Category: Borrowing Basics - Page 6

PEFCU Credit Card Rewards: Travel

After sheltering in place for several months, you must be itching to explore new territory. Why not take advantage of the rewards that come with the PEFCU Visa® Credit Card? Whether you’re taking a road trip, boarding a plane, or cruising the seas, your ScoreCard® reward points can help you make it to your next destination. You can find the best ways to use your points toward travel accommodations below: Hotel Reservations While you’re away on a trip, good sleep is crucial so you can enjoy the daily excitement. Your hotel accommodations can be the difference between a night of sweet slumber and a night of horrors. Whether you’re…

October 12, 2020Borrowing Basics No Comments

Car Buying 101: What You Need To Know

Where to start? Who said that buying your first car would be easy? Chances are that you’ve received lots of unhelpful and conflicting advice on your way to the dealership. So, before you take that test drive, here are six car buying basics that you should know: Loan pre–approval is your most powerful negotiation tool. Get this first! If you know your approval limit and interest rate, you’ll be able to effectively strategize. PEFCU usually offers better rates and terms than banks. Just reach out for more info. The total price is more important than the monthly payment. This is very basic. Many people think if they can handle the monthly payment, it doesn’t matter how long it takes to pay off the car…

July 6, 2020Borrowing Basics 3 Comments

5 Things To Know About Publix Stock Secured Loans

George Jenkins (Mr. George), the founder of Publix Super Markets, Inc., believed in investing in people. He believed that if his associates owned Publix, they would care for and continue to improve the business. When Mr. George founded Publix Employees Federal Credit Union (PEFCU), associates had the opportunity to own a Credit Union that met their unique financial needs. What better way for you to take advantage of ownership than to borrow against your non-ESOP shares when you need it? The PEFCU Stock Secured Loan will come in handy for planned events or unplanned rainy days. Here are five facts you…

July 4, 2020Borrowing Basics 10 Comments

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 1 Comment

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

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

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

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

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

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 1 Comment

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