If you refinance an auto loan, you can reduce your monthly car payment. Consumers refinance for a variety of reasons. The refinance of an auto loan can be a great way to either reduce your monthly car payment or accelerate the repayment period.

Auto Loan Refinance Process
The refinance process is generally the same process used in obtaining the original auto loan. The consumer may wish to start by contacting the current auto loan lender and finding out what the current used car refinance rates are. Your current lender may have reduced refinance rates since the original auto loan was taken out and have a better loan rate they can offer you. If not, you can check with a variety of sources to compare auto loan refinance rates. Most local newspapers have a local rate monitor? in the business section of the paper that is published once a week or so.

Differences Between Buying and Leasing
The main difference between buying and leasing an automobile is when you buy an auto, you own it and get to keep the vehicle once the contract is fulfilled. When you lease an automobile, you are borrowing the vehicle and must return it once the lease has expired, unless you choose the buyout option.

Other differences between buying and leasing  include up-front costs, monthly payments, vehicle return and early termination, future value, mileage charges, excessive wear and tear and end of term buyout.

Buying vs. Leasing: Up-Front Costs and Down Payments
The up-front costs and down payments for leasing can be more than with buying a new car.  When buying a vehicle costs include the cash price or down payment, taxes, registration and other fees and charges. Up-front costs for leasing may include the first month's payment, a refundable security deposit, a capitalized cost reduction (like a down payment), taxes, registration and other fees and charges.

It's true, gas prices are falling back to reasonable prices, and have been around $2 a gallon for months. But we all remember back to when the price of gas was hovering around the $4 mark and with the fluctuating economy, it is still a wise idea to conserve gas. Here are some tips from InsWeb on how to stretch your gas budget.

Don't Drag Race
Driving steadily at the speed limit can really help cut down on your vehicle's gas consumption. Stop-and-go traffic can lower your MPG, so try to avoid congested areas as much as possible. Driving your car too fast can really cost you, both with regard to gas and the subsequent speeding ticket you might receive! Experts say that each 5 mph you drive over 60 mph is like adding an additional 10 to 20 cents to each gallon of gas you buy.

It seems like everyone is digging deep into their pockets these days. But, did you know that by cutting corners and making little sacrifices along the way, you can find as much as an extra $1000 a month?

Try going on a "restaurant diet" and limit the number of times per week you eat out. Depending on the size of your family, this can save you anywhere from $300 to $500 a month. Entertain at home vs. "in town" and save another $200 to $300.

I've reduced the number of times a week I stop at my local gourmet coffee shop, and instead of paying $2 to $4 a day for flavored coffees and lattes, simply purchased a bottle of flavored creamer that will last me a couple weeks for the same price. It takes about the same amount of time to make a half-pot and pour it into a take-long thermos as it does to park and stand in line to have a barrista create a designer brew.

You can always "do it yourself," too! Cut your own lawn, clean your own gutters/windows and your own home and you'll have $200 to $400 more to spend on the necessities. If you're handy at all, consider buying at do-it-yourself guide for small home improvements. AskPatty Editor Brandy Schaffels says "I've become the "go to gal" for fixing drippy faucets and runny toilets, and have saved myself and my neighbors hundreds of dollars in plumbing bills with just a tiny bit of effort!"

If your car does not specifically require premium fuel, there's no reason to pay the extra 20 cents per gallon for this luxury. Even though prices have dropped in recent weeks, using regular instead of premium can still save you as much as $5 a tank, and depending on your commute, that can add up to quite a bit each month.

Everyone knows that times are tough, and we’re all trying to find ways to spend less money. But take it from me, cutting back on your car insurance coverage is not the place. Car insurance is meant to protect you against financial losses if you have an accident, and the National Association of Insurance Commissioners reports that more than half of consumers are not adequately insured. But if the amount you’re paying for car insurance is looking a bit daunting, you do have options.

Who doesn’t love a good bargain? Well, why not shop around for a good deal on your car insurance? Getting multiple quotes from various providers can help you find a better rate without lowering the amount of coverage you already have. Get updated quotes at the AskPatty Insurance Center and see what your individual savings could be.

You could also save on your car insurance by raising your deductible, thereby lowering the price of your premiums. It’s important to note that if you do raise your deductible and get in an accident, you may have to pay more out-of-pocket.

When you’re in the market for a new car or truck one of the first decisions you face is whether to buy or lease.  While buying or leasing each have their own advantages, there are important differences you should consider before going to the showroom.   

There isn’t a right answer to the question of which is better: buying or leasing.   The decision to buy or to lease depends on your individual circumstances now and in the future.  It’s important to consider your own driving needs and requirements.  For example, how many miles will you drive annually?   Do you tend to be hard on your vehicles?  Do you tend to keep your vehicles until they can’t be driven anymore, or are you a “I need a new vehicle every few years” type? 

The bottom line is that it’s important to do your homework and understand the key differences between buying and leasing, so you can apply your knowledge to your personal situation.   To help get you started, AWARE reminds you of the major ways buying and leasing differ. 

Washington ,DC ---- October 15, 2007 ---- Ask Patty.com has partnered with AWARE (Americans Well-informed on Automobile Retailing Economics) to educate consumers about the auto financing process and offer tips and resources to help consumers make financing choices that match their needs and circumstances.

 Ask Patty.com, which is now an AWARE education ally, gives the auto finance education organization a unique opportunity to have its materials and information featured on AskPatty.com’s Web site and blog on regular basis.

“One of the most frequently asked questions women have for our panel of 50 expert women on AskPatty is how to negotiate for the best deal on auto financing,” said Jody DeVere, President of AskPatty.com, Inc."By working with AWARE we are able to tap into their excellent resources to help answer those questions, help women understand the terminology and provide tools to become completely prepared before they go to the dealership to buy or lease a vehicle."

Special financing? Whatever is that? Well, it is how it sounds. Special financing is financing set up for individuals with ‘special’ credit. Special financing means higher interest rates, pre-set prices by the banks on vehicles, fees paid by the dealer, and sometimes required down payments.

Women in America finance a variety of purchases, including vehicles. According to a survey by AWARE,
(www.autofinancing101.org), more than a quarter of women (27%) have financed a vehicle in the past three years. These women are most likely to have financed their recent vehicle purchase at the dealership – much more likely, in fact, than men (34% vs. 27%). And 64% of women plan to finance their next vehicle purchase, compared to only 56% of men.

Most women (81%) are aware that consumers have many options available to them to obtain vehicle financing. And 83% of women appreciate dealer financing as convenient. Three quarters (75%) recognize that it offers access to financing to those who might otherwise be unable to purchase a vehicle. More than six in ten women (61%) prefer dealer financing because it offers competitive rates.

I did a tele-seminar this week for a group of women and they asked so many questions about car loans, credit scores and how to qualify for the best loan I thought I would pass on these great tips from Aware.

Taking Steps to Boost Your Credit Score

According to a consumer survey conducted for Americans Well-informed on Automobile Retailing Economics (AWARE), 80 percent of consumers know their credit history affects the rate at which they can finance an automobile.   

While this is good news, according to a report released last month by the Consumer Federation of America (CFA) in partnership with Washington Mutual (WaMu), consumers mistakenly believe that factors other than how you’ve handled previous credit affects your credit score. 

For example, according to the CFA and WaMu survey, 74 percent of consumers incorrectly believe that scores are influenced by income; 41 percent believe age affects credit scores; and 19 percent even cited ethnicity as factor that affects a credit score.