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How to Stay Safe With the Currency of the Future

Apple and Samsung Pay services both have many benefits when it comes to mobile banking including convenience, security, and usefulness. Apple and Samsung Pay personnel have developed great security against hackers and areas for identity theft, however, Continue reading “How to Stay Safe With the Currency of the Future”

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Creative Ways to Save on Energy

Summer is almost here! We can now enjoy our days at the park or take a dip into the pool, but unfortunately high temperatures mean rising electric bills! Continue reading “Creative Ways to Save on Energy”

6 Tips for Traveling Abroad (on a budget)

Going overseas or planning a Caribbean getaway seems to be a dream that’s too good to be true. Continue reading “6 Tips for Traveling Abroad (on a budget)”

6 Ways to Cut Costs When Dining Out

Let’s face it… Dinner at home is great and all, but nothing beats getting dressed up and eat outside of the humble abode every now and then. But that doesn’t mean you have to bust into your savings account to do so! Continue reading “6 Ways to Cut Costs When Dining Out”

Borrowers Beware: 5 Signs the Loan is too Good to be True

Have you ever heard the phrase, “If it sounds too good to be true, it probably is.”? Continue reading “Borrowers Beware: 5 Signs the Loan is too Good to be True”

Tackling Debt: What should you pay off first?

So you want to be debt free? Continue reading “Tackling Debt: What should you pay off first?”

8 Mother’s Day gifts that are basically free

Mother’s Day is right around the corner and you may or may not be [financially] prepared. Continue reading “8 Mother’s Day gifts that are basically free”

6 Tips for Your Summer Job Hunt

Looking for a summer job? The sooner you start, the better! Continue reading “6 Tips for Your Summer Job Hunt”

Feeling Stuck in Your Car Loan? It may be time to shop around.

Getting a new car is always exciting, however, most of us buy for our current lifestyle, rather than thinking about the future. A lot can change in the three to five years you financed your car for. A new baby requires more space; a new job might require a lower payment. Life happens and things change, don’t let that get you down. You might feel stuck in your current car loan, but that’s not necessarily true.

Before you start looking for a new vehicle, be sure to communicate with your current lender, they may have options for you.

First and foremost, decide if you’re going to refinance your current vehicle, or trade in for a new one. Knowing your credit score, payoff amount, and the vehicle’s blue book value will help you make a realistic decision.

Your credit score is a big determining factor in the car trading/refinancing process. If your score is below average, consider keeping your vehicle a little longer to increase your credit score by paying on time every month. Be mindful that all auto loans are “simple interest loans,” meaning the loan accrues interest daily. Everyday after the due date the loan accrues an additional day of interest (even during the grace period) meaning more of your money is going to interest, instead of the principal balance.

In the event that your vehicle payoff amount is more than the value of your vehicle, be prepared to bring some money to the table for a down payment, unless your credit score is above average. If money is tight, try refinancing into a longer term to lower your monthly payments.

Try getting pre-approved for an auto loan before you hit the dealership. This puts you in a better negotiating position and usually gets you a better rate. I got pre-approved at FTWCCU and the entire car-buying process was a lot easier than my last one. If you’re unable to get approved beforehand, be sure to shop around before you sign on the dotted line.

If trading, or refinancing is not an option, try selling the vehicle yourself for the actual pay off amount. Don’t throw in the towel before trying all avenues, you do have options.

 

 

 

 

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