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The past few years have been, well, challenging, when it comes to buying a new car. If you’ve been holding off and waiting for things to level off economically, 2023 might not bring what you are hoping for. But with some preparation and personal considerations buying a new car in 2023 is not impossible. Here’s what you should know about buying a new car in 2023.Why are auto loans increasing?Auto loans are continuing to climb for two main reasons: increased interest rates and increased car prices. Over the course of 2022 car loans have increased by 8.59% according to Experian. And this trend is expected to continue over the next several months.Supply shortages led to an increased demand in cars during the pandemic, and we are still feeling the ripple effects of this. Semiconductors, raw materials, and other shortages meant that manufacturing was incredibly delayed in 2020, 2021, and even 2022. Increased demand leads to increased prices, which is one reason auto loans are significantly higher than they have been in the past.High prices coupled with high interest rates from the Fed’s increasing prime rates have made getting a new car more expensive than ever. So what can we expect in the upcoming year?How will the car market be in 2023?It’s always impossible to predict exactly what the market will look like in the next year. The car market is highly dependent on a number of factors, all of which will contribute to the affordability and accessibility of new cars in 2023. There might still be supply chain issues.One of the major contributors to the heated car market of the past two years was a semiconductor shortage that jammed the brakes on new car production. It’s not exactly clear how long this shortage will continue for, but experts expect it to continue into the summer. There is hope that the shortage will be solved by the third quarter, but there are no guarantees.New car prices will most likely stay the same.While we would all hope that the price of new cars would come down drastically in 2023, that doesn’t appear to be the case. Dealerships are keeping less inventory on their lots, which is in part a strategy to keep prices high. They are no longer offering incentives as they used to, and that will continue to be the new norm. Manufacturer incentives right now make up about 2% of a new car price, compared to 11% back in 2020 according to Kelley Blue Book. Dealers and manufacturers want to continue this trend as it means more profits. This results in less vehicle affordability for the rest of us.Car loan rates may still be high.As we are still battling our way out of inflation, interest rates will remain high throughout 2023. These increased rates have made financing more difficult for many people and has put new car ownership out of reach. Unfortunately this will continue throughout 2023.Will next year be a good time to buy a car?It’s safe to say that 2023 is not going to be the ideal year to buy a new car. But that doesn’t mean it is impossible, and it doesn’t mean you will get a bad deal. But it does mean you may need to work a bit for it and be a bit more cautious.Think about your job and income.While things seem to be improving economically, there is no guarantee for what 2023 will bring. Much is still up in the air and it is possible we will end up in a recession. If you feel like your job is not particularly stable or that your hours might be cut, it’s probably not a good idea to buy a car.Get your credit score in shape.Car loan APRs are not going to decrease drastically in 2023, so it’s more important than ever to make sure your credit score is in good shape. Ensure you are making full and on time payments, request higher credit limits, and review your credit report for errors to get your score as high as possible. If your score is low, you will have a difficult time finding a reasonable car loan APR.Consider EV over gas.Electric cars are becoming more and more popular, and more and more manufacturers are prioritizing them. Many of the concerns that used to linger over purchasing an electric car don’t apply anymore. An increased demand for electric cars means that there are more charging stations, and increased ownership means wider availability of replacement parts. Buying an electric car will still cost you more upfront, but the savings in gas over the years will easily make the investment worth it (electric cars consume an average of $1,000 in electricity per year, while gas powered cars consume about $5,000 in gas per year).Buyout your lease instead.If you have been leasing a car for the past few years, it may make more sense to buy your leased car rather than getting a new one. Lease buyouts are conducted using your leased car’s residual value, which is the value it is expected to have at the end of the lease period. This number is predetermined before your lease begins and is non negotiable. This means that if your car’s residual value is lower than your car’s market value, you can buy your car at a steal. Used car values are still inflated due to supply chain issues, so chances are your residual value is less than the estimated market value. Even if you do not like your leased car and want to sell your car, you can keep the profit. Securing a car lease buyout loan can help make this happen.That’s what to expect when buying a new car in 2023.While we can be hopeful that the new year will bring good changes, it’s hard to predict exactly what will happen in the coming months. If you really need to buy a new car in 2023, make sure you do your research and prepare your finances as much as possible. This will give you the best chance to get a reasonable car loan rate.If you are interested in buying out your lease or looking to refinance your existing loan, we can help! Auto Approve can help connect you with lenders and get you the best rates possible on your auto loan, even in uncertain times. Don’t wait, contact Auto Approve today to see how much we can save you!GET A QUOTE IN 60 SECONDS

Being in an upside down loan is less than ideal. It’s something no one ever anticipates, but it can happen to the best of us for a number of reasons. An upside down loan (also called an underwater loan) is when you owe more on your car than your car is worth. But just because you are underwater, all is not lost. There are a few steps you can take to swim to shore and get out of your situation. Here’s everything you need to know about upside down loans (and how you can get out of one).How do you get upside down on a loan?First up: how do you even get an upside down loan? When it comes to buying a car, it’s actually pretty easy to end up underwater.You financed with no money down.Dealerships are constantly running “deals” that feature financing with no money down. This is never a good idea. Cars depreciate quicker than almost every other asset, losing about 20% of their value in the first year alone. New cars lose 10% of their value simply by leaving the lot. So if you put no money down, you are immediately going to be in an upside down loan.Let’s look at an example. You decide to finance a $30,000 car with no down payment. This means that once you leave the lot, your car is only worth $27,000, and your loan is still for $30,000. Financing with no money down is the quickest way to get an upside down loan, and it will be hard to turn that around.You picked a long repayment period.Another easy way to end up in an upside down loan is to choose too long of a repayment period. The longer your repayment period is, the smaller your monthly payments will be. And this may seem great for your monthly bills, but this means that the depreciation on your car will outpace your monthly payments quickly and your loan will be upside down in no time.You didn’t do enough research.You can also get upside down in a loan by simply not doing enough research and paying too much for your car in the first place. If your car is really only worth $27,000 brand new and you paid $29,000 for it, there’s a good chance your loan will be upside down quickly.You bought a luxury car.Luxury cars tend to depreciate at a faster pace. Therefore if you are making minimum payments or have a longer repayment period, depreciation can very quickly get ahead of you.You bought a car that was out of your budget.Buying a car that is out of your budget in the first place can land you in an upside down loan. This means that you will have a hard time keeping up with your monthly payments, and you may end up upside down.You got a lot of unnecessary add on features.Nothing ticks up a new car price faster than add ons. And a lot of the time they do not truly add value to the car. You got a high interest loan.The higher your car loan APR is, the more money that is going to the bank and not to paying down the balance. Depreciation will quickly outpace low repayment with high interest loans.How do I know if I am in an upside down loan? Is being upside down on a loan bad?If you are wondering if you have an upside down loan, it’s pretty easy to figure out. Start by calling