Protect Your Car this Winter - Money Tip Tuesday

This is a hectic time of year, and with all the activities and events occupying our attention, it can be difficult to plan for all the possibilities life might throw at us. When it comes to your vehicle, there are a lot of things to prepare for, especially when winter weather takes an unpredictable turn.  

Links:

• Learn more about GAP benefits and check out our Auto Refinance promotional rates!
• Check out TCU University for more financial education tips and resources! 
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• Learn more about Triangle Credit Union

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

Nearly 70% of the United States population lives in regions that experience winter weather. The roads can get icy, snow impacts visibility, and drivers slow down on the highways—all these factors impact travel and increase crash risks.  

Even if you've lived in these regions for a while or your whole life, there are steps you should still take to prepare yourself and your car for winter weather.   

1. Check Lighting

In addition to snow impacting visibility during winter, visibility is limited because the days are shorter. For your safety and the safety of others on the road, check your headlights, taillights, and turn signals to ensure all are working properly. If any bulbs are dull and/or require replacement, this is the perfect time to do that. 

2. Install Winter Tires

All tires are not created equal! If your vehicle has standard tires, they might not have the tread to handle snow and ice. Snow tires offer better traction during inclement weather than all-season tires. While vehicles with all-wheel drive are better in snowy conditions, snow tires on front-wheel-drive cars can be similar or more effective.   

3. GAP Coverage

Guaranteed Asset Protection (GAP) is optional auto coverage that pays the difference between your car’s value and the remaining balance on your loan if it is totaled in an accident or stolen.  

According to the U.S. Department of Transportation, 24% of weather-related accidents occur on snowy or icy roads. With winter weather making road conditions dangerous, GAP keeps you secure if something were to happen. 

How does GAP coverage work?  

Let's say you have $15,000 left on your auto loan, but your car is only valued at $10,000. The difference in value means if something happened to your car, such as an accident that totals your vehicle, you would pay $5,000. With GAP coverage, this cost is reduced or eliminated, which means that instead of worrying about having to pay off the rest of the loan before getting a new car, you can focus on finding the right deal and auto loan rate.      

These three steps will help you protect yourself and your vehicle this winter. Looking to refinance your current auto loan so you can start the new year with a lower rate? Triangle Credit Union has a limited-time special for auto refinancing. Learn more and apply today! 

If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!