Author Archives: VP of Marketing and Business Development Jessica

How to Choose the Right Preowned Vehicle for You

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Shopping for any vehicle can be intimidating. And making a big purchase that has about 30,000 parts which need to be in safe working order is not a small feat, but here are a few important pointers on how to pick the right new-to-you vehicle.

First, before you hit the lot – understand your needs. To do this, think about your current car and why you are looking to give it up. What bothers you about it – is it too small, would you prefer a smoother ride? It’s also helpful to think about the next few years in the vehicle you are about to purchase. Are you going to be starting a family in the near future, do you have pets you transport to the dog park? Do you have a long commute? You want to make sure you will be buying a reliable vehicle that meets your personal needs. It might be a good idea to shop online prior to visiting the dealership. Be sure you are getting exactly what you want – this is a big purchase that you will need to live with for a number of years to come.

Get a friend. Or a family member who knows cars. Or does a coworker currently drive a car you like? If so, talk to them about their vehicle. Find out what they love (or don’t). See if they’ll let you test drive their vehicle. This is a big help when trying to find the right car for you.

Find a car that looks good. It’s hard to tell if an engine is in top condition, but a decent way to tell is by looking at the rest of the car. How has it been treated? If the previous owner cared for the paint, they probably cared for the bigger things as well. A used car should be as close to showroom condition as possible. A car never has to be damaged – regardless of its age. If it is, make an offer accordingly.

Fewer miles doesn’t necessarily mean fewer problems. Fewer miles is generally a good thing. Although city miles are much harder on a car than highway miles. This means a car with 10,000 miles that has lived its life in a big city may be in worse shape than a 20,000 mile car whose owner had a long highway commute each day. Miles are a good indicator of how many years are left in the car – but it’s also important to note how they may have been tallied, if possible.

Should you get an inspection? An inspection is always best if you’re serious about buying the car. It can save you thousands and give you great peace of mind. If you’re considering a used vehicle from a dealership, check out the Carfax report on the vehicle before you buy.

Always be ready to walk away. Do not fall in love with the car before you get to see it, because you may talk it up in your mind, instead of seeing the vehicle for what it truly is. Walk away if the car isn’t great. If it’s good but not as you expected, make a lower offer than what you were prepared to give. Price is always negotiable.

Price. Do you research beforehand, and make sure the dealership or private seller is in the ballpark. Most sellers are going to try to price the car higher and expect you to negotiate. Kelley Blue Book is a great resource for comparison.

Don’t be persuaded. Don’t let a pushy salesperson change your mind. Be sure you end up with the vehicle you want and are comfortable with. In the end, you’ll be the one who will be driving this car on a daily basis – so be sure you are 100% secure in your decision to purchase.

Some final pointers to consider:

  • Not all cosmetics matter. Minor dents/scratches on the exterior, a missing hub cap, a small upholstery stain – these can be easy negotiating points to lower the sticker price and simple (and inexpensive) enough for you to have fixed on your own later on.
  • Don’t get too caught up on mileage. A well maintained car can easily log 200,000 miles (maybe even more if it was a great, reliable car to begin with). Engines run for a very long time if they were properly maintained. You’ll need to do your research on the history of the used vehicle and weigh the following – is it better to buy a car that has been well taken care of with 150,000 miles or one that has only 75,000 miles but was poorly maintained?
  • Tires – another negotiation tool. It’s important to note how the tires are worn. If they are evenly worn, that’s a better sign. But if the treads are irregular, this could mean neglect or a mechanical issue. If the vehicle you are looking at needs new tires, this is another point you could try to negotiate off the sticker price.
  • Properly repaired accident damage isn’t always a deal breaker. This goes along with researching the vehicle’s history. Maybe the vehicle was in a small fender bender years ago and there’s a little dent in the body that doesn’t affect the safety or use of the car in any way. Or maybe the car had some body repairs made from a previous accident and it’s as good as new now. Just because the vehicle was in an accident, doesn’t always mean it’s damaged goods. Again, do your research and have the vehicle inspected by a trusted mechanic if it will make you feel better.

