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Electric cars are becoming more and more popular, and with good reason. There are a lot of benefits to having an electric car and their technology is only getting more and more impressive. In twenty years it is safe to assume that most cars will be electric, so now is a great time for many people to dip their toes in the world of EV. But if these are uncharted waters for you, you might be wondering where to start. Here’s your ultimate guide to buying an electric car.What is an electric car and how is it different from a hybrid car?An electric car is exactly what it sounds like: a car that runs entirely on electricity and uses no gas. They are different from hybrid cars, which run on both electricity and gas. These hybrid vehicles run on their electric engine until they reach a certain speed, and at that point the gas engine takes over. There are a lot of benefits to hybrid cars as well, especially if you are nervous to make the jump to fully electric. But electric cars are undoubtedly the cars of the future.What are the pros of buying an electric car?It’s good for the environment.One of the biggest benefits of an electric car is that it is good for the environment. It’s no secret that fossil fuels have countless negative effects on the world we live in, from greenhouse gasses to the effects of fracking. But electric cars can help us to greatly reduce the amount of gas we are dependent on and help the environment a great deal.It’s good for your wallet.Aside from the big picture benefit, switching to electric can save you a lot of money. Not only do you save money on gas (it’s hard to say exactly how much, but in general EV owners spend about a quarter on electric charges than gas car owners spend on gas) but they also save on maintenance and repairs. Some studies have found that for every $30 a gas car owner spends on repair and maintenance, an electric vehicle owner spends $7. This number is expected to decrease as more mechanics become familiar with electric vehicles. When it comes to monthly costs, an electric car is far better for your wallet than a gas car. It’s good for your driving experience. Electric cars can offer a better driving experience than their gas counterparts. This is because gas engines need to build torque and power, while electric engines can yield more instantaneous results. With every new generation of electric vehicles the acceleration becomes more instantaneous and the experience becomes better overall. What are the cons of buying an electric car?The range can be limiting. Many electric vehicles on the market today cannot match the range capacity of a gas car  on a single tank of gas. Some EVs have very short ranges (such as the Mazda MX-30 which only has a 100 mile range) which may not be a practical option for many people. The infrastructure is not yet in place.Perhaps the biggest issue with electric cars is that our world is not yet set up for them. There are far fewer places where you can charge your car than there are gas stations, so you need to be hyper aware of the range that your electric car has. If you live in a rural part of the country that is slower to adapt to technology, your town may be totally unequipped to handle EVs and you will therefore need to rely solely on your at home charges. They are more expensive upfront. While your charges and repair costs are significantly lower than gas cars, the upfront cost of buying an electric vehicle is much higher. Many EVs cost $10,000 more than equivalent gas cars. This can be especially limiting for many people and can make electric cars a non-option. There are incentive programs in place to make this additional cost more palatable. The electric car tax credit is one of the most well known incentives. It offers:A federal income tax credit of up to $7,500 on select new EVs.A federal income tax credit of up to $4,000 on used EV purchases (cars must be less than 2 years old) .While this can help soften the price, it might not be enough for some people.What to consider when picking an electric car. If you think that an electric car might fit your lifestyle well, there are a few things to consider when selecting the perfect car for you. While ten years the options were extremely limited, today it is a different story. Most major brands have at least one electric car option, with some offering a whole fleet. So here are some questions to ask when deciding which electric car is right for you.What range do you need?A major consideration for most people is the battery range that you will need. If you generally have a short commute and only take your car out for nearby errands, this won’t matter too much for you. But if you routinely take long trips or have a longer commute, it is important to get a car that has some significant range. The 2023 Lucid Air currently has the longest range with 516 miles on a single charge. Some other great options for long ranges include the 2023 Tesla Model S (405 miles), the 2023 Hyundai Ioniq 6 (361 miles), and 2023 Mercedes EQS Sedan (350 miles).What type of charging capabilities do you have?You will also need to think about what sort of charging situation you have available. Electric charging capabilities can be broken into three categories: level 1, level 2, and DC fast charging. Level 1 charging is what most of us have in our homes: standard 120 volt charging outlets. While it is possible to charge on this level, it will take a very long time to do so. In fact an empty 250 mile range EV would take 50 hours to charge from empty on a standard 120 volt outlet. If you are considering buying an electric car you should try to have a level 2 charging option available to you, which is a 240 volt outlet. While you may be able to use an adapter and charge off of a heavy duty outlet in your home (such as what powers your clothes dryer), it might be worth it to you to have a hard wired charging station installed in your garage. This can reduce your charging time significantly.  Level 3 charging is the most powerful charge for EV. It is unlikely a residential area will have this, but your work or another nearby area may have the capabilities. Some makers offer discount clubs if you use their affiliated charging stations, so this may affect which vehicle is best for your location.What is your budget?As we mentioned before, electric vehicles are more expensive than gas cars. But there is a large range of prices in this bracket. The most affordable EV on the market right now is the 2023 Chevrolet Bolt EV with a price starting as $19,995. But after Cherovlet the next most affordable option jumps up to $29,135 with the 2023 Nissan Leaf. There are a considerable number of options in the $30,000 - $50,000 range, including the 2023 Volkswagen ID.4 with a price tag of $32,790 and the Tesla Model Y AWD at $41,630. As the price approaches six figures there are even more options. As the price increases, so does the charging range, the luxury, and the power. So it will very much be a question of what your budget is.What are your other vehicle requirements?Again, ten years ago there were very few options available for EV. But now there are electric vehicles that can fit into many different lifestyles. Do you want a small and simple car for getting from here to there? A Chevrolet Bolt or Nissan Leaf may be perfect. Do you need lots of room and extra cargo space? A Rivian R1S SUV and Ford F-150 Lightning pickup might be better options for you. Are you all about the luxury experience with all the bells and whistles? The BMW i7 or  Mercedes-Benz EQS Sedan might be better options. But with the amount of EVs on the market today you can certainly shop around and look for a car that meets all of your needs.And that’s your guide to buying an electric vehicle. Electric vehicles are the future and it's safe to say that soon we will all be making the switch. So if now is the right time for you to dive in, do your research and make sure you are making an informed decision. If you aren’t in the market for a new car but are in the market for a new car loan, contact Ayot Approve today! Our experts can help you refinance your loan and save you a lot of money.GET A QUOTE IN 60 SECONDS

