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Cars today rely heavily on computers, and while the idea of hacking a car may seem like a plotline out of a heist movie, it’s quickly becoming a reality. Modern cars are susceptible to cyber attacks in the same way that our phones and computers are, and that’s because modern cars are essentially computers on wheels. But how can cars be hacked and what can we do to protect ourselves?Here’s how your car can be hacked and how you can protect yourself.What parts of our cars are controlled by computers?Cars today are controlled largely by ECUS–electronic control units–that all have different functions. Each ECU has a specific job, whether it’s to monitor the temperature of the engine or unlock the doors. Here are just some of the computer systems that keep our cars functioning according to GlobalSpec: Airbag Control Modules: Passive safety device that inflates the airbags when there is a collision. Body Control Modules: Regulates body electricity including wipers, horns, and lights. It may also help the car’s entertainment system.Engine Control Modules: Regulates the performance of a car engine. Includes igniting the spark plug, injecting fuel, and cooling the engine.Electronic Brake Control Modules: Adjusts braking on ABS braking systems and helps prevent the wheels from slipping or locking.HVAC Control Modules: Allows for automatic cabin circulation for auto AC units.Infotainment Control Modules: Controls the dashboard computer system including navigation.Power Steering Modules: Receives information on vehicle speed, steering position and torque and produces steering feedback to the driver.Powertrain Control Modules: Regulates the powertrain system ensuring the power flows from the engine to the wheels. Suspension Control Modules: Controls the suspension and adjusts the tension for the wheels to create the smoothest ride under current road conditions.Transmission Control Modules: Adjusts the displacement and transmission based on the engine’s RPM. Each ECU varies greatly from unit to unit. They use different communication components, have different numbers of inputs and outputs, and have different amounts of microprocessor memory depending on their function. More complex modules will need more complex communication systems, more inputs and outputs, and a higher amount of memory. How can your car be hacked?ECUs are essentially the brain of your car. They connect to each other via the CAN bus, where information is sent and received. And because this information can be sent and received, it can also be intercepted.  Car hacking isn’t the most common type of cyber attack but these types of hacks are increasing in frequency. According to Upstream, a cybersecurity and data management platform for cars, the amount of hacks on car systems increased 225% between 2018 and 2021. Upstream analyzed 900 incidents of car cyber security breach and noted: In 2021 nearly 85% of attacks were done remotely. Keyless entry and key fob attacks were the number one breach in security accounting for 50% of all vehicle thefts.Data and privacy breaches accounted for 38% of incidents studied while car theft and break-ins accounted for 27% and control system hacks accounted for 20%. As cars become more and more connected, these types of attacks are expected to increase in the future. Upstream anticipates losing $505 billion to cyberattacks by the end of 2024. So how exactly are hackers getting into your car? Hackers use attack vectors to get access to your car’s computer system. Attack vectors are weak points in a system that can be used to access your car’s network. Attack vectors used to be limited to key fobs and physical access to the controller area network. But nowadays there are a lot more attack vectors, mainly because there is a lot more that is controlled by the computer. Here are a few ways they can get into your system:Physically hacking into the system through the headlights, ABS, OBD port, or other susceptible areas.Counterfeit parts and components of your car that are embedded with malware.Through MP3 malware–a music download may be embedded with malware codes that can get into your car’s system.Through data downloads–an update or app download to your car could be embedded with codes. Intercepting a key fob signal.Through an EV charging station. If a hacker does manage to get access to your car’s computing system, what does this mean for you?  Here are some of the threats that hacking poses.They can remotely follow you through your tire pressure monitoring system. They can find vulnerabilities in sensitive information access in some vehicles.They can disable your brakes while you are driving.They can change your destination on your navigation system.They can cause your vehicle to accelerate.They can hack into your phone if it is connected to your car and access your personal information.They can get access to your car’s key fob and open your car without your knowledge.They can send malicious messages or data to your phone or computer. They can control your windshield wipers and air conditioning. While there are seemingly endless possibilities when it comes to what hackers can do, there are certain threats that are more severe and more realistic. Hacking into your car to get your personal information or to steal your car are the most probable threats, as there is significant motivation to carry out these attacks. There will always be hackers who are motivated merely by malicious intent or simply to prove that they can do it, but the majority of hacking is done to get personal information or personal property.What can you do to protect yourself from a cyber attack?So what can you do to protect your car from a cyber attack? There are a few steps that you can take to help keep your car–and your information–safe.Choose a secure pin and password for any apps that interact with your car.Simply cracking a password may allow hackers to get access to your car’s computing system. Taking the time to select a secure password will help minimize this