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We spend a lot of time in our cars these days. This means we often need things in our cars to make our time there easier and safer. Our glove boxes are the perfect place for all of these essential items. While everyone has different specific needs for their car depending on where they live, how often they drive, and whether or not they have kids (IYKYK), there are certain things that everyone should keep in their glove boxes.Here are the top 12 things you should keep in your glove box (in no particular order).#1. Your registration and insurance.You shouldn’t drive anywhere without a copy of your registration and insurance. Getting caught without these pieces of paper can cost you a lot of money depending on where you live. You can even have your car impounded and in some cases get arrested. So obviously it’s important to make sure that you have both your registration and insurance safely tucked away in your glove box. Check to be sure it is current and whenever new cards arrive be sure to replace them so they are always up to date. #2. Your vehicle owner’s manual.Your owner’s manual is full of useful information, so it’s a good idea to keep it handy. It can be especially valuable if you see a dashboard light that is unfamiliar. But can’t we just look everything up on our phones? Yes, but your manual will be a faster option than trying to find your exact make and model specs online. #3. A cell phone charger.Being out without a phone today is a horrible thought. We depend on it to keep in constant contact with friends and family, sure, but we also depend on it for directions and to keep us entertained while driving. Without streaming music or podcasts, what are we to do? Many parking meters and lots these days require (or at least strongly encourage) paying by cell phone, adding another layer of necessity when it comes to our phones. Keeping an extra charger will help ensure that we are never without our phones, especially when we are out and about in our cars.  #4. An emergency escape tool.An emergency escape tool is something we all need but all hope we never have to use. These handy tools will help you to break a window and cut your seat belt in the event that you are in an accident and need to get out of your car. These tools have a spring-loaded pointer made of metal that, when released, will shatter a car window completely. They can be used if your car gets submerged in water, rolls over during a crash, or gets stuck in a weather emergency. Again, you never want to use it but you will be eternally grateful if you have it when you do need it.  #5. Emergency flares.Emergency flares are another necessity for survival. Flares can help you get attention if your car breaks down or you are involved in an accident. At the very least they help make you visible so that passing cars do not hit you by accident. #6. First aid kit.A first aid kit is another survival essential. Whether you get a paper cut while flipping through papers in your front seat or you are involved in an accident, a first aid kit will certainly prove itself useful on more than one occasion. Your ideal first aid kit will have the following:A first aid manual with basic first aid tasks such as how to perform CPR.GlovesGauze and assorted bandagesAntibacterial sprayDisinfecting wipesPain relieversAnti-bacterial creamsEye washLip balmTweezersAny additional medications you use #7. A bottle of water and snacks.It’s a good idea to always have a fresh bottle of water and snacks of some sort in the case of an emergency. If this won’t fit in your glove box, consider keeping a small box or bag in your trunk. IF you ever get stranded somewhere these items will be crucial. #8. An ice scraper.While this may not apply to you depending on where you live, for many who live in the US an ice scraper is an absolute necessity. You never know when the weather might turn in the winter and you don’t want to get stuck at work or out running errands without an ice scraper. A sudden storm could mean iced over windows with little to visibility, which could easily result in being stranded.  #9. Pepper spray or a pocket knife.It’s a good idea to have some sort of protection on you. Whether you are in an unfamiliar part of town or are driving through the country, both of these items can help keep you safe. Whether it’s the threat of another person or even an animal, they will both give you a bit more peace of mind.  #10. Matches or a lighter.It’s always a good idea to have either matches or a lighter on hand. They take up very little room and can be incredibly useful. If you ever need to start a fire in the cold or light a flare you will be very grateful to have the assistance.#11. Flashlight.If you drive at night, which most of us do, a flashlight is absolutely essential. You never want to be stranded in the dark without a light, and relying on your phone’s flashlight will drain your battery. It’s much better to have a heavy duty waterproof flashlight with extra batteries stored in your glove box. #12. Emergency contacts and information.If you are ever involved in an accident it’s important to have information easily accessible for rescue workers. A laminated paper with emergency numbers and any relevant medical information will help the emergency workers get in touch with your loved ones and get you the help that you need more quickly. List the following information on the front of the card: Your name and addressPhone (Home, Work)Birth dateBlood TypeSocial Security No.Health Insurance Carrier and Individual and Group #Physicians On the back of the card you want to list the following:Emergency contactsAny medical conditions or disabilitiesMedicationsAssistance neededAllergiesImmunization DatesAny other information that might be relative Medical information can be a matter of life and death, so it’s incredibly important to be prepared and make an emergency card for your glove box.Those are 12 things you should keep in your glove box at all times.  You can’t anticipate every emergency or issue that will pop up while driving, but you can strive to be as prepared as possible. Preparing your finances for emergencies is just as important as preparing your car. If you are overpaying on your car loan every month, Auto Approve can help! Contact us today to see how much you could save.GET A QUOTE IN 60 SECONDS

There are a number of ways that people can get over their heads with monthly payments. After all, car loan payments are at an all time high with new car payments averaging $725 per month. With the added cost of insurance, gas, and maintenance, owning a car is incredibly expensive. But if your monthly payments are getting too high, what can you do? Is it possible to transfer your car loan to another person and walk away? Here’s what you need to know about transferring your car loan and how you can decide what to do if you can’t afford your monthly car payment.Can you transfer a car loan?First things first: is it even possible to transfer a car loan to another person? The short answer is not usually, but there may be certain situations where a lender will allow it. The terms of a car loan are based on a number of factors, and perhaps the biggest factor is the financial situation of the applicant. Better terms, conditions, and car loan APRs are offered to people who have a good history of making on time payments. The better your credit score and credit history is, the better your loan terms will be. Transferring a loan to someone else means that they will assume the exact loan and loan terms that you have, even if they have a drastically different financial history than you. If their financial situation is worse than yours, then the lender is taking on a greater risk without any compensation. If their financial situation is better than yours, then they are getting unfavorable terms.  When you sell a car that is still being financed, a lender will instead look at the new borrower’s information and make a loan offer based on that. They will issue a new loan that is separate from your agreement entirely. But all that being said, there are some situations where a lender may agree to transferring a car loan. It will depend on the language of your loan contract and there may be fees associated with it. A transfer may be allowed in certain situations, such as:You are moving overseas and do not have the time to sell your car properly.You are in a very tight financial spot and need to get out of your loan agreement immediately. You are giving the car as a gift. Your car loan will have language in it that pertains to transferring your loan. If your car loan is “assumable”, then it can probably be transferred to another person. But if you are unsure of the language in your contract, be sure to contact your lender and explain your situation.  How to transfer a car loan.Discuss the transfer with your lender.If you are allowed to transfer your car loan (and even if you aren’t allowed) your first step is to call up your lender and discuss your situation. If there is language that excludes it you may still be able to talk them into it. The worst they can do is say no. If your loan is assumable there will be conditions of the transfer.  