Cars are expensive assets, so it only makes sense that we should keep documents that pertain to its history and its value. Service records are an important part of your car’s history, so it’s important to keep these records organized. So what exactly are service records and will they increase your car’s resale value?Here’s what you need to know about car service records and how they can affect your car’s resale value.What are service records?Car service records are similar to a person’s medical records. They give a history of your car’s “health” per se. Service records typically document the following:Information on previous owners. This may include the zip code of where the owners lived, which may give you an idea of how the car was used. If your car was in a city, you know that the miles are city miles. If the car was in the country, you will know that the miles are not stop-and-go. Car maintenance records. If the car was taken in for routine maintenance, such as oil changes and tire rotations, there should be a paper trail. If the owner performed their own maintenance, this may not be documented. This will also give the dates of when these services were performed.Car repair records. Similarly, this will make note of what repairs were performed on your car. Dates on these records are also important. Keeping these records will give any future owners some confidence in the car that they are driving. If they can see proof that the car’s oil was changed according to the manufacturer's instructions, they will feel confident that the car they are buying was maintained correctly. If you bought the car new you have the opportunity to keep great records from the start. You can keep all of the records organized either physically or digitally. If you have maintenance performed at the dealership, they will most likely keep records. But it’s a very good idea to keep them yourself so that you always have access to them.What are the benefits of keeping service records?It can help with warranty claims.If your car is under warranty, service records will help with any claims that you may make. Warranties generally require that routine maintenance is performed for any repairs to be covered. If you are unable to prove that your car has been regularly maintained, you may be out of luck when it comes to having your repairs covered by your warranty. It can help with insurance claims.If you get into an accident, proving that your car has been regularly maintained can help you negotiate a higher diminished value. Diminished value is the difference between the car’s value before the accident and the value after. Cars with detailed records and histories tend to have higher resale values (more on the later), so this can help boost an insurance claim to be more accurate and more beneficial to you.It can remind you that it’s time to get your car serviced.Service records can also help you to remember when you need to take your car in for maintenance. If you have all of the records organized you can see that the time has come for an oil change or tune up. It can help a mechanic to pinpoint a problem.If you have records of the repair history, it may help a mechanic to determine what the problem is. If there are a number of different possible culprits, mechanics can look at the records to see what has already been replaced or repaired. It could also help a mechanic determine if a culprit is actually a mistake that a previous mechanic may have made. The more information you have to give a mechanic, the better chance you have of finding the underlying issue.Does keeping service records increase resale value?But of all of the benefits of keeping organized service records, an increased resale value is probably top of the list.Buying a used car can be nerve-racking. There are so many unknowns as compared to buying a new car. Service records provide more peace of mind for a buyer. Instead of taking someone’s word for it that maintenance was regularly performed and that the car was well taken care of, you have physical proof of that. Service records do not prove or guarantee that a car will be problem free, but they can show a potential buyer that you are the type of person who takes care of their car and is diligent about keeping records. That can mean a lot to a potential buyer, and that can translate to an increased resale value.Resale value is dependent on a number of factors. Brand reliability, model popularity, color, and trim level all contribute to the resale value. But the most important factors that you can control post-purchase are the mileage, vehicle history, and the condition of the car. By keeping your service records you can assure the future buyer that the car is in great condition and doesn’t have a shady past without documented maintenance and repairs.How should you store service records?You can store your records either physically or digitally, whichever is more natural or easier for you. Ideally you can keep a physical folder as well as a digital folder so that you have back ups of the information. Many people choose to keep their information in the glove box, but this can be a problem if your car is involved in an accident and is taken away. If the records are stored digitally you will always have access to them no matter where your car is.Are there privacy concerns when keeping service records? If you are concerned about your privacy, which is a valid concern, there are steps you can take to protect yourself. After all, you don’t necessarily want to show strangers your exact address and contact information.  Go through each document to ensure that your name, full address, phone number, and email address are covered completely. Using a marker or pen may not sufficiently cover your information, so instead get an identity theft protection roller stamp that will ensure your information is fully covered. It is very important to look through all of your documents thoroughly to ensure that you haven’t missed any important information that needs to be covered. That’s everything you need to know about service records and why they are so important.  If you are looking to sell your car, organizing your service records will help tremendously. If you are looking to buy a used car, asking for service records can give you peace of mind.  Already have a car? Consider refinancing your loan with Auto Approve! Get in touch to find out just how much you could be saving!GET A QUOTE IN 60 SECONDS

Selling–or buying–a car from a stranger may be nerve wracking for both the seller and the buyer. When you don’t know someone there is a lot of risk involved on both ends. So what is the best and safest way to exchange funds during a private car sale?Here’s how you can exchange money during a private sale.How can I exchange money during a private car sale? There are six main ways that you can exchange money during a private sale. Some are faster than others, but others are safer (even if they take much longer). CashCash is king, as they say. On one hand cash is a very safe way to exchange money. The seller is guaranteed to get the full amount and there is no need to get another entity involved. But carrying around a fistful of cash can pose an inherent risk.  Top Tip: If you want to exchange funds using cash, bring a friend or loved one along for added protection and consider meeting at a public spot such as a park. Digital PlatformNowadays more and more people prefer using digital payment platforms such as Venmo, PayPal, or ApplePay. These platforms have great benefits, as they are quick and secure. Because of this there is little risk of fraud. But the downside is that there are often transfer fees and there can be limits to how much you transfer. Top Tip: If you want to exchange funds using a digital payment platform, determine what fees you will be responsible for and whether or not there is a transfer limit.Certified CheckA certified check is a personal check that is verified by a bank to ensure that sufficient funds are in the account. When a check is certified those funds are frozen and allocated to that specific check. This guarantees that the check will cover the price of the car. Some banks treat these checks as cash more or less, so the funds may be immediately available once you cash the check. But other banks have a delay in this process which means that the money may not be available immediately. Fraud is still possible even with a certified check, as the certification itself may be forged. Top Tip: If you want to exchange funds using a certified check, meet at the buyer’s bank to make the exchange. If the buyer wants to use a personal check, insist that they certify it first. These measures will reduce the risk of fraud.Cashier’s CheckA cashier’s check is similar to a certified check but the funds will come directly from the bank. A buyer will essentially buy a cashier’s check from a bank. There isn’t the risk of inadequate funds, but as with any type of check there is the potential for fraud. An unscrupulous buyer could simply forge the check.  