A Home Equity Line of Credit (HELOC) is one of the most diverse financial products out there. While HELOCs are often used to pay down high-interest debt through consolidation, you can use them pretty much however you want to. 

Here are a few UNcommon ways our UNbankers have used their HELOCs.

A Personal Piggy Bank

There’s no rule that says your HELOC must be used for a home project or other major expenses—sometimes, it’s nice to have one more source of credit to utilize for whatever life throws your way. The best part? HELOCs tend to have lower interest rates and longer repayment periods than other types of bills.

Vacation Fund

Take advantage of the equity you’ve earned and treat yourself and your loved ones to the trip of a lifetime. Your HELOC can help cover travel costs, and if you’re interested in earning points along the way, we’d recommend checking out our Priority Plus Credit Card.

Kickstart Your Passion Project

Starting your own business or diving headfirst into high-cost hobbies can be UNdeniably intimidating. Having this additional line of credit is a great way to help bring your dreams to life.

Say ‘I Do’ to a HELOC

Weddings cost a lot of money. Like, A LOT. Everything adds up real quick, which is why these wonderful events wind up being one of the most expensive days of many people’s lives. With a HELOC you could score a lower interest rate compared to a personal loan—and those savings mean a lot when you’re talkin’ wedding costs.

UNexpected Expenses Fund

Perhaps the most underrated way to use a HELOC is to treat it like an emergency fund. Use what you need when you need to—and once you’ve paid it off, those funds will be available again. Knowing you have a set amount of money easily accessible can provide peace of mind.

 

Get Started

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

 

 

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Are you thinking about refinancing your car loan? Here’s what you need to know.

Maybe your credit score has improved since you bought your ride. Or maybe you got the car when rates were less favorable than they were today. Or maybe you’re struggling with your existing monthly payment and want to explore other options.

Whatever your reason, we’re here to help you understand the ins and outs of refinancing your loan.

What to Know Beforehand

Refinancing your existing loan means replacing it with a new loan. The goal is that the new loan will come with a lower interest rate and/or better repayment terms.

Applying for this new loan is a lot like applying for any other loan. Prepare by gathering all the necessary documents and reviewing your existing loan information. Make note of your monthly vehicle payment, your annual percentage rate (APR), your repayment period and the remaining loan balance.

It’s also a great time to review your car warranty and GAP coverage. If you got these products at your dealership, there’s a pretty good chance we can bring those costs down for you, too.

Then, it’s time to weigh the benefits.

Reduce Your Loan Term

Refinancing your car loan can help reduce your repayment period. If you’re interested in paying off your car faster, this is a great way to potentially speed things up.

Lower Your APR

Less interest = more money going toward your principal = saving money AND paying off your loan ASAP.

Skip Your Car Payment for Up to 99 Days*

YUP, you read that right. When you refinance your car loan with Community Choice, you can skip your car payment for up to 99 days*.

Lowering your interest rate, reducing that monthly payment AND taking a break from the bill?! Now that’s UNbelievable.

Here’s how to do it:

1. Fill out this easy, peasy form–we need some basic information about you, your existing loan and any other details worth noting.
2. An UNbanker will reach out to you once the underwriting process is complete. If qualified, you’ll find out what your new loan terms are.
3. Once you’ve read and agreed to these terms, you’ll make it official by signing your new contract.
4. Then, we’ll take care of paying off your existing loan and get you set up to start making payments on your new loan.
5. …after you enjoy up to 99 days* without a car payment, of course!

Learn more about our competitive rates here.

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

*APR = Annual Percentage Rate. Limited time offer and subject to change without prior notice. Offer only for loans for the purchase of a new or used auto or to refinance an existing auto loan currently at another financial institution. Rates and approval subject to credit review and analysis. Equal opportunity lender. Additional terms and conditions may apply, see credit union for details.

The post How to Refinance Your Car Loan appeared first on Community Choice Credit Union.

You’ve got your classics: vehicle loans, mortgage loans, student loans… but they’re not the only fish in the sea.

Community Choice has four unique loan types that could be perfect for you. But first, let’s get into the basics. They might not be 6’2″ with a dazzling personality and an UNdeniably rockin’ bod, but they do have…

• Low interest rates
• Up to 96-month terms
• Loan amounts up to $25,000
• No payments for 90 days

Let’s meet these eligible personal loans.

Live your best life with a Lifestyle Loan

Are you looking for someone with a love for travel, for indulging in life’s most beautiful moments—no matter the cost? Do you have an UNapologetically extra vision for your future wedding? Find someone who can keep up with you, like our Lifestyle Loan.

You might be compatible if… you like long walks on the beach, if you’re inspired by back-to-school commercials, if you’re all-in on self-improvement.

Find what makes you Happy

You know what makes you smile. Maybe it’s sunshine. Maybe it’s dancing in the rain. Put on Sheryl Crow’s “If It Makes You Happy” and get to soul searching. Then, give a Happy Loan a chance. It’s truly, UNbelievably rooted in furthering your happiness.

You might be compatible if… you like piña coladas, if your most used emoji is a smiley face, if you’re on the pursuit of happiness.

Settle down with a Homestyle Loan

Do you consider yourself a homebody? Do you find yourself daydreaming about your living space’s potential? A Homestyle Loan could be the perfect fit for you. From kitchen remodels to hot tub installations, this loan can turn your wildest renovation fantasies into reality.

If you’re worried about double dipping, don’t worry! This loan is not tied to your home’s equity.

