Freedom First Advice Center

When shopping for a new set of wheels, your first stop should be at a credit union, like Freedom First. Though many people start their process on the dealer’s lot, you’ll enjoy a lower rate, a simpler loan application and other benefits by choosing to finance your car with Freedom First.

This is why people are increasingly choosing to finance their cars directly through credit unions. In fact, auto loans comprise more than a third of all the active loans across the 5,600 credit unions in the U.S.

Let’s take a look at the differences in the auto loan process at a car dealership versus Freedom First.

Is your car payment consistently throwing off your budget? Do you long for an interest rate that doesn’t feel like you’re throwing away money each month? If so, refinancing your auto loan may be the perfect solution. It’s a quick and easy process that could instantly put more money back in your pocket.

Let’s review what auto refinancing is and how to decide if it’s right for you.

Buying a new car is exciting. All the way up until talking price with the dealer. This is where confusion sets in, and excitement quickly turns into frustration. You think you’re getting a good deal, but are you?

One of the most misleading promotions you find at dealerships is the 0% APR offer. Paying no interest sounds great. You could save a bundle of money. So how can it not be the best decision? Let’s have a look comparing the 0% APR offer vs. a Cash Back Offer.

It’s easy to fall for tempting credit cards offering exciting reward options. People are lured to them all the time. Unfortunately, when they do, they often get locked into exceedingly high-interest rates.

We want you to have a better understanding of credit card rates. Then you can make informed decisions about whether or not a credit card offer is simply “too good to be true” based on the interest rates you’ll pay to earn these rewards.

Q: Many of my friends have refinanced their mortgage recently, and they’re urging me to do the same thing. Money is always a bit tight, and the thought of an extra few hundred dollars a month is very tempting. Should I refinance?

A: Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out another mortgage, usually at a lower interest rate. It may sound like a no-brainer, but there are lots of factors to consider before deciding to refinance.

Did you know the average American household carries $6,358 in credit card debt?

If that doesn’t sound too alarming, consider this: A debt of $5,000 with an interest rate of 24.99% (which is the current rate of a typical Capital One or Citibank card), where only the minimum payment is made each month and no additional charges are made to the card, accumulates $4,823 in interest over five years. That means the cardholder would be paying nearly double the amount that was originally spent!

You may keep hearing that interest rates are dropping – but what does that mean, really? Which interest rates? Who decides that? How does that affect me?

It can get pretty confusing to anyone who isn’t an economics major. But that’s why we’re here to help you understand what it all means.