Top Tip: If you want to exchange funds using a cashier’s check, meet at the buyer’s bank to make the exchange (just like with the certified check). This will reduce the risk of fraud. Bank TransferAnother option for exchanging money is to do a bank transfer of the funds. You will not need to worry about checks or certification, the funds will simply move from one account to the other. This is much safer than using a check, but the downside is that it can take up to 24 hours to make the transfer. Top Tip: If you want to exchange funds using a bank transfer, double and triple check that all of the banking information is correct on both ends. EscrowA less used option for transferring money in a private car sale is to put the funds in escrow. When we think of escrow we typically think of buying a home, but the same idea can be applied to buying a car. An escrow service is a third party who holds the funds until the vehicle transfer is complete. This protects both parties as it ensures that the transaction is complete before releasing money and releasing the title. There is a paper trail which makes it even more secure for both parties. But the downside is that this can take some time to complete and comes with an added fee, typically around 2%. Top Tip: If you want to exchange funds using an escrow service, do your research to find a reputable company that charges a fair fee. Make sure that the other party signs off on the company as well.How can I safely buy a car from a private seller?Buying a car from a private seller can be daunting. After all, you are the one with the money, and they are the one with the car you don’t really know that much about. But there are steps you can take to help protect yourself when you are buying. Do your research. You should not only do your research on the make and model in general, but also on the VIN number. Ask if the seller will pay for a CARFAX report to be sure that the car hasn’t had any major damage and that there aren’t any recalls out on the car.Ask for maintenance records. If the seller has any maintenance records that they can share that will help you be sure that the car has been properly maintained. Have the car inspected by a mechanic. If you want to be extra sure that the car is in great shape, have it inspected by a mechanic before you complete the sale.How can I safely sell a car to a private buyer?There are risks when looking to sell your car as well. You don’t want to end up with no car and no money, which can happen if you get duped by a scammer. But again, there are steps you can take to help protect yourself.Avoid checks if possible. Checks have a high likelihood of being fraudulent, so you are better off with one of the other payment methods we outlined above.Walk away if something feels wrong. After all of that work to advertise and sell your car you are probably anxious to have it all be over. But if something feels wrong, it most likely is. Don’t be afraid to walk away if you get a bad feeling about the buyer–or the circumstances. That’s how you can safely exchange money during a private car sale.Selling and buying a car privately are inherently riskier than selling or buying a car from a dealer. But being smart and doing your research can help protect you, whether you are the seller or the buyer. If you are overpaying every month on your car payments, Auto Approve can help! Contact us today to find out how much you can save! GET A QUOTE IN 60 SECONDS

When you buy a used car, there are endless amounts of questions and unknowns. Were there regular oil changes? Was the car ever in an accident? Did the last owner drive carelessly? And while some of these questions will never have certain answers, there is one thing that you can check relatively easily: if there has ever been a recall. Here’s how you can check for a recall when buying a used car.What is a car recall?In a nutshell, a recall is issued by a car manufacturer when there is a defect on one of their cars. Recalls can be divided into two categories: safety recalls and non-safety recalls. Safety recalls are mandated by the government to ensure that consumers are protected when there is a known problem with a car. Manufacturers usually issue these recalls voluntarily, but the National Highway Traffic Safety Administration can also issue them if they feel that there is a safety risk. Safety recalls can include anything that can potentially cause injury to a passenger. Some safety recalls may include:Airbag issuesBrake pad stickingProblems with steeringWiring defectsDysfunctional wipersAnything else that can cause a safety problem Non-safety recalls are issued voluntarily by manufacturers to address cosmetic or function defects in the manufacturing process. These defects however do not pose any safety threat to the passengers inside. These recalls may include:Stereo issuesBroken air conditionerRustPoor paint job If a recall is for safety reasons it is very important to get the issue fixed for the safety of you, your passengers, and others on the road. If a recall is non-safety related, it is not imperative for you to address the issue, but it’s still a good idea.How do car manufacturers decide to issue a car recall? A manufacturer will typically issue a recall after they notice a pattern of complaints and issues. If consumer complaints start rolling in and warranty claims increase, they will investigate to determine the exact issue. They will then determine how the problem can be fixed in the future and how they can conduct a recall that will address the issue.  If the issue is safety-related and the manufacturer does not issue a recall for some reason, the NHTSA will step in and issue one.Is it safe to drive a car with an open recall?Recalls are issued for all different reasons, so your car may be perfectly safe to drive even if there is a recall. If a recall is particularly dangerous, your recall will be issued with a “Do Not Drive” warning. But in general it is safe to assume that a car is relatively safe to drive if there is no explicit warning. What happens when you bring your car in for a recall?Dealerships are required to perform the necessary repairs in order to fix a recall. The manufacturer is responsible for paying the associated costs for the repair, so you should not have to pay for any car recall. There are a number of different ways that recalls can be addressed. It depends largely on what the specific issue is and how it can be resolved.  Most of the time you will be able to schedule a recall repair at the dealership. Many recall repairs can be done by dropping your car off for a few hours and picking it up later that day. If there is a large recall that affects a lot of people you may end up waiting for an appointment, but it can and will eventually be fixed at the dealership. Parts may take additional time to make it to the dealership, so this may further delay your repair.  In some instances if the recall is very intensive and requires a complicated fix, you may have to have your car shipped back to the factory for repairs. This can be hugely inconvenient, but if a recall is this involved it is safe to assume that it’s important enough to have fixed. Are car recalls common?Car recalls are relatively common, although some are more serious than others. And some brands have more recalls than others. In 2022 there were over 300 recalls issued for cars in the United States. According to a study published by Automotive News, the following makers had the most recalls in 2022.Ford Motors. Total of 67 recalls affecting 8,636,265 vehicles.Volkswagen Group of America. 46 recalls affecting 1,078,443 vehicles.Daimler Trucks North America (medium-and heavy-duty commercial truck maker). 42 recalls affecting 273,286 vehicles.Chrysler. 38 recalls affecting 3,041,431 vehicles.Forest River (recreational and commercial vehicle maker). 35 recalls affecting 203,694 vehicles. Rounding out the top ten list are Mercedes-Benz USA (34 recalls), General Motors (32 recalls, Kia America (24 recalls), Navistar (22 recalls), Hyundai Motor America (22 recalls). It is important to note however that many of these recalls were not safety related. When new technology is introduced there is usually an uptick in recalls as they work out the bugs. But it’s important to keep an eye out for recalls regardless.How can you check if there is an open recall on the car you want?When you buy a new car at a dealership it is standard for the dealership to alert you to any recalls. They will usually call you or send you a letter that will outline what steps you should take to get the issue resolved. But when you buy a new car, this is not the case.When buying a used car you need to be a little more savvy and do the research yourself. The National Highway Transportation Safety Administration keeps an up to date list of all recalls that have ever been issued for just this reason. You can search safercar.gov by the make, model, and year on the NHTSA website to determine if (and what recalls) have been issued for the car you are interested in. This will help you determine what makes, models, and years should be avoided due to severe safety issues.If you have a specific car that you are interested in you can look up the car’s VIN on the NHTSA website to see what recalls have been issued AND if the recalls