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  • Learn About Credit Unions
    • Historical Timeline of Credit Unions

      As not-for-profit depository institutions, credit unions were created to serve members as credit cooperatives.

    • How is a Credit Union Different than a Bank?

      In the United States, credit unions are not-for-profit organizations that exist to serve their members rather than to maximize corporate profits.

    • How to Find a Credit Union in Your Area

      Once you select a specific credit union, you can view more details about that credit union, including contact information, branch locations, services offered, and recent financial statements.

    • How to Join a Credit Union

      Anybody can join a credit union. Each credit union serves what’s called their “field of membership” – that’s the commonality between the members.

    • How to Start a Credit Union

      If your group is eligible, NCUA's staff will assist you with preparing an application for a charter and see that your group receives guidance in getting your federal credit union started.

    • Is a Credit Union Right for Me?

      Because credit unions are not-for-profit financial institutions, their focus is serving the financial needs of their members and not making a profit.

    • Credit Union and Bank Interest Rate Comparison

      In general, credit unions offer higher savings rates, meaning that your money grows faster, and lower rates on loans, meaning that you will owe less over the lifetime of the loan.

    • Learn More About Your Credit Union

      NCUA makes financial information about credit unions available to the public through Financial Performance Reports (FPRs).

    • Low Income Credit Unions

      Credit unions provide valuable access to financial services for people underserved and unserved by traditional financial institutions.

    • Understanding Differences in Federal vs. Privately Insured Credit Unions

      Federally-chartered credit unions are regulated by the National Credit Union Administration and insured by the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the United States government.

    • What is a Credit Union?

      A federal credit union is a cooperative financial institution chartered by the federal government and owned by individual members.

  • Protect Your Finances
    • Consumer Protection Update

      Watch the latest NCUA Consumer Protection Update video to learn about important updates and changes that may affect you as a consumer."

    • Credit Reports and Credit Scores

      It’s a good idea to monitor your credit report on a regular basis to make sure that the information is accurate. You can also verify that no one has stolen your identity to make fraudulent charges.

    • Share Insurance Coverage

      Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to $250,000, per individual depositor.

    • Online Financial Safety Tips

      When performing transactions on your credit union's website, it's wise to make sure that the website is legitimate and that your deposits are federally insured.

    • Prevent Identity Theft

      If you believe that someone has stolen your identity, you should contact any credit union, bank or creditor where you have an account that you think may be the subject of identity theft.

    • Frauds and Scams

      NCUA reports on frauds and scams aimed at credit union members. In this section, we provide an overview of recent activity.

    • Scams Targeting Seniors

      America's growing senior population is vulnerable to a broad range of financial crimes. In this section, NCUA provides tips on how seniors can protect themselves from fraud.

    • Tips for Young Adults

      Credit unions offer young adults desirable, affordable financial services, as well as the advantage of personal service developed to help them grow their savings. Many credit unions offer services within schools or have student-run branches.

    • Pocket Cents

      Learn about the history of money, different currencies used around the world, the power of dividends and how to be smart about preparing for your financial future with Pocket Cents from NCUA.

    • Understand Your Privacy Rights

      Federal privacy laws give you the right to stop (opt out of) some sharing of your personal financial information. The law permits your financial companies to share certain information about you without giving you the right to opt out.

  • Financial Tools and Resources
    • Brochures and Graphics

      These brochures and graphics may be linked, downloaded, or printed.

    • Calendar of Events

      View a listing of upcoming events, designations, and opportunities for each month.

    • College Scorecard

      Plan your entire financial aid packages online for all of the schools that you are considering.

    • Consumer Loan Calculator

      Explore your consumer loan, including the effect of adjusting number of payments, principal and interest rate on your monthly payment.

    • Consumer Resources

      Use these references and tools to make better informed financial decisions.

    • FAQs

      Locate answers in the Knowledge Base to a wide variety of frequently asked questions.

    • Games and Activities

      Test your financial knowledge with these games and activities for all ages.

    • Glossary

      Become an educated consumer by taking the mystery out of commonly used financial terms.

    • Lesson Plans and Resources

      Educators and parents can use these plans and resources to teach youth, tweens, and teens about saving, spending, budgeting, and the value of money.

    • Mortgage Loan Calculators

      Compare monthly payments and the amount of equity you would build with several kinds of fixed and adjustable rate mortgages.

    • Personal Budgeting Worksheet

      Take a close look at your income and expenses with this helpful worksheet that can identify where you might have room to save.

    • Savings & Retirement Calculator

      Get estimates based on your actual Social Security earnings record with this calculator.

    • Share Insurance Estimator

      Are your deposits insured? Find out with NCUA’s electronic Share Insurance Estimator.

    • Videos

      View NCUA's Consumer Report and Consumer Protection Update videos on current financial hot topics.

  • Credit Unions and You
    • Dealing with Debt

      Bill payer services, or debt consolidation services, can help consumers preserve their credit scores by merging debts and establishing a workable schedule to pay down money owed to creditors through a single monthly payment.

    • Buying A Car

      It's important to know how to make a smart deal. Your credit union can discuss car loan options with you.

