18 Aug

4 Reasons to Ditch Your Tent and Purchase an RV

If a self-proclaimed camping purist scoffs at an RV or camper it can only mean two things: 1) They have never tried it or 2) They genuinely enjoy roughing it and being uncomfortable. If it’s the latter, there’s no convincing them. They are at peace sleeping on a pad as thick as a yoga mat and it’s best to let them be.

For everyone except the most extreme mountain types, there are four main reasons that an RV/Camper is a better choice than a standard tent.

  • You will save money on hotel stays with an RV/Camper
    The average hotel stay in Durango, CO is between $100-200 a night. That is before taxes and fees for any extra guests beyond the allotted number per room, pet fees, and even fees for parking. Compare this to a single site during peak season at Durango’s Junction Creek campground that is $24 per night. If you opt to stay on the Bureau of Land Management land, you will pay $0. In a hotel without access to a kitchen, you will also spend roughly $50 per meal for a family of four. Compare this to cooking in your RV or camper where the total meal cost is significantly lower.
  • An RV/camper provides more protection from human or animal threats
    While a tent’s fabric walls can protect you from insects and snakes, they’re no match for a bear or cougar. Yes, animal attacks are rare but better to play it safe and not turn into a tasty treat or chew toy for a hungry mammal. Sometimes it’s the sound of a coyote, wolf, or unidentified animal that makes it hard to sleep. If you are inside your camper or RV, you likely won’t be bothered.
  • There’s no need to pack and unpack with an RV/Camper. Do you have a storage shed or basement full of camping gear? Between portable stoves, sleeping pads and bags, tents, and tables, there is a lot of gear that must be packed and unpacked and stored after every camping trip. If you have an RV or camper you can store what you need inside and either hook it up to your tow hitch or drive it away when it’s time to go. The more you move around your camping supplies, the more chance that you will misplace or lose them. You’re protecting your gear when you invest in an RV or camper.
  • You are more likely to ACTUALLY go camping than you would with just a tent. Additional reasons you will look forward to camping in an RV over a tent is because you’ll have a better night’s sleep on a bed than you would on a cot or sleeping pad – plus you’ll stay warmer inside an RV or camper’s walls. If your family members hesitate for any of the above reasons or complain about comfort, these roadblocks can be easily overcome with the purchase of an RV or camper.

If you’re ready to rev up an RV, RMLEFCU offers its’ members competitive rates on RV loans. Whether you are considering a motorhome, fifth-wheel camper, or teardrop, we have a variety of repayment terms available. Our application process is quick and painless and you can start online today! If you have any questions, please call us at (303) 458-6660.

07 Aug

3 Staycation Ideas to Get You Excited About Summer

Staycation loan helps family buy camping gear

Oh, summer, warm weather, sunshine, the open road … or not. Among the many changes that the novel coronavirus has brought upon us, there is also the likelihood that your family has had to rethink your 2020 vacation plans. Not to worry! RMLEFCU has you covered with some fun stay-cation plans that will make you forget you were supposed to leave town at all!

Here’s how to plan a totally immersive, all-inclusive family staycation without leaving Colorado!

Be a Tourist in Your Own Town

When was the last time you explored your town’s history? There’s most likely a few local museums close by, historic markers, classic restaurants, or kitschy shops you pass by every day. Visiting these hole-in-the-wall businesses is a great way to discover your new favorite restaurant or store and helps to support local businesses!

It’s not often we play tourist in our own town. You may think you know where everything is, but once you imagine you’re a guest coming from a faraway place, you’ll find some amazing places to visit and things to do! 

Take the Scenic Route

Sometimes the open road calls to us but it’s hard to really enjoy the scenic route with the same car you drive to work every day. This is where car rentals come in handy! Renting your dream car for a day won’t cost too much and enjoying a long drive into the Colorado sunset could be your new favorite activity. If you have a specific destination, try spending a night or two! If you don’t, even better, the magic is in the journey.

Get in Touch with Nature

Now is the best time to put your camping gear to work! Pitch the tent, hang the hammock, bust out the hot dogs, roast a couple of marshmallows, and sleep under the stars. We are fortunate to be living in Colorado with plenty of exposure to the great outdoors. State and county parks, recreational trails, and green spaces in the city offer plenty of opportunities to get in a little exercise, enjoy the fresh air and sunshine, and see some amazing wildlife. You needn’t go very far to experience nature’s wonders. RMLEFCU is also offering a low-rate camper/RV loan to help you purchase the adventure gear of your dreams!

Staycations can be a lot of fun! What’s even better is our low rate Staycation loan is here to help you pay off some bills, purchase new equipment for your hobbies, get a head start on your home improvement projects, and even splurge a little on yourself!

A healthy and happy family staycation is what we hope for all of our members! We’d also like to remind you to observe recommended practices for social distancing whenever you leave home and keep up that frequent handwashing. Share your best staycation ideas or trips on social media and tag @RMLEFCU and #RMLEFCUStaycation to be entered into our Staycation Giveaway for Sunglass Hut gift cards!

