy song about driving overnight to a lover.12. Life is a HighwayBy: Rascal FlattsYear: 2006Genre: Country RockOriginally released in 1991 by Canadian musician Tom Cochrane, Life is a Highway became maybe the singular quintessential road trip song when it was popularized in 2006 by Rascal Flatts when it was featured on the soundtrack for the Pixar movie “Cars.”13. Little Red CorvetteBy: PrinceYear: 1999Genre: R&B/SoulThe titular little red corvette in this song might be mostly a metaphor, but if you’re a Prince lover, this song is a must for when you’re ready to drive just a little too fast (not that Auto Approve condones that! Drive safe).14. Low RiderBy: WarYear: 1975Genre: FunkHit the road in funky style with this driving classic about someone driving a lowrider – a hot rod, or vintage car with a souped up engine.15. Milwaukee, Here I ComeBy: Dolly Parton and Porter WagonerYear: 1969Genre: CountryThere have been many versions of Milwaukee, Here I Come, a song first recorded in 1968 by George Jones and Brenda Carter, but the zippy version by Dolly Parton and Porter Wagoner makes the best driving song thanks to its more fun, bouncy sound.16. MónacoBy: Bad BunnyYear: 2023Genre: Latin TrapMónaco has a sort of James Bond-y sound that makes it a great night driving pick. Bad Bunny sings about wealth and luxury through lyrics about Monaco and F1 racers.17. Mustang SallyBy: Wilson PickettYear: 1965Genre: R&B/SoulAnother absolutely iconic driving song, Mustang Sally is a spiritual precursor to Little Red Corvette with a solid groove.18. On the Road AgainBy: Willie NelsonYear: 1980Genre: CountryOn the Road Again is a classic country song all about the pleasures of hitting the road with a band of friends, written by Nelson for the 1980 movie Honeysuckle Rose (which he starred in as a struggling, aging musician).19. Proud MaryBy: Tina TurnerYear: 1993Genre: R&B/RockProud Mary was originally written and recorded as a rock song by Creedance Clearwater Revival in 1969, and every version of the song has its merits, but the Tina Turner solo version from her 1993 album What’s Love Got to Do With It?, with its slow build to high octane peak is simply unstoppable. (And yes, it’s technically about a boat, not a car, but if you can resist bopping along to “big wheel keep on turning, Proud Mary keep on burning,” you’re stronger than most.)20. Thunder RoadBy: Bruce SpringsteenYear: 1975Genre: RockNo one sings more effectively (or perhaps more at all) about hitting the road and getting away than the Boss himself. While many of his songs make great road trip music, Thunder Road takes the cake for the satisfying moment when Springsteen sings “Roll down the window and let the wind blow back your hair, well, the night's busting open, these two lanes will take us anywhere.” What’s better driving music than that?Listen to these songs on your next getawayWant to make that getaway happen sooner?Most people can save money by refinancing, so if you’d like a little more money in your pocket for gas money or to finance the perfect road trip, get your free, no-commitment quote from Auto Approve and discover how much you can save.

Looking to save money this holiday season? Hoping to add a little wiggle room to your budget A.S.A.P.? There are a few tried and true ways you may be able to free up a little extra cash for holiday travel, gifting, and end of year costs.Here’s the short versionYou can give yourself more cash for the holidays by:Paring down subscriptionsTemporarily retooling your budgetRefinancing your car, truck, or motorcycleSaving on perfunctory purchases with DIY or bulk giftsBecoming a coupon whizAdding a side hustleRead on for a more in-depth look at these strategies that can help you save, make, or find money now.How to make room in your budget for the 2025 holiday seasonUse these tips for saving money and you might find yourself feeling a little jollier. 1. Pare down subscriptionsCancel or downgrade some unnecessary subscriptions. Subscriptions have multiplied like rabbits in the past decade or so, and many services seem to be constantly hiking up their prices. A few dollars here and there can seem benign, but add up quickly. Do a subscription review and see if there isn’t a service you could live without for a few months in exchange for the extra cash back in your pocket.2. Temporarily retool your budgetMove money from categories where you might currently be spending more into the category you want to focus on at the end of the year.If you want a little more money for recreational things as 2025 comes to a close, you might need to find it by tightening your belt somewhere else. For example, could you cut your going out budget or trim your grocery bill down, knowing it’s only a temporary sacrifice to make room for the things that matter to you?3. Refinance your car, truck, or motorcycleRefinancing a vehicle can save you money in the short and long term. When you refinance your vehicle, you pay off your existing loan with a new loan with better terms for your financial situation. This can mean lowering your monthly payment by securing a lower interest rate, changing the term of your loan, or both. And, for many people, the refinancing process means a pause in payments of up to 3 months, giving you a quick cash infusion as well as the longer term savings.Of course, refinancing a loan isn’t for everyone. Find out if refinancing your car is right for you.4. Save on perfunctory purchases with DIY or bulk giftsSave