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If you are unhappy with your current auto loan, an auto refinance might be a great option for you.Whether you are looking to lower your monthly payments or lower your APR, you can save a lot of money in the short and long term by refinancing your car loan. Let’s look at how auto refinancing works and see just how much money you may be able to save. Looking To Refinance Your Auto Loan? Here's How It WorksFirst things first, what does it mean to refinance? Auto loan, mortgage, and student loan refinancing are all similar, in that you are paying off your existing loan with a new loan.Ideally, your new loan will give you better terms. Whether those better terms are a lower APR, a longer repayment period, or an added co-borrower depends on what your goals in refinancing are.When you refinance, you will apply to various lenders to find the best rates and terms available to you. You can simplify this by going Auto Approve who will do the shopping around and comparing on your behalf. What Are The Benefits of Refinancing Your Auto Loan?There are a few major changes that refinancing can provide for you. But how much money can these changes save you?Lower APROne of the main reasons people look into auto loan refinance is to get a lower APR. There are a number of reasons why people may now qualify for a lower APR now than when they originally financed their loan. These reasons could include:Improved Credit Score - You might have a much better credit score now. This could be the result of consistent, on time payments and the paying down of debt.Initial Bad APR - If you had bad timing with your original loan and got an initial less than desirable APR, a lower rate might be possible.Better Market Rates - If the national APRs are lower than when you originally financed your car, a lower rate may be possible.Whatever your reason is, securing a lower APR can save you a lot of money. Let’s say you initially financed $25,000 of your new car at an APR of 6% for a 5 year term. Your monthly payments would be $483.32. You would pay a total of $28,999.20 at the end of your 5 years.If you were able to reduce that APR to 3.4% over the same period, your monthly payments would be $453.67. Over the course of 5 years you would pay $27,220.20. The lower interest rate would save you nearly $2000. Lower Monthly PaymentsIf you are able to reduce your APR, you will be able to secure lower monthly payments. But that’s not the only way auto loan refinance can reduce your monthly payments. Lengthening your repayment period can also reduce your monthly payments.If you initially finance a car at 5% APR for $20,000 principal over a term of 3 years, your monthly payments will be $599.42. Over the course of 3 years you will pay $21,579.12.If you finance at the same 5% APR but spread that over 5 years, your monthly payments will be $377.42. Over the course of 5 years you will pay $22,645.20. You will end up spending more overall, but if your goal is to cut down on your monthly bills, lengthening your repayment period would cut your bills significantly. Adding a Co-BorrowerIf your credit hasn’t increased, or hasn’t increased enough to secure a lower APR, adding a co-borrower might be a good idea. You cannot add or remove people from an existing loan, but auto loan refinance allows you to add or remove a co-borrower. The lender will consider your combined credit scores, so if you have someone in your life who has very healthy financials, adding them to your refinance might be a good idea. This can qualify you for a lower APR, which can save you thousands of dollars in the long run.Removing a Co-BorrowerIf you are in a better financial situation than you were previously and no longer need a co-borrower, the only way to remove them from the loan is through auto loan refinance. You Want a New LenderIf you are unhappy with your current lender, auto loan refinance is a good way to terminate that relationship and start a new one. The most common complaints about financing companies often center around communication issues and a lack of transparency as to where your payments are actually going and being allocated. If this is something you are experiencing, you can get out of your current situation and refinance with a company that has higher customer satisfaction.How Much Can You Actually Save By Refinancing Your Vehicle?In short? You can save thousands! The relatively conservative examples we gave above showed how the people in the examples could save $1,779 by refinancing to a lower APR and $1,066 by refinancing to shorter payment terms. But to find out how much you in particular can save, you can use the Savings Calculator on our homepage to get a rough idea or use our quick and free quoting form to find out more specifically how we can save you a bundle of money.What Kind of Credit Do I Need To Apply for Auto Refinancing?You may be wondering “What credit score do I need to refinance my car?” While there is no magic number, it’s true that having a good credit score will help save you more money when you refinance. While it may be technically possible to refinance with poor credit, it is much more beneficial to do so when your credit score is higher (and, with Auto Approve, you're unlikely to have many, if any, options).A good credit score is important for many reasons. Credit scores indicate to lenders and auto refinance companies how likely a person is to pay back their debts. Having a good credit score will get you better interest rates on credit cards and loans, higher credit limits, better insurance rates, easier approvals for rentals, a better chance at credit approvals, and gives you more negotiating power when securing accounts.Securing a lower APR is the key to saving the most amount of money, as we see in our examples. The key to securing a lower APR is to have good credit and good timing–the market rates have a good amount of sway over the APR you will be offered. While it may be possible to refinance with a low credit score, doing so will probably not save you money in the long run. You will most likely not qualify for a lower APR, so the main benefit would be changing your repayment term. If you lengthen your repayment term, you can reduce your monthly payments even if the APR remains the same. If you are drowning financially and need some extra breathing room, this might be an option for you. But refinancing will always be most beneficial if your credit score has increased and you are creditworthy.And that is how refinancing your auto loan can save you a lot of money.If you are unhappy with your current financing, refinancing might be a great option for you. Auto Approve is dedicated to finding you the best refinance rates. And with an A+ rating from the Better Business Bureau, you know you’re in good hands.GET A QUOTE IN 60 SECONDS

Looking for a lender? We can help.You've come to a point where you know the what and why of refinancing your vehicle. You know that refinancing your auto loan can lower your interest rate, reduce your monthly payments, and reduce the amount of money you are paying overall. And you know that the low interest rates on offer today make it an excellent time to refinance your auto loan. But how do you know which lender is the best option for refinancing? Well, have no fear, because we’re here to help! In this blog, we will review how to get started with the refinance process and go over what you should be looking at when you are comparing lenders. Here’s how to pick the best lender for your auto loan refinance.When you decide to refinance your auto loan, it’s important to look around and compare your options with different lenders. The higher your credit score is, the more options you will have when it comes to refinancing. But no matter what your credentials are, you should never settle or agree to terms that are not beneficial for you. Here are the top things to consider when choosing a refinancing lender.Getting Started with Your Vehicle RefinanceYou won’t have a really good idea of what terms you are comparing until you actually get the ball rolling for your refinancing. You should gather quotes from a wide variety of lenders, then aim to apply for refinancing with three to five different lenders. This will give you a number of options, as well as give you some negotiating power. Start by looking around at a dozen or so lenders and whittle your list down from there. Look at credit unions, traditional banks, and online lenders. Keep your eyes open for deals, and then try to get your list down to three to five lenders.When you are ready to start applying, make sure you fill out all of your applications quickly. When you apply for a new account it will trigger a hard inquiry on your credit report which temporarily lowers your credit score. Apply to all of your lenders in the same 14 day period so that they will all be counted as one hard inquiry (credit bureaus allow this window for this exact reason).Or, if this all sounds intimidating, you can simply use Auto Approve, and we'll do all the legwork for you! With Auto Approve, you can get a free quote in minutes, and one of our trusted Auto Approve advisors will help