have been addressed. You can see quickly and easily whether or not the car is still in need of a fix.What should I do if there is an open recall? If there is an open recall on the car that you are interested in, it’s not an automatic dealbreaker. After all, if the recall fix was performed then the car is good to go. But if the problem was not fixed you still have some options. You are buying a used car from a dealership.If you are buying a used car from a dealer you may be able to request that the recall is addressed (at no cost to you) before you accept the car. If a dealer is able to do this quickly and easily this may work out in your favor. But if the dealer is unwilling to do this you will need to decide if you want to purchase the car and have it fixed at your own expense. If it is not a safety issue, you may not care if the recall is addressed. You are buying a used car from a private seller. If you are looking to purchase a car from a private seller, you can similarly ask that they have the recall issue addressed before you buy the car. This is less likely to be an option for most private sellers, but you can always ask. Again, if the recall is not a safety issue you may choose to forego having it fixed. But be cautious: if a car has open recalls it may indicate that the owner did not take the best care of the car. You should have it inspected by a mechanic to determine if the car is in good shape overall before purchasing it. When you are buying a used car it’s important to check if there was a recall on your car and whether or not it has been fixed. Recalls can vary greatly in their importance so it will ultimately be up to you to decide how you want to handle any recalls that are issued for cars you are interested in. But either way you need to do your research so that you can make an informed decision about the car you want. Many cars that have recalls issued are good, safe, and reliable cars–but it’s up to you to do this legwork.  If you are looking to refinance your existing car loan, Auto Approve can help! Our experts can help match you to the loan that is right for you and guide you through the refinancing process. It’s fast, easy, and can save you a lot of money. So what are you waiting for? Contact Auto Approve today to get started!GET A QUOTE IN 60 SECONDS

When talking about how much your car is worth, there are actually few different values to keep in mind. There is the trade-in value of your car, there is the retail value of your car, and there is the charitable value of your car. So what’s the difference between these numbers, and what options do you have when you choose to get rid of your car?Here’s the difference between trade-in value, retail value, and charitable value.How is trade-in value determined? Your trade-in value is determined for the most part by the condition and desirability of your car. The following factors will drive the value of your car either higher or lower.The age of your carThe mileage of your carThe maintenance history of your carThe current market demand, both for used cars and your particular make and modelThe overall condition of your car The biggest factor overall will be the market demand for your car. After all, supply and demand is the most important thing in sales. The more in demand your car is, the higher the trade-in value will be. When you shop for a new car you should always consider the average resale value of the car make and model you are considering. The trade-in value of your car will always be lower than the retail value of your car. This is because the car dealership ultimately is the middleman in this sale. You want to get rid of your car with minimum hassle, and the dealer wants to make money by doing the extra legwork of selling it. It is a win-win situation that means you do not have to advertise and find a person who wants to buy your car. But the flip side of that is simple: you will not get as much money for your car.  Another reason for this difference in value is the conditioning that goes into selling a car. A dealership will never sell a used car as-is to a customer. They will wash, vacuum, detail, and make any repairs necessary to get the highest price for your car. In other words they are making an investment to increase the sale price of your car. They make up for this cost by offering you less money. Trading in your car is a great option if you are buying a car from a dealership and want to knock a significant amount off of your financing amount. You do not need to deal with the headache of selling your car privately and the dealer can handle all of the paperwork at the same time. How is retail value determined? Retail value is determined by many of the same factors as the trade-in value: age, mileage, maintenance, market demand, and overall condition. But retail value will depend on how you choose to sell your car.  The classic way to sell your car is by privately selling it to another individual. There are a number of ways you can go about this, from advertising online to simply putting your car on your lawn with a for sale sign. But private sales will garner a higher value than a trade-in value because you are not paying for a middle man to make the sale. But there is now a new way to sell your car: the instant cash offer. There are many sites online that will offer you an instant cash offer for your used car. You simply fill out your car’s information and they will make you a fixed offer on your car. There is no room to negotiate or haggle, it’s merely a straightforward way to get your used car off of your hands. If you accept the instant cash offer you will drop your car off at a participating dealership and receive your payment.  There are a number of companies that now offer instant cash offers. These companies include:Kelley Blue BookEdmundsCarMaxTrueCarCarMaxAnd many more Instant cash offers are becoming more and more popular and many people feel that they are very worthwhile. The amount of money they will give you vs. how quick it is seems to be a great trade off for many. But it is still important to note that you can make more money by selling your car privately. When you sell privately you are able to negotiate, hold out, and angle your advertising appropriately. The power is yours, but so is the headache and time commitment. Ultimately retail value is determined by your car’s condition, the market demand, and your savviness for sales.How is the charitable value of a car determined? When you want to get rid of your car you can trade it in or you can sell it privately as we discussed. But there is also a third option–donating it to charity. Donating your car to charity can be beneficial for both you and the charity. Typically a charity will either give or sell the car to someone in need or they will use it for their own purposes. Determine which organization you should contact.The most important step is finding a charity that is able to accept a car as a donation. The organization must be IRS tax-exempt. It may be a religious organization, charity, or other organization that promotes literacy, education, or humanitarianism. Determine your car’s fair value.The fair market value of your car is a major consideration of the charitable value. A Kelley Blue Book search can give you a good idea of how much your car is worth for its mileage and current condition. You need to be honest about the condition of your car to avoid any issue with your deduction. In other words, if your car has visible damage be sure to not mark it as being in “excellent condition”.Determine the organization’s plan of usage.You can deduct a different amount from your taxes based on what the organization plans to do with your car.  If they sell your car: The IRS limits your deduction amount to the sale price of your car even if that number is below the market value. If your car is sold for less than $500 you can deduct either $500 or its fair market value, whichever is less. If they sell your car you must complete Form 1098-C within 30 days of the sale to make the deduction eligible.  