money by choosing something you can buy in bulk or DIY projects to give away for smaller gifting. The holidays come with a lot of surprising little expenses that can really add up – host gifts, office gift exchanges, stocking stuffers, and so on. Spend some time brainstorming and find something that feels right for you that you can make or buy in batches. For example, it’s easy to make homemade Irish cream liqueur or DIY cookie dough jars, or you could buy a case of sparkling wine or fun mugs from Costco or fuzzy sock sets and save money by buying in bulk. Finding small ways to save on the surprise expenses can open up some cash for the gifts that matter most.5. Become a coupon whizUse grocery store coupon books and apps like Honey to get discounts on your holiday purchasing.There are tons of ways to find coupons and grab discounts in this day and age, whether that’s old school coupon clipping or going hunting online for deals. Many companies offer a discount for signing up for texts or emails, and there are apps and internet browser plug-ins that compile discount codes on autopilot to keep you from having to pay full price. If money is an issue this holiday season, put some effort into saving on your must-haves and you can certainly save a few bucks here and there.6. Add a side hustleConsider finding an additional job or gig or finding other ways to bring new money in – like selling things you no longer need.For many people, it’s easier to add room in a budget by adding more money than by shrinking expenses. If things are already tight and you’re mostly paying for the essentials, looking for a gig that could help you make a few extra dollars might be the fastest way to change your financial picture. This could be as simple as doing some babysitting or dogsitting, picking up an extra client or job, selling some things you’re willing and able to part with, or doing a little consulting on the side of your regular job.That’s how to make money now – the easy wayUse these money saving tips to put more money in your pocket for the end of the year. Unfortunately, there are no free lunches, as they say, but with these simple steps you can find a little extra cash in your budget for any holiday splurge you’re dreaming of.And if refinancing is your pick, you can get a free, no commitment quote right now to see how much you could save with Auto Approve.

Car loan refinancing can help you save money by securing a lower car loan APR and/or changing your repayment period, but how will it affect your credit score? Here’s the short answer: Any time someone performs a hard check on your credit, as lenders will for you to get approved for a new car loan, your credit score drops slightly. However, with consistent on-time payments, your credit will quickly recover or even improve.Read this guide to learn:The basics of credit scoresWhat credit score you need to refinanceHow refinancing specifically affects your credit scoreHow some people improve their scores after a refinanceWhen not to refinanceThe timeline for credit score recovery after a refinanceSteps to raise your credit scoreThe most important thing to do to limit how much your credit score is lowered by refinancingWhat Happens To Your Credit Score When You Refinance A Car: The Complete GuideCredit Score BasicsWhat is a credit score?What is a FICO score?How are credit scores calculated?Where does the information on your credit report come from?1. What Is A Credit Score?Credit scores are three digit numbers that are designed to tell lenders how likely you are to repay your debts. They indicate how financially stable you are.2. What is a FICO Score? FICO credit scores are the most popularly cited scores, but FICO is merely a type of credit score model (FICO stands for Fair Isaac Corporation, the company that helped pioneer credit scoring). Most agencies use either a FICO model or a variation of it for credit score calculations.3. How Are Credit Scores Calculated?Credit scores take a look at five major categories in your finances:Payment historyAmounts owedLength of credit historyCredit mixNew creditEach category is weighed differently, but each part is important to ensuring that your score is as healthy as possible. Credit scores are calculated by looking at monthly reports that are sent to the three major credit bureaus (Equifax, Experian and TransUnion). Your Payment History (35%)Your payment history is the most important factor in your credit score, accounting for 35% of your total score. Do you pay your accounts on time and in full, or do you miss payments? If you have had a missed or late payment, its effect on your score will depend on:The amount you’ve missedHow recently you’ve missed a paymentHow frequently you’ve missed paymentsEnsuring that you make consistent, full, and on time payments will have the greatest positive effect on your credit score.Amounts Owed (30%)This is the second most important category for your credit score, accounting for 30% of your credit score. The amounts owed category looks at how much money you owe, how much money you have available to you, and the number and types of accounts you have. The most important factor in this is your credit utilization ratio, which is a ratio of how much money you owe compared to how much money you have available to you. This looks at individual accounts as well as your total debt and total line of credit. Your ratio should be less than 30% for each account as well as your overall