SayLending.com

Refinancing Your Auto Loan

Check the current interest rate on your existing auto loan(s). You might might be able to reduce your monthly payments by refinancing your auto loan at lower interest rates:

compare numbers using our auto loan calculator

CapitalOne offers some of the best auto refinancing programs around

Another option is to payoff your existing auto loan balances with a home equity loan.

Home equity rates are as low or lower than many auto refinancing rates. Plus, you can extend the repayment term to significantly lower your monthly payment if needed.

Also note that home equity interest rate charges qualify for tax deductibility — another way to reduce your monthly costs if you qualify. See your tax advisor for information.

• Compare numbers using your home equity.
  
• View home equity rates
  
• View home equity options for auto refinancing

use the Bank Equity program to manage money and reduce costs

Getting out of your lease

you may need to get out of lease to save on costs.
There are options:

1. Swapalease
2. Buy another consumer's auto lease

Direct insurance programs pass the savings onto you

Insurance rates are determined by a number of factors including your driving record, members of your family, the car you drive, your marital status, where you live, age, gender, and in some cases, your credit history.

Driving safely can help reduce insurance costs. The more driving tickets, the higher your premiums.

The best way to lower your insurance premiums is to compare and shop around (especially if one of your life factors change like getting married).

There are other ways to reduce your premiums:
click here for a review

Compare and Shop Insurance:

The insurance premium has two components. One part goes to the insurance underwriter (85-90%); the other part goes to the insurance agent that sold you the policy (10-15%).

So cut out the middle man and buy your auto insurance directly from the insurance company. You could possibly save anywhere from 10-15% or more on your insurance premiums.

Three of the most noted direct insurance companies with high financial ratings from A.M. Best:

Amica Insurance
Geico Insurance
Progressive Insurance

Another way to reduce costs is to bundle your insurance policies with one company.

Example, if you have your home insurance with Company A and your auto insurance with Company B, compare the cost between the two companies if you bundled your insurance policies with one company.

Compare these costs with other insurance providers.

View company financial ratings: ambest.com

Make online comparisons with multiple providers to estimate best cost:

1. www.insurancetracker.com
   
   Receive a quick, FREE online quote by completing a simple 1-page inquiry form.
   
   
2. www.netquote.com
3. https://secure1.insweb.com

Fuel economy tips from fueleconomy.com:

1. driving more efficiently
   
2. keeping your car in shape
   
3. planning and combining trips
   
   can save $100s each year.
   

Check the octane requirements for your vehicle.

Less than 10% of vehicles require higher octane fuel, which can average about $0.20 cents more per gallon.

More information about high octane use

Shop around for the less expensive gas:

Search and compare gasoline prices

or use GasBuddy to search best gas prices by city

Membership warehouses often offer reduced gasoline prices for its members. Check for a club membership in your area:

SamsClub
Costco
BJs

Buy a more fuel economy car:

Search and compare fuel consumption by model
Search for cars that don't need gasoline

Search for hybrid-energy vehicles

Consider using gasoline rebate credit card for all gas purchases:

You can earn up to 3-5% rebates on gasoline purchases. Redeem rebates for future gasoline purchases.

View our rebate credit card list

Other gas-saving tips:

Shop non-brand name gas stations:
many non-brand stations use the same gasoline as brand names.

Use the right grade of gasoline:
most vehicles need only regular grade gasoline (read your owner's manual for the right grade: More information about high octane use

Avoid topping off when filling the car:
you usually lose gas in the hose of evaporation when you top off

Drive carefully:
driving aggressively can increase gas usage, not to mention running into trouble if caught. Avoid sudden stop and go. Check your tire pressure regularly, use cruise control on interstate travel, and keep your automobile maintenanced.

Keeping your auto serviced reduces fuel and repair costs

A little preventive maintenance can keep your auto going:

View this service checklist
Auto maintenance tips

Complete auto maintenance guide / repair help

search yellow pages for auto repair shop

Perhaps you repair your own cars. Shop online and retail auto repair parts:

Checker Auto Parts @ PartsAmerica.com

You get the lowest prices, best quality auto parts, and the most helpful automotive technical reps at
Perfect Auto Parts

DIAL-A-CLUTCH.com for LuK standard clutches

Mustang and Other Classics Parts & Accessories

Purchase your auto warranty independent of your auto dealer to avoid the dealer markup cost

You might consider purchasing a warranty contract to protect against major vehicle repairs.

Don't buy your warranty coverage from an auto dealer. Markup on cost can average 50-100%.

Keep in mind that the fine print and other exclusions may not justify the cost. Run your numbers to justify your coverage costs.

Places to start:
auto warranty buying guide
facts for consumers: auto service contracts

Find your warranty:
WarrantyDirect.com

Public transportation frees up time to read and increase your knowledge skills

You can reduce fuel consumption costs plus relieve yourself of driving stress by car pooling and taking public transportation:

Find public transportation in your area
Find ride share buddies in your area

Check your local governments for ride share information

Other Modes of "Getting Around"

Need to start exercising? How about cycling to work.

You can reduce fuel costs by roller blading, biking, motor scootering, and even motor biking to work, school, shopping, etc.

SayPlanning:  Link to our Garage Center for product info

Taking on a new car or truck

Beware of depreciation (which can vary by car).
How depreciation works?

A car loses about 15-20 percent of its value each year. For example:

• Let's start with a 1-year old used car worth $15,000 that loses 15% of its value each year.
  
• At 2 years old, the car value is worth $12,750
  (85% of $15,000).
  
• At 3 years old, the car value is worth $10,838
  (85% of $12,750).
  

So what is the value of a new car?

You can lose thousands once your drive your new car off the dealer's lot. Why?

Because the price you paid for the car is the retail price (not counting the taxes and licensing that are sunk costs). If you drove that new car back to the dealer, the most the dealer will pay is the wholesale price (the same price he would pay the manufacturer).

So your value drops instantly from the retail price to the wholesale price once you take possession. That drop could be in the thousands depending on the type of car and model.

So why not buy used?

You will be paying for the market value of the car instead of dealer markup.

Some 1 year-old cars are great values that can save you thousands in financing costs. Get the facts:

www.carfax.com
Kelley Blue Book


Some places to look for used cars:
link to our "auto search" center

check your local classified section

Should you lease to reduce costs?

Leasing is simply a 3-yr or more rental agreement. You are renting the car for a period of time that you will return at the end of your leasing agreement.

The advantage of leasing is that the monthly payments are significantly lower than financing.

The disadvantage of leasing is that you will not be building any equity value. You don't own anything.

The financial advantages and disadvantages of leasing will vary by person and circumstances.

• If you are a person who must drive a new car every 1-3 years, then leasing may be your best financial option.
  
  
• If you are a person who likes to replace your car every 5 years, then either leasing or financing will be your best financial option.
  
  
• If you a person who likes to drive the same car for 7 or more years, then financing would be your best option.
  

Lease information:

— For information about leases: click here
— Find the right lease without paying dealer markup
— Compare leases for best lease: click here

Take Over or Swap Your Lease

— Swapalease
— Buy another consumer's auto lease