Have the new borrower apply. The new borrower will have to meet their minimum credit score and any other criteria that the lender may have in place. The lender will review their application and determine if they will allow the transfer.  Transfer the loan and the title.When all of the paperwork is done the lender can formally transfer the loan and you will need to transfer the car’s title. You should visit your state’s Department of Motor Vehicle to determine what you will need to do this. Typically you will need to have the bill of sale, registration, and money for the transfer fee. Be sure to transfer the title as soon as you can to avoid any problems. Contact your insurance company as well to remove the car from your policy and have the new owner insure the car themselves.What fees are associated with a car loan transfer? If you are allowed to transfer your car loan you may be responsible for some additional fees. The new borrower will most likely be responsible for them, but they may include:Application feeTransaction feesClosing feesFees for missed or late paymentsRegistration fee (for the new borrow to register with the state)What should I do if I can’t transfer my car loan?If your car payments are burying you but you are unable to transfer your car loan to another person, there are other steps you can take to get yourself into a more comfortable financial situation.Contact your lender and ask for a deferment.If your financial woes are temporary, a deferment may be a great way for you to get your head above water. Deferring your payments for a few months will pause your loan and allow you to catch up. It’s important to keep in mind that you will still accrue interest during this time, but it’s an easy and temporary way to help you out of a tight spot. Refinance your car loan.Perhaps the most straightforward way to deal with high monthly car payments is to refinance your car loan. Refinancing is when you take out a new loan with better terms and conditions that will replace your current car loan. Refinancing may help you get a lower car loan APR and can help you change your repayment period. If you lengthen your repayment period you will have more time to pay off your loan and will greatly reduce your monthly payment. This can be a great option for many people who are struggling and need a little more wiggle room. Refinancing your car loan is easy, especially if you use a company that specializes in car loan refinancing. They will have relationships with lenders that will help you to get the best car loan possible and can help guide you through the refinance process.Add a cosigner.If you want someone else to be responsible for the car and the loan alongside you, consider adding a cosigner. You will both be equally responsible for the loan. This might be a good option if you want to take the car back in a little while and assume sole responsibility. You will still need to refinance the loan to add a cosigner, but adding a cosigner may actually help you get a better car loan APR and better terms and conditions. When you apply for a refinance with a cosigner the lender will consider both of your finances and credit histories. So if your loved one has a better credit score than you it may help you secure a better rate. Trade your car in.If your car payments are decidedly too much money every month, another good option might be to trade your car in. If you trade your car in and get a cheaper car you will lower your car payments and still have a dependable mode of transportation. Try leasing instead.Financing a car is significantly more expensive than leasing a car. While financing a car is great because it builds equity, leasing will allow you to have a dependable car for much less money every month. Trading your car in and leasing instead can help you pay for any fees and help reduce your payments further. Sell your car.If things are especially difficult, refinancing your car loan may not be enough to put your finances in order. If you lost your job or have had another significant life change, it might be best to sell your car and figure out a different mode of transportation. Perhaps you can try depending on public transportation for a little while until your situation gets sorted out more. Can I transfer my car loan to a credit car?If you are offered a 0% introductory APR for a credit card, you may wonder if you can transfer your loan balance to your credit card. It may offer you a lower APR and cash back, both of which. So if you are struggling with payments this may seem like a great idea. While it can be a good option for some people, there is a significant disadvantage: missing a payment could be catastrophic. A missed or late payment could result in a skyrocketing APR that will put you in a much worse position than you were in previously. Refinancing your car loan is a safer option that does not come with the risk of a missed credit card payment.That’s everything you need to know about transferring your car loan to another person.Transferring an auto loan may be allowed in certain situations, but it is not widely offered or practiced. But selling your car to another person or refinancing your loan with a cosigner may help you reach your end goal and reduce your monthly payments. If car loan refinance sounds good to you, get in touch with Auto Approve today!GET A QUOTE IN 60 SECONDS

Car dealerships used to be the only name in the game if you wanted a new car, but nowadays you have another option: buying a car online. So how can you decide if buying a car from a dealership is the right move for you?Here’s how you can decide if you should buy a car from a dealership.What are the advantages of buying a car at a dealership?Buying a car from a dealership has some significant advantages over buying online. The human element is one of the top advantages, as you can actually talk to a salesperson and let them guide you through your options. You can get advice.Car dealerships have salespeople who can help you immensely if you are unsure on the exact vehicle you want. Even if you know the make and model you want, there are endless options when it comes to upgrades and trim levels. Salespeople can help explain your options and pick out the exact car that will work for you.You can negotiate. Dealerships also provide a way for you to negotiate. When you buy a car online, you are unable to negotiate the price. Everything is cut and dry online, whereas shopping at a dealership will allow you to cut down the sticker price or possibly have some fees waived. You may get a manufacturer incentive. Buying at a dealership means that you may be eligible for manufacturer incentives. These incentives can vary greatly and may include 0% financing, a cash rebate, or equipment upgrade. What are the disadvantages of buying a car at a dealership? There are some disadvantages to buying a car at a dealership as well. Your options may be more limited and you may get swayed into options that you do not want or need. So for some people, buying online may be a more comfortable option. It takes more time.It’s hard to beat the convenience of shopping for a new car from the comfort of your home. Buying a car at a dealership will take much more time and may require multiple trips to multiple dealerships to get the car that you truly want. The negotiation process will take more time as well, as you cannot simply click a button and wait for your car to arrive. You may have less options.When you buy online, everything is at your fingertips. Whatever make, model, color, and options that you want are available to you. This may not be true for your local dealership, which may not even carry the make and model car that you are interested in.  You may get persuaded into something you don’t need.Salespeople earn commissions, so it’s in their best interest to increase the amount you are paying as much as possible. And this may mean that you will get talked into something that you don’t really want or need. It’s much easier to simply go online and select exactly what you want. You may also find that it is more difficult to walk away, even if you know that the car is not right for you.How can I prepare for buying a car at a dealership?If you feel like a dealership is your best option for purchasing a car, there are a number of steps you can take to make sure that you get the best deal (and best car) possible.Do your research.Do not make the mistake of going into a dealership unprepared. You should have a loose idea of what you are looking for (at the very least you should have a list of what you are looking for in a new car) and you should have a loose idea of the price. The more you know about what you want ahead of time, the more you can prepare for the price of the car. This will help you spot if you are being taken advantage of or if a dealer price is fair.  