    • Paying off Credit Cards

      Read your statement carefully for information about how long it would take to pay off your account balance if you only pay the minimum payment. It can take years, even decades, to pay it off.

    • Home Ownership and Mortgage Options

      Once you are ready to buy a home, consult your credit union about competitive interest rates and to find out about your mortgage options, including the term of the loan and the conditions.

    • Mortgage Modifications

      NCUA encourages credit unions to work constructively with residential mortgage borrowers who may be unable to meet their contractual payment obligations.

    • Preparing for Retirement

      Between longer life expectancies and fewer employers offering traditional pension plans, it’s a good idea to take an active role in planning for retirement.

    • Saving for College

      Whether you are saving for your own education or for your children’s, it’s wise to start planning for college as soon as possible.

    • Short Term Loans

      Payday loans (a.k.a. deferred advance loans, cash advance loans, check advance loans, post-dated check loans, or deferred deposit check loans) are loans borrowers promise to repay from their next paycheck or salary deposit.

Pocket Cents
  • Youth

    Have you ever thought about why money is worth anything? It's just paper and ink, or a small piece of stamped metal. To do a lot of things we need to use money. Money can give you choices and independence. Have you ever thought about how you could earn your own money? Or, how much money you should you save? The way you manage your money could determine if are able to buy food, a movie ticket, a pair of jeans, just about everything. Learn about the history of money, why we use it, how to save it, and how to protect it.

  • Teens and Tweens

    You may be thinking about your first checking or savings account, your first job, or even your first car. Soon, you will have the opportunity to pursue your dreams. You could go to college, launch your career, or start a business. No matter what you decide, you will need money to make it happen. It's never too early to learn smart financial habits. Whether saving a portion of a weekly allowance or understanding the deductions on the pay stub from a first job, good money management skills can last a lifetime. In this section, you will not only learn how to prepare financially for life after high school, but also how to avoid scams and common money mistakes.

  • Young Adults

    Are you prepared to make wise and informed financial decisions? Do you know how to recognize predatory credit offers? Can you balance a checkbook? Do you have a savings plan? Smart financial choices you make today could help you can achieve that new car purchase, or sail through an apartment lease or mortgage application. However, money mistakes when you're just starting out can leave you in debt and ruin your credit score. Learn how to live within a budget, handle credit and debt, and build a solid financial foundation for your future.

  • Parents And Educators

    How do you teach kids about money? It may be as simple as talking about your job, taking a trip to the grocery store, or opening a savings account at a credit union to deposit allowance and birthday money. The bottom line is that it’s never too early to start teaching children smart financial habits and the value of money. Educating, motivating, and empowering kids to become regular savers will enable them to keep more of the money they earn. Whether at home or in the classroom, this section will provide you with the tools and resources to teach kids how to grow into financially responsible adults. The reward could mean a life free from the anxieties of debt.

  • Seniors

    Did you know that seniors account for almost 30% of all fraud victims? Whether you are looking for information for yourself or for a loved one, in this section you will learn how to defend against these scams, as well as, find information on reverse mortgages, prepaid funerals, emergency savings, and long-term care. Additionally, you will find articles that will help with money management, post-retirement planning, and maximizing government benefits.

  • Marriage and Family

    You may have a retirement account. But, do you really know how much you should be saving? Do you budget to save, and not just when you have extra money left over in your paycheck? Have you thought about saving for college? Does your family have an emergency fund? Anyone can learn how to save money and invest in their future. In this section, you will learn how to take control of your financial future, including how to defend against fraud and scams, tips on buying a car or home, how to handle credit and debt, and information about credit reports.

  • Servicemembers

    Are you financially ready? Servicemembers and military families face unique financial challenges, whether on active duty, returning to civilian life, or living as a veteran. In recent years, servicemembers have joined the ranks of those who are considered most vulnerable to predatory lenders and identity theft. Most military families today are not saving adequately for retirement, and many do not have an emergency fund. In this section, you will learn how to protect yourself from financial vulnerabilities, as well as, how to budget, save, and handle debt and credit. Additionally, learn about free financial resources, benefits, and special protections offered by the U.S. government for servicemembers and their families.

Buying a Car

A new car is second only to a home as the most expensive purchase many consumers make. According to the National Automobile Dealers Association, the average price of a new car sold in the United States is $30,000. That's why it's important to know how to make a smart deal. Your credit union can discuss car loan options with you.

Researching Your New Car

Think about what car model and options you want and how much you're willing to spend. Do some research. You'll be less likely to feel pressured into making a hasty or expensive decision at the showroom and more likely to get a better deal.

 

Consider these suggestions:

  • Check publications at a library or bookstore or on the Internet that discuss new car features and prices. These may provide information on the dealer's costs for specific models and options.
  • Shop around to get the best possible price by comparing models and prices in ads and at dealer showrooms. You also may want to contact your credit union or a car-buying service to make comparisons.
  • Plan to negotiate on price. Dealers may be willing to bargain on their profit margin, often between 10 and 20 percent. Usually, this is the difference between the manufacturer's suggested retail price (MSRP) and the invoice price.
  • Because the price is a factor in the dealer's calculations regardless of whether you pay cash or finance your car - and also affects your monthly payments - negotiating the price can save you money.
  • Consider ordering your new car if you don't see what you want on the dealer's lot. This may involve a delay, but cars on the lot may have options you don't want - and that can raise the price. However, dealers often want to sell their current inventory quickly, so you may be able to negotiate a good deal if an in-stock car meets your needs.