talk you through your options to make sure you get the refinancing that's right for you. Using a service like ours is more efficient and gives you a guide to the process who knows vehicle refinancing through and through. This will save you a lot of time and frustration (trust us, we know!).At Auto Approve, we handle the work of shopping around for you. No need to go from bank to bank asking the same questions and filling out the same forms–we handle all of that for you. All you need to do is fill out our quote form, and we will help you go through your options, then apply to your top lender (or lenders) on your behalf. Plus, our established relationship with lenders means that you will get the best APRs available.Once your refinance offers start rolling in, here are some things to compare. Interest RatesOne of the most important factors in refinancing is the interest rate. After all, the point of refinancing is to save you money. The interest rate that you are offered will be based on a number of factors, including but not limited to:Your credit scoreYour payment historyYour incomeYour debt-utilization ratioPrevailing interest ratesThe interest rates you are offered can vary greatly based on the lender, so you should be sure to check interest rates when comparing options.If you have made 6-12 months worth of steady loan payments, your credit score has likely increased since you first financed your vehicle and therefore the interest rate you are offered may be much better.Your Cash Flow and the Payment TermsYou might be offered a few different rates that are tied to different payment periods. A lower APR might be tied to a shorter payment period of 24 months, while a higher APR may be tied to a longer payment period of 48 months. The shorter payment period will mean that your monthly payments are on the more expensive side, while a longer payment period will mean that your monthly payments are on the less expensive side. What is more desirable given your current situation? This can make for a significant swing in your monthly budget, so be sure to think this decision through thoroughly.Prepayment PenaltiesRead the fine print in each refinancing offer. Are there prepayment penalties associated with paying off your loan early? If you are thinking that refinancing again might be an option in the future (there is no limit to the number of times you can refinance a loan), this may persuade you one way or another. These prepayment penalties can vary widely from lender to lender and be quite expensive at times.Customer Satisfaction RatingsWhat are their current clients saying? Are these good and reputable lenders, or are their customers dissatisfied with their services? Check out websites like TrustPilot, Better Business Bureau, and Lending Tree and see what some common complaints are. According to Consumer Financial Protection Bureau, these are the top complaints with lenders:Communication issues in regards to forbearance (when you pause your payments temporarily)Repayment options for forbearanceDelays from lender with regard to loan modificationOvercollection of funds for taxes and insuranceConfusion with account noticesPutting overpayments into an unallocated fund rather than applying them to the loan’s principalComplaints with lenders often center around communication issues and a lack of transparency as to where your payments are actually going and being allocated. These complaints should be taken seriously, as hidden fees can add up to some serious dough. Learn from the experiences of others and steer clear of problematic lenders.(All that said, when you use Auto Approve for your refinance, you get access to some of the best and most trusted lenders in the biz!)Hidden FeesLook over the terms of your loan contract very closely. What other fees may be associated with your refinancing? See if any of the following fees are charged by the lenders:Application feesProcessing fee Administrative feesA lender may charge one or all of these fees, and the terms might be used interchangeably. They are often considered the cost of doing business, but it’s always worth it to compare these fees to get the best final price. If you're feeling brave and are a desirable potential loan recipient, you can even push to see if potential lenders will waive any of these fees to win your business. But don't tell them we told you that.Those are our top tips for deciding which lender is the best for your car refinancing.We know how overwhelming the prospect of refinancing can feel. But don’t let paperwork or pushy salesmen intimidate you. At Auto Approve, we make the refinancing process as simple and seamless as possible (we even handle the DMV paperwork for you!).So skip the struggle and don’t go through this process alone. Get started with Auto Approve today so we can be your partners and advocates in refinancing. With an A+ rating from the Better Business Bureau and a 96% would-recommend rating on Lending Tree, you know you will be in good hands. GET A QUOTE IN 60 SECONDS

We could all use a little extra cash in our pockets, right? But how exactly can we make that happen, especially when the cost of everything these days seems to just be going up and up? Enter refinancing! Refinancing your car loan might just be the answer to your financial quandary. That's why, in this article, we'll be looking at what refinancing is, why you should consider refinancing, and why you should refinance your loan with Auto Approve in particular.Let’s look at why you should refinance your vehicle with Auto Approve.What is refinancing?Before we get into why you should refinance with Auto Approve, we should probably take a look at refinancing itself.What exactly is refinancing? Refinancing is when you pay off an existing loan with a new loan that ideally has better terms, such as a better interest rate or better payment schedule. You are essentially replacing your existing auto loan with a new loan that will better fit your budget. Why should I refinance my loan?There are lots of reasons that people choose to refinance. Some people want to take advantage of low interest rates, while others want to add a co-borrower or lower their monthly payment. Let’s take a look at some of the top reasons you may want to refinance your auto loan.Your credit score has improvedIf your credit score has increased since you initially took out your vehicle loan, you may qualify for a much lower interest rate (which can translate to saving you a bunch of money). When you apply for a loan, lenders look at a lot of your personal information, including your job, income, and address. But nothing that they look at is more important than your credit score. Your credit score indicates how likely a person is to repay their loan. We must remember: lenders are in the business of making money. The last thing they want to do is lend money to someone who is not going to pay them back, or not pay them back on time. A good credit score tells them that you are a good candidate who pays their bills and pays them on time. Credit scores are determined by five major factors: Payment History. Do you pay your bills on time? Accounts Owed. Also called your credit utilization ratio. How much money do you owe vs. how much credit do you have available to you?Length of Credit History. How long have you had your accounts? Credit Mix. Do you have a good mix of retail accounts such as credit cards, loans, and mortgages?New Credit. Are you opening a bunch of new accounts?The most important factors are your payment history and your accounts owed. If you have become better at making on time payments or have been able to pay down a considerable amount of your debt, your credit score may have increased dramatically since the last time you financed your vehicle.Check your credit score and your credit report to see if your score has increased. If it has, you may be eligible for a much better interest rate when you refinance your car loan.The interest rates are lowWhen interest rates are low across the board, it’s a good time to think about refinancing. If your interest rate was a bit steep when you first got your car, today’s low interest rates may save you a ton of money. Even if your credit score has remained the same, the prevailing interest rates might still be lower than your original rate. Right now interest rates are low, making it a great time to consider refinancing.You need help with monthly paymentsMaybe your cash flow is a bit tight these days. Your job cut back on your hours, or you had some unexpected expenses pop up. No matter what the reason is, we’ve all had times when we could use a little more breathing room in our budget. Refinancing can help in a few ways. First off, if you can get a lower interest rate, you will pay less in interest every month and ultimately have lower monthly loan payments. Additionally you can adjust your payment periods to change the amount you pay per month. If your original payment period was 36 months, refinancing to a 48 month pay period will stretch out your payments over a longer period of time, therefore reducing the monthly amount. You may ultimately spend a bit more overall since you will be paying interest over a