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0% is Pretty Enticing for an Auto Loan, is it really worth it?!

0% is Pretty Enticing for an Auto Loan, is it really worth it?!

As a loan officer, I often hear from our members that the dealership offered 0% financing on their new vehicle loan. Well, 0% sounds pretty darn good, and it is definitely a rate Dynamic FCU cannot beat.

However, with vehicle rates so low,  it may be worth doing some calculations to determine if it is 0% is really the best option. For example, a 2016 vehicle priced at $30,000 financed at 0% for 72 months would be an approximate monthly payment of $470.00 a month.

Now compare this option, to a dealer incentive/rebate of $3,000 off the purchase price.  The purchase price is now $27,000 and Dynamic FCU is able to finance this amount for 72 months at an interest of  3%.  The monthly payment would be approximately $411 a month, and the total interest paid on the loan the 72 month term is around $2563.

In my opinion, the second option sounds better to me.  I start out owing less on the car and I get a lower monthly payment. Even after I pay the interest due on the loan I still end of $437 ahead when compared to the 0% financing.

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Getting Preapproved Prior to Car Shopping?

Getting Preapproved Prior to Car Shopping?

Get Preapproved = Save Money!
Dynamic Federal Credit Union offers a .25% rate reduction on our interest rates for preapproval. We want our borrowers to be informed before they head to a car dealership. We look up NADA values to educate borrowers on the vehicle’s value to ensure the vehicle is priced properly. In addition, we work up monthly payments so the borrower knows  what to expect for a payment on their  new vehicle.
Preapproval car loan

We work with dealerships all over and letting a dealership know you are preapproved can prevent them from having their finance companies from pulling your credit report multiple times.Often dealerships will allow us to send them a Letter of Intent, which states funds are approved, and typically our borrowers can leave the dealership with their new wheels on the same day.

Dynamic FCU strives to educate our borrowers to be financially smart buyers.

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Give Dynamic Federal Credit Union
a call today to learn more! (419) 586-5522

Best Ways to Protect Your Car From the Cold

Best Ways to Protect Your Car From the Cold

According to a Consumer Reports article from January 2015, these 5 tips will prevent the cold temperatures from wreaking havoc on your car.

Protect your car from the cold

1. Keep the battery in good shape
Your car battery is your vehicle’s livelihood – without it, your car’s starting, lighting, and ignition powers are kaput. Most batteries last between three and five years, but extreme cold can freeze your battery “like a stone,”. Capuano, a mechanic at Putnam Lane Auto Repair in Worcester, said your battery is the most important part of your car to protect in this weather.

2. Replace the wiper blades
When it’s very cold, your wipers can freeze and crack. One way to avoid this is to pull your wipers off the windshield when your car isn’t running: “It’s cheap insurance.”

3. Take care of the engine
The oil in your engine has very thick viscosity like “maple syrup”. When it’s cold, your oil thickens even more, and if you don’t warm your engine long enough to get oil to all the moving parts, the oil can “congeal in the wrong places,” he said. You can prevent the ‘maple syrup effect’ by driving your car regularly, on trips that last longer than five minutes.

4. Check the brakes
You should get them checked every other oil change, he said, but if they ever feel funny to you, or you hear a loud screech when you brake, head to the mechanic immediately.

5. Consider new tires
Think of your tires as your car’s shoes. Just as you wouldn’t want to walk around outside in holey old shoes, neither would your car, which is why you should always check your tire pressure – especially in winter. According to Pep Boys, for every 10-degree drop in temperature, your tires lose a pound of air pressure.

 

Dynamic Federal Credit Union

Dynamic Federal Credit Union

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Dynamic Federal Credit Union

(419) 586-5522 | 123 Summit Street | Celina, Ohio 45822

A credit union is a non-profit financial co-operative. When a person joins a credit union he or she becomes a member. Not a customer. Members – not outside investors – pool their savings, lend money to one another, elect officers (Board of Directors), decide key issues, and provide other financial services in a cooperative relationship.

