2 The Hampton Roads Messenger
Volume 7 Number 5
January 2013
Resolve to Live Greener in 2013 Tips for Young Adults: How to Get a Good Deal On Auto Loans
BY
ASKHRGREEN.ORG Let the New Year begin!
While many will resolve to shed a few pounds, find a new job or get organized in the months ahead, one resolution is easy to achieve: to live greener in 2013. To help you get started, the experts withaskHRgreen. org have compiled a top 10 list of ways to be a conscientious environmental
steward
throughout the year, every year.
1. Choose Tap, Not
Bottled Water- In addition to reducing your carbon footprint, replacing expensive bottled water with clean, safe, tap water is good for your wallet, too!
2. Get Involved - Resolve to be
more involved in 2012 by joining local community clean-up events or sponsor an event in your neighborhood.
3. Recycle - There will be plenty
of junk mail, plastic containers, glass bottles, cardboard, etc., to go around in 2013. Make sure it all finds a proper home in the big blue bin and take advantage of your local recycling drop off facility.
4. Buy Fresh, Buy Local - Support
your community by buying fresh from local farmers here in Hampton Roads whenever possible, and consider joining a Community Supported Agriculture program in your city or county.
5. Conserve Water - Check toilets
and faucets for leaks and repair them promptly, only do full loads of laundry and dishes, install low flow faucets and fixtures, take shorter showers and install a rain barrel to collect water for watering plants.
6. Test Before Fertilizing -
Testing your soil will indicate what fertilizer mix is best and how much to apply. You'll get the best results and save money by not putting down more than your lawn needs.
7. BYOB (Bring-Your-Own-Bag)
-Take your own tote when shopping, find alternative uses for plastic bags around the house and recycle what you can't reuse. For a recycling center near you, check out
abagslife.com.
8. Dispose of the Disposal - Avoid
using a garbage disposal and scrape your leftover food scraps into the trash or compost bin.
9. Cut Energy Costs - Switch
to efficient light bulbs, install a programmable thermostat to adjust the temp for peak efficiency, change air filters regularly and look for the EnergyStar label when replacing old appliances.
10. Go Native in Your Landscaping
Routine - Choose native plants and trees. These plantings are water savvy, have fewer pest problems and need less fertilizer than non-native plants.
Many young people look
forward to getting their own car but overlook what they may need to do to comfortably afford it, especially if they'll be borrowing money. Here are strategies to consider well before you go to the dealership.
Start saving early. “The more
money you put down, the less you have to borrow — and that means the less money you’ll pay in interest on a loan, if you need to borrow at all,” said Phyllis Pratt, an FDIC Community Affairs Specialist. For tips on saving money for a car (or any other major purchases).
Decide how much you can
afford to spend each month on a car. In addition to car payments, consider how much you’ll need for insurance, taxes, registration fees, routine maintenance and unexpected repairs. Online calculators can help you figure out what you can afford.
Remember that there are
CALL TODAY & LOWER YOUR MONTHLY PAYMENT!
APR* If you must take out a loan for
the benefit of a child, be careful. For example, before you (or your child) take out a loan for education purposes — including borrowing from a retirement plan — make full use of all free student aid (scholarships or grants). Doing so will make it easier to repay the loan, lower the amount of interest paid, and avoid the stress of having a large
**
alternatives to buying a car.Lease payments may sometimes appear lower than loan payments, but at the end of the lease you will not own the car and you may have to pay more money for excess mileage or body repairs. If you need a car only once in a while, consider using a service that rents cars for periods as short as an hour.
Shop for a loan at your bank as
well as several other lenders. Compare the offers based on the Annual Percentage Rate (APR) you’re quoted
Financial Aid FROM PAGE 1
by each lender. The APR reflects the total cost of the loan, including interest and certain fees, as a yearly rate. Then consider getting “pre-qualified” by the lender offering the best deal. That’s not the same as a loan approval, but it will expedite the process once you find a car you like.
Before you start shopping for
a loan, review your credit report to correct wrong information, which can help you qualify for a lower interest rate.
In addition, a dealer’s special
financing (such as zero-percent interest) may not be the best value if it means foregoing an extra discount on the car. In that situation, you may come out ahead if you borrow from a financial institution, even at a higher interest rate, and save on the purchase price. Also, don’t purchase a more expensive car than you feel you can comfortably afford, even if you qualify for a larger loan.
Whether you are buying or
leasing, negotiate with the dealer based on the total cost of the car, not the monthly payment. Why? “By extending the length of the loan, a dealer can offer a more expensive vehicle with the same monthly loan payment you were quoted for a less expensive car, but you will pay more in interest costs,” said Luke W. Reynolds, Acting Associate Director of the FDIC’s Division of Depositor and Consumer Protection.
student loan debt that can limit choices and opportunities in life.
Also think carefully before
co-signing a loan with a child. “Remember, you are responsible for paying the debt if your co-signer doesn’t pay,” noted Bobbie Gray, an FDIC Supervisory Community Affairs Specialist.
Have adequate life and disability
insurance. These can avoid financial ruin for your family and provide an extra cushion of support for higher education payments if something bad were to happen to you.
*Rates based on creditworthiness, so your rate may differ. Existing LFCU loans not eligible for this offer. Payment example: Loan amount of $20,000.00 at this 1.49% APR for 72 months would have monthly payments of $14.53 per $1000 borrowed. No other discount applies. This rate applies to 2007-2012 year models. Rates and terms are subject to change at any time without notice. Rate includes premier discount.
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