You should also know how much you can afford to pay every month in car payments. Your total cost for transportation (car payments, insurance, maintenance, gas, parking, etc) should never be more than 20% of your total monthly income. Get pre approved.Getting pre approved before you set foot in a dealership will help you in a few different ways. First off, it will show the salesperson that you are serious about buying a car and are prepared to do so. It will also mean that if the dealership wants you to finance with them they will need to work hard to beat your pre approved financing offer.Shop around.Do not go to just one car dealership when you are looking to buy a new car. Going to a few different dealerships will give you some more negotiating power and let you compare offers. Break down your financing into components.When dealerships sell you a car they tend to focus on your monthly financing payments. They want you to focus on your monthly payments rather than showing you the overall picture. But this can get confusing. Monthly payments are largely determined by your repayment period. Any car is affordable if you are given a long enough time to pay it off. The longer that you are repaying your loan however, the more money you will pay over the life of it.  Instead, focus on the out the door price first–the total cost of the car. Try to negotiate your sticker price down in a separate transaction before moving onto how exactly you will pay for the car. Putting a larger down payment will help keep your payments affordable and help ensure your loan won’t become underwater. Be prepared to walk away.Dealerships can be intimidating and there may be a lot of pressure to sign on the dotted line. But you should only sign when you are 100% happy with all of the terms. Make sure that you have the exact car that you want and that the financing terms are fair. Dealers want to pressure you into making a sale because they know that once you leave the dealership their odds of making the sale have decreased significantly. But do not let their pressure sway you into a car and a deal that is not what you want.That’s how you can decide if you should buy from a car dealership or not. There are pros and cons from buying at a dealership, but if you decide to purchase a car that way be sure to do your research and stand your ground. If you are in an unhappy relationship with your current car lender, contact Auto Approve today!GET A QUOTE IN 60 SECONDS

If you have the know-how and inclination to work on your car yourself, then hurray! While it will eat up more of your time, you will save yourself money and probably a few headaches. But if you are like most of us and don’t have the knowledge or the time (or both), then finding a good mechanic is critical. But how can you find a good mechanic that is reliable, trustworthy, and knowledgeable? Here’s how you can find the mechanic that’s right for you and your vehicle.What are signs of a good mechanic?When we say “good mechanic”, what are we actually talking about? There are quite a few traits that contribute to a good mechanic. They listen to you.When you go into the shop, it is sometimes hard to describe what the problem is if you are not a car person. You may even resort to saying things like “It’s making a ‘clunk’ sound when I turn”. A good mechanic will listen to as much information as you can give them and not dismiss your issues. You know your car and what is “normal” behavior, and a good mechanic will understand this and use your information to diagnose and fix the problem at hand. If a mechanic is dismissive or repeatedly tells you there’s nothing wrong, find a mechanic who will listen. They stick to their word.Cars are essential parts of our lives, and having a car in the shop can really mess up our plans. So when a mechanic says that they will have your car back to you on xxx date, it’s of the utmost importance that they keep their word. Mechanics have busy schedules with lots of cars moving in and out, so it’s easy to see how they can get backed up. But a good mechanic will be sure to give you a realistic date and keep their word. They won’t rip you off.If you are not super familiar with cars, you may not have a great idea of how expensive things are to repair. From the time it takes to fix to the parts that need to be bought, taking a car in for a repair can be expensive. Finding a mechanic that will not take advantage of you can be quite a feat. Doing some research ahead of time to approximate a repair cost can help you determine whether or not a mechanic is being fair in their pricing. They value your business.There are lots of little things that mechanics do to show us they value us as customers. Cleaning up any messes that make and leaving your car in better condition than when you brought it in is a major part of this. If they take the time to explain the issue, recommend maintenance, give you some insight into how you can prevent future issues, and greet you with a friendly face, it’s safe to say they see the value of your business and want to keep you happy.How can I find a good mechanic?If you live in a suburban or urban area there are probably dozens if not hundreds of mechanics to choose from. So how can you sort through and find a mechanic that is right for you? Step #1. Narrow your search to mechanics that specialize in your make.While cars generally all work the same way, they vary drastically from make to make. Mechanics tend to specialize in a few different brands, making them more familiar with the problems your car is likely to have. They will be able to diagnose and fix issues more quickly when they are more familiar with your car. Step #2. Get a recommendation. Friends and family are the best people to lean on when looking for recommendations, especially if they have a similar vehicle. They can give you feedback from their experience, letting you know how reliable and trustworthy a given mechanic is. Step #3. Look online.If you don’t have friends or family in the area or they are not able to help you in your search, the internet is your next best option for research. Services like Google and Yelp can help you find local mechanics and read reviews to determine how good a mechanic is. You should also use Better Business Bureau (BBB) to be sure that the business is accredited and see if there are any reviews or complaints. Step #4. Test them out with some routine maintenance.Once you’ve found a place that you want to check out, try taking your car in for some routine maintenance. An oil change, tire alignment–whatever your car may need. This is a great way to test the waters before a bigger issue comes up with your car that needs immediate attention.  Step #5. Try to learn from them.A good mechanic will talk to you and explain any issues that may come up with your car. Try to learn as much from your mechanic as possible when you can. This will help you become knowledgeable and may help you down the road. Step #6. Leave a review.If you like your mechanic, be sure to leave a review for them so that other people can find a trustworthy mechanic. Reviews help small businesses to grow and help other people in your situation find what they need. Google, Yelp, and Angie’s List are just a few places where you can leave a review. If you are unsure where to leave a review, ask your mechanic if they have a preference on where to start. How can I save money at the mechanic?Going to a mechanic can cost you a lot of money, even if you are going to a reliable and trustworthy one. Cars are expensive to buy and they are expensive to maintain. But there are steps you can take to try to lower your bill. Know if your car is under warranty.If your car is still under warranty you will have to take your car into the dealership or into another accredited shop for it to be covered. But if your car is not under warranty, stay as far away from the dealership as possible. Dealerships are in the business of making money first and fixing cars second. They tend to replace parts rather than fix them, charge higher hourly rates, and may even talk you into other “repairs” that are not necessary. Get multiple estimates. Finding a mechanic that you like doesn’t mean you can’t shop around. Taking your car to a few different places will help you compare prices and may help you negotiate your repair bill lower. At the very least it can help you be sure that your current mechanic is giving you a fair price. If there is a discrepancy, discuss it with your mechanic. There might be a completely valid reason for the difference in pricing, but it’s worth bringing to their attention. Check to see if your insurance offers discounts.Many insurance companies have a network of auto shops that they work with that may offer discounts. Using a preferred shop may make the process of getting your car repaired go a little more seamlessly as well. The insurance will pay out quicker and there may be less paperwork required on our end. These shops may also offer warranties on their parts and help you get a little more bang for your buck. Ask for a labor and parts estimate beforehand. Understanding how the shop is determining their cost can help you be sure that you are not getting ripped off. You can easily verify the cost of parts by looking online, and you can even get a sense for how long a repair should take.  Get your repairs done quickly.Waiting to fix a problem will almost always result in more repairs down the road–and more costly repairs at that. Going to the shop as soon as you can will help you fix the problem for the least amount of money.  Build a relationship.Having a good relationship with your mechanic can add up to savings. They may be more inclined to cut you a deal or work with your budget if you are a repeat customer. A good mechanic knows that their business isn’t much without good customers, so it’s mutually beneficial for you to have a good relationship.That’s how you can find a good mechanic. Finding a good mechanic can feel daunting, but it’s important to have a trustworthy and reliable person by your side to help you with your car troubles. After all, most of us can’t afford to be without our cars for too long. If your issues are with your financing company and not your mechanic, get in touch with Auto Approve! We can help you refinance your car loan to a lower car loan APR and save you money every month on car payments. There are lots of great reasons to refinance your car loan, so don’t wait to reach out! GET A QUOTE IN 60 SECONDS

