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!

02 Jul

Summer Fun with a Summer Loan

family having fun in the summer in convertible car

Get a head start to your summer with a summer loan! If you’ve been dreaming about that vacation you’ve wanted to take for years or maybe that backyard renovation, RMLEFCU can help with all your summer plans with a personal loan! These costs can be a bit tricky to finance but with RMLEFCU on your side, we can help you fund your summer goals!

Not sure what to do with your summer loan? Here are some great ideas for the summer of your dreams:

  • Family vacation
  • A cruise
  • Landscaping
  • Patio furniture
  • Swimming pool
  • Camping equipment
  • Entertainment system

Once you’ve decided what you want to use your summer loan on, let’s get started on how to use it so you can maximize your funds for the best summer ever.

Research

After you’ve decided how you want to use your summer loan, then comes the research. Plan out all the costs of your project or vacation to get a rough estimate of how much you should borrow. RMLEFCU offers competitive rates for a wide variety of personal needs and loans up to $10,000!

Budget

The best way to finance your renovations or vacations is to supplement part of the costs with a loan and pay what you can afford. See if you can DIY some things or cut costs here and there on your vacation. This will bring down your loan total and with RMLEFCU, you can choose a variety of repayment terms.

Financing Options

 With your budget set and total estimated, it’s easier to shop around for your summer loan. RMLEFCU offers a variety of different rates and options. You can choose between a secured and unsecured loan with competitive rates and a variety of repayment terms all in an easy application process. If you have any questions about your summer loan, you’ll receive attentive, friendly service from start to finish. And don’t worry! RMLEFCU has quick, local decision-making so you won’t have to wait too long to get started on your vacation or renovation.

Speak to a lender today to finance your dreams. Call us at 303-564-6660 or email us at lending@rmlefcu.org.

23 May

5 Reasons to Take Out A Personal Loan

Personal Loan

Personal loans are a worthwhile option for a variety of circumstances and can be used for just about anything. They are justifiable when it’s a less expensive option than other forms of credit and when you can comfortably afford the monthly payments for the duration of the loan term.

However, before you take out a personal loan, make sure to shop around for the best interest rates and terms! You should also examine your budget to determine whether you can make the monthly payments on time and within the set schedule. If you’re able to do both, a personal loan may make sense for your needs. An additional bonus is having a positive impact on your credit score.

If you’re deciding to get a personal loan, read this article to see what you can use your personal loan for!

Medical Expenses

Medical expenses can get pricey and not paying your bills can harm your credit. These bills that go unpaid will end up with a collection agency that will report the past-due account to credit bureaus. This will cause a major hit to your credit score. However, if you’re able to make the installment payments, a personal loan can help you pay off medical debt and could be a good way to protect your credit.

Debt Consolidation

This is likely the most common reason for getting a personal loan. Consolidating your debt can help boost your credit and organize everything into one easy loan payment! Often times, personal loans have lower interest rates and can help reduce the amount of interest you’re paying on other debt when you consolidate.

Small Business Personal Loan

Small Business

Whether you’re looking to start a small business or a side hustle, a personal loan may be the key to getting your ideas up and running. The most important thing about starting a business is balancing your budget so you don’t find yourself in a debt hole down the road.

Vacations

Financing a dream vacation is another excellent opportunity for a personal loan if you know you can repay the loan on time. Sometimes it’s good to treat yourself to a splurge-worthy vacation or the honeymoon you’ve been putting off.

Weddings

Weddings can be stressful and expensive. A personal loan can help alleviate some of that stress coming from the cost, so you can have your dream wedding! Be sure you are keeping the payment amount in mind to ensure your credit score is unaffected.

The bottom line is that personal loans can benefit you in a lot of ways from financing your dreams to paying down your debt. They can also help positively impact your credit score if payments are made on time. Finding the right personal loan makes all the difference in the world. If you have any questions or would like to speak to a lending professional, give us a call at (303) 458-6660 or email lending@rmlefcu.org.

11 Sep

How a Personal Loan Can Work for You!

personal loan

At RMLEFCU, we take pride in offering our members various products and services that they not only want and need but will help make their lives a bit easier. That being said, one of the most versatile and popular loans that we offer is our personal loan. It is easy to obtain and can be used for a variety of different things. Need some inspiration? Here are a few great ways an RMLEFCU personal loan can be used!

Job Equipment

We know getting new job equipment can take a toll on your wallet. That’s why we recommend using the personal loan as an equipment loan to cover costs of gear and work expenses. The competitive rates and variety of repayment terms available make it an easy way to fund up-front expenses, worry free!

Home Improvement Projects

Home improvement projects can be a costly up-front expense. Using a personal loan to cover all or some of the costs of home improvements or renovations can lessen the initial blow to your bank account and gives you the flexibility for lower monthly payments. Now doesn’t that new kitchen sound more realistic?

Higher Education

At RMLEFCU, we want you to follow your dreams and want to help get you there however we can! Our personal loan is the perfect way to fund the steep costs of higher education and pay them off slowly and on your terms. Loan amounts are available up to $10,000 and you have the flexibility to decide which repayment term is best for you.

& Many More

The RMLEFCU personal loan knows no limits! Whether an unexpected event occurred, or your personal project needs funding, we’re here to help. We offer competitive rates and attentive friendly service from start to finish. Contact a loan specialist at (303) 458-6660 or apply directly online!

22 Feb

Fund Your Next Getaway with a Vacation Loan

Vacation Loan

Personal loans are good for a lot of things, but arguably the best use is for much-needed vacation time! Whether it’s a month-long backpacking trip through Europe, or a relaxed family getaway in Hawaii, having a vacation loan can give you peace of mind when it comes to expenses.

A Little Extra Help

How disappointing is it when you struggle to set aside money all year for a nice vacation and discover that it’s not quite enough when the time comes? This is the perfect opportunity to utilize a vacation loan to give you the last little bit of funding needed. When people think of a vacation loan, they usually think of funding all vacation expenses with it. This is not typically the case! If you already have a good amount of money saved up, the loan can be used to simply cover the cost of lodging or expenses you may incur while at your destination. This not only lowers the amount you have to borrow, but can result in lower monthly payments as well.

Budgeting Benefits

Personal loans make vacation budgeting a breeze because they give you a set amount to spend, unlike a credit card. For example, if you take out a personal loan for $5,000 and by day 3 of a week-long vacation you have already spent more than half, you know it’s time to reign in the spending a little bit. By using only the funds you obtain from the loan, you are much better off sticking to a budget and avoiding overages.

Better Than a Credit Card

We provide personal loans for expenses you may not have all the funds for right now, to give you a better option than putting large expenses on your credit card. While it may seem tempting to fund a vacation on credit, it’s not recommended, as the interest rates are typically higher than those on personal loans and can fluctuate depending on how much you spend. With a vacation loan, you have a set spending amount and a set monthly payment.

Financing a getaway with a vacation loan is great way to ensure that you get the relaxation or adventure you need, even if you can’t quite afford it. To read more about the personal and vacation loans RMLEFCU offers and apply today, visit our website or give us a call at (303) 458-6660!