your lender and asking them for a payoff amount. This will include all of your remaining payments as well as any additional fees. Then compare this number to the market value of your car (you can check Edmunds or Kelley Blue Book to see what market value is). Then simply compare the two numbers. If the payoff amount is higher than the market value, you are in an upside down loan. If your payoff amount is lower than the market value, you are ok (but make a note of how close these numbers are to make sure you aren’t toeing the edge of an upside down loan).While it doesn’t sound good to owe more on your car than it is worth, is it really that bad? Not necessarily, but it does put you at a higher risk financially. Things happen unexpectedly, and if you need to get rid of your car, you will be in a less than ideal situation.Your car gets totaled.If your car is totaled your insurance will only pay out what the current value of your car is. So if you owe $20,000 on your car and insurance only pays you $15,000, you are left on the hook for $5,000.You need a different car.If for some reason you need to get rid of your car and get a new one, you will not really be able to get more than market value for your car (but you will still owe the bank on the total amount of the loan).You are unable to keep up on payments.If you are unable to keep up on your monthly payments (probably because the car was out of your budget in the first place), then you will need to sell your car to get a different one. But again, you will only be able to get the market value of your car and will need to continue making payments to your lender.What can I do with an upside down loan?Drive through the loanIf you don’t plan on needing a new car soon and you are able to comfortably make your monthly payments, you don’t necessarily need to do anything. You can simply drive through the loan, making consistent monthly payments and driving as normal. You will eventually pay off your car and it won’t be an issue.Make extra paymentsIf you are able to make extra payments every now and then, that will greatly help you catch up to your car’s true value. Extra payments will usually go towards the principal (not the interest) and can make a real difference.Refinance to a shorter repayment periodIf you are able to refinance your car loan to a shorter repayment period this can also help get you out of an upside down loan. This will help close the gap between depreciation and your loan’s value. Many lenders do not refinance loans that are upside down, but if you have good credit you may be able to secure a different loan.Get GAP insuranceGAP insurance (Guaranteed Asset Protection) is designed to cover the difference between what the car is actually worth and the amount that you owe on the car. In other words, if you total your car and owe $2,000 more than what your insurance will pay out, your GAP insurance will pay that difference. It’s another added cost but it might be worth it in the event of an emergency.What can I do to prevent an upside down loan?It’s best to avoid getting an upside down loan in the first place if you can help it. Here are some ways to keep your loan amount in check.Make a down payment.Down payments are always a good idea when it comes to buying a car. A down payment is arguably the best thing you can do to ensure depreciation doesn’t put you upside down immediately. Experts recommend a 20% down payment to put you in the best position.Pay your taxes and fees upfront.Many dealers will allow you to roll your taxes and fees into your car payments so that you can pay nothing (or next to nothing) upfront. Avoid doing this as it will just add more to your loan.Do your research.You should always do your research when making a large purchase like a car. You want to be sure of the following:You aren’t overpaying on the actual market value of the carThe car you are buying has a slow depreciation rateThe car payments will fit into your monthly budget (transportation costs should be less than 20% of your monthly budget–car payments, gas, parking, and insurance)Pick a repayment period that isn’t too long.A long repayment period means smaller payments. If the only way you can afford a car is to pay it off over six years, then you can’t afford the car. That’s everything you need to know about upside down car loans.While it’s best to avoid an upside down loan altogether, sometimes we end up in less than ideal situations. If you are unable to make extra payments on your loan, consider getting GAP insurance to help prepare against an emergency. If you’re not underwater but having trouble making payments, consider refinancing your car loan with Auto Approve. We can help save you money, time, and frustration! So don’t wait, contact Auto Approve today to get your free quote!GET A QUOTE IN 60 SECONDS

Having a small business can be incredibly difficult at times. From juggling all of the day to day responsibilities to worrying about profits, it can be overwhelming. But one huge advantage of owning your own business is that you can lease a car through your business. Here’s your how-to guide on leasing a car through your business.What are the advantages of leasing a car?Leasing a car isn’t for everyone; some people prefer buying a car so that they can customize it, drive it on their terms, and ultimately have an asset at the end of their payments. But leasing has some distinct advantages that work better for some people.The monthly payments are lowerWhen you lease a car, the payments will be much lower than if you choose to buy a car and finance it. In fact, car leases are typically between 30-60% less than financing payments.You can drive the latest carA lease period is typically only a few years, so you can get the newest car when your lease period is over. If you like to have the newest cars and technology, leasing is likely a good fit for you.You generally don’t have to pay for repairsLease periods typically line up with warranties, so you generally do not have to pay for most repairs.You need less money up frontWhen you lease a car, you are not usually required to make a down payment. Additionally, any fees that may be required up front can be rolled into your monthly payments. This means you don’t need a lot of money to get a lease.No need to sell your used carWhen your lease is over, you can simply hand the keys back over to the dealership. You don’t need to deal with the hassle of selling your used car (which can be a real pain sometimes).You can write off your lease paymentsOne of the biggest advantages to leasing is that you can write off your lease payments if you are a business owner (or self employed) and use the car for business purposes. Even if you do not own your own business, you may be able to write off part of your lease as a usage credit depending on what state you live in.How to lease a car through your businessIf you are looking to lease your car through your company, you will need to find a dealer that handles commercial leases. That doesn’t mean that you will need to get a commercial style vehicle, but it means that they have different programs and financing options. Select your carDetermine what car works best for you and your business. Is a simple passenger vehicle sufficient? Do you need cargo room for heavy hauling? Determine what type of car will work best for you and your business.Determine if you should lease or buyAs a business owner you are also eligible to write off car payments, but they will be significantly more than a lease payment will be. The answer will depend on what type of business you have and what your business finances are like. If you buy a car, you have an asset at the end which can be a good thing. But the higher payments may not make it worth it. Evaluate which option is better for your situation.Bring your business’s financial documentsYou will need to prove that your business is capable of making payments on the lease. They will want to see cash flow, revenue, and debts, all of which will affect your ability to repay the lease. You want to bring anything that will help to prove that your business is financially stable and that you will not have an issue paying for your monthly lease.Be prepared to guarantee the loanIf the bank does not feel that your business is in good enough standing to warrant a lease, they may require you to guarantee the lease personally. This means that if anything should happen, you will be responsible to make payments on the lease and your personal credit is on the line. Be sure you are comfortable taking on this responsibility.Iron out the details and negotiateWhen you are approved for the lease, be sure that you are comfortable with all of the fine print. Fees, mileage limits, the lease term–be sure that everything is correct. And that’s it! Once the papers are signed, the lease is yours.How to write off a car lease for your business in 2023If you are eligible to lease your car through your business, it can save you a lot of money in taxes. But even if you lease your car through your personal finances, you can still benefit from