BETHESDA, Md — You’ve just made your last car payment. Should you keep the car or trade it in for a brand new vehicle? According to the Car Care Council, keeping your car rather than buying a new one is the way to go, especially if your goal is to save money.

“People who keep their cars, treat them as valuable investments and commit to regular vehicle maintenance, end up saving a lot of money,” said Rich White, executive director, Car Care Council.
The most common maintenance procedures and repairs to keep your car operating safely and reliably while maintaining its long-term value involve checking the oil, filters and fluids, the belts and hoses, brakes, tires and air conditioning. The council also recommends an annual tune-up and wheel alignment.

Over a four-year period, the difference in the savings between keeping a car and buying a new one is $10,894, according to Runzheimer International.

The cost comparison identified the expenses of keeping a 2003 6-cylinder, 4-door sedan that gets 21 miles per gallon (mpg) and costs $19,727, versus buying a new 6-cylinder, 4-door sedan with 23.5 mpg that costs $23,451 and had a down payment of $10,158, the trade-in value of the older car.
At the end of four years, expenses on the used vehicle, including fuel, license, registration, taxes, insurance, maintenance and tires, were $16,548. A resale value of $3,759 puts the total four-year cost at $12,789.

On the new car, expenses including the car payment, interest on the car loan, fuel, license, registration, taxes, insurance, maintenance and tires, totaled $32,258. A resale value of $8,575 puts the total four-year expense of the new car at $23,683.

“We advise our clients that if they want to see an increase on their investments every year they need to cut down on their expenses,” said Terry Mulcahy, vice president of investments for R.W. Baird in Mequon, Wis. “A new automobile is for most people their second biggest investment next to a home, so a great way to save money and increase financial assets is to hang onto their current vehicle rather than buy a new one every few years.”

The Car Care Council is the source of information for the “Be Car Care Aware” consumer education campaign promoting the benefits of regular vehicle care, maintenance and repair to consumers. For a copy of the council’s consumer-friendly Car Care Guide or for more information, visit www.carcare.org.

Car finance specialist Creditplus have launched independent video customer testimonials of their car finance customers as the popularity of social media accelerates across the internet.

Stats for online video sites on the internet confirm the dominance of YouTube, which grew its traffic by 66% in 2007, reaching £56.4m. By using online video to demonstrate the Creditplus car finance service, web surfers are able to watch true life customers discussing their experience with Creditplus, and can access real life feelings.

With 1 in 4 adults in the UK now having impaired credit issues (defaults, arrears or CCJs) recorded against them, more people are looking for a sympathetic lender to provide guaranteed car finance to assist them in buying their next vehicle. Creditplus, who operate solely online, have been looking for new ways to communicate their car finance service and found this to be the perfect solution.

Shaun Armstrong, Managing Director for Creditplus comments: ‘We wanted to provide our customers with a realistic example of what to expect. Online videoing captures a realistic and independent perspective of our customers better than any other medium.’

Notes to Editors:

Creditplus is a UK leading car finance specialist with over 25 years experience in sourcing guaranteed car finance and cars for consumers with any credit status.

The Creditplus unique offering is a free and flexible service for consumers wishing to purchase a vehicle, from sourcing car loans, to finding cars, negotiating a price on the consumer’s behalf and delivering it straight to their door.

Their website offers an instant lending decision, with over 60,000 cars and vans in stock, and is fully regulated by the Financial Services Authority.

Creditplus also operate a B2B division called Dealerplus, offering software and trading solutions to dealers throughout the UK.

Creditplus won the Bowshot eDen award 2008, of best eCommerce trade site in Dorset and Hampshire for high achieving entrepreneurs.

www.creditplus.co.uk

Paying your monthly bills can always put a hole in your pocket at certain times of the month, so it really pays to find new ways to save money. Mortgage payments and car payments are both bills that will specifically take large chunks of your bank account.

Finding ways to save on your mortgage payment is not always that easy. But one of the easiest ways to save big bucks on your monthly bills is to find ways to save on your monthly automobile payments.

If you have a good credit history or if you have a better credit history than when you originally financed your car loan, you may be eligible for a lower interest rate through your existing company or through another types of finance companies.

Personal Loans or Unsecured Loans

A personal loan or unsecured loan from a financial institution are two ways you can possibly get a lower interest loan. Banks are more strict thank other institutions when it comes to qualifying for a loan, but if you have an existing relationship with the bank, such as a checking or saving account, you may have a good chance at finding a better loan.

