Benefits of Refinancing Your Auto Loan

Are your car payments wrecking your budget without putting a dent in your loan? Are you throwing away money in interest payments each month? If so, refinancing your auto loan may be an easy solution. It’s a painless process that could keep your money in your pocket.   Let’s review what auto refinancing is and how to decide if it’s right for you.   What is Auto Loan Refinancing?   Refinancing your auto loan sounds hard, but it’s simple. When you originally bought your vehicle, you likely financed it with the dealership or some other lender. By refinancing your loan, you are just switching it from your current lender to a new lender to save money.   Why Should You Refinance?   Better Rates: You would want to refinance your auto loan to take advantage of better loan rates. If auto loan rates are…

July 2, 2020Borrowing Basics No Comments

Are your car payments wrecking your budget without putting a dent in your loan? Are you throwing away money in interest payments each month? If so, refinancing your auto loan may be an easy solution. It’s a painless process that could keep your money in your pocket.   Let’s review what auto refinancing is and how to decide if it’s right for you.   What is Auto Loan Refinancing?   Refinancing your auto loan sounds hard, but it’s simple. When you originally bought your vehicle, you likely financed it with the dealership or some other lender. By refinancing your loan, you are just switching it from your current lender to a new lender to save money.   Why Should You Refinance?   Better Rates: You would want to refinance your auto loan to take advantage of better loan rates. If auto loan rates are…

Understanding Your Credit Score

Most people believe if they make all of their credit cards, car loan, and mortgage payments on time, they can expect their credit score to be great. However, focusing on your payment history alone will not give you a complete breakdown of what actually goes into your credit score. Here are five factors that determine your credit score:   Payment History: 35% Lenders want to know that you are a reliable payer and you are making most of your payments in a timely manner. While a one-time late payment will have an impact on your payment history, if it is an unusual occurrence, it will not take long to regain your standing.   Your payment…

July 1, 2020Borrowing Basics No Comments

Most people believe if they make all of their credit cards, car loan, and mortgage payments on time, they can expect their credit score to be great. However, focusing on your payment history alone will not give you a complete breakdown of what actually goes into your credit score. Here are five factors that determine your credit score:   Payment History: 35% Lenders want to know that you are a reliable payer and you are making most of your payments in a timely manner. While a one-time late payment will have an impact on your payment history, if it is an unusual occurrence, it will not take long to regain your standing.   Your payment…

KNOW Before You GO: Car Shopping

There’s lots of excitement when you are shopping for a new or used vehicle. There’s the good excitement of test–driving those shiny, new cars. But there’s also the nervous excitement of making a big financial move. Whether you’re a car-buying novice or you’re a car-buying guru, we have a few tips that will calm you enough to make a cool-headed decision.   Get Pre-Approved  Your most important step is to get a pre-approval from the PEFCU. With a pre-approval, you’ll know how much you can spend before you go shopping and you’ll also have an advantage during dealership negotiations. Why? Because dealers know they can‘t charge you more than your pre-approved amount. You can apply for pre-approval at www.pefcu.com, via the PEFCU Mobile Banking app, or by visiting your local branch.   Do Your Research   Before you even step foot into a dealership, make sure to do your research. The Internet is a good place to start.   Research what others are paying for the same vehicle in your area. Kelly Blue Book is a…

June 27, 2020Borrowing Basics No Comments

There’s lots of excitement when you are shopping for a new or used vehicle. There’s the good excitement of test–driving those shiny, new cars. But there’s also the nervous excitement of making a big financial move. Whether you’re a car-buying novice or you’re a car-buying guru, we have a few tips that will calm you enough to make a cool-headed decision.   Get Pre-Approved  Your most important step is to get a pre-approval from the PEFCU. With a pre-approval, you’ll know how much you can spend before you go shopping and you’ll also have an advantage during dealership negotiations. Why? Because dealers know they can‘t charge you more than your pre-approved amount. You can apply for pre-approval at www.pefcu.com, via the PEFCU Mobile Banking app, or by visiting your local branch.   Do Your Research   Before you even step foot into a dealership, make sure to do your research. The Internet is a good place to start.   Research what others are paying for the same vehicle in your area. Kelly Blue Book is a…

What Is Gap and Why Do You Need It?

What is GAP?  You found the perfect car – sunroof, leather seats, navigation system – the works. You couldn’t be happier. Then…you sit down with the finance person at the dealership. Loan terms get tossed around and before you know it, you’re completely lost and unsure what you’re agreeing to.  That’s Why We’re Here   Our goal is to help make your car-buying experience as fun and exciting as possible. And one way we can help is by explaining upfront, the car-buying process. But right now, let’s focus on a common protection plan called GAP.  What is GAP?  GAP or Guaranteed Asset Protection is an important…

June 25, 2020Borrowing Basics, Wallet Wins 1 Comment

What is GAP?  You found the perfect car – sunroof, leather seats, navigation system – the works. You couldn’t be happier. Then…you sit down with the finance person at the dealership. Loan terms get tossed around and before you know it, you’re completely lost and unsure what you’re agreeing to.  That’s Why We’re Here   Our goal is to help make your car-buying experience as fun and exciting as possible. And one way we can help is by explaining upfront, the car-buying process. But right now, let’s focus on a common protection plan called GAP.  What is GAP?  GAP or Guaranteed Asset Protection is an important…