threat.Use a signal blocking bag to carry your key fob.A Faraday bag will block your car's key fob signal and prevent hackers from getting access remotely. Use certified parts on your car.Counterfeit parts pose a huge risk not only for hacking but for your safety in general. Making sure you are getting certified parts will help ensure your safety. Use a trusted mechanic. Mechanics have access to your car’s computing system, so selecting a mechanic you can trust is important. Don’t leave anything connected to the OBD-II port.These ports allow you to plug in a device and pull information from your car’s computing system, so they are a major attack vector when it comes to hacking. Leaving a device connected, such as an insurance carrier’s tracking device, can open you up and leave you more vulnerable.Don’t leave your password in your vehicle. If someone breaks into your car and finds your password written down they can steal your car and even disable tracking for stolen vehicles.Don’t download directly to your car’s browser unless it’s from a trusted source.Downloading music or data can open your car’s entertainment system up to a host of cybersecurity threats. Pay attention to recalls.Car manufacturers are monitoring cyberattacks and looking for weak parts in the car’s computing system. Jeep Grand Cherokee had a recall in 2015 when it was determined that hackers could break into the wifi connected multimedia system and gain control of the car. Car owners were sent a USB update that contained rewritten code to fix where the security breach occurred. Staying on top of these recalls can help you stay safe.Cover your VIN.A recent experiment from Sam Curry found that it’s possible to hack a car simply by knowing its VIN. Covering your VIN (located on the bottom of your windshield) with a piece tape or paper will hide it from a lurking hacker in a parking lot.Use Android Auto or Apple CarPlayThese systems have more advanced security settings than any other infotainment systems out there. Avoid programming your home address and work address into your GPS.Hackers can learn a lot about you by accessing your GPS, from where you live to where you work to where your kids go to school. It may be easier to save these places in your navigation system, but you will be much safer if you can avoid doing so. That’s what you need to know about car hacking and how you can protect yourself. With new technology comes new risks. While so much of these advancements have made our lives easier and more seamless, they have also opened us up to a whole new world of threats. We may assume that it will never happen to us, but in today’s world the threat is always there. Using our tips above can help protect you from car hacking and keep you and your family safe. If your car loan has you feeling vulnerable, contact Auto Approve today! We can help get you a new loan with better terms and lower payments. So what are you waiting for?GET A QUOTE IN 60 SECONDS

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

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

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

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

You’ve always dreamed of owning a motorcycle, but maybe you’ve never exactly dreamed of having a motorcycle financing plan. Making the jump and finally buying your first motorcycle (or second, or sixth) is exciting, and if you have the extra cash every month to do it, then why not? The good news is that getting a motorcycle loan isn’t difficult as long as you have the right qualifications. Here’s how you can get a motorcycle loan and finally get the bike of your dreams.Is it harder to get a motorcycle loan?A common misconception is that it is harder to get a motorcycle loan than it is to get a regular auto loan. But it is actually not any harder to qualify for a motorcycle loan than it is for an auto loan. In fact, motorcycle loans are typically for less money since motorcycles tend to be cheaper than cars, which means it may be easier for you to meet the financing requirements. Qualifying for a motorcycle loan is similar to qualifying for a regular automobile loan. You will need to have the following to be able to motorcycle financing:A good credit scoreA good debt to income ratioA down paymentProof of employmentProof of residence As long as you can make a down payment and are in a relatively stable financial position, secring motorcycle financing should be possible.Where can I finance a motorcycle?You can get a motorcycle loan at a number of different lending institutions. Traditional banks, online lenders, credit unions, and dealerships all tend to offer motorcycle financing. Traditional banks offer names that you can trust, so many people feel comfortable going with a recognizable bank. Online lenders can often beat the rates of traditional banks because they lack a lot of the overhead of traditional banks, but they may not offer the same sense of security. You can usually find the best rates at credit unions, but these institutions tend to have membership requirements that you may not meet. Dealerships will often offer financing even if you aren’t in the best financial position, but their rates tend to be higher. If you do not want to try traditional financing you can look into another type of financing, such as peer to peer financing or taking out a home equity line of credit. But these can be riskier options. You can also consider leasing a motorcycle instead of buying one. It is usually easier to get approved for a lease and your monthly payments will be significantly lower than financing payments.How much should I put down on a motorcycle loan?Motorcycle financing is similar to regular automobile financing, and you should treat the down payment as such. We recommend putting at least 10% down, but putting 20% down if you can will help you in a few ways. A larger down payment will mean that your principal is lower and therefore your monthly payments will be lower. A large down payment can also help your loan from becoming