Many people are trying to find ways to save money, and when you can save money while doing something good for the environment, it is a win-win situation. Carpooling can help you and your neighbors save money while cutting down on emissions, so it’s a great idea for many people. But how can you start incorporating carpooling into your life? Here’s everything you need to know about organizing a carpool.What is carpooling?Carpooling is when a group of people decide to ride together and share in the costs and responsibilities of driving. Maybe one person is the designated driver and the others give them money in return, or maybe everyone alternates driving. But the end result is the same: one car for many people which results in less cars on the road, less gas consumed, and less money spent on transportation.Carpooling is nothing new. It first became popular during World War II as a rationing tactic. Workers were encouraged to ride together to conserve rubber during wartime. Carpooling came back during the 1970s when the 1973 oil crisis and 1979 oil crisis led to more efforts for conservation. Participation dropped off significantly during the 1980s,1990s, and early 2000s when conservation was far from many people’s minds. Gas glugging SUVs and minivans became more popular, gas prices fell, and the idea of sharing rides was forgotten. But in the past decade or so carpooling has become more and more popular. The effects of emissions are well known and many of us feel pressure to reduce our footprint. Smartphones have also connected us and made it much easier to find carpools and coordinate the logistics.Who carpools? While carpooling can benefit anyone, studies show that there are certain groups of people who carpool more than others. Those who live in high density residential areas and work in areas with lots of jobs nearby are more likely to carpool. Younger people who are unmarried and like being in social situations are much more likely to carpool than those who are older, married, and own homes.What are the benefits of carpooling? There are a number of benefits to carpooling that make it a desirable situation for many.#1. It saves you money.One of the major benefits of carpooling is that it can save you money. There are tons of costs associated with car ownership and maintenance, and carpooling allows you to split those costs. When you carpool you can splitGas TollsParking fees Additionally you can ask for or contribute extra money for wear and tear that can be applied to maintenance, car payments, and insurance. #2. It gives you a chance to socialize.If you enjoy socializing with others, carpooling gives you a chance to meet new people and get acquainted with your neighbors all while commuting to work. #3. It gives you time to catch up on work.If you are not the designated driver, carpooling offers idle time where you can catch up on work, plan your week, read, or do whatever else you may want to do.  #4. It can give your car a break.If you are used to taking your car out a lot and piling on the miles, carpooling gives your car a chance to rest. You can cut down on wear and tear, mileage, and maintenance costs, making your car last for years to come. #5. It’s good for the environment.Carpooling has been proven to significantly reduce emissions, which has an enormous positive impact on the environment. The International Panel on Climate Change estimates that transportation accounts for 23% of global energy consumption. This means that it is up to everyone to change their behaviors if we hope to reduce emissions. For those in urban areas, switching to public transportation can be a great solution. But for those in suburban or rural areas, this may not be practical. Carpooling offers a way for people in the suburbs or rural communities to reduce their emissions as well. It’s been found that carpooling can reduce the carbon footprint of an average household by up to 2,000 pounds of CO2e annually.  #6. It may get you there faster.If you live in a heavily trafficked area you have undoubtedly seen the carpool lanes. Carpool lanes are intended to incentivize people to rideshare, as they have much less traffic and can get you to your destination faster.What are the disadvantages of carpooling?Carpooling has many benefits for our wallets, our social lives, and the environment. But it may not be an easy switch for many as there are some significant disadvantages. #1. There’s less flexibility.When you are driving with a group of people you will not have the flexibility to come or go as you may please. You will have to stick to a schedule and you will be unable to stop for errands as you may normally. Additionally, if someone in the group is running late, you will all be running late as a result. #2. It may be uncomfortable.If you are a shy person carpooling may prove to create an awkward situation. You will need to socialize to some extent, and this may be too intimidating for some introverted people. #3. The driver is responsible for everything.When you carpool the driver is responsible for the safety and timeliness of everyone in the group. This means that they are liable for everything as well, including any accidents that may occur.  #4. It may not feel secure.Riding in a car with total strangers may feel uncomfortable, and that feeling may even border on feeling unsafe. After all, who are these people? While there is a relatively low risk of crime, statistically speaking, it’s a good idea to try to organize a carpool through your work so that you are riding with people who are already vetted to some extent. How can I start carpooling? If you feel like carpooling may be a good option for you, starting a carpool is pretty easy. Step 1. Find a carpool.Granted, this is probably the hardest party of the whole process. Your company may already have an established carpooling program that can help you connect with people who may be interested. If your company doesn’t have a carpool program, consider reaching out to HR to determine if you can get one stated. Step 2. Determine who will be the organizer. Whether it’s you or someone else, someone will need to take charge and organize a schedule, routes, and how the carpool will work. Here are some questions to consider:Will everyone alternate driving? Will some drive while others pay extra? Are there special scheduling considerations? (i.e. some days the carpool won't be needed)What is the best route for everyone? Will the route be consistent or will it change so that everyone has a chance to have the shortest commute?How will emergencies be handled, and who will serve as backup drivers in those situations?How much money will everyone contribute? How often will contributions be made? Step 3. Layout guidelines for each vehicle.Everyone has different rules when it comes to their cars. Make sure there is a written understanding regarding all of these rules. Some people may not want food or drinks in their cars, while others may allow it. Some drivers may not allow music as they may view it as a distraction. Whatever the rules are, be sure everyone is aware of them. You may find it easier to agree to blanket rules, such as no music or food. This will keep everything simple and straightforward. If people are not respectful of the guidelines, agree on what the best course of action will be. You should also discuss driving guidelines. Make rigid rules so that everyone stays safe. Make it clear that speeding, illegal maneuvers, and reckless driving will not be tolerated. Step 4. Get an app to organize.It may be useful to get a carpooling app such as Caroster. This can help you communicate clearly and effectively. These apps are great even if you are just looking to organize a one-off carpool for an event. Step 5. Check in regularly.Make a point to discuss how everything is going at least once a month. Is the schedule working for everyone? Does everyone feel like their contributions are equal and fair? Are there rules that are not being followed? Open and honest communication will help keep your carpool going strong for months and years to come.That’s everything you need to know about carpooling. Carpooling can be a great way to socialize, cut your emissions, and save money all in one swoop. Refinancing your car loan is another great way you could be saving money. By refinancing to a lower interest rate you could be saving hundreds, if not thousands, every year. And who couldn’t benefit from that?  If you are overpaying on your car loan every month, contact Auto Approve today! You can get a free quote in minutes, so what do you have to lose?GET A QUOTE IN 60 SECONDS

