Credit Union Auto Club


Tap Your Home’s Equity
Tap Your Home's Equity If you need cash to remodel your kitchen or bath, a home equity loan or home equity line of credit (HELOC) might be your best bet. These loans let you borrow money using the equity in your home as collateral. Unlike almost any other consumer loan type, the interest on a home equity loan or HELOC of $100,000 or less is likely to be tax-deductible ($50,000 if married filing separately). With a home equity loan, you borrow a lump sum of money repayable over a fixed term, usually five to 15 years, giving you the security of a locked-in rate and a consistent monthly payment. A HELOC is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the credit limit your lender assigns, using a special checkbook or credit card, or by making a...
When It Comes to Car Loans, Shorter Is Often Better
When It Comes to Car Loans, Shorter Is Often Better A longer-term loan can make even the most expensive car look affordable. By stretching out the loan over many years, your monthly payment is likely lower, but you could end up paying a lot more in interest. Still, many people find such loans attractive. The average new car loan is now 67 months, according to—the second-highest average term on record. Almost 25% of vehicle loans made in the second quarter of 2014 were for 73 to 84 months, according to Experian. That's well above the standard three- to four-year loan that used to be typical for new car purchases. Here are some of the problems with taking out a longer car loan: • The longer the term of the loan, the worse your interest is likely to be. Shorter-term loans generally qualify shoppers for a better rate; • There's a...
Closed for Columbus Day All branches will be closed on Monday, October 12th.