Learning the Terms

Negotiations often have a vocabulary of their own. Here are some terms you may hear when you're talking price.

  • Invoice Price is the manufacturer's initial charge to the dealer. This usually is higher than the dealer's final cost because dealers receive rebates, allowances, discounts, and incentive awards. Generally, the invoice price should include freight (also known as destination and delivery). If you're buying a car based on the invoice price (for example, "at invoice," "$100 below invoice," "two percent above invoice") and if freight is already included, make sure freight isn't added again to the sales contract.
  • Base Price is the cost of the car without options, but includes standard equipment and factory warranty. This price is printed on the Monroney sticker.
  • Monroney Sticker Price shows the base price, the manufacturer's installed options with the manufacturer's suggested retail price, the manufacturer's transportation charge, and the fuel economy (mileage). Affixed to the car window, this label is required by federal law, and may be removed only by the purchaser.
  • Dealer Sticker Price, usually on a supplemental sticker, is the Monroney sticker price plus the suggested retail price of dealer-installed options, such as additional dealer markup (ADM) or additional dealer profit (ADP), dealer preparation, and undercoating.

Financing Your Car

If you decide to finance your car, be aware that the financing obtained by the dealer, even if the dealer contacts lenders on your behalf, may not be the best deal you can get. Contact lenders directly. Compare the financing they offer you with the financing the dealer offers you. Because offers vary, shop around for the best deal, comparing the annual percentage rate (APR) and the length of the loan. When negotiating to finance a car, be wary of focusing only on the monthly payment. The total amount you will pay depends on the price of the car you negotiate, the APR, and the length of the loan.

Sometimes, dealers offer very low financing rates for specific cars or models, but may not be willing to negotiate on the price of these cars. To qualify for the special rates, you may be required to make a large down payment. With these conditions, you may find that it’s sometimes more affordable to pay higher financing charges on a car that is lower in price or to buy a car that requires a smaller down payment.

Before you sign a contract to purchase or finance the car, consider the terms of the financing and evaluate whether it is affordable. Before you drive off the lot, be sure to have a copy of the contract that both you and the dealer have signed and be sure that all blanks are filled in.

Some dealers and lenders may ask you to buy credit insurance to pay off your loan if you should die or become disabled. Before you buy credit insurance, consider the cost, and whether it’s worthwhile. Check your existing policies to avoid duplicating benefits.

Credit insurance is not required by federal law. If your dealer requires you to buy credit insurance for car financing, it must be included in the cost of credit. That is, it must be reflected in the APR. Your state Attorney General also may have requirements about credit insurance. Check with your state Insurance Commissioner or state consumer protection agency.

Before you negotiate the price of your next new car, use this worksheet to establish the bargaining room. *You can get the invoice price by looking at the dealer’s invoice or reviewing car publications.

Trading in Your Old Car

Discuss the possibility of a trade-in only after you’ve negotiated the best possible price for your new car and after you’ve researched the value of your old car. Find out what your current vehicle is worth before you negotiate the purchase of a new car. Check the National Automobile Dealers Association's (NADA) Guides, Edmunds, and Kelley Blue Book. This information may help you get a better price from the dealer. Though it may take longer to sell your car yourself, you generally will get more money than if you trade it in.

Considering a Service Contract

Safercar.gov – National Highway Traffic Safety Administration (NHTSA)

Safecar.gov is dedicated to educating the public on how to purchase safe vehicles and serves as the government's premier source for vehicle safety information, including 5-Star Safety Ratings, resources for keeping kids safe when they are on the move, and information on safety recalls.

Fueleconomy.gov – Environmental Protection Agency (EPA)

Fuelecomony.gov is the official U.S. government source for fuel economy information, including the EPA’s Green Vehicle Guide.

Buying and Owning a Car - Federal Trade Commission (FTC)

Having a car can be an expensive proposition. Read tips on buying vs. leasing, negotiating the best deal, financing, getting the most out of warranties and service contracts, using gas efficiently, and avoiding repossession.

Service contracts that you may buy with a new car provide for the repair of certain parts or problems. These contracts are offered by manufacturers, dealers, or independent companies and may or may not provide coverage beyond the manufacturer’s warranty. Remember that a warranty is included in the price of the car while a service contract costs extra.

Before deciding to purchase a service contract, read it carefully and consider these questions:

  • What’s the difference between the coverage under the warranty and the coverage under the service contract?
  • Does the dealer or manufacturer offer an extended warranty?
  • What repairs are covered?
  • Is routine maintenance covered?
  • Who pays for the labor? The parts?
  • Who performs the repairs? Can repairs be made elsewhere?
  • How long does the service contract last?
  • What are the cancellation and refund policies?

Additional Articles:



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