In the market for a preowned vehicle? First Financial’s auto loan rates are the same whether you buy new or used! If you’re just starting to shop, get preapproved and if you’re ready to make the purchase – apply for an auto loan online 24/7. We have quick approval decisions and same day closings!

*APR = Annual Percentage Rate. Not all applicants will qualify, subject to credit approval. Additional terms and conditions may apply. Actual rate may vary based on credit worthiness and term. First Financial FCU maintains the right to not extend credit, after you respond, if we determine you do not meet our guidelines for creditworthiness. A First Financial membership is required to obtain an Auto Loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties.

Article Source: Will Lipovsky for Moneyning.com

10 Tips for Selling Your House Fast and at Top Dollar

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When you’re trying to sell your house, you want to do it as quickly as possible. But did you realize you only have six seconds? Your house may be on the market longer than that, but that’s not what we’re talking about. Homebuyers generally make their purchase decisions based on first impressions, and real estate experts estimate those impressions are formed within the first six seconds—three from the curb and three from the entryway.

If you’re going to win over a prospective buyer, you’ll have to get their attention quickly to convince them that your house is their next home. Yes, location is key. And yes, price matters too. With a few strategic preparations, you can make your property as attractive and inviting as possible. By doing so, you’ll set it up to sell sooner rather than later.

10 Ways to Prepare Your Home to Sell ASAP

1. Think like a buyer.
It can be tempting to present your home in a way that highlights the aspects you like the most. The problem with this approach is that your favorites are just that—your Potential buyers won’t be looking at your house through the lens of nostalgia. Help them see your home as a blank slate where they can form their own identity.

2. Focus on curb appeal.
It’s incredible what a tidy lawn and freshly mulched flower beds can do for a house. Most buyers will drive by your property before deciding whether or not to take a closer look. A house that looks welcoming from the street stands a much better chance of selling quickly.

3. Freshen up your front door.
If curb appeal is a friendly invitation, a freshly painted front door is a cheery welcome. Every buyer who looks at your home will most likely enter through the front door, so giving it a new coat of paint can cover up any scuffs and dings that have shown up over time. This small step will help the house look livable—not lived in.

4. Make basic repairs.
If you’ve lived in your home for any amount of time, there are probably a few problems you’ve learned to live with. Chipped paint, missing fence boards, leaky kitchen faucets, flickering lightbulbs, etc. These are just a few of the minor inconveniences that you might overlook on a daily basis. They’re also the little details that could make your house less attractive to a buyer. Make the simple fixes – you’ll be glad you did.

5. Stay neutral.
If you personalized your house by using vibrant colors in each room, it might be a good idea to repaint. While you might love bold colors, there’s no guarantee the next owner will. Painting the walls in neutral colors will let potential buyers observe the overall house without getting hung up on whether or not they like the colors you chose.

6. Make it less “you.”
While we’re focused on the interior, make a special effort to remove decorations and knick-knacks that reflect your personal tastes and identity. No matter how friendly and familiar they may be, family photos will make buyers feel like their visiting someone else’s house. You want them to feel like they’re spending time in their own.

7. Clean and declutter.
You don’t have to channel your inner Marie Kondo, but clearing clutter will not only make the house look cleaner, it will make it feel bigger. And when it comes to cleanliness, there’s no such thing as too clean. When you think things are finally clean enough, go over them once more. Buyers will notice.

8. Use some common scents.
It goes without saying (or at least it should) that you should do your very best to eliminate offensive smells like pets, dirty laundry, or cooking odors. If you want to increase your chances of selling your house, go a step beyond deodorizing and introduce a pleasant scent. Candles, essential oils, and fresh baked cookies can do a wonderful job of creating a welcoming environment for house hunters.

9. Stage strategically.
If you can’t afford to hire a professional real estate stager, you can still arrange each room to highlight your home’s top features. While each room matters, pay particular attention to the family room, the master bedroom, and the kitchen. These are the three rooms where the new owners will spend most of their time, so staging them well is a small task that can make a big difference.