amounts owed.Length Of Credit History (15%)The length of your credit history makes up 15% of your credit score. This category looks at how long your accounts have been open and active. How long have you had your accounts open and how long has it been since you’ve used certain accounts? The longer you have a history of having open accounts, consistently using them, and consistently paying them, the higher your score will be.Credit Mix (10%)Your credit mix accounts for 10% of your credit score. Your credit mix looks at how diverse your credit accounts are. Lenders like to see that you can manage payments for a number of different accounts. Healthy mixes typically include installment loans, mortgages, car loans, credit cards and retail credit cards. The better the mix, the better your score will be.New Credit (10%)Your new credit counts for 10% of your credit score. This category looks at how many new accounts you have. If you have new accounts that you haven’t proven that you can consistently pay, it will count against you. New accounts are like unanswered questions to credit bureaus.4. Where Does The Information On Your Credit Report Come From?Many different organizations send reports to the bureaus, including:Mortgage lendersAuto loan lendersCredit card companiesPersonal loan lenders Medical billing collection agenciesUtility companies typically do not send reports, but missing utility payments can result in reports to a collections agency (which will be reported). The credit bureaus take all of these reports and break the information down into the following categories. What Is A Good Credit Score To Refinance A Car?Credit scores are broken down into five categories: Exceptional (Super Prime): 800-850Very good (Prime): 740-799Good (Near Prime): 670-739Fair (Subprime): 580-669Very poor (Deep Subprime): 300-579The better your credit score is, the better car loan APR you will be offered. The best car loan refinance rates are offered to those with very good and exceptional credit scores. But that doesn’t mean that you will be unable to refinance if your score isn’t quite that high.If your credit score is better than it was when you originally financed and/or the market rates are better than when you initially financed, there’s a good chance you will be able to qualify for a better car loan APR.How Does Refinancing A Car Affect Your Credit?When you refinance a car, it affects two categories in your credit score: your length of credit history and your new credit.Because it will be a new loan, it will shorten your length of credit history, which can cause a minor dip in your score. It will also be a new credit on your account, so your score will lower because it's new. Refinancing your car means that you will also have hard inquiries on your account. Hard credit inquiries will also cause a dip in your score, typically between five and ten points. It is temporary however, and they usually wear off in about six months. How Some People Improve Their Scores After A RefinanceWhile refinancing will affect parts of your score, it can also help your finances, and by extension credit score, by saving you money and making your payments more manageable.Refinancing Saves You Money So You Can Pay Off More DebtIf you are able to refinance your car loan to a lower car loan APR, you can save a lot of money over the course of your loan. And those savings can be used to pay down other debts you have. These payments can lower your credit utilization ratio, which can significantly improve your credit score.Refinancing Can Help You Make More Consistent PaymentsIf you are having trouble keeping up on your monthly payments, refinancing can help you by lengthening your repayment plan. When you lengthen your repayment plan you have more time to pay off your loan, which significantly lowers your payments. If you can stay more consistent on your payments, you will increase your score a good deal.When Not to Refinance For Your CreditFor most people, refinancing can help them save money on their monthly car payments. However, because refinancing does temporarily negatively affect your credit score, you should avoid refinancing:Right before making a major purchase that requires a credit pullRight after making a major purchase that requires a credit pullFor example, if you’ve just bought a home, you may want to wait for your credit to recover. And if you are hoping to buy a home in the next six months, you may want to prioritize having your credit score in tip top shape for that.Timeline For Credit Score Recovery After A RefinanceFor most people, any score reduction from refinancing should wear off within a few months to a year as long as you make on-time payments. The hard credit inquiry stays on your report for two years, but is most impactful when it is recent.Steps To Raise Your Credit ScoreWhether you’re building credit for the first time, want to get your credit score in tip-top shape before refinancing, or plan to use these steps to raise your score up after refinancing, here are some actions you can take to give your credit score a lift:Make consistent, on-time paymentsRequest higher credit limitsAvoid opening new lines of creditAsk to be an authorized user on an existing accountReview your credit reportWork On Making Consistent, On-Time PaymentsIf you have a habit of making late payments, try to fix this as soon as possible. Sign up for autopay on your bills if possible to ensure you don’t miss a bill and look for