SIU Credit Union Blog

Feeling Stuck In Your Car Loan? Might Be Time To Shop Around!

Some bills can’t be changed. For other bills, though, a little legwork can make a big difference in your monthly payment. Your car payment is a great example. Refinancing your vehicle loan can lead to a lower monthly payment, a shorter payment term or both! It depends on various factors, including the value of your vehicle, how much you owe and your credit standing.

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Find out your credit score – for free!

What’s your credit score? Find out for free

Your credit score shouldn’t be a mystery. That’s why SIU Credit Union has teamed up with NerdWallet to bring you a free weekly credit score, detailed credit report and credit monitoring.  Sign up, free here.

 

Why should you think about your credit score? More money in your pocket

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Why You Should Get Preapproved for a Car Loan

When shopping for a new car, many people overlook one important step: getting preapproved for an auto loan. It’s a simple process that can make car-buying go more smoothly and save you money.

Preapproval is a quick assessment of your ability to pay off a loan based on your credit history and current financial state. This is how it works: You visit a bank or credit union, in person or online, and provide proof of your identity — such as your driver’s license or Social Security number — your household income, and perhaps your housing costs. The lender will likely run a credit check. Then you’ll find out how much it would be willing to lend you and at what rate — sometimes on the spot.

Here’s why you should get preapproved.

You can get a better interest rate

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SIU Credit Union Announces 79th Annual Meeting

March 1, 2017 – Carbondale, IL – SIU Credit Union will hold its 79th Annual Meeting on Tuesday, March 21, 2017 beginning at 5:15 pm.  The meeting will be held at their 395 N. Giant City Road location in Carbondale, IL.

The annual meeting provides an inside look at the financial state, and gives members the opportunity to directly address the SIU Credit Union Board of Directors and senior management.  The meeting also brings the annual board election to a close, as members are able to cast their ballots at the meeting and hear election results.

“We’re working for you, it’s not just our mission statement or an empty slogan,” said SIU Credit Union President & CEO Mike Lantrip.  “It’s our commitment to our members, staff, and local communities for 79 years.’”

All members are encouraged to attend.

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Consolidating Debt: When Does It Make Sense?

Debt can be hard to crawl out of, especially when payments on credit cards, consumer loans and student loans continue to pile up on top of your living expenses. Overwhelmed with a blizzard of monthly bills, many people look at consolidation as an alternative. Streamlining debts can be a useful way of managing an unyielding financial burden and lowering costs, but it’s not for everyone. Here are a few things to consider before jumping into it.

There are two major reasons to consider consolidation: to save money by getting a more favorable interest rate and to facilitate making payments on time.

The case for consolidating: lower interest

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Bring Back The Brown Bag: Saving Money On Lunch The Old-Fashioned Way

Although it’s been said breakfast is the most important meal of the day, there may be a new contender rising. Recent studies are showing that employees who take a designated lunch break are more likely to be productive in the afternoon and avoid long-term burnout. Breakfast has clearly been shoved out of its once-coveted role of “most important meal,” and the reign of lunch has begun.

Lunch’s sudden rise to popularity hasn’t come without one or two negative side effects. The most worrying of these is how often Americans are dining out for lunch per week and how much they’re spending when they do. If you’re looking for an alternative to eating gourmet sushi five times a week, the best option is one that’s been with us since we were children: the brown bag lunch.

When you’re actually paying for one lunch, it might not seem that expensive. Eating four lunches out a week at $10 each has to be cheaper than throwing away $50 on groceries at the start of the week, right? Actually, studies have shown that eating out for lunch can drain anywhere between $1,500 and $2,500 per year from your budget, depending on where and how often you go out to eat. That might seem like an outrageous amount, but the math is pretty clear. Eating out four times a week, with each meal costing about $12, for 48 working weeks in the year, gives us a total of $2,304.

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