10. Hire a real estate agent.
If you want to sell your home as quickly as possible, enlisting the help of a professional is a smart way to accomplish your goal. Experienced realtors know the local market, and their expertise can help you sell your house faster and for more money. Selling a home on your own might sound like a good idea, but when you consider that a real estate agent can handle the marketing, negotiations, and legal details, their commission can be money that’s well spent.

Potential home buyers want to walk through a house that feels exciting and new. They also want it to feel like home. Following the tips listed above can help you give them exactly what they’re looking for. And the faster you make that happen, the sooner those buyers will give you what you want—a house with a SOLD sign in the yard.

Have you recently sold your home and now need a mortgage on a new home? If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ – we’re sure we’ve got a mortgage product that will meet your needs!* Learn more on our website, and if you’re ready to get preapproved or have questions about the mortgage process – give us a call at 732.312.1500, Option 4. We’re happy to help you finance your dream home!

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

How to Survive Real World Budgeting for the First Time

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One of the most exciting times in life is entering the real word as a young adult. Finishing school, getting that first full-time job, and venturing out on your own is always an important milestone. However for many, the excitement wears off pretty quickly and you then get hit with one of the harshest realities of being an adult: managing your own finances.

Why is it so hard? Budgeting and learning how to spend your money wisely for the first time is a challenge for everyone. And you’re bound to make mistakes. To make your transition easier, here are four tips to help you survive budgeting in the real world for the first time:

1. Know Your Take Home Income

When you get your first job, you will get a salary offer. Let’s say you’ll be making $20 an hour or roughly $40,000 annually. Does that mean you’ll be taking home a little over $3,300 a month?

Wrong! When you get your first pay stub, you’ll see that many expenses are deducted from your paycheck, such as state and federal taxes, social security income, and health insurance (just to name a few). This can take up a very large percentage of your gross pay, on average 25%. It’s important to know what your true net or take home income will be so that you can properly budget.

2. Understand All Your Expenses

Living away from your parents for the first time can be a real eye opener. You start realizing how many things you actually need to pay for that you didn’t necessarily think about before. Make sure you really understand what all your expenses will be – from the big items like rent, all the way to the little things like paper towels. If you’re trying to figure out how much to spend on rent, a good rule of thumb is no more than 30% of your gross income.

Also think about your food costs, which will probably be your second biggest expense. If you’ve never had to do grocery shopping before, a good first step is to just hit the grocery store with a list of necessary items you need to buy weekly. Get a gage of how much everything costs so that you can better budget for this in the future. Remember, all the little things add up – so make your budget as detailed as possible.

3. Be Organized, Track Everything

One of the most important things about managing your finances successfully is organization. Once you have that down, you’ll have an accurate snapshot of how you’re spending and what you should cut back on. Many people forget the little things, like a daily cup of coffee, but even a small expense like that can actually add up in the long run.

Make sure you’re keeping track of everything. The easiest way to do so is by starting a spreadsheet where you input your expenses. Tools such as Mint.com are also great to use, because you can integrate it with your bank and credit card accounts to help you track your purchases.

4. Save, Save, Save

Being on your own for the first time is exciting, and you’ll want to do everything and spend on everything. But remember that it’s important to live within your means, because not doing so will get you in financial trouble down the road. Start good financial spending habits now. Have a small budget for discretionary spending, but for the most part: save, save, save.

Start an emergency fund as soon as possible—because you truly never know what can happen in life. It’s also never too early to start thinking about retirement. With the power of compound interest, the earlier you start saving for retirement, that more you’ll see later on when you need it.

Article Source: Connie Mei for Moneyning.com 

3 Good and Bad Reasons for Personal Loans

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A credit card is a valuable tool when you need money in a pinch. But if you’ll need a little time to pay it back, it’s probably not the right financial tool for you. Getting a personal loan is a much better idea if you’re borrowing larger amounts of money that you won’t be able to pay back immediately. Here are some good and bad reasons for using personal loans.