Have you ever let a friend or family borrow your car and wondered if they were covered under your insurance policy? The answer is yes–in most cases–under permissive use auto insurance. So what exactly is permissive use auto insurance and what does it cover?Here’s everything you need to know about permissive use auto insurance.What is permissive use auto insurance? Permissive use auto insurance allows a person who does not live with you and is unlisted on your car insurance to drive your car legally. Permissive use is a feature of most auto insurance policies but it is always a good idea to ensure that it is outlined in your policy. Permissive use insurance allows for people who drive your car infrequently to use it from time to time. A big part of permissive use insurance is that the use is infrequent, typically defined as less than 12 times per year.   Does all of my insurance coverage transfer to the permitted driver? If someone is driving your car who is not listed on your policy, does all of your coverage transfer to them? In short, yes, as long as you are abiding by the guidelines in your policy. But there may be exceptions to this. Most states require that a driver be insured to some degree. The most common type of coverage is liability insurance, which pays for injuries and/or damages from a car accident, including those of the other driver and their passengers. But some states require other coverage, such as:Uninsured/underinsured motorist coverage: Covers the cost of injuries to you and your passengers, and damage to your car and other property, if you're hit by a driver who is uninsured or underinsured.Personal injury protection: Covers medical expenses for insured drivers and their passengers. It can also cover lost wages and other expenses that result from the accident.Medical payments coverage: Covers medical expenses due to injuries from a car accident. It is similar to personal injury protection but does not cover lost wages or other expenses. Comprehensive and collision coverage: These are not required by any state but can offer additional coverage for collisions, theft, vandalism, and acts of nature.Most insurance policies transfer all of your coverage to the permissive driver. But it’s important to note that not all policies do. It’s important to check your specific coverage to see who is insured for what.How do I know if I should add someone to my insurance policy? Permissive use is specifically for people who do NOT reside at your address and only use your vehicle infrequently. Drivers are covered for 12 “uses”, and every time a driver enters and exits the vehicle it counts as one use. So if a friend is going to be using your car for a few days or weeks, or is taking a road trip with your vehicle, it’s a good idea to add them to your insurance policy to ensure you don’t have a problem. You can always add a driver temporarily, which means that you will not have to pay for them for an extended period.Are household members covered on my insurance policy? Spouses are generally covered on auto insurance policies, even if they are not specifically named on the policy. This also extends to other relatives who are living in the same house. They can be related by blood, marriage, or adoption.  If you have a roommate or foster child the rules are less clear, so it’s a good idea to check with your insurance company if you are not sure. If someone else uses your car a lot and does not reside with you, you will need to have them specifically listed on your insurance policy.Who is not covered under permissive auto insurance? Permissive use is just that–permissive. This means that if you do not authorize someone to use your vehicle, they are not covered under your insurance. Here are the the instances where permissive use will not cover a driver under your policy:Unauthorized drivers. If someone takes your vehicle without your permission they are not covered.Unlicensed drivers. If someone who does not have a license uses your car they are not covered under permissive use.Excluded drivers. If someone is specifically named on your policy as an excluded driver, permissive use will not apply. Business use. If someone borrows your car for business use, such as driving for a rideshare, permissive use will likely not apply.Criminal activity. If a person uses your car for criminal activity, permissive use will not apply. Intentional acts. If a person uses your car to cause intentional damage, permissive use will not apply. What is a named driver policy? A named driver insurance policy means that only those who are specifically named on the insurance policy will be covered by that policy. There is no permissive use. Most standard auto policies include permissive use, so a named driver policy is somewhat non-standard. People may opt for named driver policies however because they can be cheaper. The insurance company knows exactly who will be driving the car, including their ages and driving histories, so they can give more accurate coverage rates. Standard auto policies must inflate their premiums slightly to account for the permissive use of people that they are not vetting beforehand.  Named driver policies can be problematic however. Even if your car is used by someone else in the case of an emergency (and you are in the car with them), an insurance company can deny coverage. Many states are currently trying to pass legislation to make sure drivers are aware of all of the limitations before signing a named driver policy.How much does permissive use auto insurance cost?Permissive use comes standard with most auto insurance policies. This means that it is already built into the cost of your auto insurance premium. Your car insurance premium is based on a number of factors, including the following:The insurance coverage you select. Insurance requirements vary greatly from state to state and can vary greatly from person to person. Some people like to have more coverage for the sake of security, while others prefer to keep their coverage on the more affordable side and take their chances. Your driving record. The better your record is, the less likely they are to have to pay out, therefore the less you will have to pay for insurance. Accidents, moving violations, and DUIs will all increase your insurance premium significantly.How often you drive. The less you drive, the less chance there is for an incident.Where you live. If you are located in an area with heavy traffic or higher rates of vandalism you will pay more for car insurance.Your credit score. Your credit score is another indicator that insurance companies use to predict your chance of being in an accident. Having a poor credit score will significantly increase your cost of insurance. According to a LendingTree study, those with poor credit scores pay 72% more than those with excellent credit scores. Your gender. Women tend to get in less accidents than men and therefore will generally pay less for insurance.Your age. Older drivers tend to have more experience driving and will get lower rates.Your car. There are a lot of variables that your car has that will affect the insurance premium. The cost of repairs, likelihood of theft, and the general safety of your car will all affect your premium. Some features of your car may reduce your premium, such as certain anti-theft devices. There are a lot of discounts that you may be eligible for that can help reduce the cost of your insurance. Good student discounts, good driver discounts, and military discounts can all help to reduce your premium. Having multiple vehicles and/or multiple policies with one insurance company can also help you to save money overall. Paying your policy in full and upfront can also give you a significant discount. Can I still be held liable for damages or injuries caused by someone driving my car under permissive use?If someone is using your vehicle and gets into an accident, permissive use will likely cover the damages. But if there is something that is not covered by your policy, you may be legally responsible for the damages. It does depend on the situation however. You can also expect that your premium will increase in the future.That’s everything you need to know about permissive use auto insurance.If you are unclear whether or not someone is legally allowed to use your car you should check with your insurance company. You don’t want to risk having an insured person driving your car, as the damages will most likely be your financial responsibility. If a friend frequently uses your car, consider adding them to your insurance policy to ensure that you are both covered.  Paying for insurance can add a lot of stress to your finances, and so can overpaying on your car loan. Contact Auto Approve today to see how much you could be saving with a car loan refinance!GET A QUOTE IN 60 SECONDS