18 Feb

Do Credit Unions Offer Better Car Loans?

Credit Union Auto Loan FInancing

Are you considering buying a car? You’ve probably started researching interest rates on auto loans from banks and dealerships, but there’s another option that you might not know about – credit unions to finance your purchase.

Credit unions offer savings and checking accounts, loans, and other financial services, similar to banks. The difference is that credit unions are member-owned not-for-profit organizations.

Instead of charging members fees for using their services, a credit union gives back to its members by offering them higher savings and investment return rates and lower interest rates on loans.

Having a car loan from a credit union could possibly yield lower interest rates, lower minimum loan conditions, and better lending approval chances.

What Makes Credit Union Auto Financing Different?

There are several benefits to using a credit union when it comes to financing your vehicle, as opposed to a dealership or bank.

You could have a better chance of getting a loan accepted. Since credit unions are smaller and concentrated on their communities, they appear to have a greater understanding of members who have less than perfect credit scores. If you have a limited credit history, that can make a credit union a much better option than a bank.

Credit unions commonly offer lower interest rates than banks or car dealerships. Since credit unions don’t rely on income the way banks do, they don’t have to make as much money on your loan. But don’t worry, the method of getting a loan remains very similar. At credit unions, the loan application process typically consists of checking your name, salary, work details, and credit history. You may even receive a decision quickly with the local decision-making after your application is complete.

When Should You Finance a Car Through a Credit Union?

If you are just starting to build credit or have a thin credit file, a credit union may be more likely than a bank or auto dealer to approve you for an auto loan.

If you are already a credit union member, it makes sense to see how their loan conditions compare with those of banks or dealerships. Before you visit the dealership, you can get pre-approved auto loans from your credit union to give you more negotiating power.

Obtaining a car loan through a credit union can come with a range of benefits depending on the practices of the individual credit union such as car buying options through Credit Union Direct Connect and AutoTrek. As a member, you may find lower interest rates and lower loan minimums.

To see if a credit union is right for you, research credit unions in your area, compare offers from different lenders and choose the one that suits your budget and financial situation. If you have any questions regarding RMLEFCU’s auto loans give us a call at 303-458-6660 or email lending@rmlefcu.org. Let’s get you in a new car!

06 Feb

Understanding Home Equity Lines of Credit (HELOC)

HELOC on laptop computer

Sometimes life throws you curveballs like needing to update your kitchen or fix a leaky roof. Home improvement projects are rarely cheap, but a HELOC is great for providing you with the funds you need to get them done. RMLEFCU has competitive, variable rates for several recurring or one-time needs consisting of major life events, home remodel projects, debt consolidation, and more!

But before you get into signing the papers, what exactly is a HELOC? Don’t worry, we’ll explain everything so you can become an expert on Home Equity Lines of Credit and fix up your home!

What is a HELOC?

A HELOC or a Home Equity Line of Credit, allows homeowners to borrow money against the equity they’ve built up in their home, which is the difference between your home’s value and your mortgage balance.

HELOCs can provide numerous opportunities for flexibility in borrowing; however, they are limited and carry the risk of foreclosure. Opening a HELOC can require considerable discipline, but we’re here to help keep you on track.

How does a HELOC work?

A HELOC is similar to a credit card where the borrower uses a line of credit to borrow amounts that total no more than the credit limit, instead of advancing the entire sum up front.

HELOC funds can be withdrawn during the “draw period” which typically ranges from five to 25 years. After the draw period comes repayment which consists of the borrower repaying the amount withdrew plus interest. There may be a minimum monthly payment required during the draw period which often consists of “interest only”.

What is the length of a HELOC term?

The length of a HELOC can vary up to 30 years, with a 10-year draw period and a 20-year repayment period. While borrowers can choose to withdraw the available money immediately, lenders can structure HELOCs as long-term relationships.

At RMLEFCU, our HELOC repayment terms are up to 15 years and your funds are available anytime, without reapplying. You only need to apply once and can use it repeatedly thereafter.

Are there any additional fees?

Annual fees can be included in HELOCs, including other fees such as transaction fees and closing costs. A lot of the terms and fees included with your HELOC are determined by the individual lenders. You will also pay interest on your HELOC. Most lenders offer a variable interest rate.

If you make interest payments with RMLEFCU’s HELOCs, those payments may be tax deductible.

Are there alternatives to a HELOC?

Home equity loans and HELOCs sound similar, but these two products are actually very different. Some of these differences might determine which option is better for your needs.

A home equity loan doesn’t allow for revolving borrowing, like the HELOC. Instead, the borrower gets all the money in a lump sum, up front, and spends the life of the loan repaying it. A home equity loan also carries a fixed interest rate, which can provide more security over the life of the loan. This may allow borrowers to plan more easily when putting together a budget for the loan’s repayment schedule.

RMLEFCU also has a home equity loan option with similar attributes to our HELOC loan! Depending on what you need the loan for, you should research which one will benefit your needs the most.

Call us today to discuss our low HELOC rates and put your home’s equity to great use! (303) 458-6660