underwater, which means that you owe more money on your bike than it is worth. Underwater loans occur when depreciation outpaces how quickly you are able to pay off your loan, so it’s important to try to stay on top of (or ahead of) your financing payments.How many months is the average motorcycle loan?Motorcycle loans are typically anywhere from 12 to 60 months in length. A longer repayment period means smaller monthly payments, but it also means that you will be paying off your loan for a longer period of time. That means you will pay more in interest over the life of your loan. It’s generally recommended to keep your repayment period shorter so that you can save money in interest. If you need an extremely long repayment period to afford your monthly payments, chances are you probably don’t have enough money to get a bike in the first place. A 24-36 month loan is usually a good length for a motorcycle loan repayment plan that will allow you to have manageable monthly payments while staying well ahead of depreciation.How can I get a motorcycle loan?Getting a motorcycle loan is pretty straightforward. Follow the steps below to get the best motorcycle loan possible. Step 1. Prepare your finances.The first step to getting any loan is to prepare your finances. You want to ensure that your credit score is in good shape and your debt to income ratio is good. This will help you to get the best motorcycle loan APR possible. Paying down balances that have a high credit utilization ratio will help your credit immensely, as will requesting higher credit limits.  The APR you are offered is based on a number of factors including the prevailing market rates and repayment plan you select. But the biggest factor that you can control is your credit score. Request a copy of your credit report so that you can review it thoroughly. Are there any mistakes in your payment history? Are all of your debts accurate? Are there any negative events that shouldn’t be listed on your report anymore? Taking the time to review all of this can save you a lot of money in the long run. Step 2. Decide on a budget.The next step is to take a close look at your overall budget to determine how much you can afford to spend on a motorcycle. What type of monthly payments can you afford? An online calculator can help you figure out what type of loan you can afford, which will help you determine what type of bike you can afford.  If you have a car loan you may want to consider refinancing your loan. Chances are you are overpaying and if you refinance your loan with Auto Approve you can save a lot of money.  Step 3. Find a motorcycle.Once you have determined how much you can spend you can determine which bike is right for you. There are a lot of different types of bike on the market, so the right bike will depend on your skill level, how you intend to use your bike, and your budget. Check out our guide to buying a beginners bike to help narrow down your options. Step 4. Research lenders and apply.Once you have selected your bike and know your budget you can begin applying for a motorcycle loan. We recommend applying with 3-5 different lenders to give you the best chance of finding a low motorcycle loan APR. Be sure to consider customer reviews when selecting which lenders. Consulting the Better Business Bureau and TrustPilot can help you find out if any lenders have major complaints or downfalls. You want to apply to all of your loans at the same time (during the same 14 day window) so that they will all count as one hit on your credit score. If you space out your applications it will have a negative effect on your credit. When you get all of your loan offers in be sure to consider the following:The APR offeredThe loan terms and conditions, including prepayment penalties.Customer satisfaction. Step 5. Sign and drive.Once you select the loan that is right for you the lender will send payment to the dealership and you can take your new bike home once the payment is complete. You will need to ensure that the motorcycle is registered and insured per your states requirements. Can I refinance a motorcycle loan? Sometimes people end up in bad loan situations. There are a number of reasons why a loan might not be working for you anymore:Your interest rate is too high.Your repayment period is too long and you are paying too much in interest.Your repayment period is too short and you are having trouble making your monthly payments.You are unhappy with your lender.You want to add or remove a cosigner. Whatever your reason is for wanting to refinance, Auto Approve can help. Auto Approve refinances motorcycle loans all the time and can even help you add a motorcycle protection plan onto your loan so that you can get some more peace of mind. Protection plans from Auto Approve come with the following:Your choice of certified mechanic for repairs.24/7 roadside assistanceRental car reimbursementCourtesy towingAnd more Just because you end up in a bad financing relationship doesn’t mean you have to stay in a bad financing relationship. Let Auto Approve help you break up with your current lender and save thousands.That’s how you can get a motorcycle loan (and refinance your existing motorcycle loan). Getting a motorcycle loan isn’t complicated, but it does involve research, preparation, and lots of thought. If you have a motorcycle loan that you are unhappy with, contact Auto Approve today! Our agents can help you to get a new loan that works for you and your budget. So don’t wait, get in touch today!GET A QUOTE IN 60 SECONDS

