Transportation is a great section of your budget to look to when attempting to trim some fat. There are plenty of ways to economize that range from large scale, such as refinancing your auto loan, to smaller scale like simply consolidating errands to save on gas.
Either way, these tips can add up to significant savings at the end of every month. Options like refinancing an auto loan, are probably going to provide you with the most significant savings both month to month, and overall, but don’t discount the littler options.
You will need to qualify for refinancing which doesn’t give you full control over your fate, look to other areas as well that are in your control to ensure that your goal of decreasing car costs can be met.
Revamp Your Car Payment
For many people, a car payment is one of their biggest monthly expenses. You can refinance your auto loan in order to save money, you just need to be diligent about finding the right lenders.
If you believe you are paying too much in interest, or your credit has improved, get on the phone or computer and start looking at the current interest rates available on auto loans, and contact those lenders.
Once you have some starter information on the rates currently available you can use an auto refinance calculator to play around and see what kind of savings you would actually experience should you elect to refinance as a way to cut down car costs.
Shop Around Your Insurance
There is more that goes into your overall transportation costs than simply the vehicle itself, you also must pay to insure your car. Competition in this industry puts you in the driver’s seat and in a great position to get a bargain.
Even if you feel your current agency and rate is fair, you should still examine it annually inclusive of a comparative study. Shoot out a couple emails to agents at various agencies and see if they can beat your current rate.
Even if all they can do is match it, you might apply for different discounts through different policies and those discounts can add up and make a big difference month to month.
Find the Maintenance Sweet Spot
Of course, it’s true that taking good care of your car will prolong its life and save you money on major repairs that result from negligence, but that doesn’t mean that you need to get hyper about over-servicing your vehicle.
\A good way to strike a balance, especially if you are not mechanically inclined enough to know yourself what is and is not necessary, is to use an independent mechanic.
Privately owned businesses have a reputation of spending more time with their customers and creating a more personal feel, and their familiarity with your vehicle can result in more efficient maintenance plans.
Privately owned shops also have a looser framework for which to operate, so when your vehicle does need something major, they are not tied up in corporate requirements to manage the repair that will result in a higher bill for you.