If you are having trouble making your monthly car payments, you are probably looking for a way out–and you are not alone. According to Experian, the average new car payment is $725 in 2023. It’s all too easy to get behind on payments when expenses creep that high. Depending on your situation there are two options that may help you out of your current situation: refinancing your car loan and trading your car in. So which is the right option for you? Let’s talk about refinancing your car loan vs. trading your car in and What is car loan refinancing?Car loan refinancing is when you take out a new car loan that will replace your existing car loan. This loan will hopefully have new terms such as a lower interest rate that will help to reduce your monthly payments and make your car loan more manageable. When you refinance, you are taking out a new loan and your new lender will pay off your old loan so that you only have one loan. Car loan refinancing is beneficial for a few reasons:You can secure a better car loan interest rate if your credit score has improved and/or market rates have decreased.You can extend your repayment period so that you are paying less every month over a longer period of time.You can shorten your repayment period so that you save money on interest over the life of the loan.You can add or remove a cosigner.You can get out of a bad relationship with your current lender. Car loan refinancing is easy. When you refinance your car loan you should take the following steps:Contact your current lender to determine what your current payoff amount is. It will be the remaining balance on the loan plus any taxes and fees you may be responsible for.Use that number to shop around with different lenders to see what loans you have available to you. Traditional banks, online lenders, and credit unions all refinance auto loans so you will have a number of options. Apply for a car refinance loan with a few different lenders and compare the terms, such as the interest rates and loan terms. Select the loan that is right for you. After you sign the documents be sure to confirm that the new lender will pay off your existing loan. After your old loan is paid off the lien holder on your car’s title will be updated.Refinancing a car loan is even easier if you use a company that specializes in car loan refinance. They can guide you through the process, help select lenders that will work for you, and help you with your applications. Companies that specialize in refinance will have relationships with lenders, and these relationships can mean more competitive rates for customers. What is a car trade in?A car trade in is when you trade in your current car for a new car. If you are struggling with your payments, you can trade your car in for a new one that is less expensive and will have more manageable monthly payments. If your current car has positive equity, meaning the vehicle is worth more than the balance on the loan, you can put that money towards your new vehicle. If you have negative equity, meaning that your vehicle is worth less than the balance on the loan, your debt will rollover into your new car loan.Dealerships treat car trade-ins and new car purchases as if they are one transaction, but they are two separate transactions and should be treated as such. Your current car has value that you need to negotiate. When you trade in your car you should take the following steps:Research your car’s value. Dealers will naturally try to low ball you if you come in off the street unprepared, so check out sites like Kelley Blue Book and Edmunds to get an idea of how much your car is worth. Your car’s value will be based on a number of factors such as the make, model, condition, and mileage.Check the terms of your loan. Determine whether or not you have negative equity. Having negative equity may mean that you will have to take out a larger loan to pay off the debt.Negotiate the trade in value. Be sure to bring your research with you to the dealership and fight for an increased value. Sign on the dotted line and hand over the keys. When you agree on all of the terms you can sign all of the necessary paperwork and get the title transferred. Get your new car. After you trade in your car you will purchase your new car as a separate transaction and separate negotiation. Which is better: car loan refinance or car trade in?Both of these options can help to ease your monthly car loan payments, but how do you know which option is right for you? It depends entirely on your situation, your loan, and your relationship with your car.  If you like your current vehicle and simply want a lower interest rate or a modified repayment schedule, car loan refinancing is a great option for you. You can stay in the car you love while getting out of a loan that you do not love. If you aren’t loving your current vehicle and want to get a new set of wheels anyway, a car trade-in is probably a better option for you. You can essentially start over, even though you will be required to pay for any negative equity that may have rolled over from your first loan.Are there other ways to lower my monthly car payments?If refinancing your car loan and trading your car in both feel like big steps that you don’t want to make just yet, there are a few other options that you can try. Ask for a deferral. If you are experiencing financial trouble your lender may allow you to defer your payments for up to three months. You will still have to pay interest during this time but it can give you some breathing room in the meantime.Request a modification. Some lenders will allow you to modify your loan repayment period. Many lenders will not allow this but it’s worth asking. That’s what you need to know about car loan refinancing vs. car trade-ins. The right move for you will depend on your car, your loan, and your financial situation. But if car loan refinancing feels right for you, contact Auto Approve today! You can get a free quote in minutes and it could save you a lot of money.GET A QUOTE IN 60 SECONDS

If your credit score is less than perfect, is there any hope of getting a car loan? Car loans are easier to secure when your credit score is in good shape, but that doesn't mean it’s impossible to get a car loan with bad credit.  Here’s what you need to know about credit auto loans in summer 2023.What is considered bad credit? Credit scores are determined based on five different categories. Your Payment History (35%): Do you make your payments on time and in full?  Accounts Owed (30%): How much debt are you in and much credit do you have available to you?Length of Credit History (15%): How long have you had credit available to you?Credit Mix (10%): Do you have a healthy mix of accounts that you balance?New Credit (10%): Is there new credit available to you that is not yet reflected in your score? All of these categories are assessed and you are given a score between 350 and 850. These scores are broken up into five different categories. 800 to 850: Excellent credit740 to 799: Very good credit670 to 739: Good credit580 to 669: Fair credit300 to 579: Poor credit The better your score is, the more likely you are to be approved for a car loan. As your score drops lower, you will have an increasingly harder time getting approved for a loan of any type.  When it comes to auto loans, a bad score is typically considered to be in the mid 600s and below. What is a bad credit auto loan?A bad credit auto loan is simply a regular auto loan that comes with a higher car loan APR. Higher APRs are offered to offset the risk that a lender is taking by offering a loan to someone with poor credit. Why is the risk higher when lending to someone with poor credit? Let’s consider the factors that make up credit scores again. The most influential factor is your payment history. If you have an inconsistent payment history and miss bills frequently, lenders may not recoup their money easily. Auto loans are secured loans, which means that your car serves as collateral for missed payments. If you stop paying your loan the lender will simply come and take your car as payment to ensure they don't lose money. But this isn’t an easy or cheap thing for them to do. It is much easier for them if you simply pay your bills.  Bad credit loans, also referred to as subprime or second chance loans, have higher APRs and may have higher fines and penalties. Can you finance a car with no credit? Technically it is possible to finance a car with no credit, but you will most likely need a cosigner to help you. You may find a lender out there who will give you a loan with no credit, but they will charge you a much higher interest rate and may require a higher down payment.What do you need to get a bad credit auto loan? If you have a bad credit score and need to get a car loan, you will need to have standard loan documentation but you may need to provide more information than a person with a good credit score.A photo ID. All lenders will require a photo ID when considering a loan application.Proof of income. This is usually required by a lender for any type of loan. Lenders prefer to see a current pay stub, and some lenders may have an issue with income such as disability or SSI.Proof of residence. This is also usually required by a lender for any type of loan. You must have current proof of residence such as a utility bill. A working phone. Bad credit loan lenders may need a landline or contract cell phone from a national service (not a prepaid phone). They need a way to stay in touch with you in case of delinquency.References. Some lenders may require references to vouch for your character. They may request 6-10 references–they can be family, friends, or coworkers–to help substantiate that you are worthy of a loan. They usually cannot reside with you and cannot live with your other references. How to get the best bad credit auto loan. The best way to get a loan when you have bad credit is to improve your credit score. Taking the time to pay off your debts and getting on a schedule with your payments can help you to secure a lower interest loan with less money down and less fees. This is also the case if you are looking to refinance a car loan with bad credit.  