11 Sep

Current Low Rates Means Refinancing Your Auto Loan is a Big Deal

The current pandemic is straining economies both locally and internationally. It’s now time to find opportunities to save money.

One way for some people to minimize monthly payments is by refinancing their car loans at lower interest rates. These current rates are much lower than average, and it is important to consider what the refinancing of a car loan means.

RMLEFCU will help you navigate the refinancing of your auto loan to get the lowest rate out there.

Look at More than the Monthly Payment

A lower monthly payment can still mean paying more for your vehicle over time, particularly if your loan period is extended. This could get you in some other financial trouble later.

Pay attention to the rate of interest you’re paying, as well as when you’re actually going to get rid of the car payment. This is especially important if you don’t intend to keep your car around for a long time. Your aim should be to make the loan payments quicker.

Do Your Research

Just like all big financial decisions, it’s important to do your homework before you get a refinancing loan. Jumping in headfirst and committing to a new loan before you fully understand it could be a major mistake.

Your existing loan may be subject to a prepayment penalty, which means that you may have to pay a prepayment charge to substitute it with a new loan. Shop around a little to see what the prices are like before you commit.

Features Available at RMLEFCU

RMLEFCU offers low, competitive auto loan rates for new or used vehicles with a variety of repayment terms available. We also have a variety of buyer resources to make your car purchasing and refinancing process easier:

  • Get fast financing with Credit Union Direct Connect.
  • Easily browse inventory and make an informed auto buying decision with AutoTrek.
  • Protect yourself against financial loss in the event your car is totaled or stolen with GAP Insurance.
  • Be prepared for unexpected auto repair costs with RMLEFCU’s Mechanical Repair Coverage. Our benefits are usually hundreds less than the prices the dealerships offer.

We’re also offering an exclusive member-only special on our Relationship Rate! Normally, members can take an extra 0.5% APR* off our already low auto loan rates if they qualify for four out of five following services:

  • Line of Credit (includes credit cards, overdraft protection, or a home equity line of credit)
  • Kasasa Checking
  • Online Banking
  • Direct Deposit
  • Automatic Payments

This month, for Member Appreciation Month, we are offering an EXTRA 0.25% APR** off the Relationship Rate. This means you can get a total of .75% off our already low rate of 3.5% APR*! That means your rate could be as low as 2.75% APR*! With auto loan rates currently low, it might be the perfect time to refinance your auto loan.

 

 

 

 

 

*Annual Percentage Rate. With approved credit. Some restrictions may apply. Rates subject to change.

**Annual Percentage Rate. With approved credit. Some restrictions may apply. Rates subject to change. Offer valid for the month of September 2020.

 

30 Apr

What to Do If You Can’t Pay Your Loans During the Coronavirus

girl sitting on bed with bills and credit cards due debt

The coronavirus (COVID-19) has significantly altered how we manage our lives and our workplaces. Many people face a drop in wages or work losses entirely and may find it impossible to keep up with their student loans, mortgage payments, credit card bills, and other debts.

In this post, you’ll get details on the different solutions that may be open to you if you’re concerned about falling behind in bill payments, as well as what you can do to try and protect your credit during this crisis.

Federal Student Loans

The federal “Coronavirus Aid, Relief and Economic Security Act” or the “CARES Act” (H.R. 748) suspends payments without interest for federal student loans held by the United States Department of Education for a total of six months, until 30 September 2020. The termination of payment is automatic, you don’t have to ask for it.

Mortgage Payments 

As soon as you know you’ll be having trouble making your next mortgage payment, contact your loan service company to find out what choices are open to you. You may be eligible for default under the CARES Act or some form of short-term immediate mortgage relief, such as a late-payment waiver.

The CARES Act also imposes a 60-day foreclosure moratorium on federally funded mortgage loans and loans issued, guaranteed, or insured by the Department of Agriculture. This moratorium includes much of the country’s residential mortgage loans.

Property Tax

 If you are late in paying property taxes, several counties are enforcing a moratorium on property tax foreclosures and tax sales. Call your county treasurer’s office or search online to see if your region has a moratorium.

