College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

America's Top Student Loan Provider

Your Car, Part 2
Remember to factor in all the costs of having a car. That means the car payment, the insurance, the costs of gas and maintenance, and any expenses you have to pay for storing the car or parking it in a garage at your residence or place of work. You'll also no doubt want to have the car cleaned every now and again. For some of you, the costs may outweigh the benefits, and you may decide that public transportation is a much better, much more cost-effective solution.

Seek out insurance discounts. You car insurance rate will also need some evaluation. It may have gone through the roof because you're no longer on your parents' policy. Also, you may not be getting that multicar discount if you move out of your parents' home and are no longer tied to their address. Additionally, insurers generally charge higher rates for younger, less-experienced drivers.

Nevertheless, you can get other auto insurance discounts that will help lower your overall car costs. For instance, some insurers will decrease your premiums if you have an alarm system or antitheft device, if you take a driver's safety course, or if you park your car in a garage at home instead of on the street. If you are still in school, getting good grades can help lower your rates too. Insurers see high grades as an indication that you are responsible. Therefore, most insurers offer a "good student discount" of 10% to 25% if you maintain at least a B average. Be sure to call your auto insurer to ask whether you qualify for any of these or other discounts.

When you purchase a car, realize that an automobile is a depreciating asset. As soon as you drive that car off the lot, it loses any where from 10% to 25% of its value, depending on the year, make, and model of that car.

Renegotiate your car payment. If you already have a car and your car payment is too high, you may be able to lower your payments through auto refinancing—and get a lower interest rate. Many people don't know that you can refinance your car loan just as you can refinance a mortgage. But a car refinancing is faster, simpler to do, and costs virtually nothing. Certainly there aren't any closing costs or points, like you might have with a mortgage. Most players in the auto refinancing business operate online.

The hands-down giant in this space is Capital One Auto Finance ( If you refinance an auto loan with Capital One, it'll take just 15 minutes, and the average customer saves more than $1,300 over the life of their car loan.

So if your car has a high interest rate, check out a lender like Capital One to knock down your monthly car note and save yourself some big bucks. I once refinanced my auto loan with Capital One and saved more $100 a month on my car payments. also offers auto refinancing. If you do refinance your car, don't extend the life of your payments. If you only have three years left to pay off your car, refinance with a lender that lets you keep a three-year payoff. Otherwise you'll stretch out your payments and wind up forking over additional money in interest charges. When you do save money with a refinancing, take your savings and pay off debt or use it to build your cash cushion.


Article Title : Your Car, Part 2
Comment not found for this article.

Related articles
• Your Car, Part 1
• Do not Transfer Balances the Wrong Way!, Part 2
• Money Management Basics, Part 2
• What Type of Loans Do You Have?, Part 2
• Income Contingent Repayment Plans, Part 2

Share this story:
  • BlinkList
  • blogmarks
  • Digg
  • Facebook
  • Google
  • Sphinn
  • MySpace
  • NewsVine
  • Simpy
  • StumbleUpon
  • Technorati
  • E-mail this story to a friend!
  • Print this article!
  • Faves
  • Furl
  • Netvouz
  • Slashdot
  • Spurl
  • Yahoo! Buzz

EdFed introduces… Awareness… Learnal
At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!

How EdFed Helped others!
GREAT! That is the one word that would describe my experience with EdFed. I had an outstanding balance of over $100,000 in loans from medical school and they helped me save tens of thousands of dollars with their payment incentives. Thanks EdFed.
- Ellen R.  Cambridge, MA
* Your Name: * Your E-mail Address:

We respect your privacy.
* Your Friend's name: * Your Friend's E-mail address:
Include a Message:
+ Privacy Policy

Student Loan Consolidation Info - How to Choose the Right Loan Company

This column is sponsored by Granted, America's top job search engine. The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.

Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

read more
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

news desk
Stafford Loan Payment Calculator
PLUS Loan Payment Calculator
Loan Consolidation Payment Calculator
Glossary of Terms
Loan Comparison Chart
Scholarship Search
Federal loan consolidation can reduce your monthly payments by almost 50% when you extend your repayment term.
US School Directory
Comprehensive List of Schools at which EdFed Assists Students.
EdFed is a FFELP lender with lender identification number 834241.
© Copyright 2016 EdFed. All Rights Reserved.

Home · About Us · Contact Us · News · Sitemap
Career Advice · Tell a Friend · Privacy Policy · Resume Service
Resume Distribution Service · Post Resume · Job Search Course
Sign up for the latest news on student loans.
Email Address:
+ Most Recent Newsletter
+ Newsletter Archives