write offs. You can determine your “business portion”–the portion of your lease that’s eligible to be written off–by determining how many miles you drove for personal use and how many miles you drove for business use. If you drove 10,000 miles on your lease, and 4,000 of those miles were for work and the rest were personal, your business portion would be 40%. When you write off these expenses, there are two ways you can do so.Use the actual expensesYour first option is to use the actual expenses to determine your write off amount. You are eligible to write off any costs that are related to driving, such as:Your lease paymentFuelInsuranceRepairsIf your total cost for the year was $12,000, you would calculate what your business portion of those costs would be (i.e. $12,000 x 40% = $4800) and that is the amount you can write off on your taxes.Use the standard mileage deductionAlternatively you can choose to write off per mile. The IRS has a set number that you can write off per mile (in 2022 it was $0.585 per mile for the first six months, then $0.625 per mile for the rest of the year). You can determine how many miles you drove that year, multiply it by the standard deduction, and then multiply that by your business portion. That’s everything you need to know about leasing a car through your business.Leasing a car can be a great option for many people, especially business owners and those who are self employed. And if you love your car by the end of the lease, you can always purchase your car with a car lease buyout loan. Auto Approve specializes in car lease buyout loans, so we can help you (and your business) stay in the driver’s seat.GET A QUOTE IN 60 SECONDS

When your lease is up, you have a number of options. And one of those is to keep your car and sell it privately. With the car market (both new and used) still in flux, this might be a very smart and lucrative venture for you. But what is it like to sell a car privately? Here’s how to decide if you should sell your car privately and what steps you should take to make the most money.What is the best thing to do at the end of a car lease?When your car lease ends you have three main options: Return your car and get a new car lease.Return your car and walk away.Buy your leased car.Every lease has a predetermined residual value. This is the amount that the car is worth at the end of the car lease, and ultimately it is the amount you will need to pay in order to buy your car. The most important thing to remember is that the residual value cannot be altered after your lease is up, so if your car has increased in value, you can still buy it for the low residual value.This is particularly important in today’s car market. An unprecedented couple of years has created a very competitive car market. All of the following factors have contributed to an increased price in new cars:Decreased production due to pandemic shutdowns, delays in raw materials, and a microchip shortage.Increased interest in purchasing a new car due to low interest rates.Record high inflation.All of these factors caused the new car market to skyrocket in prices. The average new car in summer 2022 cost $48,301 according to Kelley Blue Book. That’s an increase of 11% in just one year.An expensive new car market leads to an expensive used car market. So the lease that you are driving around in is worth more than it was anticipated to be worth in your contract. In other words, your car’s actual market value is most likely much higher than your car’s residual value. Buying your lease makes sense now in two scenarios:You love your car and want to keep it for yourself.You know you can buy your car and sell it privately for a much higher price.While it depends on your particular situation, buying your lease may make a whole lot of sense right now.Where do you get the most money selling your car?When selling a car you have three main options:A dealershipAn online dealerA private partyThere are pros and cons to each of these options. If you sell your car to a dealer, it will be convenient and easy. The payment to you will be secured, you can avoid DMV paperwork, and it can be done quickly (within one day). But by going to a dealership you will certainly have to haggle, and this may mean you will not get as much as you could for your car.Selling to an online dealer is also a quick and convenient option. By simply going to their website and filling out some information you can get an instant offer. You will also be offered a secured payment and can avoid the pesky DMV. By going to an online dealer you can avoid the negotiations that will be unavoidable at a physical dealership. But neither of these options will get you as much money as you can get by selling your car privately. It will always be more lucrative for you to sell your car yourself, but it does require a bit more time, commitment, and patience. How do I sell my car privately?Selling your car privately requires some preparation, but it’s most likely worth the time and effort.Buyout your lease.When your lease is up (or even before your lease is up) you will need to buy it out. The buyout price will be the residual value of the car plus any taxes and fees that may apply. If you do not have the cash to buy your car outright you can get a car lease buyout loan. Determine your car’s market value.As we said before, the residual value of your car will be stated in your lease contract. But that is separate from the actual market value of your car. To determine the market value of your car you will need to do some research online. Kelley Blue Book and Edmunds are great places to start. Your vehicle’s value will be based on the make and model, year, mileage, and the condition the car is in. Your car’s condition will fall into one of four categories:Excellent Condition. Your car is like-new and in excellent mechanical shape. You’ve never been in an accident and never had any rust, body work, or painting. The engine is clean and works well, you have a clean title history, and it will pass all of its safety and emissions tests. You should also have verifiable service records. Only about 5% of used cars are in excellent condition.Good Condition. Your car is in great shape for the most part. There may be minor blemishes on the interior or exterior but there are no major body or mechanical issues. Your tires should match and be in good condition with a decent amount of tread. There may be a little reconditioning required for resale, but nothing major. This is where most used cars (especially used lease cars) will fall.Fair Condition. Your car has a few mechanical or cosmetic problems, but it still runs relatively well. . It may need some work done, there may be some damage from rust, and you may need new tires.Poor Condition. Your car isn’t in good shape and is running poorly. There may be extensive rust damage or damage to the frame. If your car is in very poor condition, it may not be possible (or worth) selling. Once you determine your car’s condition you can determine your vehicle’s worth using one of the online tools available.Gather all of your paperwork. In order to sell your vehicle you will need to have all of your paperwork in order. You should have the following paperwork:Car Title. If you used a car lease buyout loan to buy your lease, you won’t actually have the title (the bank will). But have that information available. You don’t physically need to have the title to make the sale, the bank will send it to the new buyer when you send them the remaining payment.Service Records. Since your car was a lease you will most likely have accurate service records.Original Sales Paperwork. It’s good to have your original paperwork so that you know all of the options that are available with your car. This can help you bump up the price and give you some extra negotiating power.Warranty Information. If your car is still under warranty, make sure you have your warranty paperwork. Check to see if it’s transferable as well.Prepare your car.To get the best price for your car you want to get your car in its best shape. Here are some of our top tips to get your car looking and driving its best:Get the interior detailed, or at least do a thorough cleaning. Vacuum and shampoo all carpets and clean the interior surfaces.Wash and wax your car’s exterior.Check the oil and other fluids.Ensure all lights are working properly.Fix any minor issues that are quick and relatively cheap, like replacing wiper blades. Take good pictures.After your car is looking its best, take some good pictures outside. Make sure to get pictures of any special features, such as a sunroof.Cross advertise for best results.It’s a good idea to advertise in a few different places to maximize the amount of exposure–and offers–you will get. Tell friends and family, advertise on Facebook, and look for local publications to get the word out. Show your car–safely.When people start to contact you to see your car, have a plan as to where you will meet them and how you will allow for a test drive. It is recommended to meet in a public space and bring a friend along for added safety. Sign the papers.When your buyer is ready to seal the deal, get payment as soon as possible (a cashier’s check is recommended). Be ready to sign the paperwork over to them. Check your state laws to determine what specifically you need to do to complete the sale.Selling your car privately requires a little more work, but it can be worth it in today’s car market to sell your leased car.If your lease is ending, it may be worth it to buy it and sell it privately for a profit. A car lease buyout loan is the perfect way to do this if buying in cash isn’t an option. Contact Auto Approve today to learn more about car lease buyout loans! GET A QUOTE IN 60 SECONDS

