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Explore the categories below and look for Financial Wellness U throughout our site to gain access to our online toolkits featuring: educational tutorials, videos, and resources that make you a more empowered consumer.

Tip of the Month:

When to Refinance Your Auto Loan

With interest rates still lower than they have been in the past, an auto loan refinance may have crossed your mind — and it could be a good idea.

If your current interest rate is at or above 6%, there’s a good chance you could save hundreds of dollars each year by refinancing auto loans.

Take a look at the 5 scenarios where refinancing makes sense:

  • Interest rates are lower than your original loan. Refinancing loans are considered used car loans, and their rates are usually higher than new car loans. But depending on the market, the refi rates could still be more than a couple of points lower than your original loan. (Remember: Even a 2-point difference can make a huge impact over the life of a loan.)
  • Your credit score improved. Your credit score has a major influence on loan rates, so check it before you consider a refinance. If your score is higher than before, a lender might consider improving your rate.
  • You didn’t get your best rate. Dealer-sourced vehicle loans commonly carry a higher rate than the consumer deserves because the consumer simply didn’t know better. The extra money is a profit source to the dealer, like rust-proofing or extended warranties. When this is discovered after the fact, it may pay to refinance.
  • You need a lower monthly payment. Sometimes the unexpected happens. If you need to reduce your payments for financial stability, refinancing your car loan for a longer term will lower the monthly payment. It’ll cost more in the long run, but the individual payments will be more affordable.
  • Your car lease is expiring and you want to purchase the vehicle. When you fulfill the terms of a lease, you typically have the option to buy the vehicle. (Plus, there’s always the chance that the residual value of the car is set too low. That means you’d purchase it for less than it’s worth at the end of the lease.)

How much can you save?

The amount you could save with an auto loan refinance is largely dependent on the age of your current loan. Because car loans are paid by amortization, more interest is paid in the first half of the loan than the latter half. That means the earlier you refinance, the more you stand to save with a lower interest rate. Call us at 1-800-226-6428 to see if refinancing your auto loan is right for you. 
 

Source: www.bankrate.com

Money Saving Apps and Websites*

CamelCamelCamel - Track prices, set up alerts, and view history charts for products slod by Amazon.

Flipp - Far fewer people get the Sunday papers these days. But all the ads, sales, coupons, and other special offers from the Sunday circulars can be browsed with Flipp. The app covers weekly ads from some 800 retailers, including supermarkets, dollar stores, pharmacies, and big retailers such as Target and Walmart. If you add your loyalty-program numbers, some discounts will automatically be applied when your loyalty card is scanned at checkout, without any physical coupons.

Honey - never search for a coupon code again. Honey automatically applies the best coupon code at checkout. It's basically free money.

RetailMeNotSmart shoppers consider the list price merely a starting point that they’ll inevitably be able to beat with a few clicks of a mouse or swipes of a smartphone. The RetailMeNot app is a must-have for savings, with promotional codes, coupons, and other discounts at 50,000-plus restaurants and major retailers, and deals for physical stores and online purchases alike.

ShopSavvyThe ultimate “showrooming” tool, ShopSavvy allows you to inspect merchandise in the store and scan the bar code to compare prices from dozens of online competitors and local stores (but not Amazon, unfortunately). The app offers special cash-back deals from major retailers, and you can set up notifications to alert you when a desired product goes on sale.

*Despite the presence of links and mobile apps listed above, McGraw-Hill FCU makes no warranty or representation regarding, does not endorse, is not affiliated with, and is not in any way responsible for the linked website or any content that appears on it. If you decide to visit any linked website, you do so at your own risk and it is your responsibility to review the terms of use, privacy policy, and any other relevant legal notices of the relevant linked website. Article Source: Time.com


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