Interest rates may be on the rise very soon. With Goldman Sachs predicting that the Federal Reserve will raise its benchmark interest rate by a full percentage point this year as referenced this this article by CNBC, you are most likely concerned how this increase may effect your personal bottom line. As interest rates rise alongside inflation, it’s natural to feel financial stress. When was the last time you evaluated your home or vehicle loan rates? Now is a great time to explore The Family Credit Union and our competitive rates for financial relief.
Here For You With Competitive Rates
Amidst daily concerns like groceries and gas costs, rest assured that the Family Credit Union understands. You can have confidence in our commitment to maintaining some of the best loan rates in the area.
Our Door is Always Open
Feeling the weight of increasing interest rates and inflation? We’re here for you. Our expert team is ready to explore potential savings on your home or vehicle loans with no obligation. Our goal is to help you navigate the financial terrain that you deal with day to day.
Are you ready to evaluate your home or vehicle loan and see if there are savings for you in 2022? Contact us today! To get more information about our current rates, click here.
If you want to become a member or discuss your financial needs with our team, locate the nearest branch.
Financing is an important part of most car buyer’s purchases, and the terms of the auto loan can have a strong bearing on how you feel about the overall buying experience.
Understanding the different factors involved with these loans will enable you to plan for an application and consider any offers you receive. Here are some important factors to know about when applying for an auto loan.
1. Credit Score
Your credit score is based on the credit history found in your credit reports and sums up how reliable you are with repayments. It’s a reference for institutions looking to give out loans and helps to determine how much money they will be willing to lend and what conditions the loans come with, such as rate of interest and monthly payment.
2. Debt-to-Income Ratio
Lenders can also assess your ability to take on new debt through a debt-to-income ratio. This ratio measures of your overall debt compared to income. A borrower with a high debt-to-income even with a high income, has a chance to get a lower loan amount and less favorable terms than they would otherwise receive.
3. Size of Initial Payment
The money you initially pay can have a big effect on your loan. A down payment can be used to reduce your total loan amount, which means less risk for the lender. It is also less likely for you to stop making payments and risk losing the car. In most cases, the larger the down payment and the lower the loan amount, the lower the interest, and the more favorable the offer will be.
4. Length of Auto Loan
The amount borrowed will be divided into monthly installments that will be paid back over a set number of years. The length of that period will dictate the size of your monthly car payment. For example, if a car buyer with a $20,000 loan, 60-month term and 6 percent APR they would end up with a monthly payment of $387. If they were to increase the length of the loan to 72 months, the payment drops to $331, although total amount of interest charges will increase. Car loans typically range from three to seven years, with six years being the average, and the longer loan’s terms, typically come with higher APRs.
5. Year of Vehicle
Another factor of an auto loan is the year of the car. New cars are typically associated with lower-rate loans than used cars. The reason for this is because of lending risk. In the event of a repossession, a new car has a higher resale value, enabling the lender to recover more of the money that they may have lost.
Get Auto Loan Financing that Suits You the Best
Along with the factors that are listed above, the choice of lender will also affect a buyer’s auto loan and their purchase process. The Family Credit Union has vehicle loans available for new or used autos, boats, motorcycles, or recreation vehicles. If you are in need of an auto loan, contact one of our professional staff today for more information. To keep up with the latest from The Family Credit Union, follow us on Facebook!
Summer is the season for creating cherished memories with loved ones, and The Family Credit Union is here to help you make the most of it. This year, we are excited to offer reduced rates for boats and RVs, providing you with the perfect opportunity to embark on unforgettable adventures. Whether you’re dreaming of a cross-country RV journey or a serene lakeside camping trip, we’ve got you covered. Discover RV & Boat Loans from The Family Credit Union.
Embrace the Open Road
Picture yourself cruising down the open road in your very own RV, surrounded by friends and family. With our reduced rates, this dream can become a reality. Plan a cross-country adventure, explore national parks, and discover hidden gems along the way. There’s nothing quite like the freedom of the open road, and an RV from The Family Credit Union can make it happen.
Campfire Delights and S’more Memories
As the sun sets and the stars emerge, gather around a crackling campfire, marshmallow skewer in hand. Roast marshmallows to perfection and create the ultimate s’more, all while sharing stories and laughter with those you hold dear. With an RV from The Family Credit Union, you’ll have the perfect basecamp for these timeless camping traditions.
Conquer the Waves
If your heart longs for the soothing sounds of waves and the thrill of aquatic adventures, our reduced rates on boats are here to make it happen. Whether you prefer a tranquil day on a serene lake, a lively river excursion, or a sun-soaked day at sea, owning your own boat opens up a world of aquatic possibilities.
Fishing, Tubing, and Sun-Drenched Fun
With your own boat, you’re not just limited to cruising. Cast your line and reel in a prized catch, feel the rush of tubing across the water, or simply bask in the sun’s warm embrace.
RV & Boat Loans from The Family Credit Union
Everyone deserves a summer filled with relaxation, adventure, and cherished moments. The Family Credit Union is dedicated to helping you turn those dreams into reality. Contact us today to learn more about our RV & Boat Loans, or visit one of our branch locations. Embrace the summer and start making memories that will last a lifetime.
Get more information about all our vehicle loans, and use our loan calculator here.
Are you in the market to purchase a new vehicle? When it comes to buying a new car, timing is everything. Knowing when the right time to car shop can help to save you hundreds or even thousands of dollars. The Family Credit Union has come up with tips to help you save the most money when purchasing a new car.