You might be compatible if… you love home renovation reality shows, if you’ve got a stack of paint samples, if you’re a regular at the local hardware store.

What’s your ‘Anything’?

Don’t settle for anything less than everything you want. You’re a total catch. Your perfect match might be an Anything Loan. It’s here for anything you want… anything legal, of course. If you can dream it, you can (probably) get a loan for it.

You might be compatible if… you love everything bagels, if you want to pay off credit card debt at a lower interest rate, if you’re UNusually imaginative.

Ready to fall in love with your perfect loan match? Apply online and we’ll set up your first date.

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

The post Find Your Perfect Loan Match appeared first on Community Choice Credit Union.

‘Tis the season for slush-covered boots, ugly sweaters and budgeting to make it through the busiest time of the year.

Between the pressure to create picture-perfect memories and the barrage of UNbeatable holiday sales, it’s easy to go overboard. A PayBreak could be exactly what you’re looking for.

  We can’t get between you and those sweet, sweet deals, nor can we stop you from charging through the crowds for a comically oversized television, but we can help you prepare for the additional seasonal expenses.

Community Choice offers something you can’t get during Black Friday, Cyber Monday or even from Santa Claus: PayBreaks.

 

   A PayBreak is as straightforward as it sounds: members take breaks from making their loan payments. They take PayBreaks, if you will. Everyone deserves some relief from their financial tension, and this is an UNdeniably great time to see if you’re qualified.

Just make sure you’re on the Nice List before applying.

1. 1. A minimum of three payments must be made on all new loans to qualify.
   2. Your most recent payment (prior to the month you’re looking to delay) must be made before applying.
   3. Member accounts must be current and in good standing to qualify.

Give yourself the gift of a PayBreak, have some hot cocoa and relax knowing you’ve got a little more breathing room.

Apply online or visit your local UNbanking Center to learn more.

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

The post Gift Yourself a PayBreak appeared first on Community Choice Credit Union.

Buying a car is daunting enough, but a bunch of financial mumbo jumbo piled on top of it makes things even more confusing. However, there is one aspect to buying a car that people don’t always keep in mind: GAP coverage. If you’re wondering “What the heck is GAP coverage,” then you’re in the right place!

 Understanding GAP Coverage

 

GAP stands for Guaranteed Asset Protection. Although it sounds like more financial jargon, GAP coverage is easy to understand once you break it down. It’s designed to cover the difference between what your insurance pays out and what you owe on your loan, in the case that your car is stolen or irreparably damaged in an accident. It’s not insurance, but a one-time fee that can be added to your loan – for less than $9 a month!  

 Benefits of GAP Coverage

 

You can end up saving a lot of money with GAP coverage. Not only that, but securing GAP coverage can bring you some peace of mind when buying a new car. Cars depreciate quickly, and the last thing you want after an accident is to be left paying for a car you no longer have. To visualize how much GAP coverage can help you, let’s break it down with an example: 

• • Loan Amount: $20,000
  • Car’s Market Value: $18,000
  • Insurance Payout: $18,000
  • Remaining Loan Balance: $2,000

Without GAP coverage, you’d be stuck paying the remaining $2,000 out of pocket. GAP coverage will save you from that extra financial burden.

Interested in securing GAP coverage? Get your free online quote today.

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

The post Bridging the GAP of Car Coverage appeared first on Community Choice Credit Union.

You’ve seen the commercials. A bunch of dudes dressed up in “BILL” tank tops, advertising something called a “HELOC.” But what the heck is a HELOC?

First and foremost, HELOC is an acronym! 

HELOC stands for Home Equity Line of Credit.

Home – Y’know, that thing you live in.

Equity – Take your home’s worth, minus how much you owe on your mortgage. Boom. That’s your equity.

Line – How we get money from Point A (us) to Point B (you).

Of – …You got this one.

Credit – Ahhh, credit. Good stuff. Basically, it means we give you money and you make payments back to us over time.

How are HELOCS helpful?

HELOCs often have lower interest than other types of bills. First, imagine turning all your various bills into just one bill—that’s consolidating. Then imagine that one bill with a lower interest rate than your previous bills—that’s saving money!

The potential of a Home Equity Line of Credit will always depend on the individual. Your home, credit, equity, and more are all taken into consideration when getting a HELOC.

Is a HELOC right for you?

Take our super easy quiz to find out!

Question #1: Do you own a home?

• NO 🡆 You can’t have equity in a home…without a home. Sorry, pal.
• YES 🡆 Great, congrats! Move to Question #2.

Question #2: Have you owned your home long enough or made enough payments to have a good chunk of equity built up yet?

• NO 🡆 Keep on building up that equity! Come back when you have about 15-20% of your home paid off.
• YES 🡆 Right on. A HELOC might help you save money! Be sure to take a look at ours while you’re here.

What can you do with a HELOC?

HELOCs are one of the most diverse financial products out there! They’re like the garlic of loans. You can use it on pretty much anything. (As long as it’s legal, of course.)

A popular use for HELOCs is to pay off high-interest debt. This could be from medical bills, credit card debt, student loans and other types of payments you make that may have high interest rates.

HELOCs are also often used for home renovations. It makes sense to take what you’ve invested into your home and reinvest in it! Have you been dreaming of a bigger kitchen? Covered patio? Heated bathroom floors? A HELOC could make your dream renovations a reality.

Want to learn more about HELOCs?

Our trusty team of UNbankers can answer all your questions and more! Get started on your HELOC today.

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

The post What the Heck is a HELOC? appeared first on Community Choice Credit Union.