Dynamic Federal Credit Union (DFCU) was chartered in 1950 as Celina Reynoco Employees Federal Credit Union to serve the employees of Reynolds & Reynolds, Celina, Ohio. The credit union was located within the core group facility. In 1996 the Board of Directors began researching ways to extend the credit union’s services to the community. The first step taken was to look at ways to expand services to our current members. Secondly, research was on going to locate a second site and a name change was in order.

CLICK HERE to visit our website to learn more about us!

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Buying a home but don’t have much of a down payment? No worries!

The FHA mortgage is the perfect mortgage for those buyers that do not have a lot of money for a down payment on the purchase of a new home.  The minimum down payment required for an FHA loan is 3.5% of the purchase price. The closing costs will also need to be paid by...

0% is Pretty Enticing for an Auto Loan, is it really worth it?!

As a loan officer, I often hear from our members that the dealership offered 0% financing on their new vehicle loan. Well, 0% sounds pretty darn good, and it is definitely a rate Dynamic FCU cannot beat. However, with vehicle rates so low,  it may be worth doing some...

Preapproval for Home Shopping is Recommended!

Start off on the right foot! Loan officers and realtors love when borrowers first meet with their lender and discuss the options available to them for purchasing a home.  By speaking with your lender first, borrowers are able to make sure they are financially ready to...

Getting Preapproved Prior to Car Shopping?

Get Preapproved = Save Money!
Dynamic Federal Credit Union offers a .25% rate reduction on our interest rates for preapproval. We want our borrowers to be informed before they head to a car dealership. We look up NADA values to educate borrowers on the vehicle’s value to ensure the vehicle is priced properly. In addition, we work up monthly payments so the borrower knows what to expect for a payment on their new vehicle.

New Homebuyers Grant Available!

Dynamic Federal Credit Union is currently offering the $5,000 Welcome Home Grant. This $5,000 grant through the Federal Home Loan Bank of Cincinnati is an income based grant that is available to homebuyers to assist with their down payment and/or closing costs. ...

Best Ways to Protect Your Car From the Cold

According to a Consumer Reports article from January 2015, these 5 tips will prevent the cold temperatures from wreaking havoc on your car. 1. Keep the battery in good shape Your car battery is your vehicle’s livelihood – without it, your car’s starting, lighting, and...

Dynamic Federal Credit Union

Dynamic Federal Credit Union (419) 586-5522 | 123 Summit Street | Celina, Ohio 45822 A credit union is a non-profit financial co-operative. When a person joins a credit union he or she becomes a member. Not a customer. Members - not outside investors - pool their...

People’s Bank | Coldwater, Ohio

People’s Bank | Coldwater, Ohio

People’s Bank

419-678-2385  | 112-114 W. Main St., P.O. Box 110 | Coldwater, OH 45828

Why should I choose The Peoples Bank Co.?

If superior customer service is important to you, you should choose The Peoples Bank Co. We realize that the key distinction between banks is the way they serve their customers. Our goal is to use today’s modern technology to help make your banking easier without losing the personal touch. Our CSRs and Loan Officers are always willing to help you find the products and services that are best for you – even if that sometimes means referring you to another provider. Since 1905, we have been committed to taking care of the financial needs of all of our customers and we continue that tradition today.

For more information please visit our website! www.pbcbank.com

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Are you Safely Using Mobile Banking Applications?

As part of National Consumer Protection Week (March 7-13), The Peoples Bank Co. and the Independent Community Bankers of America (ICBA) are offering consumers advice on how to safely use mobile banking applications. “Mobile banking, one of the fastest growing trends,...

New Mortgage Rules and How They Help You | People’s Bank

The Consumer Financial Protection Bureau drew up new rules to ease the process for taking out a mortgage. Their goal is to help you “Know Before You Owe”. Simplifying disclosures as well as allowing you more time to review those disclosure before you close on your...

Preferred Insurance Center

Preferred Insurance Center

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Preferred Insurance Center

419-678-2326  | 809 Main Street, Suite 3 | Coldwater, Ohio 45846

Our goal for Preferred Insurance Center is to create a team that is passionate, energetic and innovative. We want to be a team that cares more about our teammates’ success than our own. Our motto is “Making A Difference Is Our Business,” and we want that motto to be real. We want to raise money for charities, volunteer in our communities and touch lives of people all around us. We want Preferred Insurance Center to be a force for good in our little corner of the world.