Credit Cards, Personal Loans, Small Business Loans

 Many credit card issuers have issued announcements on their websites detailing a range of forms of customer assistance during the COVID-19 outbreak. Accessible assistance covers credit line changes, forbearance collection, and missed payments. With our credit cards, RMLEFCU provides a free balance transfer and competitive APR*.

When you need money, various lenders, and the U.S. Small Business Administration (SBA) is providing loans to those affected by the coronavirus.

Utilities, Phone, Internet

Many phone service and internet providers also waive late charges and postpone shutdowns. Some providers provide free Internet service to new customers or unrestricted data to current customers for a limited period of time, such as 60 days.

Auto Loans 

Lenders offer payment extensions and other options to those that may have trouble paying their car payments. If you refinance your auto loan with RMLEFCU, we offer a 90-day payment free period!

You Have Options at RMLEFCU

The best thing to do is to contact your service or loan providers immediately. RMLEFCU can help you cope with financial stresses during the COVID-19 recovery period. For instance:

  • Consider a low rate personal loan to pay bills to those institutions who aren’t as understanding.
  • Debt protection offers superb financial shielding to cover loan payments in the event of death, disability, or involuntary unemployment.

These and other services are at your fingertips. Please reach out to our Member Experience Team for more information! Email them at lending@rmlefcu.org.

06 Jun

Introducing: RMLEFCU’s Relationship Rate

Our low-rate auto loans just got even better (if you can even believe that)! Now you can take an extra 0.5%* off our already rock-bottom auto loan rates by qualifying for our exclusive Relationship Rate!

What Is It?

The RMLEFCU Relationship Rate allows qualifying members to take an extra 0.5% off of our auto and motorcycle loan rates. That means you’ll be getting an even lower rate for the entire duration of your loan!

How to Qualify

Simply use four of these five RMLEFCU services to qualify for an additional 0.5% off your loan:

Not only will using these services make your finances easier, but they will lower your auto loan rate as well!

The best place to start when shopping for a new or used vehicle is always your credit union! Contact us at 303-458-6660 or stop by a branch to learn more about our auto loan services and get pre-approved today!

* With approved credit. Some restrictions may apply.

26 Mar

RMLEFCU’s Car Buying Process Made Simple with AutoTrek

autotrek

Here at RMLEFCU, we have the privilege of partnering with AutoTrek to bring our members great car buying benefits and rates. If you like the sound of saving hundreds, if not thousands, on your next vehicle purchase, we encourage you to read on.

Great Rates on Auto Loans

RMLEFCU offers members competitive rates on new or used vehicles. It’s our goal to make the car buying process as fun as possible, not stressful!

That’s why we offer:

  • Up to 110% financing
  • Variety of repayment terms available — up to 72 months
  • Pre-approval available for extra bargaining power at the dealership
  • Insurance options
  • Easy application process
  • Quick, local decision-making
  • Attentive, friendly service from start to finish

To learn more, visit our website or watch Jen describe how easy it is to apply for an auto loan.

Car Buying Resources

With an automotive resource like AutoTrek RMLEFCU members have access to everything they need to make an informed car buying decision.

Some great services they offer include:

  • Vehicle location
  • Price negotiations
  • Vehicle history reports
  • Vehicle research tools
  • Excellent trade in value
  • Purchase assistance

Exclusive to RMLEFCU customers, they also offer access to:

  • Over 100 in-stock certified pre-owned vehicles
  • Over 50,000 pre-owned vehicles through our exclusive dealer network
  • Fleet pricing available on any new make or model, all rebates and incentives are included

When it comes to car shopping, make sure you stop by or request a quote from RMLEFCU on an auto loan before making a decision. You’ll be glad you did.

Have questions about the car buying process or our auto loan rates? Visit our website, stop by a branch, or give us a call at (303) 458-6660.

14 Feb

The Credit Union Difference: Auto Loans

Being in the market for a new or used car can be both stressful and overwhelming. Not only do you have a massive selection of vehicles to choose from, but you must also decide how you’re going to finance your new purchase. That’s where we come in. While dealerships may make their financing programs sounds attractive and unbeatable, it is always best to shop around for the best auto loan rates – starting at your local credit union.

We’ve gathered the top 4 reasons why choosing a credit union for your auto loan is the right way to go.