longer time period, but this might be worth it depending on your current cash flow situation.You want to add or remove a co-borrowerIf you want to change the ownership of the loan, you must refinance in order to do so. Lenders will not simply add or remove a person from a loan without starting over. This is because every loan decision is made by looking specifically at each borrower’s situation, and changing any of the dynamics will ultimately change the likelihood of repayment (in their eyes, anyway).Because of this, you must refinance if you want to add your son to your truck loan (he’s always had his eye on it) or you want to remove your ex from your SUV (he can find his own ride, no?).Why should I use Auto Approve to refinance?So now we know why refinancing your loan might be a good move for you, but why should you trust Auto Approve?We take refinancing personally, and our customers love us for itWe know how big of a decision refinancing can be, and that’s why we have a dedicated team to help you. When you get in touch, we give you a real person to talk to – no robots or automated messages when we are dealing with a decision this big. Just read through our reviews to hear how much our customers love working with our dedicated team of professionals. “Mitch was great and helped me out through the whole process. Glad I was able to refinance my vehicle with Auto Approve” -Nicholas E“I spoke with Casey, who was very helpful and patient through the whole process. Auto Approve saved me $100 a month on my car payment and a full percentage point on financing. Thanks for all your help, Casey!” -Kathy“Payments went down $169 dollars a month along with interest almost cut in half. I couldn't be happier. Peter my rep was AWESOME and was with me through the whole process. Kudos to auto-approve.” -Jonathon SWe work with you personally to ensure you are getting the best rates possible. Whether you are dealing with Shawn, Casey, Jake, Robert, or any of our other financing experts, rest assured you are in good hands.We are honored to have a 4.7 out of 5 star review on TrustPilot, an A+ rating from the Better Business Bureau, and a 96% would-recommend rating on Lending Tree. We have a fast turn-aroundRead our reviews and you will see read the same thing over and over again: “I can’t believe how fast it was!” That’s because we value your business and know that your time is important. When you contact us, we get to work immediately contacting lenders and comparing rates for you. When you decide on a refinancing loan that looks good to you, we get the papers together so all you have to do is sign online. We even handle the pesky DMV paperwork. So if you want to skip the headache and the lingering paperwork, contacting Auto Approve is sure to be a good move.We shop around for deals so you don’t have toHave you ever shopped around online for deals? Of course you have, so you know how time consuming it can be to compare this to that to that over there. It can be so tedious and we know there’s plenty of other things you would rather be doing. So save yourself the time and frustration and let us shop around so you don’t have to.We have relationships with lenders so that we can get you quotes fast. We then compile everything for you to look at so making a decision is as easy as possible. We never mark up pricesWe guarantee no markups and no hidden fees, which is more than we can say for our competitors. Some companies will actually mark up the rates and pocket the difference, but that’s not how we do business. We pride ourselves on being open and honest with our customers, so what you see is what you get. We pass the savings right on to you. And that’s why you should refinance your auto loan with Auto Approve.Whether you’re looking to reduce your monthly payments or add your kid onto your loan to help them build credit, now is a great time to refinance. And with Auto Approve, you are in good hands. From our stellar customer service to our unbeatable prices, we are here to help drivers like you save money.If you’re thinking about refinancing, contact us today to get started! Getting a quote is free and takes less than five minutes – so what are you waiting for?GET A QUOTE IN 60 SECONDS

Do your resolutions include putting work into improving your finances? If you're resolving to give your financial situation a boost in 2022, you've come to the right placeThe beginning of a new year means we are all gearing up for new possibilities, starting new habits, and creating new resolutions to make 2022 the best year yet. But for better or for worse, our finances don’t automatically reset when the clock strikes midnight. That’s why we’ve gathered up our top five personal finance tips so that you can start off your new year on the right foot. Here are our top five person finance tips for the new year.Tip Number 1: Create a budgetIf you’ve never had a budget (or never had one that you have stuck to), start 2022 off with a monthly budget. Creating a realistic budget that you can stick to is the best way to pay off debt or start saving. The best part is that budgeting is actually super easy! Step 1: Determine Your Fixed ExpensesFixed expenses are your expenses that do not change from month to month. They occur every month with a predictable payment that is due. This can include your rent or mortgage, car payment, cable bill, trash collection, subscription services, internet, phone, child care, and student loans. Start a spreadsheet and enter everything under “Outgoing”.Step 2: Determine Your Variable ExpensesVariable expenses are your expenses that do change from month to month for a variety of reasons. These expenses might include your groceries, electric bill, parking fees, dining out, entertainment, and home repairs. Look at your past credit card bills or receipts to figure out (approximately) how much you pay each month for each of these categories. Enter these expenses under “Outgoing” as well.Step 3: Determine Your IncomeThis should be fairly easy. Log your take home income (post tax always; any refunds that you get should be treated like a bonus or found money; never count on money to come back into your hands once it leaves your paycheck). Add in any extra income you may have. This could include a side business, dividends, or rent that you collect. Enter these in your spreadsheet as “Incoming”.Step 4: Compare the incoming and the outgoingAdd them up and compare. Are you bringing in more than you are spending? Fantastic! In that case, look to see where you can invest this extra money. Maybe you can use it to pay off your credit card or start building your emergency fund. Whatever your goal is, make sure to include this as a line item in your expense budget. By doing this, you no longer have “an extra $200 laying around” – instead you have “$200 that is going right into savings”. On the flipside, maybe you are spending more money than you are bringing in. If this is the case, look for places to cut your expenses. Are there subscription services you can cancel? Can you eat out twice a month instead of four times a month? Can you switch from brand name cereal to generic? Look for any and all places where you can sacrifice to make some changes. Little cuts here and there can add up to big savings in the long run.Creating a budget is our number one tip for starting the new year off right. The most important thing is to be honest about your expenses and to keep track of your incoming and outgoing faithfully. Tip Number 2: Aim to SaveSaving more money is oftentimes a top resolution for people. Whether it’s to build a safety net, add to their retirement, or save up for a down payment, saving more money is a great goal for the new year. Creating a budget and adding in a savings line is a great first step. Look into opening a new savings account. Do some research about the different accounts out there and what fits your needs the best. Perhaps a simple savings account at your local bank will suffice, or maybe a money market account will give you a little more bang for your buck. If you want to tuck your money away where you won’t be tempted to touch it, a CD (certificate of deposit) account might be the best option. No matter what account you select, making a commitment to save more will pay off in the long run if you stick with it.Tip Number 3: Commit to Increasing your Credit ScoreHaving a good credit score is vital for a number of reasons. Some of these top reasons include:Lower interest rates on credit cards and loansBetter chance for credit card and loan approvalHigher credit limitsBetter insurance ratesEasier approval for rentalsMore negotiating power for loans and accountsHaving a good credit score quite simply makes you a more desirable candidate. Prioritizing a better score will open up more opportunities and can save you a good deal of money in the long run. To increase your credit score, focus on making full, on-time payments. This is one of the top ways to affect your score in a positive way. Avoid opening new lines of credit and try to pay down as much of your debt as you can (remember that budget we were talking about? Include this as part of your budget to ensure you pay down extra every