If they keep your car for their own use: You can deduct the determined fair value of your car. If this value is over $5,000 you will need to have your car appraised in order to claim the deduction. Complete the paperwork.Whatever the deduction value ends up being, be sure to get an official document from the organization stating that you donated your vehicle. This document should include your name, social security number, the VIN, and the date of donation. If you received anything as compensation, even if it is something small, it must be noted on this document and the value of that must be subtracted from the amount you want to deduct. The donation is not complete until the title is transferred out of your name, so be sure to follow through until all paperwork is complete. What should I do when I want to get rid of my car?If you are trying to decide the best way to get rid of your car, here’s how you can quickly decide the best option for you.Trade it in. Trade your car in if you are planning on getting a new car from a dealership and do not want to deal with the hassle of a private sale. Sell it privately. Selling privately is the best option if you have the time to prepare your car and advertise the sale. If you are in a rush to get cash you can try an instant cash offer from one of the many companies that offer this service.Donate it. Donating your car is a great thing to do if you care about an organization and want to do something meaningful to help. It is not a good idea if you are strapped for cash, as the deduction will pale in comparison to the benefit of a cash sale. But the satisfaction of donating a car to a worthy cause is hard to beat. Weighing all of your options is important when making a financial decision such as this. Ultimately the choice will depend on your financial situation, the condition of your car, and how much time you want to spend getting rid of your car. That’s the difference between trade-in value, retail value, and charitable value. While these values differ slightly, they are all based on what the market dictates. If a car is desirable, it will have a higher value across the board. If you’re not ready to say goodbye to your car yet but are ready to say goodbye to your car loan, Auto Approve can help! Contact us today to find out how much money you can save by refinancing your car loan.GET A QUOTE IN 60 SECONDS

Chances are you’ve had a scammer contact you at one time or another. Whether it’s an email that congratulates you for winning a million dollars or a prince from a foreign country begging you for a short term loan, there are various scams that are designed to grab your attention–and your money. Car warranty scams are nothing new, but they are more rampant now than ever before. But learning how these scams work can help you protect yourself and your money.Here’s everything you need to know about car warranty scams and how you can protect yourself. What is a car warranty scam?Car warranty scams are designed to pressure you into making a rash decision about purchasing a car warranty over the phone. The scammers usually pretend to be someone from either the dealership, manufacturer, or insurer, who tells you that your warranty has expired and you need to renew it. They will often pressure you by telling you how expensive repairs will be if you do not renew immediately. Scammers hope that you will feel enough pressure that you will give out your personal information so that they can “write a contract” and ultimately use that information to defraud you.Scam callers often call you over the phone. They will have some of your vehicle information which may make them seem more legitimate or reputable. But they most likely know your name and vehicle information because they found it in public records or bought it from a data collection company. Scammers may contact you in other ways, sometimes emailing, texting, or even sending you physical letters. But the end goal is always the same: to get your personal information. How did a scam caller get your phone number?Americans receive more than 50 billion robocalls every year, and that trend only seems to be increasing. You may wonder how they even got your number in the first place. There are many ways that scammers can get your personal information, both legitimate and illegitimate.  A very common legal way to obtain your information is by buying it directly from a state DMV. Many states participate in this and will sell driver's license numbers, vehicle information, and other personal information on your driver's license.  Scammers can also purchase personal information from data collection companies. If you ever check “I agree” on a terms and conditions box for a contest or promotion, there is a good chance that they will sell your information to a third party.  But the most common way that scammers get your information is through data breaches. In 2022 there were reports of over 4100 publicly recorded data breaches. This resulted in about 22 billion records being exposed. While you can do your best to never give out your email, phone number, and personal information, there is little you can do to protect your information from a data breach. Some of the biggest and most secure companies in the world have breaches, and there’s little you can do to combat it. How do you spot a scam number? There are a number of warning signs you can look for if you are trying to determine if a call is a scam. They ask for personal information over the phone. If you receive a call that is asking for information such as your social security number, banking information, or credit card information, that is a major sign that it is a scam. You should never give this information out over the phone.The call is vague. Scam calls tend to use language that is very general and sweeping. They will have little to no information on the product or contract that they are trying to sell, and instead will push constantly to get your information.The call is very urgent. If the caller is trying to rush you and convey a sense of urgency, that’s a big sign that there is a problem. Again, they are trying to scare you into taking action so that you do not have time to think about it or be dissuaded.The caller is threatening. Sometimes scammers will use scare tactics to push you into giving information. They may tell you that they will take legal action or that you will have to pay fees if you do not extend your warranty. If this happens, hang up immediately. What should I do to prevent scam calls? If you are worried about scam calls (or have been a victim to one) there are ways to protect yourself and your information. One of the easiest ways to do this is to not pick up unknown numbers. If the phone call is legitimate, the caller will leave you a message. If not, they will move on to the next caller on their list.  You can also try installing a Robocall app that will detect and warn you if a scam is likely. Built-in features on iPhones and Androids are starting to label if something is likely spam, but another app may be necessary if you feel there are a lot of calls coming through.  You also want to avoid giving out your personal information as much as possible. Many companies lure you with coupons or incentives to sign you up on their email list, but try to resist the temptation. This is a very common way that people get your information.  Signing up for the do not call list is another step you can take to limit the amount you are contacted. The Do Not Call Registry is a free list designed by the Federal Trade Commission to reduce the number of telemarketing calls. Unfortunately scammers are not going to follow these guidelines, so you will need to take other measures as well.What should you do if you get scammed?If you fall victim to one of these scams, the best thing to do is report it to the FCC. On the consumer complaints page you can file a complaint. If you end up signing a contract you can contact the Better Business Bureau to report it.  In many cases there is no way to undo a scam. If they get your information you may be stuck with the financial repercussions. Contacting the credit bureaus to keep an eye on your credit is incredibly important. If any accounts are opened in your name be sure to report it immediately.  That’s how car warranty scams work and how you can protect yourself.Warranties can save you a lot of headaches, but only when they are, well, real. If you refinance your loan with Auto Approve you can add on a Vehicle Protection Plan that will actually protect you. Contact Auto Approve today to find out more!GET A QUOTE IN 60 SECONDS