If you are a contract worker, you may not have the same proof of income and employment most people have. This can make financing a car as a self employed person seem more difficult. But if you are prepared and have the right information you can still get a car loan as long as you meet the lender’s requirements.Here’s how to get a car loan as a contract worker.What is a 1099 worker? A 1099 worker, or independent contractor, is a worker who is not employed as a full time employee by a company but instead works for them on a contract basis. Employers will pay them directly and will not through the company payroll system. This means that taxes are not deducted from the contractor’s pay. There are pros and cons to being a contractor and you typically have much more flexibility than you would as a full time worker. But one significant disadvantage of contract work is that it is not considered to be as stable as full time employment. Contract income can fluctuate greatly from month to month as well, which can make lending a little riskier for a financial institution.Can I buy a car if I’m self-employed?While you may be considered a slightly riskier loan candidate, it is absolutely possible to finance a car as a 1099 worker. While lending requirements vary from lender to lender, in general you should be able to finance a car if you meet the following criteria:Have a monthly income of at least $1,500 before taxes.Can make a down payment of at least $1,000 or 10% of the vehicle’s selling price. Additionally, a good credit score and good debt-to income ratio will help you to secure a loan that has a good car loan interest rate..What do I need to prove income as a 1099 worker? As a 1099 worker you do not have paycheck stubs that are typically required by lenders. These stubs prove that you not only have a steady job, but that you make enough money to afford the car you are buying. So what can you show a potential lender to prove your income? Your Tax ReturnYour annual tax return (form 1040) is the most straightforward and legitimate way to prove that you have steady income. Employers are only required to file a 1099 for your work if they have paid you more than $600, which may be an issue if you do a lot of small jobs for different companies. But in general for most contractors a form 1040 is your best bet to prove income and employment. Your 1099 FormsIf you do not have your tax form on hand you can show lenders your 1099 forms. These forms are sent to you yearly by any company that has paid you over $600. Bank StatementsIf you do not have a 1099 from a company then a bank statement is the best way to prove your income to a lender. If you have separate accounts for your business and personal life this will be easy to provide, but if they are tangled up you will need to go through and sort out which expenses are personal and which are business.  A Pay StubYou can actually create a pay stub for yourself that will count as proof of income, so long as you include the following information:Name and address of the company you provided services for.Your job title.Number of hours worked during the pay period.Your gross pay. This is the total amount received for your work.Deductions. You will need to calculate and deduct the following from your pay stub: state federal taxes, state and local taxes, social security, and Medicare.Your net pay. This is the final amount you earned after deductions.Employment Verification LettersIf you have worked with a particular employer for a while it might be a good idea to ask them to write you an employer verification letter. This letter will show that you make money and have a good relationship and history with your employer.How to get a car loan as a 1099 worker. Getting a car loan as a 1099 worker is almost identical to the process for a W2 worker. As long as you are organized and have your proof of income ready you should not have a problem applying for a car loan. The basic steps are the same:  Gather your documents.Compare lenders.Apply.Sign and Drive. But as we mentioned before, 1099 workers are considered riskier lenders than regularly employed people. Here are a few tips on how to get the best car loan rate when buying a new car. Tip #1. Make a larger down payment if possible.We always recommend a down payment when buying a car. A down payment of at least 10% (but preferably 20%) will help keep your monthly loan payments to a more manageable amount, get you a better car loan interest rate, and will help to make sure your loan doesn’t end up underwater. But making an even larger down payment will help you even more. Your interest rate will decrease as your down payment increases as the lender becomes more and more confident in your repayment. Tip #2. Shop around for a car loan.Again, we always recommend this, but lender requirements for 1099 workers will vary greatly from bank to bank so it’s even more important to shop around when you are a contractor. While you won’t find loans that are specifically designed for 1099 workers, you will find that certain lenders will work with you more than others. Tip #3. Get your credit in top shape before applying. A good credit score will prove to the lender that you are responsible with your money and have a history of paying your bills on time. Taking the time to pay down high interest debts, enrolling in autopay to make sure you never miss a payment, and requesting higher limits on your accounts will all help to boost your credit score and earn you a better car loan interest rate. That’s how to get a car loan as a 1099 worker.Contract work offers a lot of control and flexibility, but there are certain disadvantages that come with it. Proving employment can take a little more work, but if you are organized and keep track of your income and expenses you should have no problem securing a car loan. If you are overpaying on your car loan consider refinancing with Auto Approve. Get in touch today to find out home much money you could be saving! GET A QUOTE IN 60 SECONDS