Making A Difference Is Our Business!

www.preferredcenter.com

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What’s The Story With Those Pink Flamingos?

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Renting A Car – Should I Buy The Damage Waiver? Ohio Auto Insurance

Renting A Car – Should I Buy The Damage Waiver? Ohio Auto Insurance

vacation-726732_640, Ohio Auto Insurance

So you’re going on vacation and renting a car.  The rental car company offers you the “damage waiver” for an additional charge.  Do you need it?

I wish I could just answer yes or no, but it really isn’t that simple.

First of all, we are assuming you are in the United States or Canada.  If you are not in one of those two places, we STRONGLY recommend not renting the car at all because your insurance probably doesn’t cover you at all.  It could if you have a personal umbrella, but even that is not a sure thing.

If you have comprehensive and collision coverage on at least one vehicle on your personal auto policy, we will cover a normal, short-term car that you rent just as if it was your own car.  So if you have a $1,000 deductible on your collision, and you wreck your rental car, we will fix the car and you will have a $1,000 deductible to pay.

So what’s the problem?

There are some things a rental car company may want you to pay, that your insurance wouldn’t pay because the charges wouldn’t apply to a vehicle you own.

  1. Loss of Rents – This means the rental company could have rented the car for $30 a day, but it was disabled for 10 days till they fixed it.  They may charge you $300 for the rent they could have collected.  Now before you just pay the bill, ask them to prove that all their cars of that size category were all rented during that time period.  If they had cars available to rent, then you don’t owe them for the loss of rents, because they didn’t actually lose any rents.
  2. Diminution of Value – This means when they resell the car you rented they will get less for it because it was wrecked.  This you will probably owe for, and it could be substantial.  If they could have resold the car for $18,000 but now they can only sell it for $14,000 they can charge you for the $4,000.  Ouch!
  3. Administrative Fees – The rental car company had to pay an employee to organize getting the car fixed etc.

So what is the bottom line?  I would buy the collision waiver most of the time.  Just pay a little more, and enjoy your vacation!

Get an Ohio Auto Insurance Quote from the people that are making a difference right now! 

Getting your car unstuck from the snow

Getting your car unstuck from the snow

No matter how safe of a driver you are, we all get stuck in the powder now and then.

Here are a few tips on getting unstuck:

  • Don’t Spin your tires
    •  This will only dig you in deeper, and damage your tires. If you do this very quickly, and at high RPM’s, you run the risk of overheating the transmission, and catching your car on fire. As soon as the drive wheels begin to spin, ease off the gas.
  • Slowly try to gain traction
    • Put the car in gear, and SLOWLY press the accelerator. We’re trying to grip the tires, starting too fast will cause them to spin. Try to “rock” the car back and forth, switching between Reverse and Drive
  • Start Digging
    • If you’re still stuck, you’ll need to try to physically remove some of the snow or slush from around the tires that’s causing to spin.
  • Macgyver Time!
    • Put old cardboard or floor mats if you have to, in front of and behind tires to try to give you more traction. Slowly inch back and forth again.

Tips:

  • Keep a shovel in your trunk. If space is an issue, try a folding shovel
  • Dig around the car’s tailpipe if it’s under snow to prevent poisonous gasses from coming into the cabin.

Safe travels everyone!!

Winterize Your Vehicle for a ‘Cool’ Drive! Ohio Auto Insurance

Winterize Your Vehicle for a ‘Cool’ Drive! Ohio Auto Insurance

winter-car, Ohio Auto Insurance

Winter is almost here, and no matter how hard we try there is no avoiding it. One of the worst things about the winter season is the time spent dealing with our automobiles. Cleaning off snow, scraping off all that ice and waiting for an automobile to warm up are grim reminders that winter is not always the most wonderful time of the year. Worse yet, having your automobile break down in less than forgiving conditions is about as rough a situation as it gets, therefore it is imperative that you winterize your vehicle.