ways to keep up on full payments. Are there areas of your budget where you can make sacrifices to save a bit of money? Canceling unused or unnecessary subscriptions and switching to generic brands are just a few ways you can free up some extra money and ensure you are making full payments on all of your accounts.Request Higher Credit LimitsContact your credit card companies and ask for higher credit limits. This will automatically give a boost to your credit score by reducing your credit utilization ratio.Avoid Opening New Lines Of CreditAny new accounts that you open at this time will adversely affect your credit score, so try to resist opening anything new until after you refinance your car loan.Ask To Be An Authorized User On A Loved One’s AccountIf you have a friend or family member with a great credit score, becoming an authorized user on one of their accounts can give your credit score a boost. Their on time payments and low credit utilization ratio can help to give yours a boost.Request A Copy Of Your Credit ReportIt’s a good idea to request a copy of your credit report at least once per year to ensure that there aren’t any mistakes or errors. A missed payment marked in error can have a significant effect on your score, so it’s good to regularly review your report and make sure everything is accurate.When you decide to refinance your car, be sure to apply to all lenders in the same two week time frame. Credit bureaus know that people need to apply to different places in order to compare, so they give a two week window where all hard inquiries will count as one inquiry (and therefore only affect your credit score once.The Most Important Thing To Do To Limit How Much Your Credit Score Is Lowered By RefinancingWhen you decide to refinance your vehicle, you’ll want to shop around for offers from several different lenders to ensure you get the best deal available to you for your unique financial circumstances. However, if you choose to do this, you must be sure all the credit checks fall within the comparison shopping window allowed by the credit bureaus, which is typically 14 days, up to 45 days. When you do this – as long as the inquiries are all for the same type of loan – it’s counted as one inquiry instead of several on your credit report.At Auto Approve, we gather offers from many top lenders at once, which means you can be sure all credit checks are done in a short window, with no need for you to find and manually request checks across several companies.In short: Refinancing A Car Loan Can Cause A Slight Dip In Your Credit Score, But It Can Also Be Beneficial In The Long Run.Refinancing your car loan is easy when you use a company that specializes in car loan refinance, like Auto Approve. Our representatives will connect you with offers from top lenders, guide you through your options, then do the paperwork for you.Get a no-commitment quote from Auto Approve today to see how much money you could be saving!

Whether you want extra cash for a specific goal or are just looking to revamp your budget with inflation and rising costs, lowering your motorcycle payments can help open up some extra cash month to month – but how?Here’s the short answer.The only way to lower the monthly payment on a motorcycle loan is to change your loan terms, either by modifying your loan with your current lender or refinancing your loan. For most people, refinancing will be the better option, because you have more leverage when changing loan providers and can usually get more favorable loan terms that way. The exception would be if you have particularly bad credit or are otherwise not a good candidate for refinance.Read on to learn how motorcycle financing and refinancing works, what makes someone a good candidate for refinance, and the steps to start your refinance and secure a lower motorcycle payment.The Complete Guide to Lowering Your Monthly Motorcycle PaymentIn this guide, we’ll cover:How motorcycle loans workHow refinancing can lower a monthly motorcycle payment What determines motorcycle loan APRs (Annual Percentage Rates) How to make yourself a good refinance candidateThe steps to refinancing a motorcycleHow Motorcycle Loans WorkA motorcycle loan is a secured loan used to help finance a motorcycle. A motorcycle loan works the same way as a car loan. A financial institution (the lender) pays for your motorcycle, and you in turn repay them in monthly installments with an additional fee, interest, for the convenience of borrowing money. Your motorcycle is considered collateral, and if for any reason you cannot repay the lender, your motorcycle will be taken away (and any money you already paid will not be returned). The term “secured” refers to the use of collateral.Motorcycle loans have a principal, which is the price of the motorcycle, plus any taxes and fees, minus any down payment you make. This principal is the base of your loan, and then interest will be applied to that principal. The interest is calculated using a motorcycle loan Annual Percentage Rate, or APR, which is based off of market rates and off of your personal financial situation. How refinancing lowers monthly motorcycle payment In short: Refinancing can lower your payment through securing a lower interest rate, changing the loan term, or both.When you refinance, you are paying one loan off with another loan. The new lender pays off the old loan and you repay the new lender in monthly installments. The new loan will have a different