After you refinance your car, you’re done, right? Well, sort of. While refinancing your car loan is super easy, you want to make sure all of your i’s are dotted and all of your t’s are crossed. So let’s talk about refinancing and what you need to do after your car loan is refinancedHere’s what to do after you refinance your auto loan (and why you should refinance your car in the first place).What steps should you take after refinancing your car loan?After your car loan is refinanced, be sure to take the following steps.Step One: Keep Paying Your Original LoanYou want to keep making payments on your original loan until you are sure that your new lender has paid off your old loan. If you overpay on your old loan, they will refund you the difference (just be sure to keep track of what payments you have made). It’s always better to overpay rather than underpay, so continue until it is clear that all of the paperwork is completed.Step Two: Make Your Final PaymentDepending on who you refinance with, you may need to make the final payment to your old lender. Your new lender might handle this directly, just be sure that the original loan gets paid off in full.Step Three: Start Paying Your New LoanThe next step is to start making payments on your new loan. Setting up for autopay can help ensure that you make on time payments. Step Four: Check Your Credit ScoreWhen all is said and done, it’s a good idea to check on your credit score. Refinancing your car loan will cause a dip in your credit score, but it should only last a few months. But keeping an eye on your score is always a good idea.Why do people refinance auto loans?There are a few reasons why people may choose to refinance their car loans. But the main reason people refinance is to save money. Refinancing can get you a lower car loan APRWhen you refinance your car loan, you get to start fresh with a new car loan. That means a new car loan APR. There are a few reasons why you may qualify for a lower car loan APR:Their credit score has improvedThe market rates have improvedTheir debt to income ratio has improvedIf any of these apply to you, there is a good chance you may be able to secure a lower car loan APR, which can save you hundreds (if not thousands) of dollars.Refinancing allows you to change your repayment planIf you are looking to change your repayment plan, refinancing your car loan is the perfect way to do so. Lengthening your repayment term will reduce your monthly payments significantly (although you will end up paying more over the life of the loan since you will be paying interest for a longer time). Shortening your repayment term will increase your monthly payments but it will save you a lot of money in the long term. Depending on your situation, shortening or lengthening your repayment period might be a good idea.Refinancing allows you to add or remove a cosigner There are a number of reasons why you may have a cosigner on your loan. Maybe you bought a shared car with a loved one, or maybe you just needed their good credit score to give you an edge. But you are not able to simply remove a cosigner from an existing loan if your circumstances change. You see, lenders take a lot of factors into account when determining the best car loan APR to offer. And if there are two people cosigning they will look at both of their credit scores and financial histories. If part of that changes, the likelihood of repayment changes (in the eyes of the lender, anyway). Therefore refinancing is the only option to change this situation.On the other hand you may wish to add a cosigner to your loan. If a loved one has a better credit score than you they may be able to help you secure a better car loan APR. Or if you want to help a loved one build credit, adding them as a cosigner is a great way to do that. But whatever the reason is, refinancing is the best way to add or remove a cosigner.When can you refinance a car loan?You can refinance a car loan at any time. And you can refinance more than one time. But there are times when it makes more sense than others. Here are our top tips for when to refinance your car loan.Wait six months to a yearExperts recommend waiting six months to a year before refinancing a car loan. This will give your credit score some time to rebound before you start looking for a new car loan. It will also give you time to make full, consistent, on time payments on your existing loan, which will also help ensure you get the best rates possible. Wait until you will be offered a better APRIf you know that your credit score has not improved or that market rates have not improved, you may not be able to refinance effectively. While you can still refinance to change your repayment period or to add/remove a cosigner, it’s best to take the time to ensure you will get the best rates and terms possible. So before you refinance, take the following steps:Request a copy of your credit report and review for errorsMake it a priority to make consistent, full, on time payments to all of your lendersEnroll in autopay to ensure you don’t miss paymentsRequest higher credit limits to improve your credit utilization ratioDon’t wait until the end of your loanRefinancing will save you less and less money as time goes on. The closer you are to the end of your loan term, the less benefits you will see from refinancing. Refinancing when there are at least two years left on your loan will help maximize your savings.Those are the steps to take after you refinance your loan.Refinancing has a lot of benefits, so it’s worth pursuing if you suspect you might be overpaying. When all is said and done you can save a lot of money, but it’s important to follow up to be sure that your original loan gets paid off and that your credit score stays in good shape.Refinancing your car loan is especially easy when you use a company that specializes in car loan refinance, like Auto Approve. Contact us today to get started!GET A QUOTE IN 60 SECONDS

Fall is one of the best times to enjoy a getaway on your bike. The crisp fall air is a welcomed change from the heat of summer and the leaves are changing color to create the perfect scenic backdrop. No matter where you live in the contiguous United States there is a beautiful fall motorcycle adventure awaiting your tires. So take one (or a few) weekend rides before parking your bike for the winter and check out these top road trips for leaf peeping!Here are our favorite fall motorcycle road trips to see the fall foliage (no matter where you live!)NortheastIt’s hard to beat the northeast in the fall. After all, who doesn’t imagine rolling Vermont hills speckled with orange and yellow leaves when they think of fall? And a motorcycle trip to the Northeast is the perfect way to truly enjoy all that autumn has to offer. Moosehead Lake, MEMoosehead Lake is Maine’s largest lake, and the second largest lake in all of New England. Located in the northwestern part of the state, it offers beautiful views year round, but in the fall it is pretty unbeatable. Ride up to the Attean Overlook to see all of Moose River Valley and stop at one of the lakeside towns such as Greenville or Rockwood to grab a bite to eat or stay the night. Coastal Route 1, METake a ride up Coastal Route 1 on the other side of the state to see the Atlantic coast in fall. From the Canadian border at Calais you can drive down to see all of the lighthouses and seascapes while the leaves change colors. There are tons of quiet villages to visit, but you will never be bored driving down the coastline and seeing all that the coast has to offer.US Route 7, VTVermont is at its best in the fall, and a perfect way to see it all is to take a drive up US Route 7. It weaves from Green Mountain State Forest up to Burlington and is full of gorgeous views, small towns, and roadside attractions. And with so many parks and covered bridges along the way, you are sure to take in some gorgeous fall scenes.Route 666, PAPennsylvania has some beautiful regions, and fall is the perfect time to enjoy the scenery. Route 666 (also referred to as Route 666-One Hell of a Ride!) is in the northwest part of the state in the Allegheny Mountains. Full of twists and turns, it’s a fun ride as well as a scenic one, full of natural rock formations, babbling brooks, and beautiful views. While the route is only about 30 miles, there are tons of other routes and towns nearby that you can enjoy, so it’s