Good Reasons

Investing in Your Home: Whether you’ve got an expensive repair that needs to be made, or you just want to redo your kitchen –  spending money on your home doesn’t usually come cheap.  A personal loan will allow you to up the value on your home and provide you with a fixed monthly payment that you can handle.

High Interest Debt: Credit card debt can be hard to get out from under. If you’re dealing with debt on multiple credit cards, you may be in some financial trouble. A personal loan with a fixed monthly payment can be a great option for you if you’re dealing with a mountain of debt that seems impossible to climb. However, you just have to remember to not continue to use your credit cards along with the personal loan, and further get yourself into serious debt.

Starting a Small Business: You’ve been dreaming about opening up your own business. Follow your dreams and make it happen. Startup costs can be expensive, so this is a great reason to get a personal loan.

Bad Reasons

Vacation: If you don’t have the money you need to take a vacation, the last thing you want to do is go into debt just to make it happen. Staycations are a good alternative and can be just as relaxing as a vacation, so save your money and by next summer maybe you’ll be ready to book that trip to the beach.

Investments: No matter how good you think you are at investing, it’s still a little like gambling. There are no guarantees when it comes to investing, so don’t put yourself into debt for something that may just end up putting you even further into the hole.

Wedding: Weddings can be super expensive. If you can afford a pricey wedding, great. But if you don’t have the funds for your dream wedding, do you really want to start off your new life together with a shiny new pile of debt?

Sometimes, for important items we need in life – the money just isn’t there. First Financial is dedicated to providing small personal loans that can help cover the costs of life’s necessary expenses. If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ – this may be a great financial solution for you. Learn more and apply online today!

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. Loan payment example: A $2,000 Personal Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal Loan or Line of Credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. 

Article Source: John Pettit for CUInsight.com

Ways to Keep Your Medical Expenses in Check

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Medical expenses have gone crazy. You don’t have to do the same.

In the United States, healthcare has grown into a $3 trillion industry. That’s $3,000,000,000,000. That’s a lot of zeros—so many that for most of us, the number doesn’t even seem real. But if we break it down to a personal level, that means the average American spends more than $11,000 per year on healthcare costs. If that doesn’t sound troublesome, consider the fact that the annual cost of healthcare for a family of four tops $28,000. With the median household income coming in at $63,000 per year, that means the average U.S. family can wind up spending more than 40% of their annual income on medical-related expenses.

Even with employer-provided health insurance, which covers roughly 56% of the US population, the employee contribution and out-of-pocket deductibles can leave families buried under an avalanche of medical debt. It’s hard to understand how an industry responsible for personal care can seem so unconcerned when it comes to the financial state of its patients. But with a growing number of hospitals being operated as investor-owned, for-profit businesses, return on investment often seems more important than compassionate patient care.

Difficult Times Call for Creative Approaches

As medical bills continue to climb, the corresponding rise in medical collection agencies only perpetuates the healthcare industry’s callous reputation. In a conversation about the cold, impersonal nature of medical collections, Elizabeth Rosenthal, author of An American Sickness, observed, “…to them [collection agencies], a bill is a bill is a bill. They don’t care if it’s for somebody’s heart transplant…or if someone spent a lot more money on a Rolex watch that they couldn’t afford.”

Over the last few years, medical bills have become the number one cause of bankruptcy in the United States. With that in mind, it should come as no surprise that GoFundMe campaigns have become one of the most popular ways for consumers to cover their medical costs. According to GoFundMe statistics, approximately 250,000 fundraising campaigns are established on the platform every year just to pay for medical expenses. The $650,000 generated by those campaigns points to a significant problem in the healthcare system.

If you’re one of the thousands of Americans struggling to keep your head above water as medical bills flood in, you might feel helpless. And while there are no magic solutions that can make legitimate medical debt disappear, there are a few steps you can take to stay afloat.