When you are thinking about getting a new car, it’s important to think about your long term plans for your new set of wheels. Is this the type of car you plan on driving until the wheels fall off? Is it a car you might want to pass down to your kid one day? Or will you, more than likely, want to sell it in the future to help pay for a new car? For many, this last option is best. Selling your car allows you to get an upgrade while also giving you some cash to do so. And because of this, resale value is very important. Here are the car brands that have the best resale value.What affects car value the most? When it comes to resale value, the brand and model are incredibly important. After all, the bones of the car are what people truly look at. If it’s not a very dependable car in the first place, not many people are going to want it (even if it is in pristine shape). A car’s reliability ranking, popularity image, and brand popularity are three of the most important factors that affect resale value. But it’s important to note that it’s not the only important factor. There are many other factors that will affect the resale value of your car, such as your mileage, condition, and accident history. Additionally, there are factors that are outside of your control that affect resale value, like market conditions and the price of fuel. Which car brands keep their value best? Certain car brands hold their values better than others. And by that, we mean that they depreciate at a slower rate than other brands. Broadly speaking trucks and SUVs tend to hold their value the most, while luxury sedans tend to lose their value the most. Every year Kelley Blue Book ranks which cars have the best resale values. They look at the resale value over a 5 year period, where the average new car will be worth 45% of its original sticker price. But the following 10 cars have all depreciated by less than 40%, which is really notable in today’s car market. Here is the Kelley Blue Book Best Resale Value list for 2023: #1: 2023 Toyota Tundra, 73.3% 5 year resale value#2: 2023 Toyota Tacoma, tied, 66.0% 5 year resale value#2: 2023 Tesla Model X, tied, 66.0% 5 year resale value#4: 2023 Ford Bronco, 65.4% 5 year resale value#5: 2023 Chevrolet Corvette, 65.3% 5 year resale value#6: 2023 Toyota 4Runner, 64.4% 5 year resale value#7. 2023 Honda Civic, 62.5% 5 year resale value#8. 2023 Ford Maverick, 61.7% 5 year resale value#9. 2023 Subaru Crosstrek, tied, 61.0% 5 year resale value#9. 2023 Jeep Wrangler (tie) 61.0% 5 year resale value Brand reliability is one of the biggest considerations for resale, and Toyota, Honda, Ford, and Subaru are all very consistently ranked high on this list. While BMW and Lexus are also considered to be near the top of the list in terms of reliability, luxury cars do not have high resale values, as we mentioned before, so they are not considered to be contenders in terms of resale value. In fact, when an iSeeCars study looked at which cars lose their value the most, eight out of ten cars on the list were luxury sedans. The BMW 7 Series sedan had the highest depreciation, losing 72.6% of its value in just five years (which is a whopping $73,686). Ultimately resale is dependent primarily on brand reliability and model practicality. An SUV is usually a more practical option than a high end luxury car. What adds resale value to a car?Whatever brand car you have, whether it is considered reliable or not, there are steps you can take to bump the resale value even higher. A little attention to detail and a few upgrades can make a huge difference in how fast you can sell your car and how much money you can get. Give it a thorough cleaning.It may seem obvious, but giving your car a good cleaning is a great first step to increasing its resale value. And we don’t just mean vacuum the seats (although you should do that too)! But giving each panel a polish and paying attention to door jams and every nook and cranny will help your car to look its best. It will also help to neutralize any odors that may be lingering. A bad smell can seriously tank your resale value. Touch up paint where you can.After a thorough exterior cleaning you will be able to tell if there are little scratches and dings that could use some touch up paint. Most auto body shops will be able to do this, but if you want to do it yourself you can pick up paint that matches and test in an inconspicuous area to ensure that it will blend. Polishing your headlights and mirrors can also make a huge difference. Pay attention to your tires.If your tires are in good shape, a good cleaning and polish can substantially increase your resale value. If your tires are worn, it’s a good idea to replace them which will increase your resale value considerably.  Have a mechanic give it a once over.It’s a good idea to have your car looked at by a mechanic as well (unless you are mechanically inclined yourself). This will help give you confidence when negotiating, as you will know exactly what type of shape your car is in. Someone may be able to convince you there is something wrong with your car even if there isn’t, so being armed with knowledge will help you. If you need any quick fixes, your mechanic can make them or schedule them.  Those are the brands that have the highest resale value (and how you can increase the resale value of your car no matter what the brand is). Resale value is an important consideration when buying a new car. Brand reliability is one aspect of this (and a big aspect at that) but it is not the only thing that affects resale value. Taking good care of your car, avoiding accidents, and keeping it well maintained will help you to increase the value.  If you have a car that is financed there is a good chance you are overpaying every month. But Auto Approve can help. Contact us today to see how much money you could be saving! GET A QUOTE IN 60 SECONDS

Refinancing a car is a bit of a game when it comes to timing. You get the most bang for your buck when the stars align, but if it’s not meant to be it can be a waste of time. So how do you know when the time is right to refinance, and when the time is not right?Let’s talk about when you should refinance your car and when you should wait.When should you refinance a car loan?Why refinance? Car loan refinancing has a lot of benefits, but the biggest benefit is that it can save you money. But in order to save money, the timing must be right. Here are a few signs that you might benefit from car loan refinance.Your credit score has improved.Your credit score is the number one thing lenders look at when determining your eligibility for a car loan refinance. It will also help them to determine what interest rate you should be offered. Credit scores give lenders a good indication of how likely you are to repay a loan. A high credit score tells lenders that:You make on time paymentsYou are not in too much debt You can manage making payments across multiple varying accountsThe better your score is, the better the interest rate you are offered will be. If your credit score was so-so when you initially financed, the interest rate that you were offered might not be ideal. But if you have worked to improve your credit there is a good chance you will qualify for a better interest rate. There are many reasons why your credit score may have improved in the past few years:You made full and on time payments to your accountsYou paid off some debtYour debt to income ratio improved (either due to decreased debt or increased income)A negative event expired (such as a bankruptcy)You have a better mix of creditIf you are considering car loan refinance, it’s a good idea to get a copy of your credit report and look for any errors. Correcting any errors can improve your score a good deal. Reviewing your report can also give you an idea of what areas you can improve on. But if your score is higher than it was when you initially financed, refinancing might be worth it.The market rates have decreased.Another way you can secure a lower interest rate on your car loan is if the market rates have decreased since you initially financed your car. The car market has been all over the place in the past several years, so this will very much depend on when you actually financed.You want to pay off your loan early.Sure, there are ways to pay off your loan early without refinancing. But if you do refinance your loan you can save money while doing so. When you shorten your repayment period lenders will often give you a lower interest rate which can save you a significant amount of money. If you couple this with a better credit score, it can mean a significantly lower interest rate. A shorter period also means you will be paying interest for less time, so you can save a lot of money in the long run.You are having trouble making your monthly payments.Even if you might not necessarily qualify for a lower interest rate, refinancing might still be a good idea for your finances. When you refinance your loan you can change your repayment period. If you are having trouble making monthly payments, lengthening your repayment period can spread out your repayment over more time and thus reduce your monthly payments a good deal (we are talking hundreds of dollars per month). While you will end up paying more over the life of the loan, this can still be a good move for you. Loosening up extra money every month can allow you to allocate that money to other payments, which may be important to you and help your overall financial health.When should you not refinance a car loan?Just as there are times when refinancing your car is a great idea, there are also times when refinancing does not make sense. If any of the following apply to you, it might not be a good time to refinance.You have an older car.If your car is older or has a lot of miles on it, chances are you will have a hard time refinancing your loan. Cars that are ten years