One Minute Reads

When you’re looking to transfer a car loan to someone else, it’s natural to wonder if it’s even possible. The quick answer is: sometimes, but it depends on the lender.  Many lenders do not allow direct loan transfers, as the original borrower’s credit score and financial history were assessed when the loan was granted. However, there are a few options that can work similarly:  Refinancing: The person interested in taking over the loan can apply for a new loan in their name to pay off your remaining balance. They’ll need to meet the lender’s requirements, and if approved, they’ll be…

Yes, in most cases, you can pay off a car loan early! Paying off your loan ahead of schedule can help you save on interest and free up your budget. However, it’s important to check your loan agreement for any prepayment penalties. Some lenders charge a fee for paying off a loan early, which could reduce or eliminate the savings you’d gain from paying it off faster. PEFCU does not charge a fee or a penalty for paying your auto loan off early.  If your loan doesn’t have prepayment penalties, making extra payments or paying more than the minimum can…

Credit unions are not-for-profit organizations! Unlike banks, which aim to maximize profits for shareholders, credit unions exist to serve their members. Any earnings a credit union makes are returned to members in the form of better rates, lower fees, and enhanced services.  As member-owned institutions, credit unions are guided by their members’ best interests. Members have a say in how the credit union is run, typically by voting for a volunteer board of directors. This focus on people over profits is what sets credit unions apart.  Learn more about PEFCU here: https://www.pefcu.com/about/about-us/   

When deciding between a credit card from a credit union or from a big bank, it’s essential to look at the key differences. Credit unions are not-for-profit, meaning they typically offer lower interest rates and fewer fees. Many credit union credit cards come with better terms for balance transfers, rewards, and customer service tailored to their members.  Additionally, credit unions prioritize community and member well-being, so you’re more likely to experience personalized service. The PEFCU Visa® Credit Card offers 9.90% APR*, and you get one point per dollar on purchases. You can redeem points for merchandise, travel, gift cards, and…