month). Your credit history – do you make on time consistent payments? – and your credit utilization score – how much debt are you in compared to credit you have available to you? – are the two most important factors in your credit score. Focus on improving these and you can easily increase your credit score within the year.There are five ranges of credit scores:Exceptional: 800 to 850Very good: 740 to 799Good: 670 to 739Fair: 580 to 669Poor: 300 to 579Depending on what your current score is, try to move to the next bracket in 2022. Aiming for a score of 700 or above will open you to a lot more financial opportunities.Tip Number 4: Sign Up for a Credit Monitoring or Identity Theft Protection ProductKeeping an eye on your credit is hugely important in the world of finance. If someone gets a hold of your identity it can be an absolute nightmare to sort out. Signing up for credit monitoring or an identity theft protection plan is a great way to ensure you are never put into this position.While most products out there have a monthly cost associated with them, there are a number of free monitoring products. Services such as Credit Karma and Capital One’s CreditWise offer free monitoring and will alert you to any unusual activity with your social security number. These services cannot protect you from identity theft, but the earlier you catch a potential problem, the easier it is to report and nip in the bud.If you are still hesitant to sign up for monitoring, commit to checking your credit report frequently. Here are the top things in your credit report to keep an eye on: New account openings, including credit cards and loansName or address changes in your credit fileUpdated public records, including court dates and bankruptciesUnpaid accounts sent to collectionsHard credit inquiriesIf anything is incorrect or misreported, be sure to report these errors to the credit agencies immediately. Again, the sooner you report a problem the less of a hassle it will be in the long term. You can check your credit report up to three times per year for free, so be sure to check every few months.Tip Number 5: Refinance your Car LoanRefinancing your car loan can help with almost any financial situation. If your expenses are a bit too high every month, refinancing to a lower interest rate and/or lengthening your credit payments can reduce your loan payment drastically. If you're looking to save in the long run, a lower interest rate and/or shorter payment period can save you hundreds or even thousands of dollars.Refinancing can also help improve your credit score over time by making your payments more manageable, therefore making you more likely to pay them in full and on time. Interest rates are low as we enter the new year, and it’s always important to strike while the iron is hot. Nobody knows what the future will bring, so taking advantage of low interest rates while they are low is a great idea. At Auto Approve we are committed to saving you money and getting you the best deal possible. If refinancing sounds like it might be a great 2022 resolution for you, get a quote today to get started!And those are our top financial tips for ringing in the new year.Make 2022 the year where you take control of your finances. Creating a clear plan and forming good habits is the best way to make any resolution come to fruition. And if you have an auto loan, refinancing is a great first step to saving money. Be sure to get a quote from Auto Approve today and kick your new year off with a ton of savings!GET A QUOTE IN 60 SECONDS

If you have already refinanced your car, you may be wondering if you can refinance again. What if your timing wasn’t great the first time around? What if your credit score has improved a lot and you’re certain you can get a better rate this time around? Don’t fret – we’re here to answer all of your refinancing questions.(Thinking about refinancing for the first time? Take a look at these 3 great reasons to refinance.)Let’s look at how many times you can refinance your car and what you should think about when refinancing.Can I refinance my car more than once?Yes! There is no limit to the amount of times that you refinance your car. That being said, there are a few questions you should ask yourself.Do I qualify for refinancing?When did I last refinance?How will refinancing affect my credit?How do I know the time is right to refinance?In this article, we will look at all these questions and help you decide if refinancing is the right move for you.Do I qualify for refinancing?First things first, are you eligible to refinance again? Most lenders have general requirements for refinancing a loan. Here are a few things that lenders look at:How old your car isHow many miles your car hasHow much money is left on your loanMost lenders require that your car is less than ten years old and has less than 100,000 miles on it. Refinancing tends to get more difficult as the car ages and depreciates more. If you are wondering if you are eligible, use our online quote form to find out today!When did I last refinance my car?Experts recommend that you have 6-12 on-time payments with your current lender before you refinance. So if you last refinanced three months ago, it’s probably best to wait a few months. Why? Lenders want to see that you will make full and consistent payments on your loan. Proving this with your most recent loan is the best way to show them that you are a good candidate for a new car loan.How will refinancing multiple times affect my credit?Refinancing will affect your credit score, so be sure to think about this before you pull the trigger. Refinancing affects two parts of your credit score: credit history length and new credit. Since refinancing is paying off one loan with another new loan, refinancing creates a new credit account. At first, refinancing can negatively affect your credit history length, since it counts as a new credit account, but over time, that affect fades – and, in fact, the refinance can improve your credit score in the long run. When you actually go to refinance, your lender will check your credit, which will likely pop up as a hard inquiry on your credit report (remember, however, that hard inquiries only last a year on your credit score, so that will only be a temporary ding).If you refinance with Auto Approve, we'll help you find the best rate for you – and don't worry, getting started doesn't require a credit check. (Click here to find out why Auto Approve is the best way to refinance!)How do I know if the time is right to refinance?You know that you qualify for refinancing and you know that you have waited long enough to refinance. So what else should you think about before refinancing again?How much time is left on my loan?Before refinancing, think about how much time is left on your current loan. If you still have a good amount of time left on your loan and you don’t have a good interest rate, refinancing can save you a lot of money. The sooner you switch to a lower APR, the sooner you will start saving. If you don’t have a lot of time left in your loan (say less than a year), the fees of refinancing might outweigh the saved interest. Make sure you do the math and figure out what your potential savings could be with refinancing. Auto Approve can help show you how much money you can save, just head over to our quote page to get started!Are there prepayment penalties on my current loan?If your loan has prepayment penalties, this may deter you from refinancing. It’s important to read the fine print and determine what the fees are. In some cases, the savings from refinancing might still outweigh any prepayment penalties. If you are unsure of what your prepayment penalties are, call your current lender and have them walk you through it. Be thorough to avoid any surprise fees.Is my credit score good?If your credit score has improved since the last time you refinanced, it’s definitely a good time to think about refinancing again. Improving your credit score by even a little bit can score you a much better APR from lenders, which means you can save hundreds, even thousands, every year. Your credit score improves as you make consistent payments, as you pay down debts, and as your accounts age. Check your FICO credit score to see where you stand (you can do this for free three times per year).Are interest rates good?Make sure to consider interest rates in general. When interest rates are low (like right now) you want to strike while the iron is hot. The future is always uncertain, so when you see low APRs, you want to take advantage while you can.Do I need a little breathing room in my finances?If things are a little tight every month, refinancing might be the answer to your prayers. Securing a lower APR and changing your payment schedule (say lengthening it from 24 months to 36 months) can reduce your monthly bill drastically. Refinancing is a fantastic way to free up room in your monthly budget.On the flipside, if you have some extra breathing room in your monthly budget, refinancing can help you save money in two ways. First, you can lower your APR so you are saving money on interest. You can also shorten your repayment period so that you are paying that interest over less time. This can save you a whole lot of money in the long run (and the short run!).There is no limit on how many times you can refinance, so you should refinance as often as it makes sense for you.Refinancing is a great option for many reasons. The biggest reason is simple: it can save you a lot of money. At Auto Approve, we offer the lowest rates with no markup, and with an A+ rating from the Better Business Bureau, you know we will work hard to save you money. So, if you're ready to start your refinancing journey, get a quote from Auto Approve today.GET A QUOTE IN 60 SECONDS