well worth the trip. SoutheastThe Fall in the southeast might be a little warmer than up north, but it is just as full of beautiful scenic rides. There are countless mountains and national forests in the south that can be enjoyed year round but are especially beautiful in the fall months.Blue Ridge Parkway, NC & VAThe Blue Ridge Parkway is lovingly referred to as “America’s Favorite Drive”, and with good reason. This 469 mile road runs from The Great Smoky Mountains in North Carolina to Shenandoah National Park in Virginia. In the nearly 500 miles of this stretch you can see the highest mountain peak in the eastern United States (Mount Mitchell), the deepest gorge east of the Grand Canyon (Linville Gorge), and the highest waterfall east of the Rockies (Whitewater Falls). And there is no better time to visit than in the fall when the leaves are changing.Tail of the Dragon (Deal’s Gap),TN & NCDeals Gap runs along the Great Smoky Mountains on the North Carolina and Tennessee border. Also known as The Tail of the Dragon, the road is 11 miles of twists and turns that take you through a scenic wonderland of fall foliage. With over 318 curves and turns with names such as Copperhead Corner and Brake or Bust Bend, it is perfect for any thrill-seeking motorcycle enthusiast. Blue Ridge Mountains, GAGeorgia has some stunning fall drives, but the Blue Ridge Mountains are definitely at the top of the list. From the Russell Brasstown Scenic Byway in northern Georgia you can ride through the Blue Ridge Mountains and along the Chattahoochee River. There are a number of great small towns on the way, including Helen and Clayton, that you can stop at on your way to Brasstown Bald. Brasstown Bald is the highest point in Georgia, offering stunning views of the state.MidwestThe midwest transforms itself in the fall as the temperatures start to drop. From the tip of Michigan down to the scenic byways of Kansas, it’s hard to go wrong with a midwest tour of fall.Tunnel of Trees, MIMichigan in the fall is simply beautiful, especially if you start out near Lake Michigan. One of the best features of this area is the Tunnel of Trees, part of the M-119. This 20 mile stretch runs on a bluff overlooking Lake Michigan, and has some sharp twists and turns that make it a fun ride as well as a scenic one. Continue on Lake Michigan’s northeastern shores to visit some small fishing towns, lighthouses, and beautiful coves.Shawnee Forest Country, ILLeaf peepers from everywhere flock to Route 127 between Murphysboro and Jonesboro during the fall months. Located along the Shawnee National Forest, it is a beautiful motorcycle ride with rolling hills and lots of beautiful trees and scenes. Surrounded by dense forests, it is the perfect place to see the leaves change colors. You can round out your trip with apple picking, or by heading to one of the local wineries or breweries. Kettle Moraine Scenic Drive, WIKettle Moraine is a beautifully unique region in Wisconsin that really shines in the fall. The area is highly glaciated, meaning it was formed by glaciers millions of years ago (it’s even part of the Ice Age National Scenic Trail). Because of this, it has a hilly terrain and lots of glacial landforms, making it a distinctive and fun ride for any motorcycle rider. The incredible fall foliage only makes it that much better.WestNo matter where you are on the west coast, it’s pretty beautiful in the fall months. You are guaranteed to find a beautiful leaf peeping drive in any of the western states. Columbia River Gorge, ORThe Columbia River Gorge begins in Portland and runs to the Columbia River, separating Oregon and Washington. It has been shaped by geological events over the course of time, and while the river is at sea level, cliff sides run as high as 4000 feet on each side. With countless twists and turns, the Historic Columbia River Highway is perfect for any motorcycle lover. Waterfalls, fall colors, and gorgeous cliffsides make this a perfect fall riding destination.Crested Butte, COCrested Butte has the largest aspen grove in the United States, making it a beautiful fall road trip destination. Located in the Rocky Mountains of Colorado, Crested Butte is famous for its stunning alpine lakes and wildflower meadows. A motorcycle trip on The West Elk Loop Scenic and Historic Byway is the perfect way to celebrate fall, with a stop in town to stroll Elk Avenue and see this historic Colorado mining town.Eastern Sierras, CAThe Eastern Sierras have so much to offer in the autumn months. This region contains parts of Yosemite National Park and Death Valley National Park making it an amazing destination year round. Take your motorcycle on a ride from Lundy Lake to Mono Lake to see the best that this area has to offer, from waterfalls and alpine lakes to beautiful displays of willows, aspens, and cottonwoods.Those are our favorite leaf peeping motorcycle trips to take in the fall.The fall is one of the best times to enjoy your motorcycle. There are so many routes to take, just be sure to check the local guides to see the best time to see everything in all of its glory. While early October may be best for certain regions, late November may be better for other regions.Fall is also a great time to check in on your finances and make sure you aren’t overpaying on your motorcycle payments. If any of the following apply to you, you might be eligible for a lower monthly motorcycle payment:Your credit score has improved since your initial financingThe market rates have decreased since your initial financingYour debt to income ratio has decreased since your initial financingIf you are overpaying on your motorcycle payments, Auto Approve is here to help. We have relationships with lenders across the country and can secure you the best refinancing rates possible. Spend more time enjoying the fall scenery and less time worrying about payments.GET A QUOTE IN 60 SECONDS

Riding a motorcycle is tons of fun, but paying to fix it? Not so much. Enter motorcycle protection plans, which can help you pay for costly repairs and give you some peace of mind. While some people swear by protection plans, others avoid them like the plague. So how do you know if it’s worth it to get a motorcycle protection plan? Here’s everything you need to know about motorcycle protection plans and how you can decide if getting one is worth it.What is a motorcycle protection plan?When you purchase a new motorcycle it will most likely come with a manufacturer’s warranty. These warranties are guarantees from the company that if something should go wrong with their product they will pay for a repair or replacement. Companies will typically cover mechanical and electrical components that are faulty through no fault of your own. These components can include:EngineGearboxElectrical systemShaft Drive UnitWarranties cover most failures that aren’t a result of wear and tear. They will not cover things that naturally wear and need to be replaced, such as brake pads. Motorcycle warranty coverage will vary drastically from policy to policy, so it’s important to read the fine print and know exactly what is covered.Motorcycle protection plans are different from motorcycle warranties. Protection plans are purchased separately and can work as coverage on top of your warranty or can take over when your manufacturer’s warranty expires. Just like manufacturer warranties, motorcycle protection plans vary a great deal in what they cover.While car warranties typically last 3 years or 36,000 miles, motorcycle warranties are often much shorter in duration, usually only lasting one year. This is one reason a motorcycle protection plan is a good idea–it can give you protection for much longer. What are the pros of getting a motorcycle protection plan?While a motorcycle protection plan may not be worth it for everyone, it can be worth it for some people. A motorcycle protection plan might be worth it if any of the following apply to you.You aren’t comfortable working on your own bike.Older motorcycles are pretty straightforward to fix. Working on your motorcycle used to be part of the culture of owning a bike, but that has shifted a bit in the past few years. Nowadays bikes are much more sophisticated and high tech, so when something goes wrong they can be much more complicated to repair. Even diagnosing a problem can mean a trip to the bike shop. But if you have a repair plan, you can get a diagnosis and repair at no cost to you.You plan to put a lot of miles on your bike.The more you ride, the more likely it is that your bike will need some serious repairs down the road. So if you take long rides on your bike and rack up the miles, a plan might be worth it. If your bike is used and already has a lot of miles on it, a protection plan is also a good idea.It can save you money.If you cannot work on your motorcycle yourself for one reason or another, you will need to take your bike in every time you have an issue. This can add up to a lot of money after a few repairs. Most shops charge $75-$100 per hour of labor, depending on where you live and what type of bike you have. This rate can quickly increase to $125-$150 per hour if you have a more rare or expensive bike. Extended warranties will cover these repairs for you, saving you money and hassle.You have a bike that is high maintenance and tends to have issues.The more high performance a bike is, the more you can expect to pay on repairs. Specialty labor tends to be more expensive as well as the specialty parts they require. An extended warranty can help you prepare for these costly repairs.You don’t have a lot saved up for emergencies.An emergency fund is a necessary part of any budget.  