Car sharing, or car pooling, has becoming increasingly popular because of the high cost of gasoline and the struggling economy. Many people are losing their jobs and their homes. Others have had to scale back and take pay cuts so that they could survive. Until the economy recovers, and perhaps long after it does, people will be looking for less-expensive ways to get around and great ways to save their families some money. Car pooling will probably stay popular, but there are other car-related ways to get some savings. One of these is to lower your payments so you’re not paying out as much every month.

If your credit is good, a refinance car loan might be for you. Especially if you’re paying a high interest rate right now, refinancing can help you pay your car loan and your other bills more easily. Then you can share your car with others through car pooling, and you won’t have to worry about raising the rate you charge your co-workers or friends just because you can’t afford your car payment. No one likes to ask their friends for more money, and asking co-workers can be awkward.

Even a few dollars a month can add up to a lot of money over time, though, which is why car pooling is so great. Each time you drive, you get gas money from the others – or you get a ride in their car so that you’re sharing the load equally. If one person drives one week and another person drives another week, it can really pay off – especially if there are quite a few people in the car pool. You may be able to go several weeks without being required to drive your car to and from work, offering you a great savings on your gasoline budget.