From time to time we all think about buying a new car or doing a big home improvement project, the question always lingers: how do we pay for it?
When deciding to take on a large project around the home, CEO and President of Auburn Community Federal Credit Union Sam Scro tells us to first determine the scope of your project. Depending on how you are doing the project and how much you are willing to spend plays a factor of how to finance.
Scro says, figure out if you will be doing it yourself it or hiring a professional. If hiring a professional, it is important to get multiple quotes and check references before you sign a contract. Once determined, you need to ask how much money you’ll need to complete the project.
You can either pay the bill outright or you can use cash for items less than $1,000. There are other options inducing, Personal/Signature loan, Home Improvement loan and Home Equity loan depending on the type of project. It is advised to add 10% contingency on larger projects for unknown issues that may arise.
While vehicle purchases are typically an impulse buy, Scro advises to do your homework before purchasing and research the type of vehicle you want. He suggests to never let the dealer know the monthly payment you are comfortable with because the dealer will look to steer you into a vehicle where they can maximize their profits.
Finance your purchase with a local financial institution in the event you run into a problem down the road. Lastly, if you can’t get the price you want on a car, then walk away, because they make more than one of them!
Auburn Community Federal Credit Union has three locations in Central New York. They have two locations in Auburn and one in Weedsport. To connect with them and learn more visit AuburnFCU.com or visit them on Facebook.
Watch the video below for some extra advice on a buying a new car.