With that said, here are some things you can do to winterize your automobile and ensure it is running in tip-top condition this winter:

  • Oil Change: Depending on what comes first, you should either change your oil every year or every 3,000 miles. This is especially important during the winter months because your car is working a lot harder.
  • Battery: There’s nothing worse than having a dead battery. Well, except having a dead battery when it’s 20o below and you’re in the middle of nowhere. The best way to prevent this from happening is to change your battery if it’s four or more years old.
  • Windshield Wipers: If your wipers are old and aren’t working too well, you would definitely want to change them before winter begins. Having crummy wipers while driving in a bad storm will make your drive increasingly difficult and dangerous.
  • Antifreeze: If your antifreeze is low, fill it using a 50/50 mix of antifreeze and distilled water. Alternatively, you can buy antifreeze that comes pre-mixed, taking the measuring out of the equation. While checking your antifreeze, I suggest you take a look at your wiper fluid and fill if necessary.
  • Lights: Check all of your automobile’s lights, including the headlights, taillights and the turn signals.
  • Tires: Inspect your tires to ensure they are properly inflated and aren’t too worn out. If you aren’t’ quite sure how to go about this, here is a post we did that explains how to do both! How to Check Your Tires Tread and Air 

All of these tips should help your vehicle run at its best during these frigid months. However, if you aren’t all that savvy when it comes to automobile maintenance, then you can certainly bring your vehicle to a trusted mechanic to have them winterize your vehicle for you. So long as they do not find any big issues with your automobile, then it really should not cost you a whole lot of money.

Get an Ohio Auto Insurance Quote from the people that are making a difference right now! 

Best Ways to Save Money on Ohio Auto Insurance for Teenagers | Ohio Insurance

Best Ways to Save Money on Ohio Auto Insurance for Teenagers | Ohio Insurance

Save money on your Ohio auto insurance while adding a teen driver!

teen-driver, Ohio Auto Insurance

The time has finally come for your teenager to get behind the wheel. This event can cause an interesting mix of excitement and fear for parents. This is a huge step towards adulthood, however, the fear that your teen could get into an auto accident is certainly something that weighs on the mind, and to a more definite extent, having to pay high rates for your teenager’s Ohio auto insurance is a cause for concern.

What it comes down to is Ohio auto insurance rates for teenage motorists is reflective of their high risk factor. Teens are far more likely to be involved in an auto accident than any other age group, therefore they are the ones who pick up the proverbial tab. With that said, there are a few options that could help you save on your teenager’s Ohio auto insurance, none of which involve locking them in the basement until they’re old enough to move out.

  • A Modest-mobile: The newer an automobile and the higher the profile, the more it’s going to cost to insure it. If you and your teenager are out looking at cars and you want to get an idea of what the cost difference would be between two vehicles, then do not hesitate to contact your insurance agent. After all, that’s what they are there for.
  • Location: If your teenager is in school that is located 100 miles or more away from your residence, they might be eligible for a distant student discount. Obviously the key to  this is the automobile is located at your home and not with them while they are away at school.
  • Student Discounts: If your son or daughter excels in school, then they could very well be eligible for a good student discount. You could save between 10-15% on Ohio auto insurance coverage costs if their grades are in the top 20% of their class, have a 3.0 GPA or have made the Honor Roll/Dean’s List.
  • Short Leash: If you think your teen’s auto insurance rates are high now, wait until they get a speeding ticket or get into a fender bender. Teaching your teenager the importance of safe driving is priority number one. Whether it be drinking and driving, distracted driving or all around safe driving, ensure you spend the time necessary with your son or daughter so they know how important safe driving is.
  • Tenure Reward: This money saving discount is specific to Preferred, as one of the companies we represent, Safeco, offers a fantastic money saving reward to loyal customers. Clients of Preferred Insurance Center who have been insured through Safeco for two years or more will get a discount when adding a teen driver to their policy. This discount basically allows a 16-to-17-year-old driver to be rated as an 18-year-old, which can greatly alleviate some of the Ohio auto insurance costs.

If you would like to learn more about how these Ohio auto insurance discounts work, then please do not hesitate to call us. Even if we aren’t your insurance agency, we would be more than happy to help answer any questions that you might have. It’s the least we can do to help alleviate some of the stress that comes with your teenager getting behind that wheel!

Get an Ohio Auto Insurance Quote from the people that are making a difference right now!