Are you stuck with a high-interest rate car loan that you can’t afford? Refinancing your vehicle could save you some money if you can qualify for a better rate, and at a credit union you may benefit from more flexible repayment terms and more personalized customer service.
Many consumers take the first loan package they are offered at the auto dealership. While convenient at the time, you may regret the conditions of your auto loan once you’re on the payment path. Refinancing your vehicle loan is one way to potentially reduce your interest rate and monthly payments, saving money in the long term.
An auto-loan refinance involves taking out a new secured loan to pay off the existing one, transferring the title to the new lender. Ideally, the new loan conditions will be improved, but refinancing is not always the right choice.
If you’re a car owner, maybe you can relate to the “mid-loan crisis:” You’re halfway through paying off your car loan, but you’ve got some regrets about your financing and wish things could have turned out differently. It could be a less-than-ideal interest rate you’ve carried around for the last 36 months, forcing you to spread your dollars a bit too thin. Or, it could just be one of those auto loans where everything is wrong on every possible level, from unnecessary fees to bad warranties.
Every month, you make your auto loan payment, and every month, it’s the same amount. This consistency is good for budgeting, but the amount you pay may not be as low as it could be. When was the last time you questioned how much you’re paying for your car?
It’s possible that you could reduce your monthly car payments by refinancing your loan. Refinancing isn’t the right path for everyone, and it’s all about timing. But checking out this option from time to time could pay off in the long run.
Motivations for Refinancing
If you've decided now is the right time for you to invest in a home, it's also time to decide what type of mortgage works best for your unique situation. The two most popular types of mortgages are fixed-rate and adjustable-rate mortgages. Each mortgage offers positives and negatives for the buyer; it all comes down to what you need. Interest rates and mortgage options change often, so your choice should really depend on the following factors:
The idea of taking out a loan to purchase a house can be intimidating. Many first-time homebuyers don't even know where to start. At Robins Financial Credit Union, we offer our members a variety of mortgage types, so you can choose the one that fits you and your financial situation. Before you get started, here is a quick resource to help you figure out what it all means.
Let’s start with the most basic and popular mortgage.
When you rent a home, no one asks questions or verifies whether or not you can afford to pay rent – other than confirming your employment and perhaps a credit check. Buying a home is very different. Because you’re typically borrowing a large amount of money, your lender will ask many questions and request even more proof to determine whether or not you can realistically afford to purchase a home. So, what will they take into consideration?
Buying a home can be both exciting and daunting. Working with our team of professionals makes the home-buying process easy for members, so you can feel confident and enjoy the journey to home ownership.
Here’s what you can expect each step of the way.
Whether you have a specific property in mind or not, we’ll help you get off to a good start. Our experts will take the time to understand your individual budget and needs, then we will help you decide what you can afford and get your loan application started.
Credit and debit card fraud involves the unauthorized use of another person's card information to make purchases from their account or access their funds. Protecting yourself from card fraud is a primary concern for many consumers. As thieves become more technologically advanced and information is more readily available than ever, the frequency of exposure is accelerating.
At Robins Financial Credit Union, we are committed to keeping your information safe and helping to prevent card fraud before it happens.
People are paying with plastic a lot these days, even for small purchases. The question is which kind of plastic is best? People tend to have strong opinions about debit versus credit cards.
There are advantages and disadvantages to using debit and credit, so it is important to consider these before inserting your card into the card reader or swiping it.