After all, emergencies are unexpected and leave you little time for creative problem solving, so we highly recommend that everyone prioritize getting a solid emergency fund up and running.But if your fund was recently sucked dry, a major repair on your bike could really set you back financially and cause a big problem for you. Instead, you can add on a small monthly payment that can cover the unexpected and give you a lot more peace of mind.There are other perks.Depending on the details of your motorcycle protection plan, there may be other perks. For example, when you get a motorcycle protection plan through Auto Approve as part of a motorcycle refinance, the following perks are available to you:Courtesy towing. Towing costs are an added expense that no one wants to pay. But Auto Approve will cover this under your protection plan.24/7 roadside assistance. If you break down, help is just one phone call away. Rental car reimbursement. If your bike is your main ride, a breakdown can really cramp your style. You can easily get stuck with hundreds of dollars in rental car costs. But with Auto Approve these costs are reimbursed to you up to $50 per day.In addition to those perks, a protection plan with Auto Approve will cover repairs with any ASE-certified mechanic. This way you know that the repairs are done the right way. Auto Approve also allows you to build your protection plan into your financing so everything is in one low payment. This makes it convenient as well as affordable.What are the cons of getting a motorcycle protection plan?While a protection plan will absolutely make sense for a lot of riders out there, it will not make sense for everyone. Here are some of the cons of motorcycle protection plans.There’s a chance you won’t get your money’s worth.With any extended warranty you run the risk of not getting your money’s worth. While you don’t want something to go wrong with your bike, you certainly want to feel like any money you are paying towards your protection plan is saving you from more costly repairs. This is a valid concern, but in general it’s better to be prepared for the unexpected rather than get blindsided with a costly repair bill.It can be a commitment.Most protection plans will ask you to commit for a few years. And while some protection plans are transferable, not all of them are. If you are unsure if you will be keeping your bike (or just don’t like the obligation of a contract) a motorcycle protection plan might not be right for you.Is it worth it to get a motorcycle protection plan?The value of a motorcycle protection plan will vary a lot from person to person. Maybe it sounds like a great idea to you, or maybe it seems like a waste of money. But in general if you answer yes to any of the following questions, a motorcycle protection plan might be a great idea for you.Does your motorcycle have a reputation of needing significant repairs?Do you not have the time or inclination to work on your motorcycle yourself?Have you voided the warranty by making changes to your bike?Is your bike used? Does it have high mileage?Do you plan to keep your bike beyond the factory warranty expiration?Do you put more than 8,000 miles per year on your bike?If you have a motorcycle, you probably know how much time and money they can cost. A motorcycle protection plan is an easy way to prepare for the unexpected and give you a little more peace of mind.The good news is that motorcycle protection plans aren’t that expensive. And if you bundle it with your motorcycle payments, they are even more affordable. Let’s face it: you are probably overpaying on your motorcycle payments every month. But if you refinance your motorcycle with Auto Approve, we can save you hundreds (if not thousands!) of dollars per year. Add a motorcycle protection plan to that and you will have lower monthly payments, added protection, and peace of mind.That’s everything you should know about motorcycle protection plans.Getting a motorcycle protection plan can help you save money on costly repairs and get ahead of any emergencies. And when you refinance your motorcycle loan with Auto Approve, you can bundle your protection plan with your loan so you will have just one low monthly payment. But you don’t need to take our word for it. With a 96% would recommend rating on LendingTree and a 4.7 out of 5 review on TrustPilot, you know our customers are happy with their results. Customers report saving hundreds–even thousands–of dollars by refinancing their loans with Auto Approve. So don’t wait! Get your free quote today and start saving money!GET A QUOTE IN 60 SECONDS

The automotive industry is ever-changing and is constantly evolving to keep up with the world around us. Advancements in connectivity, autonomous driving, and fuel storage all are shaping the way we think about transportation. So what exactly are the top automotive trends?Let’s take a look at the latest trends in the automotive industry.Advanced Driver Assistance SystemsAs technology becomes more and more advanced, it can be used to help keep drivers safe on the road. Advanced Driver Assistance Systems (ADAS) are systems that can help drivers detect accidents and assist in driving and parking functions. There are a lot of different ADAS systems, including:Lane keep assistAutomatic lightingBlind spot detectionAdaptive cruise controlLane departure warningsReverse brake assistForward collision avoidanceCross traffic alertsThese systems rely on innovative technology including the use of software, ultrasound sensors, lidar, and radar. As these systems become more and more advanced, they will be used in autonomous, self driving vehicles. But for now they are being used in many new car models and are becoming increasingly standard in base models. About one third of the cars sold in the US, China, Japan, and Europe have ADAS features.Self Driving CarsClosely connected to the concept of ADAS features is the increased push for self driving cars. ADAS features are divided into six categories to describe the level of autonomy of the car. The categories are as follows:Level 0, No Driving Automation. The car can provide information to the driver but cannot control the car. This may include features like parking assist, lane departure warnings, and rear-cross traffic alerts.Level 1, Driving Assistance. The car can take control over one functionality. This may include adaptive cruise control or emergency brake assist.Level 2, Partial Driving Automation. The car can take over multiple functionalities. This may include highway assist and autonomous parking.Level 3, Conditional Driving Automation. The car can make informed decisions but the driver is still required to be alert and present to manually take over.Level 4, High Driving Automation. The car can make informed decisions and intervene should something go wrong. A driver can choose to manually override. Level 5, Full Driving Automation. The car will fully drive itself without the need of a driver. These cars will not have steering wheels or gas pedals, they will chauffeur people around independently.Level 5 automation is the goal of many car makers, but most cars are still around level 2 or 3. Certain car manufacturers including Volvo are working on level 4 automation, although local legislation will dictate how these cars can operate in their jurisdictions.The future of cars is self driving and autonomous, and these advances are being made today.Improved ConnectivityAs our wireless infrastructure improves there is a push in the automotive community to have more connected cars. There are seemingly endless possibilities to what improved connectivity means for the future of cars. Not only are cars being connected to other devices within the car, such as the driver’s phone and smartwatch, but they are connected to the internet at large. Currently, improved connectivity is being used in the following ways:Send vehicle health reportsGet real time directionsWarn of issues with the carIntervene to prevent a breakdownThis type of technology is quickly developing and improvements in connectivity are a major trend in 2022 automotive technology.Human Machine InterfaceHuman Machine Interfaces, or HMIs, provide an interactive experience for drivers and passengers. While we use HMIs everyday (your touchscreen and keyboard are just two examples), HMIs are constantly evolving in the automotive world. From dashboard touchscreen displays to voice recognition to augmented reality, carmakers are pushing boundaries on what HMIs can be used