With loan rates on auto loans at UCCU as low as 3.99% for 60 months right now we thought it was a good time to repost some information about common car shopping myths. Whether you are getting a new car or want to refinance an auto loan to lower payments and interest, right now is a prime opportunity to do so.
Avoid being fooled by these common car shopping myths:
- MYTH: Factory Invoice is how much the vehicle costs the dealer.
Not true. Dealers often receive manufacturer incentives and holdbacks, which lower the dealer’s costs.
- MYTH: 0% financing is a great deal.
Not necessarily! You need nearly perfect credit to qualify for these offers and may be required to give up a potential manufacturer’s rebate – often thousands of dollars. You may end up saving more money by taking the rebates and getting a loan at a low interest rate through UCCU. In addition, 0% financing typically comes with a short loan-term making monthly payments high. Additionally, 0% financing is usually only offered on slow-selling models (like big SUV’s that get poor gas mileage).
- MYTH: If I want to drive home in my new car, I must finance at the dealership.
Not true. You typically have anywhere from 5 to 10 days to present the dealer with payment for your purchase. You can purchase a vehicle over the weekend and finance with UCCU on Monday! Also, for your convenience, we have partnered with many local dealerships to offer UCCU financing so make sure and ask them if they can finance it through UCCU for you on-the-spot.
3.99% is an extremely low rate. Give us a call and see if we can beat the rates you are currently paying. We can even help evaluate the rates you are paying on your mortgage, home equity and credit card loans to make sure you are getting the best deal. Representatives are available business days from 9:00 am to 5:30 pm at (801) 223-8188 or toll free at (800) 452-8188. You can also apply online at www.uccu.com.
The UCCU 2010 Short Film Competition has come to a close and we are pleased to announce the winners. The UCCU 2010 Short Film Competition received a wide variety of film submissions from all different age groups. This year we received more videos than ever before and the level of competition is rising. We were most impressed by the level of ingenuity in expressing what it means to “be money smart” and we look forward to next year’s competition. Thanks to all those who participated.
Judges Choice: “Mr. Money Smart” by Kevin Henderson
Most Humorous: “Optimus Sub-Prime” by Josh Smith
Most Creative: “A Tip On Financial Management” by Talmage and Joshua Haines
Most Educational: “Money Smart Music Video” by Jordan Riley
Most Inspirational: “Bee Money Smart” by Sterling Brinkerhoff
Click here to view the winning films
We are excited to announce that June 1 UCCU will launch a newly redesigned website. The new fresh look comes with some added functionality as well as expanded content. The new design retains some of the same structure as the previous site and incorporates a clean, intuitive layout so members can locate the information they need with fewer steps. Some of the things you’ll notice:
- Rates for savings, autos and homes will be right on the homepage.
- Branch and ATM locators will be accompanied with convenient interactive maps, including an intuitive ‘get directions’ option.
- New financial calculators will help you decide how to earn more interest on savings and pay less on loans.
UCCU is committed to delivering the most timely information and resources available so members can manage their finances with ease. We are confident that the newly redesigned site will do just that.
The new design is based on member feedback and created specifically for UCCU’s members. Packed with great resources the website will help make UCCU’s extensive resources more accessible.
Please let us know if you have any questions about the new website. You can email us at firstname.lastname@example.org or give us a call. Representatives are available Monday through Friday, 9:00 am to 5:30 pm at (801) 223-8188 or toll free at (800) 453-8188.
There are two basic types of home equity loans; closed-end and open-end. Both are based on the equity of your home. Equity is simply the difference between what you owe on your home and its appraised value. So if you owed $80,000.00 on your home and it appraised for $100,000.00 you would have $20,000.00 in equity.
When you do a closed-end home equity loan you receive the loan amount in one lump sum.
Open-end home equity loans (referred to as home equity lines of credit or HELOC’s) on the other hand allow you to make withdrawals from a line of credit as you need. Just like a closed-end loan the loan limit is based on the equity you have in your home. HELOC’s provide flexibility. If you have a HELOC for $50,000 you can use as little or as much of it at a time as you need; for example maybe one of your kids needs braces or you want to fence your yard or finish your basement. With a HELOC you withdraw only what you need and pay it back in monthly installments. HELOC’s are great because they make life’s unexpected turns more manageable. A HELOC can also be used to consolidate debt into one easy-to-manage monthly payment.
Knowing the type of loan you need can be tricky, but UCCU has specialists at every branch who can help you navigate the choices so you can save money.
One of the benefits of a recession like we’ve been having is that rates on loans, especially home loans, are at historic lows. Right now UCCU’s rates on Home Equity loans are as low as 4.00% variable APR. There are no closing costs or maintenance fees. To learn more about home equity loans and home equity lines of credit call one of our Home Equity Loan specialists today. Call 801-223-7650.
Voting for the Utah Community Credit Union Board of Directors begins May 10 and ends May 21. UCCU members may vote at any branch location or online at www.uccu.com. Vote at a branch and receive a free gift (while supplies last). You may read candidate bios in the May newsletter, online at www.uccu.com, or at any UCCU branch.
The Utah Community Credit Union Board of Directors consists of nine volunteers, each on a three-year term that is rotated so that each year three seats are available. All UCCU members age 16 and older are eligible to vote for three members of the Board of Directors annually each May. Election results will be announced at the Annual Meeting on May 27th at 7pm at the Riverwoods Branch located at 188 West 5200 North in Provo.