5 Tips on Saving for a Mortgage Down Payment

Mortgage. Down. Payment. The three scariest words in the home buying process. If saving up money for the down payment stumps you at every turn, keep reading. You may realize that you are closer to buying a home than you think. Find Unconventional Loan Options. A conventional mortgage typically requires a down payment of 20%. But there are several loan products with little or no down payments required. These include FHA-backed loans for first-time home buyers, VA loans for former and current military personnel and spouses, and USDA loans for buyers who want homes in “agricultural zones.”It is best that you thoroughly review these loan options with our PEFCU Loan Representative; as they may require a specific…

June 23, 2020Borrowing Basics 1 Comment

Mortgage. Down. Payment. The three scariest words in the home buying process. If saving up money for the down payment stumps you at every turn, keep reading. You may realize that you are closer to buying a home than you think. Find Unconventional Loan Options. A conventional mortgage typically requires a down payment of 20%. But there are several loan products with little or no down payments required. These include FHA-backed loans for first-time home buyers, VA loans for former and current military personnel and spouses, and USDA loans for buyers who want homes in “agricultural zones.”It is best that you thoroughly review these loan options with our PEFCU Loan Representative; as they may require a specific…

Remodeling vs. Selling Your Home: 5 Factors to Help You Decide

Big decisions like whether to remodel or sell your home can become clouded with unrealistic expectations. If you’re a homeowner and are considering whether to remodel your existing home or  buy a new home, here are some factors that you and your realtor should discuss:  Remodel Cost:  To perform the type and size of renovations seen on some cable shows, most people will use a Home Equity Loan. This means that there will be interest rates, closing costs, and other expenses associated with the remodel. It’s also important to get multiple estimates from reputable, licensed companies or contractors in your area for the best strategy. New Home Cost: There are several expenses the homeowners will incur if they a.) sell their existing home and b.) purchase a…

May 11, 2020Borrowing Basics No Comments

Big decisions like whether to remodel or sell your home can become clouded with unrealistic expectations. If you’re a homeowner and are considering whether to remodel your existing home or  buy a new home, here are some factors that you and your realtor should discuss:  Remodel Cost:  To perform the type and size of renovations seen on some cable shows, most people will use a Home Equity Loan. This means that there will be interest rates, closing costs, and other expenses associated with the remodel. It’s also important to get multiple estimates from reputable, licensed companies or contractors in your area for the best strategy. New Home Cost: There are several expenses the homeowners will incur if they a.) sell their existing home and b.) purchase a…

4 Ways to Make Your Credit Cards Work for You

What’s one of the most persuasive pieces of advice that you’ve heard about credit cards? Most likely, your parents told you to pay them all off, cut most of them up, and save only one for emergencies.   But you don’t have to destroy your credit cards or refuse to use them to take control of your spending habits. In fact, refusing to use credit can weaken your credit score. Here are four ways to manage your credit card balances while continuing to use your credit cards.   1. Reschedule Payment Dates for More Convenient Times. Just move your payment date. This is especially helpful if your payday doesn’t match your payment due date. You will lower your chances of missing a payment. FYI: Credit card payment history accounts for about 35% of your credit score.   2. Pay in Full…

May 11, 2020Borrowing Basics No Comments

What’s one of the most persuasive pieces of advice that you’ve heard about credit cards? Most likely, your parents told you to pay them all off, cut most of them up, and save only one for emergencies.   But you don’t have to destroy your credit cards or refuse to use them to take control of your spending habits. In fact, refusing to use credit can weaken your credit score. Here are four ways to manage your credit card balances while continuing to use your credit cards.   1. Reschedule Payment Dates for More Convenient Times. Just move your payment date. This is especially helpful if your payday doesn’t match your payment due date. You will lower your chances of missing a payment. FYI: Credit card payment history accounts for about 35% of your credit score.   2. Pay in Full…

6 Ways Auto Advisors Can Help You Find the Right Car

When was the last time you absolutely knew that you got a great deal when you purchased a vehicle? Probably never! That’s why we’re giving you access to the professional car buying services of Auto Advisors, a no-cost member benefit from PEFCU.   What is “Auto Advisors?”  Auto Advisors is a no-cost auto-buying service that pairs PEFCU members with professionally trained car-buying gurus. Traditional dealership games and tactics don’t work against Auto Advisors; many of which are former dealership employees themselves—so they know first-hand what to avoid.  Hassle-Free Car Buying: 6 Ways Auto Advisors Can Help You  Your Auto Advisor will work with you one-on-one and help to:  Locate Your Ideal Vehicle Get…

May 11, 2020Borrowing Basics No Comments

When was the last time you absolutely knew that you got a great deal when you purchased a vehicle? Probably never! That’s why we’re giving you access to the professional car buying services of Auto Advisors, a no-cost member benefit from PEFCU.   What is “Auto Advisors?”  Auto Advisors is a no-cost auto-buying service that pairs PEFCU members with professionally trained car-buying gurus. Traditional dealership games and tactics don’t work against Auto Advisors; many of which are former dealership employees themselves—so they know first-hand what to avoid.  Hassle-Free Car Buying: 6 Ways Auto Advisors Can Help You  Your Auto Advisor will work with you one-on-one and help to:  Locate Your Ideal Vehicle Get…