3 Ways to Keep Your Medical Expenses in Check

1. Review Your Bill
When hospital or doctor bills show up, it’s natural to skip right to the “Total Due.” This is not necessarily the best way to approach the statement. Glancing at the amount due could leave you feeling helpless, confused, and overwhelmed. Before you send any money, take time to review every line item listed. Due to complex medical billing codes, it’s not uncommon for incorrect or duplicate charges to wind up on the bill. If you notice discrepancies or questionable entries, it is your right as a consumer to ask your insurance company or medical provider for an explanation. The dispute process may be lengthy, but it’s better than paying for medical services you never received.

2. Consider a High-Deductible HSA
If you and your family are in relatively good health, a Health Savings Account (HSA) can be an excellent way to secure medical coverage while keeping your insurance premium under control. Traditionally available through employers, insurance companies, and some financial institutions, HSAs allow you to set aside money from your paycheck to be used specifically for medical expenses. These accounts feature higher deductibles than traditional insurance plans, but they make up for that by allowing account holders to deposit funds on a pre-tax basis, which can provide some savings and stress relief.

3. Create an Emergency Fund
Setting aside $1,000 in a savings account is a smart way to protect yourself against life’s unpredictable twists and turns. Minor illness and occasional doctor’s visits certainly qualify as unexpected expenses, so an emergency fund can help you address sudden medical needs without derailing your budget. If you decide to follow the previous suggestion and secure a high-deductible Health Savings Account, you may want to boost your emergency fund to a level that would cover your deductible. While this adjustment will likely take more work to establish, knowing you’re able to cover your entire deductible in the event of a medical emergency provides enough peace of mind to make it worth the effort.

The steps we’ve outlined may not solve all your problems or eliminate all your medical debt, but they can go a long way toward helping you feel like you have a little more control. If you need a little help in between – check our Financial Personal Loans, small personal loans that can help cover the costs of life’s necessary expenses.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. Personal Loan repayment terms range from 12 to 60 months, and APRs range from 10.24% APR to 18% APR. Minimum loan amount is $500. Loan payment example: A $2,000 Personal Loan financed at 10.24% APR for 24 months, would have a monthly payment amount of $92.51. A First Financial Federal Credit Union membership is required to obtain a Personal Loan or Line of Credit, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. 

6 Easy Ways to Save Money for a Vacation

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Don’t have much of a vacation budget this year? Here are several pretty painless ways to score a getaway on a budget this summer.

1. Don’t Forget About Credit Card Rewards Points

Do you have a rewards or cash back credit card? If so, be sure to log in and see if you have racked up any rewards points that can be redeemed on airfare, cash back, or travel related gift cards. Some cards even have perks good for hotel stays and discounts. Don’t let these points go to waste!

2. Set Up Small Automatic Transfers to Savings

If you take a vacation each year, setting up a small automatic transfer from your paycheck into an earmarked savings account is a painless way to build up your vacation fund.  Even if you only transfer $10 per week, you’ll have accumulated $520 in one year.  You probably won’t even notice that $10 transfer — but it will feel great to have an extra $500 or more for your vacation. And if you can transfer more, even better.

3. Cash In Your Change

Do you have any spare change laying around in a jar? Find a local coin cashing machine, and cash in! Then deposit the funds into your vacation savings account.

4. Recycle Scrap Metal or Aluminum

If you have any scrap metal from appliances or items you no longer use, your recycling efforts can really add up. Scrap yards will take a variety of scrap metals. You can turn aluminum, copper, iron, brass, and more into cash that can be deposited into your vacation savings account.

5. Find Some Easy Side Jobs

Know someone you can babysit or pet sit for, complete surveys, fill in at a family member or friend’s small business, craft, repurpose and sell old furniture? Any of these or similar tasks can earn you some extra cash for your vacation savings account. Plus, there’s nothing better than getting paid for something you enjoy doing.

6. Sell Items Online

What’s better than decluttering your home and earning money at the same time? Hold a garage sale or use a selling app like Let Go for household items/furniture you no longer have a need for, sell clothing on apps such as Poshmark or Mercari, and so on. You’ll get some spring cleaning done and make money for your summer vacation!

Article Source: Alexa Mason for Moneyning.com