Working Your Debt Solution Plan: Your Auto Loans

The Dollar 'Get Out of Debt' Course


Do You Have a Debt Problem?

How Long Will It Take to Solve the Debt Problem?

Deciding to Solve a Debt Problem

Your Home

Your Credit Cards

Your Student Loans

Your Unpaid Taxes

Restoring Your Credit

Charting Your Financial Future
editor's note: This page is the Auto Loan lesson of our 'Get Out of Debt' course. If you would like to start the course at the beginning, you can find it here.

This lesson is designed to give you tools that will help you reduce the time and effort to eliminate your auto loans. In this previous lesson you used a calculator to prioritize your debts and see how long it would take to pay them off. Now we'll show you ways that can make your job easier. Let's get started!

The goal is the same as for your mortgage or rent. Can you reduce the amount that your car loan costs you each month? If you can, that extra money can be applied to solving your debt problem. Once again we'll use a tool from Bankrate that compares auto loan rates.

Open the Bankrate tool. Click the Change Search button and then select your location. Then under Loan Type, select Refinance. Lastly, choose a Term. Once you click on See Results you'll be taken to a page with a number of lenders. Each will display their APR. Select the lowest and click "Next". You'll be asked a number of questions about your vehicle. Work through the process and see how much you could reduce your car payment. Any money you save can be redirected to solving your debt problem. Go to the Bankrate auto loan comparison tool now to see if you can get a better auto loan rate.

If you are working to get out of debt, our free weekly Surviving Tough Times newsletter can be a great tool. Each issue features great ways to help you stretch your dollars and make the most of your resources. Subscribe today! Or you can like us on Facebook or follow us on Twitter. Simply look for posts marked with #TDSGetOutOfDebtCourse to get helpful ways to make extra cash and trim monthly expenses so you can free up additional money to put towards your debt.

In the next lesson, we'll look at what you can do to pay off your credit cards more quickly. If you do not have any credit card debt, you can choose another lesson from the options below.

Have you decided not to do anything about your debts? Here's what the future has in store for you.

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