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    The Best Ways to Use Your Credit Card

    Last updated 1 month ago

    Your credit card can be a friend or enemy when it comes to your finances. Used wisely, your credit card can help you make large purchases while improving your credit score. If used the wrong way, your credit card could prevent you from getting a car loan, mortgage, and more. This video offers additional information.

    When you use your credit card, the most important thing to remember is that you are agreeing to pay the full amount you charge, plus interest. Try to restrict yourself to charging only things you can pay off within one billing cycle. When it comes to larger purchases, be sure you have a repayment plan in place.

    NSWC Federal Credit Union offers credit cards with attractive rates, plus the financial support you need to make your card work for you. To apply for a credit card or learn about credit union membership, call us at (540) 663-2181. 

    Avoid These Mistakes When Buying Your Next Home

    Last updated 1 month ago

    Are you in the market for a new home? Few people ever make a bigger investment than a house, so it makes sense to take the time to make sure you’re making the right choices for your finances and your lifestyle. NSWC Federal Credit Union can help you understand all of your mortgage options. When you’re looking for a new home, these tips will also help.

    Don’t Overextend Your Budget

    When you’re home shopping, it’s easy to get caught up in the moment and convince yourself that spending another few thousand here or there won’t really matter that much to you in the long run. However, if you push your budget beyond its limit, you won’t have any room to react to a change in your financial situation, like a job loss. One of the easiest ways to understand exactly what you can afford is to sit down with a mortgage expert at your credit union and see what kind of loan you can get.

    Don’t Skimp on Your Down Payment

    It’s possible to get a mortgage for little or no money down, but that’s not always the best choice. You’ll get the best deal on a mortgage when you can make a 20% down payment because you’ll avoid the need for private mortgage insurance. Private mortgage insurance protects your lender in case you need to sell your house unexpectedly before you have enough equity to avoid a loss. If you don’t currently have 20%, saving up before moving could be the smartest choice.

    Don’t Turn a House into a Spending Spree

    It’s normal to feel the pressure to upgrade your furniture or fill extra space when you get a new home, but don’t pile credit card debt on top of a new mortgage payment. Live in your home for a while and save up for new things instead of adding to your debt.

    Let NSWC Federal Credit Union help you make the right choices when you’re buying a new home. We’re invested in the financial wellbeing of all of our members. Learn more about our credit union services by calling (540) 663-2181. 

    Financial Advice Friday!

    Last updated 1 month ago

    Get ready for the big game!!

    Financial Terms: What is APR?

    Last updated 4 months ago

    The annual percentage rate, or APR, is the total fees associated with a credit card or loan expressed as an interest rate. Looking at the APR allows you to compare and evaluate different loans in a consistent fashion. When shopping for a car loan or mortgage, pay close attention to the APR as well as the interest rate. Watch this video to learn more about APR and what it means for you. 

    As a not-for-profit credit union, NSWC Federal Credit Union passes the profits onto our members, which oftentimes means lower fees and interest rates on car loans, mortgages, and credit cards. Visit our website to check our current rates, or call us toll-free at (540) 663-2181 to speak with one of our associates about your banking needs.  

    Avoiding Mistakes when Buying a Car

    Last updated 5 months ago

    There are a lot of pitfalls to avoid when buying a new car, especially if you want to save money on your purchase. Even a small misstep can end up costing you thousands of dollars over the life of your car loan. Even if you’ve done your homework and know all of the latest bargaining tactics, there are still plenty of mistakes that can end up costing you money.

    In order to avoid these mistakes be sure to do the following:

    Check Your Credit Score

    Your credit score is one of the largest determining factors used by lenders to set your rates and the terms of your loan. Even minor errors on your credit report can have negative consequences on your overall credit rating, which is why you should carefully inspect your report for any mistakes before applying for a loan. It only takes a few minutes, but it can potentially save you thousands of dollars in the long run.

    Get Pre-Approved for an Auto Loan before you go shopping

    The facts show, getting an auto loan at zero percent is very difficult; very few auto buyers actually qualify. Most of these financing plans require a minimum credit score of 750 and apply only to certain cars at the dealership, not the entire stock. Zero percent loans also typically offer shorter terms, 36 months instead of 60, which means the monthly payment will be significantly higher and out of the price range of the average, American.  In many cases, qualifying for zero percent also means forgoing any manufacturer rebates that may have been associated with the sale.  Make sure you get your Pre-Approval Letter from NSWC Federal Credit Union before you go shopping for your new vehicle.

    Qualification aside, is zero-percent financing a good deal? Let’s look at a comparison between a zero percent loan with the dealership and a 1.74% auto loan with NSWC Federal Credit Union. At the dealer you would be financing the purchase price of $25,000. With a manufacturer rebate of $2,000 you would be financing $23,000 at the credit union. Even though you are paying a low interest rate at the credit union, by taking the rebate instead of the Zero-percent financing you are saving $968.33. In most cases zero percent really is not as great as it appears.

    A guiding principle of the credit union movement is to make affordable car loans available to members. NSWC Federal Credit Union adheres to this principle by offering simple interest car loans with no hidden fees or charges. To learn about joining our credit union and applying for an automotive loan, call us toll-free at (540) 663-2181. 

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