old (or older) or have more than 100,000 miles on them are less likely to be approved for refinancing. Your loan is underwater.If your car loan is underwater, you will have a very hard time refinancing it. This means that you owe more on your car than your car is worth. A car loan can become underwater if you do not put a large enough down payment on your car initially and/or make minimum payments on your account. Certain types of cars have a higher rate of depreciation, so simply having a car with a high depreciation rate can mean your loan can end up underwater.Your loan is less than six months old.If your loan is less than six months old it is a good idea to wait a little longer before you refinance. While there is no strict rule on how long you can wait to refinance your loan (you generally only need to wait as long as it takes for the paperwork to go through), experts recommend waiting at least six months to a year. This will give your credit score a chance to bounce back from the hard inquiry and give you a chance to establish that you are making consistent payments. This can lead to a better interest rate and better terms for your refinance. Your loan has less than two years left on it.If your loan has less than two years left on it you may have trouble getting approved, or it may simply not be worth it to you. Car loan payments are designed so that you pay the bulk of the interest upfront. The nearer you are to the end of your loan period, the less you will actually save on interest as your payments will primarily be going towards the principal (this is called an amortized loan). The earlier you refinance the more you will be able to save on interest payments.You have a lot of prepayment penalties.Some car loans come with hefty prepayment penalties. These fees might outweigh any benefits of refining, so do the math before you commit to moving forward.How can I refinance my car loan?If it seems like now is a good time to refinance your car loan, contacting a company that specializes in refinancing is the best option for most people. Using a company that specializes in refinancing, like Auto Approve, makes the application process super fast and easy. They can also help you decide which loan is the best for you. Step One: Gather your information.The first step to refinancing is gathering all of your information. You will need the following information to get the process started:Current loan information. You will need the name of your current lender, your account number, and your payoff amount. It’s good to have the contract handy to compare specific terms as well. Personal information. You will need identification, proof of employment, proof of residence, and your contact information.Vehicle information. You will need your car’s VIN, make, model, year, and mileage.Step Two: Research and ApplyYou should aim to apply with 3-5 different lenders for your refinance. Read online reviews, ask friends and family, and determine which lenders might be a good match for you. Consider a mix of traditional banks, credit unions, and online lenders. When you narrow your list down you can apply.Step Three: Compare and SignWhen your offers come in, be sure to compare all of the terms. Look at the interest rates, the repayment period, the prepayment penalties, and all of the other terms. When you decide on a loan, you can simply sing and start saving. Your new lender will most likely handle paying off the old loan (but be sure to double check this). If you use Auto Approve for your refinance, they can help you with this entire process. From selecting which lenders to apply with to determining the best fit for you, our experts are your advocate for the refinancing process. That’s how you can determine if it’s a good time to refinance your car (and how to decide if you should wait).Refinancing can help you to save a lot of money, but only if the time is right. Our experts at Auto Approve can help you determine if you qualify and can help guide you through the process. Get your free quote to find out if now is the right time for you!GET A QUOTE IN 60 SECONDS

We don’t get new cars all the time, so when the time finally rolls around to pick one it is incredibly exciting. But with so many makes, models, and options available to you it can be hard to know where to start. Getting organized and prioritizing your needs is a great place to start, so we are here to help.Here are 8 steps to finding the perfect car for you.Step 1: Determine what you need.The first step when purchasing a car is to determine what you need. There are so many cars on the market with so many features, so you need to prioritize what you will be using your car for and what you need. Here are some questions to ask yourself:Will I be commuting long distances and need good fuel economy? Do I live in an area where I need four wheel drive or all wheel drive?What features are important to me? Do I need a backup camera? Leather seats? All weather mats? Make a list of your must-have features. Then, make a list of features that you would like to have but that aren’t totally necessary.Is this going to be the family car? Do I need to fit multiple passengers and have the best safety features?Do I need a lot of cargo space? How important is trunk space or towing capacity?These questions can help point you towards the type of car you should be considering and give you an idea of where to start. Step 2: Determine what you can spend.The next major factor in the car you choose is your budget. If you are planning on purchasing a car upfront with cash, this answer will probably be pretty straightforward. But if you are like most of us you will need to lease or finance your car. You will ultimately need to determine two things:What down payment can I afford?What monthly payment can I afford?Look at your monthly budget to see how much you can swing every month. There is a general rule that you should not spend more than 20% of your monthly income on transportation expenses (this includes gas, tolls, maintenance, parking, insurance, etc) and you should not spend more than 15% of your monthly income on your car payment. Play around with numbers and your budget to see what you can comfortably afford. You don’t want to put yourself in a position where you are struggling month to month to make your payments. It’s better to underestimate the amount that you can spend every month instead of overestimating.Step 3: Determine if you want a new car or a used car.Think about if you want a new car or a used car. Keep in mind that getting a used car doesn’t mean that you are buying a beater car. You can get a certified pre-owned car that is in great condition with a significantly lower price tag. And most times you will still have the option to finance it. But with a lower price tag comes more wear and tear, an unknown history, and more maintenance costs. A new car allows you to skip the questionable past and the wear and tear, but as a trade off you are paying a good amount more as your car will experience instant depreciation.Step 4: Determine if you are going to lease or buy.When it comes to new cars, you have the option to either lease or buy. There are pros and cons to both, so it will depend on how you plan to use the car and what your preference is. Leasing a car might be a good option if:You want to get a new car every few yearsYou are on a tighter budget and still want a nicer carYou don’t care to work on your car or customize your carYou can stay within the mileage restraints of the lease periodOn the other hand, buying a car might be a good option if:You like to work on your car and customize itYou want the freedom to keep your car and sell it whenever you wantYou drive a lot and will not be able to keep within the mileage restraintsYou want the equity of ownershipLeasing is generally cheaper than financing, so if you are on a tighter budget leasing might be the right choice for you. You can always buy your leased car if you end up loving it.Step 5: Determine what car size and car type is right for you.Now is the time to determine what type of car you need. You already know what features are important to you and how you plan on using the car, so now you get to narrow down what type of car is right for you. Here are the major contenders:SedanCoupeHatchbackSports CarLuxurySUVMinivanVanTruckElectric or HybridAgain, look at how you will be using your car. If you have a family, a minivan or SUV will probably make more sense than a coupe. If you are looking for a nicer ride with all the bells and whistles, a luxury car or sports car is more up your alley. Is gas mileage important? An electric car or coupe is the way to go. Step 6: Determine what brand is right for you.Once you know what type of car you need, you can start narrowing down what brand you should look at. There are lots of brands with different price