I am an FPU graduate. No, that’s not some Midwest college somewhere nestled in the heart of a mountainside. It’s Financial Peace University. Actually, I’ve taken the class twice. And I still listen to the CD’s that came with it. And I still use the budgeting forms that are also provided when you take a class like this. Oh, and I still like using an envelope system for things I can pay cash for.
I highly recommend taking a Financial Peace University class sometime in your lifetime, if you haven’t already. Who doesn’t want financial peace?!
It’s just not always as easy as it sounds. Living debt free is everyone’s goal, but sometimes that goal takes time. No one want’s debt. Wouldn’t we all want to pay for things with cash..if we all had enough cash? Of course. It’s possible, but takes making some huge changes inside our homes..and most importantly, inside our minds.
Dave Ramsey does not support getting loans for cars, but what he really says about it, is “Don’t pay more for a car than it’s worth.”
This is where our car loans and interest rates come in. We all know that the interest is where we waste money. (Hence Mr. Ramsey pushing for cash purchases…in a perfect world) My husband and I purchased two new vehicles this year. It was a big year, yes. I, personally, was driving a vehicle that was no longer safe and waiting for the manufacturer to take care of the recall was placing my family’s safety in jeopardy. My eyes were opened when we were applying for a car loan through CarMax. The interest rates available to us were astronomical! We made certain financial decisions to help get our interest to a lower number and got the vehicle.
Speaking of Galpin Ford and interest rates… this Saturday, September 5th, ECCU is hosting a Labor Day weekend event I don’t mind sharing with you at all.
Saturday, September 5th from 9:00am-6:00pm
Galpin Ford 15505 Roscoe Blvd., North Hills, CA
- Shop over 5,000 new and used vehicles. Take advantage of current factory incentives and great Labor Day offers. Plus:
- ECCU members (current and new) receive oil & filter changes for the life of their loan.
- Not a member yet? Sign before or at the event to receive all member offers.
- Shop early. The sale and oil & filter change offer runs from Friday, August 28 – Monday, September 7.
- Take advantage of all the Labor Day sales.
A few more reasons why you should consider buying a car at this sale event:
Sign up for ECCU membership at the event to take advantage of all members offers
- Meet KKLA’s own Big Wave Dave from 11:00 a.m. – 1:00 p.m.
- Take advantage of great Labor Day sales and rebates
- Loan Rates starting at 1.99% APR1
- No payments for up to 90 days
- Select from over 5,000 new and used vehicles
- Shop all Galpin Motors dealerships including Ford, Lincoln, Mazda, Honda, Subaru, Jaguar, and Volkswagon
Here’s what I hadn’t thought about before… “Not having financing in place before visiting a new or used car dealership could cost families hundreds, even thousands, of dollars.” My point..do a little research before you go.
Why shop a credit union when looking for financing?
- Just as every four-door sedan is not equal, every loan won’t fit your needs. You need to shop around. Although financing through a dealership might sound easier, a U.S. News & World Report post suggests starting with a local credit union.
- Rates at credit unions are usually better.
- In one Bankrate.com estimate, auto loan rates at credit unions run between 1 and 1.5 percent lower on average than banks.
- Credit unions offer better service. Members say they get more personalized service than with previous commercial banking experiences.
- The range of educational materials is broader. Credit unions value long-term relationships with members, so almost all are willing to discuss financing options and provide tips about how to assess the value of car purchases.
- Credit unions are nonprofit. This status means representatives aren’t compensated for selling you a loan. Members regain all profits in the form of lower rates on other financial products and more flexible loan options.
If you’re looking to purchase a new car and will not be paying cash for it (which is most of us), you’ll need financing. But, be smart. Be educated. Get pre-approved BEFORE you shop and you’ll probably be able to make a financially peaceful decision for your family.