But if you need to finance a car immediately and cannot wait until your credit improves, take the following steps to get the best loan. Secure a higher down payment.A higher down payment may help you negotiate a lower interest rate. You may be required to pay a higher down payment either way. Explore your options and get pre approved.Even with a bad credit score there are a lot of lenders out there that provide bad credit auto loans. Do your research and inquire with several lenders before deciding where to apply. Getting pre-approved beforehand will help to ensure that you have some leverage before heading into a dealership. Dealerships can make a lot of money off of you if you don’t have a bottom line when you walk through the door. Taking the time to get pre approved will save you money and frustration. And remember: pre approval is different (and better) than prequalification. Prequalification merely estimates rates while pre approval locks them in for a set time period. Apply for financing during the same 14 day period.Applying for financing (and preapproval) during the same 14 day period will ensure that your credit only takes one hit from your applications. If you spread out your applications too much it will affect your credit score negatively and put you in an even worse spot.  While it’s possible to get financing when you have bad credit it’s a much better idea to take the time to improve your credit score. Your credit score is the most important factor in the car loan APR you will be offered. Well, the most important factor that’s in your control anyway. If you can manage to stave off financing until your credit score improves you will be in a much better financial position. If you have worked to improve your credit score and are ready to refinance, contact Auto Approve today!GET A QUOTE IN 60 SECONDS

Let’s face it: owning a car is expensive. From buying your car to insuring it and paying for gas, the price tag on owning a car is only getting higher. For the first time ever the average annual cost of owning a car broke $10,000 in 2022 according to the Bureau of Transportation Statistics. This represents nearly a 20% price increase in car ownership over the past decade. But it is more expensive to own a car in some places than others, and there are a lot of reasons for this variance.These are the most expensive states to own a car.What costs are associated with having a car?When we talk about the costs of car ownership we are talking about a lot of different factors. The car’s priceWhen we think of car ownership, the main cost we think about is the car itself. Car payments make up a large part of our monthly transportation expenses. These payments are based on the total price of the car and the interest rate that you are offered. InsuranceAuto insurance is required in almost every state. The specific requirements and the cost of insurance vary greatly depending on where you live. A big part of this difference has to do with the likelihood of accidents. Areas with high populations will have higher rates as the density makes the likelihood of accidents increase. Other factors include:Crime rateOccurrence of natural disasters, such as tornadoes and hurricanesCost of livingThe other major factor that varies by state is what coverage is required. Almost all states require liability coverage, but other coverage requirements such as uninsured/underinsured motorist (UM/UIM) coverage and personal injury protection are only required by some states. This can greatly affect the insurance premium you have to pay.Maine offers the lowest rates in the country with an average premium of $696 according to the Insurance Information Institute. Compared to Michigan, which has the highest premiums in the country at $3,785 per year, this is a huge difference.GasThe price of gas is another major variable from state to state. Gas price varies for two main reasons: different state tax rates and the proximity to oil refineries and pipelines. Gas prices change often and are one of the most variable expenses for a driver. According to AAA the average driver paid $.18 a mile for gas in 2022, totalling about $2700 per year. The cost of gas however is very dependent on the type of car you drive and how often you drive.Mississippi, Louisiana, and Tennessee have the lowest gas prices in the country in 2023 while Washington, California, and Hawaii have the highest gas prices.Maintenance and repairsMaintenance and repairs are inevitable costs of car ownership. Maintenance such as oil changes, tune ups, and new tires can add up to a lot of money every year. For a new car AAA estimates that owners spend about $121 per month on maintenance and repairs. Registration, fees, and taxesRegistration, fees, and taxes vary significantly from state to state. The average car owner spent $675 in 2022 to legally drive their car according to AAA. Registration fees are lowest in Arizona, Mississippi, and Nebraska, all of which charge less than $15 to register a car. The highest registration fees belong to North Dakota ($274), Montana ($225), and Florida ($225).Fees associated with buying a new car vary from state to state and even from dealership to dealership. These fees may include origination fees, destination charges, advertising fees, and more. On average Oregon has the lowest fees when buying a new car, with the average buyer spending about $130 in extra fees.State tax rates vary widely, with Alaska, Delaware, Montana, New Hampshire, and Oregon all boasting 0% sales tax, while California has the highest state sales tax rate at 7.25%.Are car prices different in each state?New cars have similar prices from state to state but the registration and taxes will vary significantly. The price of used cars however can vary significantly from state to state based on a number of factors such as supply and demand and registration requirements. What states is it most expensive to own a car in?So which states have the highest cost of car ownership? According to a March 2023 study from Forbes, the following states have the highest and lowest cost of car ownership. Forbes looked at gas prices, car repair costs, insurance rates and monthly auto loan payments to determine their rankings.California and Nevada have the highest cost of car ownership. California has the second highest price of gasoline ($4.76 per gallon), the third highest cost for repairs and maintenance ($415.66), and has the eleventh highest cost for full coverage insurance. Nevada has the third price of gasoline ($4.24 per gallon) and has the sixth highest cost for full coverage insurance ($3,342 annually). Colorado, Florida, and Alaska are next in line as the most expensive states for car ownership. Ohio has the lowest cost of car ownership.Ohio has the lowest cost of car ownership in the United States. With an average annual insurance premium of  $1,112, average car payments of $500, and an average gas price of $3.17 per gallon, it’s the most affordable state to own a car.  Iowa, Wisconsin, New Hampshire, and Maine round out the list of the least expensive states for car ownership. How can I reduce the cost of car ownership?If you live in a state where it is expensive to own a car, you may be wondering how you can reduce the cost of owning a car. While you could move to Ohio or Iowa, that’s probably not a realistic option for most. But the good news is there are a number of steps you can take to reduce the cost of owning a car.  Cut down on gas usage.One of the biggest things that you have control over at any given time is the amount that you drive. While you may have a commute that you cannot control, you can cut down on unnecessary trips by combining errands, carpooling when possible, and walking or riding your bike if that is an option.  Shop around for insurance.You can change your car insurance whenever you want, not just when your policy is up for renewal. It’s worth the effort to look around and see what other companies may offer competitive coverage in your area. Contacting your existing company and inquiring about discounts and promotions may also help you save some money on insurance.   Do your research when buying a new car.When you buy a new car, consider all of the costs that you will have to pay. Selecting a car that is reliable and does not need as much maintenance can save you a lot of money and hassle. A car with good gas mileage will also help you to save thousands every year if you are a high mileage driver.Negotiate fees and APR when buying a new car.When you are buying a new car you should also shop around for the best car loan possible. Comparing APRs and fees across lenders and dealerships will be more work for you but it will result in big savings. When you close, be sure to negotiate the dealer fees. Some fees can be reduced by the dealer while others are mandatory, but negotiating will help you to keep your overall car cost as low as possible.Refinance your car loan.If you already bought your car, you may be wondering how you can reduce the cost of car ownership. The good news is that you are not tied to your lender until your car is paid off. Refinancing your loan will help you to reduce the APR that you are paying, and this can result in thousands of dollars in savings every year. Refinancing is simple when you use a company that specializes in auto loan refinance. Auto Approve can help you determine which lender is right for you and help you to negotiate the best APR possible .Refinancing your car loan will be most effective when your finances are in good shape. Taking the time to work on your credit score and pay down debts will help you to secure the best car loan terms.Those are the most expensive states to own a car.Unless moving states is in the cards for you, you will have to resort to other ways to reduce the cost of car ownership. Buying a reputable and gas-conscious car, cutting back on gas use, and refinancing your car loan are a few of the most effective ways to reduce the cost of owning a car, no matter where you live.If you are paying too much on your car loan, consider refinancing your car loan with Auto Approve. It’s free to get started and couldn’t be easier. So what are you waiting for? GET A QUOTE IN 60 SECONDS

