Auto Refinancing and Insurance: Ways to Cut Your Car Costs
Driving is a necessity for many, but it can also be expensive, with an average annual cost of almost $8,700. Here are two easy ways to reduce your car expenses.
1. Decrease auto insurance premiums
Loyalty isn’t always rewarded when it comes to car insurance. It makes sense to compare rates periodically and see whether you can find better ones than your current insurer charges. A Liberty Mutual study found that drivers could save an average of $509 a year by shopping around. To increase your savings even further:
• Maintain consistent coverage with no time gaps.
• Research and claim all discounts you qualify for.
• Consider raising deductibles to lower premiums.
• Bundle car insurance with other coverage.
• Reduce yearly mileage if possible and notify your insurance carrier.
• Improve your credit score.
• Drop collision or comprehensive coverage on older vehicles that are worth only a few thousand dollars.
Did you know that by being an IFCU member, you are entitled to discounts on your home and auto insurance?
Click here to learn more.
IFCU's TruStage program works with Liberty Mutual to provide our members with coverage for Home & Auto. By being an IFCU member, you could receive the following discounts and services from Liberty Mutual:
• 5% discount on homeowners insurance.
• 10% discount on auto insurance.
• Quotes are FREE!
Contact Paige Sutherline, a local Liberty Mutual^ representative today at
(765) 366-5423 to find out how you can save on your insurance policies.
2. Refinance your car loan
If you’re facing hefty auto loan payments, refinancing may bring some relief or shave some time off your obligation. Make sure your current loan has no prepayment penalties, and then explore your options by comparison shopping. Be sure to check out IFCU, since we often have lower rates than banks. Refinancing can sometimes save you hundreds, or thousands of dollars if:
• Interest rates have changed since you took out your loan.
• You didn’t get the best available rates when you financed originally.
• Your credit score has improved.
To find out how much you could save by refinancing at a lower interest rate, run the numbers through our Auto Refinance Interest Savings Calculator.
Did you know that IFCU does not charge an application fee to refinance your auto? So in other words, you have nothing to lose but your high interest rate loan. Check out IFCU's refinance options today, and start saving!
Stop by any branch, or call 765-771-8000 Option 1, to see how much you can save by refinancing your auto with IFCU.
Or apply online today
^IFCU does not provide, and is not responsible for the product, service, or overall content available from TruStage/Liberty Mutual.