There’s nothing like the feeling of driving a new car off the lot for the first time. That new car smell, that feeling of getting everything perfectly adjusted for the first time. There is nothing quite like it.So it comes as a surprise when, months and years later, you realize that your car isn’t new anymore. The smell has faded, that new feeling has worn away. Suddenly you realize your car has depreciated and lost some of its value. But just how much value has your car lost since that first day? And why?Let’s look at why vehicles lose their value and how quickly this depreciation happens.What is depreciation?What exactly is depreciation? Car depreciation is the difference between how much your car was originally worth and how much it is worth currently. Depreciation occurs with everything we own. Unless we are talking about antiques, nothing gains value as it gets older. The value of your car will reduce the more you drive and the more wear and tear your car accumulates.How quickly do cars depreciate?When looking at the rate of depreciation, we can divide it into three categories: after it leaves the lot, after one year, and after five years.After it leaves the lotThe second you drive off from the dealership your car goes down in value. It officially has an owner and is no longer new. It is estimated that a car loses about 10% of its value the moment it leaves the lot. Within a few feet, your new $25,000 car is worth $22,500. This is part of why the Loan-to-Value ratio on cars can be so high.After one yearThe biggest decrease in value occurs in the first year of ownership. Experts estimate that new cars lose 20% of their value in the first year. Your $25,000 car is now worth only $20,000.After five yearsAfter the first year, cars tend to lose about 15% of their value every year. By the end of the car’s first five years, it will lose about 60% of its original value.Why do cars depreciate?There are many reasons why cars depreciate, but it all comes down to wear and tear. The more you drive a car, the less reliable it is and the more likely you are to run into problems. Here are the top reasons for deprecation:MileageThe more you drive your car, the more it depreciates. High mileage shortens the amount of usable time left on the car, thus decreasing its value more.AgeThe older a car is, the less it’s worth. Even if it still drives perfectly, the fact that it is an older model will reduce the value.Make and ModelIf you are driving a more popular model, your car will depreciate slower. Value is based on how much someone is willing to pay. The more people want your car, the more they will pay for it. If you have a less desirable car, expect your car to depreciate at a faster rate.Ownership HistoryWhen it comes to depreciation, the less owners a car has the higher the value will be. How well the owners maintained the car and where the car resided will matter a great deal as well. If the car was kept in a busy city, it may indicate stop and go wear and tear. It is also more likely to have small dings and dents from constantly being in close proximity to other vehicles.ConditionWhat is the overall condition of your car? Has it been in a lot of accidents? Were there regular oil changes and alignments? The better the car was maintained, the longer its usable life will be, thus the higher the value will be.The Price of GasDepending on the price of gas, your vehicle may depreciate at different rates. Vehicles that are more fuel efficient depreciate less when gas prices are high. Cars that consume more gas depreciate less when gas prices are low. ColorVehicles with neutral colored paints tend to depreciate less than other vehicles. This is because neutral paints remain consistently popular, while other colors will go in and out of style.How can depreciation affect your loan?If you took out a loan to purchase your new car, you must be especially wary of depreciation. If depreciation occurs very suddenly, you risk becoming upside down in your loan, meaning that you owe more on your loan than the car is worth. Do your research before you buy your car to ensure that the model you are purchasing does not depreciate abnormally fast, and follow the tips below to reduce the amount of depreciation. How do you stop car depreciation?While depreciation is inevitable, it is possible to slow down your car’s depreciation. Here are some helpful tips:Reduce your mileageCutting back on driving is a great way to curb depreciation. If you can put less than 10,000 miles on your odometer per year, it will help you out a lot in the long run.Keep up on maintenanceKeeping good maintenance habits will also help reduce depreciation. Regular oil changes, alignments, tire rotations, and air filter changes are just some of the routine maintenance you should keep up on. Keep your exterior clean and ding freeWash and wax your car regularly to protect the paint and keep the exterior looking as new as possible. If your car has small dings and dents, try to get them out if possible. Keep good recordsKeeping up on maintenance records is good practice in general, and can help increase the value of your car. It’s always helpful to be able to prove that your car has had regular oil changes and other maintenance performed.Don’t smoke in your carSmoking in your car will lead to faster deprecation too. It’s almost impossible to get the tobacco smell out of interiors, so avoiding smoking altogether will help keep your interior clean and smell-free. Don’t eat in your carReducing the amount of food you have in your car can also help depreciation. This will reduce the likelihood of spills and smells in the interior and help you maintain value.That’s everything you need to know about depreciation and how you can protect yourself from it.Depreciation is unavoidable. Every car will lose its value over time, but good driving and good maintenance habits can help curb the effects. Be especially cautious of depreciation if you have an auto loan. If your auto loan is a little too high, it might be time to consider refinancing. Auto Approve is here to help you refinance to a lower APR, which can save you money and reduce your monthly payments.GET A QUOTE IN 60 SECONDS

Going to the gas station to fill your car up can be a harrowing experience. How can it really be that much to fill up your tank?! But believe it or not there are some tips and tricks to help you save at the pump. We’ve compiled the best advice out there on how to save big when you fill up. After all, with the price of gas lately, it’s definitely about the destination and not about the journey. Here are our top tips to save you money the next time you are at the gas station.Use a Gas AppDid you know there are apps specifically designed to save you money at the gas station? Apps such as GasBuddy and Gas Guru track gas prices and can tell you which stations in your town or along your commute have the best prices.In general, gas is cheaper off the beaten path. You will pay more at stations that are right off of the interstate or smack dab in the middle of your city. Also, if you live along a state line gas might be cheaper in another state. Using these gas apps can help you determine where you will get the best deal. Join a Gas Rewards ProgramThere are a ton of loyalty programs out there for everything under the sun, including gas. The best rewards programs out there are tied to one specific brand. Here are some of the most popular programs:BPme program: This can be used at both BP and Amoco stations. When you register, you get 5 cents off every gallon for the first month. After that you can get the same discount by spending at least $100 per month on gas.Exxon Mobil Rewards+: The Exxon Mobil Rewards+ program gives you 3 points per gallon on fuel and 2 points per $1.00 you spend at their convenience store. For every 100 points you earn, you get $1.00 off of your gas purchase.Circle K Easy Rewards: For every gallon of fuel you buy at a Circle K you earn 10 points. For every dollar you spend in a Circle K store, you earn 20 points. Once you earn 2,000 points, you will save $2.00 at the pump. Most gas brands offer rewards programs these days, so if you find yourself frequenting one brand, look to become a member of their program.Get a Credit Card with Gas RewardsMany credit cards out there have cash back incentives, and certain cards are best for fueling up. Here are some of the top gas reward credit cards:Bank of America Customized Cash Rewards Credit Card: This card gives you 3% cash back in a category of your choice, such as gas (up to $2500). The gas does not