APR and repayment plan, ideally with better terms for your unique financial situation. By securing a lower APR, you can save money every month. You can also accelerate your payment plan, which will allow you to pay your loan off faster and save money (lower APRs are traditionally offered to loans with shorter repayment plans). Or you can refinance a motorcycle loan to a longer repayment period and cut your payments every month.Refinancing your motorcycle is the best way to lower your monthly motorcycle payment and save money on your motorcycle loan. What determines the Annual Percentage Rate (APR) on a motorcycle loanMotorcycle loan APRs are determined based on:Market factorsCredit score and credit historyIncomeLoan termThese factors are important to understand if you want to lower your monthly motorcycle payment.Market FactorsThe economy’s performance will help dictate what APR you are offered. Interest rates are set by the Federal Open Market Committee. If they decide that spending needs to be encouraged, they will lower interest rates. In the past several years, interest rates have varied pretty drastically, so whether or not you can save by securing a lower interest rate may depend on when you took out your motorcycle loan.Credit Score And HistoryThe biggest factor for your motorcycle loan APR (that you can control) is your credit score. Lenders use them to determine how likely you are to pay back a loan. Your credit score looks at the following categories: Payment History. Are your payments consistently full and on time? Amounts Owed. How much money do you owe on your accounts?Credit History Length. How old are your accounts? Credit Mix. Do you have a healthy mix of different types of accounts and debts? New Credit. Do you have a lot of hard inquiries on your credit? Do you have some brand new debts? All of these factors are looked at when determining your credit score (and therefore your motorcycle loan APR). The higher your credit score is, the better motorcycle loan APR you will be offered.IncomeLenders will also look specifically at your income to determine your motorcycle loan APR. Your income compared to the amount of debt you are in will indicate to lenders if you will be able to repay your loans.The Loan TermThe longer the loan term is, the higher the interest rate you are offered will be. Lenders will often offer lower rates for shorter terms. This means that if you select a longer lease period, you are not only paying a higher car loan interest rate, but you are paying it for a longer period of time. You will ultimately end up paying a lot more money overall by selecting a long repayment period.What makes someone a good candidate for refinance The key factors that make you a good candidate for refinance are:You credit score and historyYour incomeYour down payment (original down payment or ability to add more at time of refinance)Your desired loan termYour vehicleThe age/time left on your current loanThe steps to refinancing a motorcycleTo start, getting a preliminary quote to see how much money you could potentially save requires no commitment or hard credit check.Once you’re ready to get serious about refinancing, you’ll want to:Review your creditGather your documentsGet quotes from multiple lendersCompare offersChoose your best offer and start savingReview your credit.Make sure your credit score is looking good. It is so important to have a good credit score when you are refinancing. That is how you can make sure you save the most money. If your credit score isn’t great, wait a few months before refinancing and work on improving your score. Focusing on making on time payments and paying down debt can have a huge impact on your score.Gather your documents.Gather all of your documents, including your original loan documents. You will need a photo ID, your vehicle’s information (may include the bill of sale, VIN number, make, model, and year of your car), proof of income and financial history, proof of residence, and proof of insurance. Scan them and upload them so you are ready to go when the time comes to apply.Get quotes from multiple lendersYou should aim to apply to 3-5 lenders so that you have enough offers to compare in a short period of time, to avoid multiple inquiries on your credit. When you choose to refinance with Auto Approve, we shop around for you and save you the hassle. We have relationships with lenders across the country, which means we can find you the best deals and save you the most money. Compare your offers. You want to look at the motorcycle loan APR, the repayment period, the prepayment penalties, and the customer service ratings when making your decision. When the deals come in, the experts at Auto Approve can help walk you through your options to help you find the best loan for you. Choose your best offer and start savingOnce you decide what loan is right for you, it’s just a matter of signing on the dotted line! We can even help you with all of the paperwork (including the DMV!) That’s it! Refinancing really is so simple when you choose Auto Approve.Now You Know How To Lower Your Monthly Motorcycle PaymentRefinancing your motorcycle is the best way to lower your monthly motorcycle payments. And when you choose Auto Approve for your motorcycle refinance, you’re in good hands. Auto Approve has a 96% would-recommend rating on LendingTree as well as an A+ rating from Better Business Bureau. So don’t wait any longer – get your free quote today!