points and different pros and cons. Most people have a preference off the bat of what brands they like and what brands they want to steer clear from. When researching brands, be sure to consider the following:Who is well known for making the type of car I want? For example, a Subaru is a great option for a rugged SUV, while a Kia is a great option for an affordable sedan.What brand fits in my budget?What do the reviews say? Are people happy with their cars from the brand you are interested in?Is this brand known for safety?Your budget and the type of car you are interested in should help you to narrow this brand list down significantly. Talking to friends and family and reading online reviews can help you to make a final decision.Once you’ve determined the brand that is right for you, you should be able to select the perfect model based on your needs, wants, and budget. Picking the exact color and trim level is also very important. Keep in mind that being flexible on these features may help you get the car a little quicker. If you have a lot of special requests you may have to special order the car from the manufacturer which can take several months.Step 7: Determine where you will buy your car.Now that you know what you are looking for, you need to decide where to actually buy it. This is now easier than ever, as you can do an inventory search online on many sites such as Edmunds to find where you can get the exact car you want. You can even plan to have a car shipped to you if you find the perfect car that’s out of state.Even if you buy a car online, it’s a good idea to take your car for a test drive. You can go to most dealerships and go on a commitment free test drive. There might be something that you don’t actually like about the driveability of the car, so it’s a good idea to physically drive it before committing.Step 8: Sign and drive.When you have landed on the perfect car, you need to cross your t’s and dot your i’s. If leasing, you will have to finalize the terms such as the lease period. If you are financing you will need to apply to lenders and compare the offers. Look at the interest rate, loan term, and prepayment penalties. Keep in mind that you can always refinance your car loan in the future so long as the prepayment penalties are not prohibitive. You will also need to decide how much of a down payment you will put down. Experts recommend putting down at least 20% to help protect your car from depreciation. If you end up in a situation where you owe more than your car is worth, it can be a problem down the road. And that’s it! Once you sign the papers and write the check you can drive your car as soon as it is available. That’s how you can choose the perfect new car in just 8 steps.Buying a new car can feel overwhelming, but following these steps can help you choose the perfect car for you and your family. If you already have your perfect car but have a less than perfect car loan, Auto Approve can help! By refinancing your current car loan you can get a better interest rate, better terms, and a loan that works for you. Our experts can help determine if you qualify for refinancing and help guide you through the process. GET A QUOTE IN 60 SECONDS

You may have preferences on a lot of details about your new car. The make, the model, the trim level. But you will have to decide on more than that when you choose to lease a car. You will also have to decide on the length of the lease, which you may be undecided on. Let’s talk about the best length of time for a car lease and how you can decide what is right for you.What is a lease term?When you lease a car you are essentially renting the car from the dealership. The lease term is the amount of time that you agree to rent the car for. Some dealers offer short term leases, which can be 3 month, 6 month, 9 month, or 12 month lease terms. On the other end of the spectrum there are longer term leases that are 4 years. But it is much more common for dealers to offer 2-3 year leases. When determining which lease term is right for you, you should consider the following:Your monthly budget for car paymentsHow you intend to use the car and why you are leasing in the first placeThe shorter the lease term is, the more expensive the monthly payments will be. Additionally, if you are leasing because you want to get a new car every few years, it doesn't make sense to get a longer lease.What lease term should I choose?Short term leaseShort term leases are not very popular, and for good reason. You will pay the most amount of money per month for a short term lease (and it may even be more expensive than financing). But there are still times when it may make sense to you. If you have another car that requires extensive repairs and you know you will need a car for several months, this may make more sense to you than a rental car. Rental cars charge by the day so they can quickly turn into a money hole.2-3 year leaseThese are the most popular lengths of car leases. They allow you to have the car for a decent amount of time while still giving you the benefits of leasing. Typically your warranty will last the entire period of your ownership, so you do not need to worry about expensive repairs. You will also find decent monthly payments by choosing 24-36 months. Choosing the 36 month lease will give you a better interest rate though.Long term leaseYour other option is to select a long term lease, which is typically 4 years. This will give you the lowest monthly payments, although you do run the risk of outlasting your warranty or growing bored with the car before the lease is over. How to decideIt simply comes down to your preference. Are you happy to pay a little more and get to trade your car in 2 years? Would you rather pay less every month and stick it out a little longer with your ride? Considering what is important to you and what you can afford will help you to make the right choice.What happens at end of car lease?No matter how long your lease term is, your car lease will eventually end. And then what? You will have three options at the end of your lease term:Trade in for a new leaseTurn the car in and walk awayPurchase your leased car from the dealershipTrade in.Many people who lease like to have a new car every few years, and leasing allows them to do so with minimum stress. Trading in is a great option if you would like to continue leasing, haven’t gone over the mileage limit, and haven’t had major wear and tear on your car. You can simply return your car, pick out a new one, and sign a new lease agreement.Turn the car in.If you have decided that leasing isn’t right for you, you can simply turn your lease in and walk away. You will be responsible for any fees due to excessive mileage and excessive wear and tear, but beyond that you will be free to do as you wish. Maybe you do not need a car at all, or maybe you’d be happier buying a new or used car. Buyout your lease.Buying out your leased car is another popular option that might be right for you. Buying out your lease will allow you to purchase your car for the residual value that is listed in your contract. This is a great option if any of the following apply to you:The residual value of the car is less than the market value of the carYou really like your car and you don’t want to part with itYou have gone over the mileage allowance and will be responsible for overage feesYou have significant wear and tear and will be responsible for feesIt is very common right now for residual values that are listed in the contract to be less than the market value of a car. This is because residual values are determined at the beginning of the lease and cannot be changed. The increased competition in the used car market has caused an increase in market value, so it is very common for the buyout price to be cheaper than the car’s value. This means that even if you do not want to keep the car you can buy your leased car and sell it for a profit. Getting a lease buyout loan is a great way to do this.Or, maybe you just really like your car and don’t want to part with it. Buying your lease out is a great way to own the car that you love, and it is usually a very affordable option.That’s everything you should know about car lease terms and how you can decide what lease term length is right for you.Leasing a car is a popular option for many people, but it can be hard to decide how long of a lease term is appropriate. Taking a look at your needs and your budget can help you determine which lease term length is best for you. And when your lease ends, a car lease buyout loan can help you keep the car you love (or sell it for a pretty penny).If you are interested in buying out your lease, contact Auto Approve today! Our agents can help guide you through the application process and find the car lease buyout loan that is right for you!GET A QUOTE IN 60 SECONDS