need to be from a particular brand either. In addition you get 2% back on groceries and 1% back on everything else.Blue Cash Preferred® Card from American Express: This card gives 3% cash back at gas stations, as well as other travel related expenses such as taxis, bus tickets, and subways. If you drive a lot, it makes sense to get a gas rewards credit card. Be sure to do your research though–many credit cards out there only offer the higher rewards for the first year or so, and then the reward points decrease drastically.Fill Up Earlier in the WeekFilling your tank up earlier in the week may be a surprising way you can save money at the pump. According to GasBuddy, gas prices tend to be lower on Mondays and Tuesdays. If you can plan your fill-ups ahead of time, you will avoid being forced to go to the closest gas station  (which is most likely not the cheapest gas station).Take Care of Your CarGood car maintenance can actually help you use less gas. Here are some basic maintenance and upkeep tips that may help your fuel efficiently and save you some money in the long run.Check your tire pressure. Underinflated tires can reduce your fuel efficiency a good deal. Experts recommend that you check your tire pressure once a month and make sure it is within the specified range in your owner’s manual. Keeping your tires at the correct pressure can improve your gas mileage by as much as 3.3%. Correct tire pressure will also lengthen the life of your tires.Make sure you are using the right oil. Check your owner’s manual to ensure that you are using the correct type of oil. Using the wrong oil not only adversely affects your gas mileage, but it can cause your engine to wear faster. Get routine oil changes. As oil breaks down, it forces the engine to work harder, which increases the amount of gasoline that is used. The longer you go in between oil changes, the more gas you will waste. In the past, it was recommended to get an oil change every six months or 3,000 miles, but with advances in synthetic lubricants it is now suggested between 5,000 and 7,000 miles. Check with the manufacturer or a trusted mechanic to find out what is best for your car.Replace your air filters. Clogged air filters can significantly decrease gas mileage. In general they should be changed once a year, or every 15,000-30,000 miles, but check your owner’s manual to see what the manufacturer recommends. Check your spark plugs. You should get your car tuned up a few times a year. During this routine checkup, they can check and replace any bad spark plugs. A bad spark plug can reduce fuel economy by as much as 30%.Make sure your gas cap is securely fastened. If your gas cap doesn’t fit snugly or is not screwed in properly, you could be losing gas to evaporation. Make sure there is a good fit and that it is resecured properly every time you fill up at the tank.Lighten your load. The lighter your car is, the higher your fuel efficiency will be. Getting rid of unnecessary weight including roof racks and bike racks can help you save some cents at the pump.Change Up Your Driving HabitsIf you are serious about improving your fuel economy, there are some simple changes you can make to your driving habits that can save you money.Plan your routes strategically. Instead of going out multiple times during the day or week to run errands, try to hit all of your errands that are in the same location at once. Look at GoogleMaps or Waze to determine the most cost-efficient way to get to your destinations. A little planning will go a long way.Reduce your Heater and Air Conditioning Use. Depending on where you live, this might be a hard one. Reducing the use of the heater and air conditioner can significantly increase your fuel efficiency. It is up for debate if the fuel being used for air conditioning at a high speed is offset by the amount the car slows down with the windows open. But if you are driving around town, windows are definitely the more fuel efficient option. Slow Down. It’s hard to let off the gas pedal at times, but reducing your speed can help your gas mileage significantly. Once your car goes over 50 miles per hour, the drag on your car starts to take a toll. It is estimated that you can lose up to $.25 per gallon for every 5 miles per hour you drive over 50 miles per hour. This can add up quickly at the pump if you are zipping around town at 70 or 80 miles per hour. Cruise Control When Possible. If you are driving on the highway or for a long stretch, switch to cruise control. Maintaining a steady speed is much better for gas mileage than constantly changing speeds.Accelerate Gradually. Pedal to the metal wastes gas, unfortunately. The more you ease into an acceleration, the better your gas mileage will be. Skip the Premium, If You CanIf your car manual doesn’t specifically say that it requires premium, you are not only wasting your money but potentially hurting your car.  Premium gas has a higher octane rating, which means that it resists pre ignition more than regular gas. Only high performance engines require higher octane gas. Opting for regular gas instead will save you a good deal in the long run.Those are the best ways to save money at the gas pump.We hope these tips will help you save your hard earned money. After all, that cash is always better in your pocket than in someone else’s pocket. If saving money is your ultimate goal, consider refinancing your car with Auto Approve.Our finance gurus are here to help you find the best APR possible and reduce your monthly auto loan payments. Get a quote or call today to find out just how much money we can save you!GET A QUOTE IN 60 SECONDS

Bringing home a car can be overwhelming. What kind of car should you get? What make and model? What color, trim level, and transmission? New or used? Should you lease or buy? And these decisions are just the beginning.On top of the choices you will need to make on the actual car, you will also have to decide how you will pay for your new ride. Will you buy it outright, or do you need to secure financing? Car dealers know how stressful this can be, and they are prepared to take advantage of you and pressure you into making decisions on the spot. But being prepared can make all the difference. If you do your research and shop around a bit, you will be less likely to make an impulsive decision. Here are the 10 things you need to know before you buy your next car#1 – What you wantIt's important to know exactly what you want before you ever step foot in a dealership. Think carefully about what make and model you want. What is your budget? There are many resources out there to help you decide what car is right for you. Publications like Consumer Reports and Car and Driver routinely rate and review cars to give you an impartial idea of what car might be best suited for your needs.Are you a commuter who needs good gas mileage? Do you have a large family and need something safe and reliable? These resources can help you decide what makes the most sense for you.Depending on which vehicle you select, you may have options of transmission, trim level, and color. Look around and see what you like most, keeping in mind that certain add-ons come with a price tag.#2 – Details about the car you've pickedOnce you’ve narrowed down what you are interested in, do your research. Do you know anyone who has that car? Talk to them and get their opinion. Go on YouTube and find video reviews of the car you are interested in. You can even take a virtual test drive on YouTube to get an idea of how the car drives. Look at J.D. and Associates and Consumer Reports to see how reliable the vehicle is and what types of repairs are common. This will help you be confident that you are making a good decision.If you are looking at used cars, be sure to research the actual car you are interested in. Getting a CarFax report is a great idea. A CarFax report will list how many owners the car has had, the mileage, and list any accidents the car might have been involved in. Just because a car is being sold at a reputable dealership, it doesn’t mean the car is problem free. #3 – What it should costOnce you decide what you want, it’s time to shop around. Compare prices. Start with Kelley Blue Book or Edmunds to get a good sense of what a fair price will be. Use the car value tool to find out what the MSRP is and get a range of what dealer prices might look like. Having a range of numbers will help you negotiate when you go into dealerships.#4 – How you will pay for itBefore you set foot in the dealership, you should have a plan for how you want to pay for your new car. Do you have the capital to buy it outright in cash? This is always a good negotiating tactic that can reduce your price tag. If that’s not an option, decide how much you can put as a down payment. Experts recommend putting down 20%. Making a down payment will increase your chance of getting approved and can even secure a better APR.Getting pre-approved for financing may help strengthen your negotiating position. A pre-approval means that a lender has looked at your credit report and history and has given you a preliminary APR. This transforms you into a “cash buyer”, which is good for several reasons. First of all, the salesmen can’t try to inflate your monthly payment with unnecessary fees. You have already secured financing that they can either accept or try to beat. This protects you from dealer markups on APR as well, which is very common. Essentially, being a cash buyer makes you a more serious customer. Pre-approval also gives you an excuse to not fall for any last minute dealer add-ons and extended warranties. You can simply say that you are approved for a certain amount and cannot go over that. Take note that getting pre-approved will cause a hard pull on your credit score, so only do this if you are 100% serious about moving forward and purchasing a car.