for and how they can make the driving experience better.Increased Usage of Electric Fuel CellsFuel cell electric vehicles (FCEVs) are quickly becoming the most popular trend for electric vehicles. Fuel cells generate energy through electrochemical combustion as opposed to combustion. Hydrogen and oxygen are combined to generate electricity. Fuel cells have been proven to be more efficient than internal combustion engines and produce only water as a byproduct. This makes them more environmentally friendly and less prone to breaking down. Additionally, they have more instantaneous torque and provide smoother, more consistent power.Many countries are pushing this new wave of electric vehicles, including the United States, Japan, China, Germany, and South Korea. This is because electric vehicles release 54% fewer CO2 emissions than traditional gas cars (even the newest vehicles). In the United States today there are over 1.2 million electric vehicles, and this number is expected to grow to nearly 20 million by the year 2030.Car Subscription ServicesThere are currently five automakers that are rolling out subscription features for their cars– Audi, BMW, Cadillac, Porsche, and Tesla. These subscription services require owners to pay to use or unlock certain features of the car. Owners will have a monthly or yearly fee to use features such as voice recognition and driving assistance.While subscription models are nothing new–after all, don’t we all have Netflix?–subscription models for cars open a whole can of questions and concerns.Automakers want you to be paying customers for life. By switching to a subscription model, they will ensure that you will be a paying customer even after your car is paid off. On the plus side, this model can incentivize automakers to stay up to date on software updates and help owners keep their current cars for longer.But this also raises concerns over safety and fair treatment of consumers. Consumer advocates worry that a charge for safety features will price owners out of safety features, making the cars less safe overall. Because of this, there is a push to ensure that all subscription features are convenience features, and that certain features become base level across the board. These base level features would ideally include automatic emergency braking, forward collision warning, and blind spot warning.But until legislature is put in place to restrict or standardize the subscription model, we can expect subscription models to become more and more commonplace.Those are the latest trends in the automotive industry.The automotive industry is quickly changing and evolving to keep up with technology. And while it’s amazing to see how much is changing, one thing is constant: people will always need to save money on their car loans.If you are overpaying on your monthly car payment (and you probably are) then get in touch with Auto Approve today! Refinancing your car loan with Auto Approve can save you hundreds of dollars a month–so don’t wait, get started today!GET A QUOTE IN 60 SECONDS

Memorial Day is just around the corner, and we all know what that means: summer is almost here! Which also means that summer vacation is on everyone’s minds. But with the cost of everything creeping higher and higher thanks to recent inflation, the cost of summer vacation is also on everyone’s minds. So today we are talking about how you can free up some of your hard earned money and use it to relax.Here are our top seven tips to free up some money for your summer vacation.Tip #1: Create A Vacation Savings Account and Firm Vacation BudgetPlanning for your summer activities is the key to success. Creating a separate account that is just for your vacation spending can help ensure you have enough funds for whatever your vacation plans are. First, decide on the basics of your vacation: the what, the where, and the when. Then do your research. Set aside a few hours a week to do research and make sure you have a good sense of the costs of your desired vacation. And always add a few hundred dollars as a buffer. Remember: emergencies happen on vacations as well.Now that you know how much your vacation will cost, you can create your savings goal.Modify your existing budget to include your vacation savings account. (You have an existing budget, right? If not, be sure to create one using our tips here). Make sure your vacation savings are separate from your rainy day fund – you never want to sacrifice your emergency fund for some fun in the sun. Based on the time you have until your vacation, you can determine how much money to set aside every week to ensure you have enough saved by the time your vacation rolls around.Be sure to budget for the following for any vacations:Round trip travel expensesLodgingLocal transportationMealsActivities Souvenirs/ extra spending moneyCreating a budget for your vacation is key to making sure you have the necessary funds to enjoy your vacation without sacrificing your financial wellbeing.Tip #2: Edit Your SpendingGo through your personal budget carefully and see what you can edit out. Are there subscription services you don’t use? Cancel them. Do you buy brand names at the grocery store? Try switching to generic. Do you use coupons? Go online to find deals on your favorite products.Here are a few other tips to cut your spending:Use store rewards cards for extra savingsCook at home more oftenCombine trips out when possible to avoid extra mileage (and extra gas)Find a cheaper cell phone planShop second handReduce your utility use (such as electricity and water)Ditch your cable plan or satellite dishThese are all small changes that can result in big savings. Get creative when looking at your budget and look for other ways to cut costs and in turn save for your summer vacation.Tip #3: Set Up An Automatic Transfer To Your SavingsOnce you have your vacation savings account set up, you know how much money you need to save. Adjust your direct deposit to allocate some of your paycheck to your vacation fund. Even if it’s just a small amount of your paycheck, it can add up over the weeks and months.Tip #4: Refinance Your Car LoanRefinancing your car loan is a great way to free up some money for your summer vacation. You can save money by:Refinancing to a lower car loan APR. If our credit score has improved since your initial car loan, there’s a good chance you may qualify for a lower car loan APR. You may also qualify for a better APR if the market rates are lower than they were when you initially got your car loan (and since we are still seeing historic lows for car loan rates, the market rates are most likely lower).Shortening your repayment period. By shortening your repayment period, you will pay less interest overall in the life of your loan. Your monthly payments will increase, but you will be saving money overall.Lengthening your repayment period. By lengthening your repayment period, you will decrease your monthly payments. You will end up paying more money over the life of your loan, but you will save money in the short term, money that you can put towards your summer vacation fund.If refinancing your car sounds like a good option for you, the experts at Auto Approve can help you get started! We have relationships with lenders across the country and can secure you the best car refinance deals possible. Tip #5: Count Your PenniesLiterally! Saving all of your change may seem old fashioned, but saving up your change can result in some real money. Whether it’s your childhood piggybank or a jar on your dresser, have a spot where you can keep all of your loose change and exchange it at your bank before your vacation.Tip #6: Book Ahead Of TimeIf your vacation involves airfare and hotels, be sure to look for reservations well ahead of time. The earlier you book your flights and hotel, the better deals you will secure (and the more options you will have!) To get the best deals on flights, you can set up an alert on Google Flights to tell you when the airfares are the cheapest. Flying on a Tuesday, Wednesday, or Saturday will usually get you the best rates, so try to be flexible with your travel dates to secure the best deals. To get the best deals on hotels, you can use lodging search engines like Hotels.com or Kayak.com to get the lowest rates.Tip #7: Reserve “Unexpected” Money For Your VacationWhile tax refunds and job bonuses aren’t exactly “unexpected”, they are pools of income that most people do not typically have allocated for certain things. Use these funds to pay for the vacation you’ve always wanted. Those are our top tips for saving money and having your best summer to date.Summer is just around the corner which means it's crunch time when it comes to financing our big plans. We hope these tips can help you loosen up some space in your budget so you can fully enjoy the sun and fun the summer brings!Refinancing your car loan is a great way to save hundreds (if not thousands!) of dollars per year, so be sure to contact Auto Approve today to start saving. Just think of the amazing vacation you could pay for simply by refinancing your car! So don’t wait – get your free quote today!GET A QUOTE IN 60 SECONDS