For the first time in almost a year and a half the Fed decided to not raise interest rates. In June 2023 they instead kept the prime interest rates between 5% and 5.25%. But what does that mean for our personal finances, and what moves should we be making in the summer of 2023?Here are the 8 money moves you should be making in summer 2023.What is going on with the economy in 2023?The economy has been through a tumultuous time in the past few years. Shutdowns from 2020 have had lasting implications for the global economy, and inflation has been a major side effect. In order to combat the inflation that has run rampant the past few years the Fed has been raising interest rates over the past year and a half to ease inflationary pressures and get the economy to a more stable point. But increasing interest rates have had other effects on our economy besides combating inflation. Increased rates means that borrowing money is more expensive so less people will borrow. This reduces the stress on banks. It also means that the stock market is more volatile as the economy becomes more and more uncertain. There is also a higher chance of recession when the rates increase. For the first time in a year and a half the Fed decided to not raise interest rates. This means that the prime rate is hovering between 5% and 5.25%. While it is good news for many that the prime rate didn’t increase more, the rate is still at its highest point in 16 years. Some of the effects include:Highest rates for home equity lines of credit in two decades.Credit card rates hit record highs for 12 weeks in a row.Loan delinquency rates have increased 54% since last year.We are clearly feeling this in our wallets, and a number of bank failures this year have proven that rising rates can have severe consequences.But increasing rates have a flipside too. As the cost of borrowing increases the yield on savings interest increases as well. It is now easy to find a low risk savings account with an interest rate that outpaces inflation.Is money safe in banks 2023?With the failures of three banks this year–Silicon Valley Bank, Signature Bank, and First Republic Bank–there is a lot of anxiety over whether or not our money is safe in banks. And the answer is yes, for the most part. Banks are insured by the FDIC while credit unions are insured by NCUA. This means that any funds you have invested up to $250,000 ($500,000 for joint accounts) will be safe in a bank. The FDIC insures the following assets:Checking accountsNegotiable Order of Withdrawal (NOW) accountsSavings accountsMoney Market Deposit Accounts (MMDAs)Certificates of Deposit (CDs)Cashier's checksMoney ordersOther official items issued by an insured bank It does not insure stocks, bonds, mutual funds, safety deposit boxes, US Treasury bills, or crypto currency.  If there is a bank failure the FDIC usually has money refunded to individuals within a few days of the bank failure.What should I do with my money in 2023?The finance world seems a little shaky (to say the least), so what should we do with our money to protect ourselves and our futures?Move #1: Pay off high interest debt.As interest rates keep rising it’s more important than ever to try to pay down your balances. High interest debt is usually from credit card debt, and this type of debt has a way of snowballing if you are not proactive about getting it paid down. You want to get to a point where you can pay off your credit card in full every month. Failing to do so will cost you a lot of extra money every month. Move #2: Talk to your credit card company.It’s a good idea to talk to your credit company even if your account is in good standing. If your credit score has increased since you initially opened your credit card, your credit card company might be inclined to give you a better APR. Most people don’t think to talk to their credit card companies, but open communication can help you out a great deal. If the rates are going to increase, you may be able to have your rate stay the same. If your rate is going to increase, companies are required to give you 45 days notice.Move #3: Shop around for loans.It’s not impossible to get a loan right now, it just means that you may be paying more. If you are looking for a mortgage or car loan, you can find rates that may still work for you but you need to shop around and compare to get competitive loans. Increasing your credit score will help you to get the best financing rates possible.  Move #4: Look at your existing loans.While you may think that refinancing a loan in 2023 is out of the question, you may be able to find a car loan or mortgage that has better terms than your original loan. Rates depend on a lot of factors such as your payment history, your credit utilization ratio, and your income–rates do not depend solely on the market rates set by the Fed. Summer 2023 is a great time to look at all of your existing loans and determine how each loan is working out for you. It doesn’t cost you a thing to get a free car loan refinancing quote and it could actually end up saving you a lot of money in the long run.Move #5: Keep saving.Saving accounts yields are the highest they have been in a long time and are outpacing inflation, which makes it a perfect time to look around and find a savings account that will make you money. These are incredibly low risk accounts which makes them perfect places to set up emergency funds. Experts urge people to save now as rates are high while inflation is lowering, so it is the perfect time to grow your savings. If you have some money that you do not need access to for a while, opening a long term CD might be a good option for you. This will allow you to take advantage of these high yields for a while. A 2-5 year CD means that you can profit from these yields even when the rates eventually decrease.Move #6: Invest smartly.When people get scared to spend and invest, the economy gets worse and worse. It becomes a self fulfilling prophecy that the economy will tailspin. Investments are risky by design, but if you are a long term investor with a diverse portfolio, a bump like this shouldn’t throw your finances into total disarray. This can actually be a great time to start long term investing if you have some extra money (don’t invest if you don’t already have a savings nest egg) and can wait it out for some returns. Move #7: Map out for the rest of the year.The summer is a great time to reset before school starts up again and we slide into the holiday season. Use this time to start setting aside money for school and holiday shopping before time gets away from you and you have to scramble to make ends meet.Move #8: Prepare mentally and financially for a recession.A recession is still very much possible as we enter into the second half of 2023. Many experts think there is a 60-65% chance that we will hit a recession by the end of the year. A recession occurs when there is a contraction of the economy, where there is less production and less consumption. There is typically a higher unemployment level during this period. So what can you do to prepare for a recession? There are a few steps you can take to put yourself in a better position:Make sure you have an emergency fund.Have a plan in the case that you lose your job.Pay down high interest debts that are increasing your monthly payments.If you are struggling for extra cash to set aside consider working a second job or getting a side hustle.  Getting yourself in a good financial situation in general is your best bet to prepare for a recession. Recessions cause uncertainty, so preparing for the unexpected is really all you can do.Those are the finance moves you should make in summer 2023. High rates mean two things: you need to pay down your high interest debts and you need to keep saving. Taking a good look at your budget and cutting costs where possible is the best way to do both of these things. If your credit score has improved since your initial financing you still may be able to find a better car loan interest rate in this economic climate. Contact Auto Approve today to find out how much you could be saving! GET A QUOTE IN 60 SECONDS