#5 – Your credit score and historyIf you will be financing your car, your credit score and history are incredibly important. Obtain a copy of your credit report before you even set foot in a dealership so that you know what type of loan candidate you are. Your credit score is the most important factor in your APR and approval chances, so you want to be sure your credit is in good shape.When you obtain your credit report (you can get your report for free three times per year, once from each major credit agency), thoroughly review it. Look for any inaccuracies and if you find anything that is incorrect, report it to the agency immediately. If your credit score is looking a little weak, you may be smart to hold off for a few months on getting a new car and focus on improving your score. Wait for any new credit inquiries to fall off of your report and make sure your payments are on time to get your score higher.If you already have a vehicle loan, refinancing your loan may be a good move to reduce your APR and monthly payments. This can increase your credit score in the long term if you are able to make more consistent on-time payments. If refinancing sounds like a good idea, Auto Approve can help you get started with a free quote today.#6 – What paperwork to bringNow that you have done your research, you are ready to visit the dealership. Go prepared with the documents you need. Look around online and select a reputable dealership that has what you want but also has high customer satisfaction ratings.Be sure to bring the following:Financial Documents. If you got preapproved for any loans, be sure to bring that paperwork. You will also need your proof of income and financial history, which may include pay stubs and banking information. Proof of residency.Your current vehicle’s information, including the title. This is only necessary if you are interested in trading your car in. Information on the vehicle you want. Bring all of your research on the car you are looking at. Include prices from other dealerships and any other deals or incentives others are offering; this can be valuable in negotiating.If you come to the dealership prepared and organized, it will show the dealers that you are serious and well researched, which can make them take you more seriously.#7 – How the car drivesDo a test drive. It’s always a good idea to take your potential purchase out on the road. Be sure there are no rattles or squeaks that may make you nervous when you drive off the lot. This is especially important if it’s a used car. Bring along a friend or family member who is familiar with cars if you don’t know what to look for. #8 – The value of your trade-inIf you are looking to trade in your current car, know how much your car is worth. Go to Kelley Blue Book and Edmunds to look up a fair price. Kelley Blue Book has an Instant Cash Offer feature that will immediately give you a sense of what your car is worth. If the dealer tries to low ball you, decide whether or not selling your car on your own is an option. It might be a bit more work but sometimes the trade off is more than worth it. #9 – Your rights as a consumerBefore signing any papers, make sure you understand the warranty and return policies on the car. Research if your state has any lemon laws that can protect you if the car is defective.#10 – Know that you shouldn't settle (and how to say "no")It’s important to remember that you always have options and you should never settle. Buying a car is a huge decision, and aside from buying a house, it is one of the biggest financial decisions you will make. Be sure that the car you are getting is exactly what you want, and if it’s not, don’t be afraid to walk away. And those are the top ten things you should know before buying a car.The more prepared you are, the better off you will be when buying a car. And that usually translates to getting a better vehicle for you, while saving more of your hard-earned money.If saving money sounds good to you but you’ve already purchased a new car, Auto Approve can help! By refinancing your auto loan, we can reduce your APR and lower your monthly payments.GET A QUOTE IN 60 SECONDS

When the time comes to buy a new car, you may be wondering whether paying cash is the best option.Buying a vehicle with cash can certainly mean less of a hassle (and a lot less paperwork)! Plus, you’ll save all that money on interest right? But even if you have the cash in hand, it is still worth considering vehicle financing. Before you make a decision, let's discuss the positives and negatives of purchasing you next car with cash.The pros and cons of buying a car with cashWhen it comes to buying a car, there are several advantages to paying with cash and avoiding financing.Here are the pros:You will save on interest.The biggest upside of buying a car with cash is the money you will save on interest payments. If you are purchasing a $20,000 car with $4,000 down and an available APR of 5% over 48 months, you will ultimately save close to $1,700 in interest. This is a great reason to consider buying a car with cash if you are able. You will avoid overspending.If you know that you only have $20,000 to spend on a car, you will not be tempted to overspend on trim levels or other add-on features. These added features can add up quickly and, before you even realize, you're over budget. Let’s use the above example again. You are planning to finance $16,000 of your $20,000 car, but the dealership offers you some upgrades. A better sound system, all weather mats, and blindspot protection are going to up your bill by $3,000. Now you are on the hook for financing $19,000 instead of $16,000. Instead of paying an extra $1700 in interest, you are paying an extra $2000 in interest, plus the extra $3000 in add-ons that weren’t in your budget. It’s easy to see how your budget can get away from you when increasing your financing is simple to do.You will own the car outright.Owning your car outright is another major reason to consider paying cash. You will have an asset that you can sell or use as collateral if need be. You also have the option to reduce your insurance coverage, as you will not be bound to a certain protection level. This can save you even more money.You will never be upside down on your loan.A major risk of auto financing is becoming upside down in your loan, which is when your Loan-to-Value is over 100% – that is, you owe more on your car than the car is worth. Since cars depreciate in value incredibly fast (new cars typically depreciate 25% in their first year), becoming upside down in a car loan is not uncommon. If you're able to pay cash, you won't have to worry about this happening.You won’t have to worry about a monthly payment. If you already feel like you have too many monthly bills to keep track of, buying a car outright will ensure you don't add another bill to the pile. Sometimes having one less thing to worry about can make all the difference!However, despite these advantages, there are, of course, times when paying for a car in cash will not be the best option for you.Here are the cons of buying a car in cash:You might deplete your savings.If paying cash for your car will completely destroy your savings, it’s probably not a good idea. Financial experts always recommend keeping an emergency fund to account for unexpected expenses. If something unexpected comes up and you are forced to take out a short term loan or max out your credit card, that can be very harmful to your financial wellbeing. Only pay cash if you are in a good position to do so and it will not wipe out your savings.You won’t build credit.A great way to build your credit is to take out a loan and make consistent on time payments. If you pay cash, you won't get any benefit from the purchase on your credit report. Even if you have the cash in hand, it might be better to take out a loan and comfortably make your payments to increase your credit score. This can be beneficial for any long term goals you might have, like buying a house.You may limit your options.While sticking to a strict budget is good because you won’t be able to overspend, the flip side to that benefit is that it limits your options. If you're going to buy a new car, don’t you want it to be exactly what you want? If you finance your vehicle, you may be able to expand your budget to cover the exact make, model and trim level of the car that you want. Plus, you can get any add-ons that you might find particularly useful.You might save more with special