There are a number of reasons why a person may want to change their insurance carrier. Maybe they are unhappy with the coverage or the customer service, or maybe they just found a better premium elsewhere.  Here’s how you can change your car insurance. How often should you change car insurance? You should get in the routine of comparing car insurance premiums about once a year. This will help ensure that you are always getting a good premium. You do not need to wait until your policy ends to switch. You should actually make sure that there is some overlap so that you do not risk being without insurance, even for a day. A lapse in insurance can open you up to a lot of risk. While you shouldn’t necessarily change policies every year, a yearly check in will help to make sure the premiums are staying competitive.When should I change my car insurance?There are a number of things that may happen in your life that will tell you that it is time to change insurance.  You moved.If you move to a different zip code, chances are your premium will be affected. You need to notify your insurance company when you move, even if it is just a temporary move. Your location is a key factor when determining premiums. So when you move it is a good idea to look around the area and see if you can find a better premium elsewhere. Your premium has increased.When it’s time for your yearly renewal, you may see an increase in premium. This is why we recommend comparing prices every year. If you notice an increase there is a good chance you may be able to find a better premium elsewhere. You have a major change in your life.Because insurance premiums are calculated based on a number of factors, many life changes can affect how much you pay. Getting married, starting a new job, and buying a new home may all affect your insurance premium. Looking around and comparing coverage can help ensure you don’t pay too much. Your child begins driving.When your child finally gets on the road, it is scary for a lot of reasons. And one of those reasons is the increase in insurance premiums. Inexperienced drivers tend to have higher premiums because they are more of a risk on the road than other more experienced drivers. So when it’s time to get them insured be sure to look around and compare your options. Some insurance companies cater more to younger drivers and have better good student discounts than others.  You buy a new car or get an additional car.Insurance premiums depend largely on the vehicle you drive as well. A new car can change your premium significantly so it’s best to check in and compare whenever you get a new vehicle.What are some car insurance terms I should know? Before we get into changing policies, let’s go over some of the terms you should know when it comes to car insurance. Automobile Insurance: Insurance that protects against losses involving automobiles. Car insurance policies vary greatly from policy to policy and company to company. The coverage will depend on the state requirements and the wants of the policy holder. Liability for bodily injury and property damage, medical payments, uninsured motorist, comprehensive, and collision are some of the common coverages of car insurance. Comprehensive Coverage: Pays for damage to your car caused by a reason other than collision. Fire, vandalism, flooding, etc all fall under this coverage.  Collision: Pays for damage to your car caused by contact with another vehicle or with another object (tree, sign, structure, person, etc).  Deductible:  The amount that the policyholder is responsible to pay before the insurance begins to pay (applies to comprehensive or collision coverage only). Liability Insurance: Coverage for a policyholder's liability if they cause an accident that results in injuries and/or damage to other persons or property.  Loan Gap Coverage: This covers the difference between the value of the car and the amount a person owes to a lender if the car is financed.  Medical Payments Coverage: Covers medical costs resulting from an auto accident for anyone in your car (you and your passengers) regardless of fault.   Personal Injury Protection: Covers medical treatment, lost wages, or other accident–related expenses.  Policy: An insurance contract between the insurer and the insured. Premium: The price of insurance policy, typically paid every year. Surcharge:  An extra charge added onto the premium by an insurance company. This usually happens when there is a moving violation or at-fault accident.  Uninsured Motorist Coverage: Provides coverage for a policyholder when there is a collision with a driver who does not have insurance (or sufficient liability limits) to pay for damages.How to change your car insurance.When it’s time to change your insurance policy you can follow these simple steps.  Compare policies.When you look at insurance policies there are a number of things that you need to compare. First things first, be sure that you enter accurate vehicle information when comparing policies. A VIN number will help ensure that the policies are accurate. Be sure to look at the following:Coverages. Look at what is specifically covered under each policy. Do they have the same coverages (collision, medical, uninsured, etc)?Deductibles. You will have a choice of deductibles which will affect the premiums you are offered. Making sure that you have the same (or very similar deductibles) will help you compare the policies more accurately. Liability limits. You will also need to compare the liability limits to ensure that the policies are covering similar things. Compare insurance companies.Additionally, think about the insurance company itself and not just the policy. Are the customer satisfaction ratings high? Do they pay out claims or do people seem unhappy with how payouts work? Select your policy and avoid a gap.When you find the policy that is right for you, be sure to start your new policy before canceling your old one. Avoiding a gap in coverage is very important. Your new company is typically not allowed to cancel on your behalf, so it will be up to you to cancel it.  Cancel your old policy. When you call to cancel your old insurance company may require proof of new insurance. They will then cancel your policy and refund you any money that remains on your premium. (If you are only 6 months into your 12 month policy, they will refund you half of your premium minus any cancellation fees).That’s how you change insurance companies.Changing insurance companies can save you a lot of money, and so can refinancing your car loan. Contact Auto Approve today for your free quote!GET A QUOTE IN 60 SECONDS