Some independent financial institutions may have better loans for you, but their interest rates tend to be higher than banks. Even though these rates tend to be higher, you may still find a lower interest loan than your current loan.

Loan Secured by Your Automobile

Some banks may simply give you a lower interest loan secured by your automobile. Doing a loan this way ensures that your bank has some type of collateral in case you do not pay your loan. Usually, banks require that your car be no older than 8 years old to qualify for this type of loan.

Credit Card Advances

If your loan balance is low enough or if your credit card limit is high enough, you may be able to get a lower rate by using your credit card. If your credit card interest rate is lower than your car loan rate, this is something you may to look at financing your car this way.

Search Online for Companies that Specialize in Auto Refinancing

Let Lenders Compete for Your Business

If you decide to look online for a loan, you will find that there are sites where you can apply for a loan and have lenders compete for your business. You only have to fill out one application and hundreds of lenders will evaluate your loan and give you an idea of the rates and terms you qualify for.

These are just some of the ways you can lower your monthly car payment through refinancing. The main point of refinancing your car loan is to find a place that will provide you with a lower interest rate than the company that currently holds your car loan.

Just to let you know, you may face some obstacles in refinancing if you have not paid your loan down enough. In this case don’t be discouraged. Just find out how much you need to reduce your loan and focus on paying down your loan more.

Lowering your monthly car payment is an easy way to help you save big bucks in tight situations. If you have been on time with most of your car payments, you have a chance at finding a lower rate. You just need to find the right resources that will help you. If you find that you don’t qualify for a lower rate, be sure to ask your loan provider how you can meet the standards of the lower rate loans.

Rod Davis is a loan officer and chief writer of the www.FinancialMailbox.com

(ARA) - Living from paycheck to paycheck can be very stressful when unexpected emergency situations happen. You have to squeeze some extra money out of your budget, but where is it going to come from? When these situations arise, auto refinancing could turn your circumstances around to your advantage.

By refinancing your auto loan, you could get a lower interest rate and a lower monthly payment. Customers who apply for auto refinancing through companies such as RateGenius Loan Services can potentially see a great savings in their monthly budget. RateGenius customers, on average, reduce their interest rate an average of 3.67 percent from their previous interest rate, and an average of $65 off their existing monthly auto payment. This type of savings frees up money for you to pay for a crisis or to put into an emergency-only savings account, making the unexpected a lot less stressful.  

“Many people don’t realize that you can refinance your auto loan just like you can refinance your mortgage,” says company CEO Chris Brown. “In fact, auto loan refinancing works very much like home refinancing, with one big difference — with the exception of a title transfer fee required by law, there are no costs for the consumer.”

Auto loan payments are generally a bigger percentage of your budget. Refinancing will give you the advantage you have been searching for — to pay less for something you already have — and there isn’t even a charge for the service.

“You get a new lender when you refinance for an existing loan, which often means you get a better rate,” explains Brown. “With a new loan you can skip a few payments, add or remove a co-applicant if you have one, add products (such as GAP insurance and extended warranties) and extend the payment term.”

It only takes a few minutes to apply for auto refinancing, either by visiting www.rateGenius.com, or over the phone toll free at (866) 439-5533. A loan adviser then compares offers from the company’s network of lenders to find the best deal for your individual situation. RateGenius has partnered with numerous lending institutions that provide customers with one of the most financially stable and diverse lending networks in the industry. The entire process can be completed in 24 to 48 hours.

In some cases, the company is able to arrange loans that allow up to 90 days with no payments. Imagine three months without a car payment — money you can use to fix your daughter’s tooth, for the surgery your dog needs from eating the hallway rug, or the new water heater.

The savings you could see vary, but can be substantial. For example, if you have a $30,000 loan payable over 60 months at 12.5 percent interest, your monthly payment will be $674.95. By refinancing with rateGenius at a new interest rate of 7.5 percent, your monthly payment will drop to $601.14.

“Your process and customer service was excellent,” says J. Cottrell, a customer from Arlington, Texas. “I would rate your service a 10. The turn around time of my package and willingness to answer my questions really bolstered my confidence that I was with a first class organization. If I ever have another refinancing need or could refer you future business, I will.”

The company has been in business since 1999 and has brokered over 34,000 loans. To find out how much you can save, visit www.rategenius.com or call (866) 439-5533.

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