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Catholic Federal Credit Union Financial Fitness Blog

Feeling Stuck In Your Auto Loan? Might Be Time To Shop Around!

Posted by Melissa Pashak, Marketing Specialist on May 16, 2017 11:45:25 AM

Some bills can't be changed. For other bills, though, a little legwork can make a big difference in your monthly payment. Your car payment is a great example. Refinancing your vehicle loan can lead to a lower monthly payment, a shorter payment term or both! It depends on various factors, including the value of your vehicle, how much you owe and your credit standing.

Read on for three common life changes that might mean it's a good time to refinance your vehicle.

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Topics: auto, auto loan, refinance

Buying A Used Car

Posted by Meaghann Janze, Loan Representative on May 20, 2016 9:34:50 AM

You've probably heard that a car is the second-largest purchase the typical American makes after their home, but that's not really true.  It might seem like it, since the median home price in the U.S. was just under $190,000 last year, while a new Honda Civic starts at about one-tenth as much.  When you look a little deeper, though, you'll probably only ever own one home at a time, and when you sell it, you'll get your money back. You might even make a profit on the sale.  

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Topics: auto, auto loan, used cars

Is Now The Perfect Time To Buy A New Car?

Posted by Melissa Egeler, Marketing Assistant on Jan 26, 2016 9:10:00 AM

Americans have a definite love affair with driving - and there's nothing like falling fuel prices to speed our heartbeats. As prices at the pump go down, if you're like everyone else, your thoughts may be turning toward buying a new vehicle or planning that next road trip or family vacation.

With gas prices at their lowest levels since 2009 and interest rates probably the best they'll be all year, now might be the perfect time to do both.

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Topics: auto, loans, car loan

Leasing vs. Buying a Car

Posted by Bethany Dutcher, VP Marketing on Jan 30, 2015 11:30:42 AM

Q: I’ve been getting conflicting information about what makes more sense. Should I lease a car or buy one?

A: Here’s a little known fact: auto dealers average twice as much profit on a lease than on a sale. With about 1 out of every 4 cars being leased, it appears to be a good deal for drivers, too.

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Topics: auto, car loan, leasing

How to Pay Off Your Car Loan Early

Posted by Bethany Dutcher, VP Marketing on Jul 21, 2014 12:39:00 PM

According to the Federal Reserve, the average amount of a new car loan is $26,673 and a monthly payment of $485. Here are simple strategies to pay off your car loan early.

Make Bi-Weekly Payments

By switching to a bi-weekly payment plan, you will essentially be making a payment every 2 weeks for half of the full payment you currently make once per month. With a bi-weekly payment plan, you end up making 26 half payments per year, or 13 full payments. This works out to one additional full payment a year.

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Topics: General, auto, loans

Welcome!

We're happy you're here. Our blog gives us another way to communicate with you in a fun, relaxed way. Don't worry; we won't be selling you anything. We just want to share a more personal part of ourselves so you can get to know the lighter side of the credit union. Our goal is to improve your financial well-being, we'll also share helpful financial tips and recommendations covering everything from students loans to retirement planning, and dream vacations to budgeting, many from our own personal experiences. After all, we're still people helping people, as we have been for 60 plus years. Now we just have more ways to reach out and help. 

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