Get Your Financial House In Order Before Parking That Brand New Car In The Driveway

kThe difference between buying a used car and one right off the assembly line is quite a bit more than a few thousand dollars. True, money plays a huge role in this monumental purchase – and we’ll get back to that in a moment – but new cars are reliable, appealing, and a point of pride. That’s because you’ve researched what’s currently on the market, narrowed down what’s best for your needs, pinched pennies when possible, and finally committed to a new car or truck that will likely serve you for at least a decade or more. For such conveniences, you’re going to have to pay a considerable amount. In fact, autonews.com reports that the average price for a new vehicle was expected to hover around $35,000 in 2017 and that’s quite a bit of money for a middle class family. In this article, we’ll explain ways for the average consumer to make ends meet and eventually park a brand new vehicle in their driveway once their financial house is in order.

– Expenditure assessment: Everyone has guilty pleasures, but the problem here is that the costs add up. According to USA Today, foregoing frequent impulsive purchases will save you a surprising amount of money in the long run. The newspaper also advises against taking an extended vacation when you’re saving up to buy a brand new motor vehicle; this is a matter of priorities, after all.

– Borrow, not beg: Don’t come crawling to your relatives asking for a loan; money coming between family can be an ugly ordeal. Rather, seek out a credit union car loan to help finance the deal. These offerings from credit unions will often allow members to finance the entire cost of the vehicle plus tax, tags and warranty. Terms of the loan, namely the length of repayment, can also be negotiated.

– Making space: If you’re about to buy a new vehicle, chances are that you already own an old one. If that’s the case, you’ve already got at least a few thousand dollars sitting right there in front of you. Research what your car is worth and start shopping it around to online. The money  you will earn off of this sale can go a long way toward making regular payments on a car loan from a credit union.

Not Sure Where To Store Your Money? Here’s Why Credit Unions Are The Safest Bet

money in handBank tellers under fire for forcing unwanted services upon customers. So-called “golden parachutes” for financial executives and CEOs who — by measurements of any other industry — failed miserably but were still rewarded, handsomely. A stumbling stock market where your investment more or less remains stagnant. It all makes you wonder: Whom can I trust with my money? The answer is simple: None of the above, when credit unions are an option. For readers looking into a Philadelphia credit union, we’re here to explain the difference between traditional banks and credit unions and what benefits the latter has to offer.

 

On its face, credit unions resemble the workings of your standard bank. These institutions have checking and savings accounts, will accept your deposits, and can offer you other financial services like loans and credit cards. That’s where the similarities stop, however. The key difference between credit unions and banks is the ownership structure. While big banking institutions across the U.S. exist primarily to make money off of — you guessed it — your money, credit unions are member-owned and operated. The added benefit there is that credit unions are a not-for-profit operation, so any profits made are often turned around so that members can be offered lower loan rates and other reduced fees. The idea above was once based off of the idea that belonging to a credit union was exclusive, in so far as potential members had to apply for membership. Typically, such membership offers were made based off  of your job or group to which you belonged, family or location  where you live.

 

Credit union members  will reap many benefits compared to those of traditional banks. Beyond the aforementioned lower loan rates, many credit unions won’t charge as high a fee for a bounced check or overdraft fee. While those with complicated financial needs may not flourish with the options available at credit unions, consumers with common requirements of banks – deposits, loans or savings accounts – should appreciate the higher returns and lower costs of credit unions.

Buying A New Or Used Car Has Never Been Easier With These Tips, Tricks For Saving Money

Buying a new car – be it a used vehicle that’s new to you or something that’s fresh off the assembly line – can be a long and exhausting experience. While you will have a new set of wheels at the end of the day, the purchase itself is undoubtedly going to set you back financially. With help from a PA credit union, it has never been easier to find and finance a new car or truck. However, there are plenty of other considerations to factor in before signing on the dotted line. Below, we offer you some of the best tips and trade secrets for those looking for a new automobile.

f.jpg1) What’s your budget look like? There are needs and then there are wants. While you may want the most recent release of a specific sports car, you need four wheels and a reliable engine that’s going to get you to work. In the middle is where most people land and that’s fine, so long as you calculate what you can afford to put down at the dealership and pay monthly if that’s the plan you go for. Some credit unions even offer to connect you with dealerships participating in their financing options that are offered to consumers.

2) Homework pays off: According to Kelley Blue Book, side-by-side comparisons of vehicles you’re considering for a purchase will help point out the differences between the makes and models. That’s important when you’re researching multiple vehicles that each boast something some new bell or whistle that’s bound to dazzle – but will only make things harder for the consumer.

3) New or used: It’s the age-old question for spendthrifts everywhere: Do I want a blemish-free brand new product for full price or something gently used that I can afford now and care for on my own. There are perks to each route, but picking one over the other doesn’t have to come down to money alone. If the seller can provide a detailed history of services and repairs, sometimes going for an older vehicle that’s been taken care of is a fine choice for any consumer.

6 Reasons Why Young Adults Should Join a Credit Union Instead of a Bank

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Are you a recent college graduate looking to gain financial independence? Opening an account at a financial institution to manage your money is a great place to start. Of the many types of financial institutions, banks and credit unions are perhaps the most common. So, the question remains as to where you should open an account.

Many recommend opening an account by joining your local credit union because they can offer many more benefits. Here are six advantages of joining a credit union:

Credit Unions Are About People Helping People

Many people, especially millennials, are more likely to support a locally-owned business as opposed to a gigantic corporation. Credit unions are committed to helping their members, not to make a profit for stockholders. Their goal is to serve every member well with products and services that fit their needs and to make sure every member is treated with respect, courtesy, and exceptional service. Most credit Unions offer full service capabilities with nationwide ATM access and mobile banking capabilities.

You’re a Member, Not a Customer

Credit unions are owned by its members. They offer the same perks and services as banks, such as saving accounts, debit cards, loans, and online and remote banking, but the money you deposit at a credit union makes you a partial owner, or member. These funds are then lent back out to members.

Better Service

Because credit unions are community oriented, they provide greater personal attention. They can more intimately work with members and make decisions based on your personal situation and offer more timely service.

Not-for-profit

Credit unions are not-for-profit financial cooperatives.  They operate like any business, but what they do make in profit is returned to their member-owners, often through better loan rates, fewer fees and exceptional online and mobile banking options.

Greater Rates and Lower Fees

Since millennials are just getting started in their careers, as well as paying off student loan debt and saving money to move out of their parents’ home, money is understandably tight. Banks tend to penalize those who can’t keep the required minimum amount in an account and may have excessive fees and higher interest rates. Since credit unions are not-for-profit, they generally offer much better loan rates, credit cards, and fewer fees than banks.

It’s Easier to Receive a Loan

It’s generally easier to qualify for a loan at your local credit union because they have more flexible underwriting and have a personal interest in your unique situation.  Credit unions realize that most young adults do not have an extensive credit history and take that fact into account when decisions are made.