financing and rebates.Sometimes dealerships will offer special low financing and cash back or rebate offers when you finance through them. In certain instances, the amount you save by not paying interest may be outweighed by the money you will make by taking advantage of the rebate, or at least even things out. This will typically only happen if you have excellent credit. In this case, do the math and see which option will save you more money.You might miss out on investment opportunities.If interest rates are very low, it sometimes makes sense to take advantage of them. This frees up the cash you do have for other investments or improvements on your house. If you were to take out a personal loan later on to pay for something, it would most likely be at a higher rate. Taking advantage of low APRs is often a good long term plan if you consider your finances altogether in one portfolio.If increasing your credit score is high on your priority list, then financing your vehicle is probably a good idea for you. And if you already own a car and are looking to bump your credit score? Consider refinancing with Auto Approve. Refinancing can help you save money while also improving your credit over time.And those are the pros and cons of paying cash for your new car.As you can see, the right way to purchase a vehicle will vary greatly from person to person and situation to situation. As always, it’s important to do the math and see what makes sense, as well as take stock of what your priorities are. Because of the advantages to financing, we tend to think that the best thing to do, if you have the financial flexibility to pay in all cash, is to put down a sizable downpayment to ensure you get a great low rate while also keeping a good chunk of your cash for other investments and emergencies.And, if the dealer offers you a rate you're unhappy with, you can always refinance your loan with Auto Approve to pay even less in interest, over time, or both.We work tirelessly to find our customers the best rates out there and secure the best terms for them. Refinancing to a lower APR can save you thousands of dollars, and it takes only a few minutes to get started.GET A QUOTE IN 60 SECONDS

When money is tight or you're hoping to make a big purchase, every penny counts. Whether you're trying to save up for something big, looking to put more money where it matters, or cutting back in leaner times, lowering your expenses can help.That means, when you're going through your budget, you may want to figure out where you can save a few dollars. For many people, a car payment is one of the heftier bills they pay each month. If that's the case for you, lowering your car payment could be the answer to your financial challenges.Whether you need a temporary fix or a long term solution, there are tons of great options out there to secure a lower monthly car payment.Here are the four best ways to get a lower monthly car payment1. Talk to your lenderLenders are in the business of making money, and they can only make money when you make your payments. You may be surprised that many lenders are willing to work with people to help them manage their payments more effectively.They may allow you to skip a payment or lower your payments temporarily. Keep in mind that interest will still accrue during this time, but it is always better to defer and have this accumulate than to have missed payments, late fees, and the negative credit impacts that will occur without deferment.That said, not all lenders are magnanimous, and they'll rarely want to cut a deal that doesn't benefit them in the end, so while you may be able to skip a payment or lower your monthly cost, you may end up paying more interest in the long run if you go this route.2. Refinance your carRefinancing can lower your monthly car payments in a number of ways and might be your best option to effectively and sustainably reduce your monthly payments. Since refinancing benefits both you and your new lender, it's a win-win – they don't need to make more money than your current lender, so you're more likely to get a deal that'll cost you less overall. Here's how.You can get a lower interest rateOne of the main benefits of refinancing is securing a lower APR. There are several reasons you might be able to get a better interest rate this time around.You didn’t get a good deal on your original loan. If you went in to look for a car and got talked into dealership financing, there's a good chance you got stuck with a higher-than-average APR. If this sounds familiar, refinancing might lower your APR significantly and cut your payments drastically.Interest rates in general have dropped. Interest rates fluctuate based on how the economy is performing. If you bought your car while rates were high, there’s a good chance you are eligible for a lower APR if you refinance.Your credit score has improved. If your credit has improved since you first bought your car, you are probably eligible for a much lower rate. Your credit score is the most important item in your application, and an improvement in credit can yield a drastically better interest rate.You can lengthen your repayment periodEven if you are not eligible for a lower interest rate, refinancing can still reduce your monthly payments by changing your repayment schedule. If you lengthen your repayment period (for example from 36 months to 48 months) your balance will be paid over a longer period of time and your payments will be lower. Keep in mind you will be paying more interest overall, as you will pay interest for 48 months instead of 36 months, but it will drastically reduce your monthly payments.You can add a co-borrowerWhen you refinance, you can add a co-signer to your loan and possibly reduce your interest rate and secure better terms. If your co-borrower has good credit, they will be eligible for a better interest rate. If refinancing sounds like a good option for you, Auto Approve can streamline this process and help you start saving money today. We work as your advocates to get you the best rates possible.Why Auto Approve? Click here to find out.3. Sell Your CarIf you need a more permanent solution than talking with your lender will provide, and refinancing isn’t an option, you might need to consider a new set of wheels. You can either trade in your car to a dealership or sell the car on your own.Almost all dealerships will accept trade-ins and can put you in a car that will have lower monthly payments. Make sure you talk to the dealership and are upfront about what you can and cannot afford. You can also choose to sell the car privately. This is a bit more work than going to a dealership, but you will probably get more money for your car. If you want to sell your car on your own, be sure to clean your car very well, get good pictures, and make sure maintenance records are up to date. You want to make your car as attractive as possible to increase the amount of money you can make.Whether you sell to a dealership or to a private buyer, be sure to know two things before starting this process:How much you owe. Know how much money is left on your loan balance, and how much you need to sell the car for in order to break even.How much your car is worth. Go to Kelley Blue Book or Edmunds to look up the value of your car. It might be worth more than you think and you don’t want to lose out on money that could be yours.4. Lease a Car InsteadIf you have sold your car but still need to get around, getting a lease instead of purchasing a new car might be a good option. Leases are generally cheaper than buying a new car, as you are only paying for the depreciation that accrues during your use. There are three main leases you can pursue:New Car Lease – This is the most common type of lease and is widely available. You typically need pretty good credit and a down payment to secure a new car lease.Used Car Lease – These are not as common as new leases but they are out there if you do your research. The APR might be a bit higher, but since the car is not worth as much you might have lower payments than if you got a new car lease.Lease Takeover – This occurs when someone wants to get out of their existing lease for one reason or another. Websites like LeaseTrader.com and SwapALease.com provide a space for you to shop around for a lease takeover. Some people who are desperate to get out of their existing leases may even offer cash incentives, making this a good option if money is particularly tight. You will still need to go through an application and credit check, but you can probably secure a nicer car for a lower rate than if you were to get a new car lease.And those are our top tips for lowering your monthly car payment!In times of economic uncertainty, budgeting and saving money is incredibly important. If you are struggling to make ends meet every month, consider one of the options above.And if refinancing seems like the right option for you, or you want to find out just how much refinancing could lower your monthly payment, Auto Approve is here for you. All it takes is a few clicks and to get a quote and get on your way to more money in your pocket and less on your vehicle payments.GET A QUOTE IN 60 SECONDS