Inflation has been a hot topic of conversation lately, and for good reason. Inflation is the highest it’s been in nearly four decades, and it’s affecting every part of our day to day lives.Today’s inflation is exacerbating many people’s money issues, causing more and more strain on many household budgets and leaving many on the hunt for ways to save money. But what exactly is inflation, and why is it rearing its ugly head now?Today we are talking all about inflation – what it is, what causes it, and how you can protect your money.What is Inflation?Inflation is the increase in the price of goods over a period of time. It is natural and can be a good thing – to a certain extent. Economists believe that a little inflation signifies a healthy economy with healthy supply and demand. If consumers believe prices will rise slightly, they are more apt to spend their money at present. There is no cut and dry rule for what constitutes healthy inflation, but economists and policymakers generally accept that 2% inflation is acceptable.When inflation gets out of hand and starts exceeding the 2% mark, that’s when the economy takes more of a hit. Our current inflation rate is around 8%, quadruple what it should be. So what caused this drastic change?What Causes Inflation?Inflation has many causes, some of which are more complex than others. In general, these causes can be broken down into two categories: demand pull inflation and cost push inflation.Demand Pull InflationDemand pull inflation is when the demand for items is greater than the supply of those items. When demand gets ahead of supply, prices increase as upward pressure is applied. Here are a few causes of demand pull inflation:Marketing and New Technology. When a new product or new tech comes out, the demand usually outweighs the supply, resulting in demand pull inflation.Growing Economy. When the economy is growing and expanding, unemployment tends to drop and people have more money in their pockets. This results in increased demand for items, and therefore an increase in prices.Government Regulations. Certain government regulations, such as tax subsidies, can cause demand to rise. If that demand is higher than the supply levels, demand pull inflation can occur.Expanded Money Supply. If the Fed prints money at a higher rate than the economy is growing, then more money is in circulation. Since there is more money in circulation for the same amount of goods and services, demand pull inflation occurs.Cost Push InflationCost push inflation occurs when the cost of materials and wages increases. These costs are then passed on to the consumer, resulting in inflation. Here are a few causes of cost push inflation:Supply chain issues. When materials are scarce, the cost of the materials will increase due to supply and demand. This is one of the main contributors of our current hyper-inflation. Rising wages. When wages increase, either as a result of government regulation or as a result of competition for workers, it results in a higher cost of production. It is important to note that this is a debated area in the world of economics. Many economists believe that higher wages across the nation will cause an increase in demand that can offset inflation.Government regulations. Certain government regulations, such as building regulations and tariffs, can cause the cost of production to rise, costs that are then passed on to consumers causing cost push inflation.Change in exchange rate. If the value of the U.S. dollar loses value in relation to foreign currency, imported goods become more expensive to buy. Since most products in the United States are imported, this causes cost push inflation.Our current drastic inflation is a result of both demand pull inflation and cost push inflation. Is Inflation Good or Bad?While it a little inflation, as mentioned above, can be ok, there are definitely some downsides. Let's look at the possible consequences of inflation.When inflation occurs, it causes a decline in purchasing power. This leads to a cycle where: Consumers spend less money → Businesses cut back on investing and hiring → Higher unemployment rates and reduced spending The bottom line is that when inflation occurs, it can be hard to get out from under. But what does this mean for you? Inflation has three major effects on consumers in their everyday lives:Products are more expensive. Prices rise due to increased wages, supply chain issues, and lowered exchange rates. Money does not stretch like it used to, putting more of a strain on everyone’s budgets.Loan interest rates increase. Interest rates increase in part because of the Fed’s response to inflation. To cool down the economy and curb inflation, the Fed decided to increase the fed funds rate earlier this year. This rate serves as a benchmark for interest rates nationwide. This makes it harder and more expensive for people to buy houses, cars, and get personal loans. Returns on savings decrease. Savings account interest rates hovers just above 0%, so any interest that you might accrue is quickly outpaced by inflation. In short, every dollar matters more than ever in times of inflation. What Should You Do When Inflation is High?Budgets are tighter and uncertainty runs rampant in times of inflation. But there are some steps you can take to protect yourself from the effects of inflation and make it through these financially difficult times.Make a Budget (and Stick to It)While it’s not the most exciting task in the world, making a budget is more important now than ever. A little planning can go a long way in keeping your spending (and saving) on track. Simply follow our easy guide to budgeting to create a realistic blueprint for your finances.Determine your income.Determine your expenses.Budget for your needs.Budget for your savings and rainy day fund.Budget for your wants.Review your budget on a monthly basis to maintain.For a more in depth guide on budgeting, you can check out our blog post here. Be sure to include a rainy day fund in your budget; experts recommend having six months worth of expenses tucked away. Rainy day funds are important, even when budgets are tight (in fact, they are even more important when money is tight because you are less likely to be able to handle a financial emergency).Pay Off Your DebtsNow is a great time to focus on paying off any variable debt that you have, such as credit card debts and personal loans. Since these rates can change based on other benchmarks, it’s a good idea to pay them off so that you are not subjected to increased rates. Include this as an item in your budget to ensure you prioritize it.Look into RefinancingHigher inflation rates tend to lead to higher interest rates. Car loans are not directly affected by the fed funds rate, and the competitive nature of the car loan industry makes the interest rates more stable than rates in other industries. But chances are the rates will increase over the next few years, as we are still experiencing incredibly low rates for refinancing.  Refinancing your car to a lower APR can save you a lot of money in the long run and help you stretch the money in your budget. How do you know if it’s worth it to refinance your car loan? Easy! If any of the following apply to you, it’s worth considering vehicle refinance.If you have a higher credit score than you did when you originally got your car loan.If the trending market rates are lower than they were when you originally got your car loan.If you want to stretch out your loan payments over a longer period of time.If you want to add or remove a cosigner from your car loan.Vehicle refinance can free up hundreds of dollars in your monthly budget. And in the era of hyper inflation, that can make a huge difference in your day to day life. If vehicle refinance sounds like a good idea to you, contact Auto Approve to get a free quote today!Consider Investing in BondsBonds are a great investment to make in an inflated market because they are guaranteed to keep pace with inflation. Since they are fixed rate investments, they are adjusted for inflation, making them a safe investment in uncertain times. Consider an I-bond, which can be cashed out after a year, or a Treasury Inflation-Protected Securities bond (TIPS), which can be cashed out after two years.And that’s everything you need to know about inflation.We hope these tips will help you navigate the waters of our inflated economy. Understanding how inflation works is important because it can help you protect your money and your investments. Inflation changes how we think about our money, making it a time to hold off on riskier investments and instead prioritize budgeting, saving, and cautious investing.Refinancing your car loan is a great way to save some of your hard earned cash. If rates have dropped since you initially took out your car loan (and they probably have), now is a great time to consider refinancing. Get in touch with one of our refinance experts at Auto Approve today to start saving today!GET A QUOTE IN 60 SECONDS