1.    Lower Rates

Credit unions have very competitive interest rates, especially on auto loans. On average, credit union loans are at least 1 percent lower than banks, which can save you some serious cash in the long run. Big banks often incentivize their loan officers for selling you on anything extra that will earn the bank more money, while credit unions work for their members, not commissions, so they have your best interest at heart. They won’t try to convince you to get any extra bells and whistles unless they honestly think it would benefit you.

2.    Personalized Service

Providing members with excellent customer service is at the top of credit unions’ priorities. Since credit unions are non-profit organizations and are run by volunteer board members and not a corporate office, members are provided with a more personal and customer-oriented experience. You can rest assured that credit unions have your best interest in mind when providing you with a loan, whereas big banks see dollar signs when recommending auto financing options. Credit unions work for their members, so the happier you are with the service you receive, the better off the credit union is.

3.    Educational Resources

As stated above, credit unions pride themselves on providing excellent member service. One aspect of this is providing members with educational and informative resources to make the best financial decisions possible – especially when it comes to auto loans. If you want unbiased answers regarding auto loans and the car buying process, turn to a credit union where they will be more than happy to assist you in making the best decision. RMLEFCU specifically partners with AutoTrek to provide our members with the best car buying resources, so you can thoroughly research your options prior to purchase.

4.    Easy-to-Use Process

The days of having to go into a branch to apply for an auto loan are over. Now, credit unions offer applications for auto loans to be done online, over the phone, or even at a car dealership. RMLEFCU specifically works with Credit Union Direct Connect to simplify your car buying experience and get you approved for an auto loan in minutes, right from the dealership.

When it comes to the car buying process, you can always count on credit unions to have your best financial interests in mind. Whether you are a first-time car buyer just starting your search, or are a seasoned car-buying veteran about to sign some papers at a dealership, make sure you check out credit unions before making an auto loan decision.

Have questions about RMLEFCU’s auto loans? Check out our website or contact us at (303) 458-6660.

18 Sep

Car Buying Process Made Simple

Car Buying Process Made Simple

Have you been thinking about getting a new car recently? Don’t know where to start? Allow us to help. Here at RMLEFCU, we have partnered with AutoTrek® to bring you plenty of resources to simplify the car buying process.

Use an Auto Broker

When making a new or used car buying decision, many people utilize auto brokers to help them with the tedious process of finding the exact car they want at an affordable price point. Simply put, auto brokers streamline the process significantly and do all the heavy lifting for you. Just tell them what you’re looking for in a vehicle and a set price range, and they take care of the rest. From scouring the country locating a vehicle fitting your description to negotiating prices with the dealer; they take care of all the time consuming busy-work so you don’t have to.

RMLEFCU Member Deals and Discounts

By being a member of RMLEFCU, you receive the best deals and discounts in AutoTrek’s inventory. AutoTrek provides RMLEFCU members with the most current and accurate vehicle information on the market, so you can make the most informed car buying decision possible. They also offer members a complimentary vehicle report, so you are able to check the history and information on any vehicle as long as you have the VIN.

What’s the Value of Your Current Vehicle?

How much you will get for your current vehicle will probably effect which car you’ll set your sights on buying next. If the value of your current vehicle is more than expected, then suddenly you might be able to afford a slightly nicer make or newer model! Utilize the NADA appraisal tool to find the approximate trade in value of your vehicle and compare similar models side by side to ensure you’re getting the best deal.

Get Your Dream Car

By utilizing the New Vehicle Builder Tool, you’ll be able to research and build your dream car equipped with any and all the bells and whistles you’d like. You can then submit this vehicle to AutoTrek who will search high and low for your exact specifications. Once found, AutoTrek will take care of all the negotiations and deliver the vehicle to you at the best price possible.

RMLEFCU Auto Loans

So now you’ve got your dream car at the best price possible, but how are you going to pay for it? At RMLEFCU, we’re all about making the car buying process as simple as possible, so we offer competitive auto loans only available to members with no payments for the first 90 days! We’re making it easier than ever to get you into a brand-new ride at the lowest possible price, so what are you waiting for? Check out our website for more information and apply online today!