When To Purchase A New Car
TrueCar.com and Kelley Blue Book advise new car shoppers to be aware of year-end and end-of-the-month deals. March, June, September or December are the best months to buy. Car shop during the week, especially Monday or Tuesday. This can also save you money because less foot traffic at the dealership means that salespeople are more likely to negotiate. Visiting the dealership in late afternoon rather than the morning can also be beneficial. It is a good time to negotiate for more favorable prices.
MSRP discounts are a great option for car buyers. The best time to get these discounts are between Christmas and New Year’s Day. Dealers tend to be under pressure to meet their year-end sales quotas and very few people choose to shop for cars that week. Another great perk is that manufacturers often will offer large rebates at the end of the year to clear out the lot with that year’s remaining model.
Next year’s models typically arrive in September or October. If you don’t mind purchasing the year’s current model, time your shopping to be in-line with the new model arrival. Manufactures tend to offer special incentives during Thanksgiving weekend as well.
The 4th of July and Labor Day are also good days to purchase a vehicle. In fact, Labor Day is considered the “Black Friday of Car Shopping”.
Do Your Research
Finding out as much information as possible on the vehicle you are considering is very important. Doing your research in advance can really pay off. Take time to shop around for the best auto financing deal with various lenders. Knowing that you’ve left the lot with the best deal will help make your new purchase that much better.
Avoid New Car “Upsells”
New car “upsells” can drive your price up. Things such as, glass etching, paint sealants, and fabric protection are just unnecessary add-ons to help the dealership maximize its profits. Avoid them to save money.
Need a vehicle loan? The Family Credit Union has you covered. To apply for a loan, visit our website HERE. We look forward to working with you!
Did you know that there is a good car-buying season? According to CUInsight, there are better times during the year to buy a car over other times.
Some months are better than others, depending on what type of car you want and how choosy you are about the model year and so on.
Spring Time = SUV Time
TrueCar analyzed data from dealers all over the country and they give us the advice that May is a great time to buy a car. The Memorial Day sales are usually good and it is the best time to get a good price on a mid-size SUV.
Keep an eye out for when the Memorial Day weekend sales start at your favorite dealer. The sales are usually longer than the weekend, giving you some time to check out the inventory and research the vehicle that you want.
Treats, No Tricks: Buy a Car in October
If you are hung up on getting the latest model of a certain car, October is a great time to buy a car. Dealers are beginning to discount last year’s models, trying to get them off their lot, before the new models start arriving.
October is also a good time to look at a full-size pickup truck. There are usually more trucks on the lot than customers looking, giving you an advantage.
Buyers can save an average of 8% off MSRP in October, according to TrueCar. The Family Credit Union can help you get a great car loan to go along with that discount.
Give Thanks for Vehicle Deals
Just as mid-size SUVs were discounted in May, November is the time to buy a midsize or compact car. People are looking at SUVs as the threat of winter weather approaches, leaving the cars on the lot. It’s a good time to wheel and deal with the salesman on a smaller car you’ve been thinking about.
It used to be Black Friday was the sole territory of places like Best Buy and Walmart, but now car dealers are starting to take advantage of the Black Friday craze, offering great deals along with the retailers. Pay attention to ads and commercials coming out in the time leading up to Black Friday.
End of Year Sales
As the end of the year approaches, dealers are working hard to clear out old inventory AND hitting their annual sales goals. This is a great time to buy just about any type of vehicle.
You likely won’t have as big of a selection to choose from, but you will be able to make some great deals and save some money.
Buy a Car With a Vehicle Loan from TFCU
Talk with your favorite Family Credit Union branch to find out about all we can do for you to get an affordable car loan. You can even apply online! We can give you a qualified pre-approval that will give you some leverage with the dealer. Having cash upfront gives you some negotiating room. We offer loans up to 84 months long for cars and trucks.
Contact us today and learn more about getting a great deal on your new car while getting a great rate on your car loan.
The Family Credit Union doesn’t want your auto loan to be intercepted by high interest rates. You can refinance your current auto loan with Michael Manternach at the Northwest Davenport branch of The Family Credit Union for a lower rate.
Let Manternach Tackle Your Loan
Michael Manternach may be a name you recognize. He graduated from Assumption High School and was Team Captain on the University of Central Missouri Mules. Michael knows how to play tough and protect his team and he takes that knowledge to make sure you have the lowest auto loan rate possible.
Give Michael a call at 563-388-8328, ext 9417 and schedule some time to sit down and do a financial health check. He’ll be able to show you where you can save money and time with our long line of products and services. Michael and his team at The Family Credit Union are driven to get you the best deal.
Michael has helped many people get new loans or refinance the ones they have and will work to get you the best loan possible. He’ll assist you in showing you ways that you can make changes to help your financial position. He can show you optional products, such as Debt Protection and Auto Loan GAP Coverage. Contact The Family Credit Union at 563-388-8328 or click HERE for more information.
Score With Auto Loans and More!
In addition to great rates on auto loans, The Family Credit Union also offers great services like mortgages, MasterCards, IRA’s, and more. Become a member today and begin using all the innovative products and services that The Family Credit Union has to offer. You’ll work with a local person, like Michael, face-to-face with a personal touch.
Micheal Manternach and the rest of The Family Credit Union team are waiting to work with you to make your financial dreams a reality. Contact us today and let us get to work making the best use of your money. We look forward to hearing from you!
