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It’s Your Money: May & June 2022

Your Credit Union News and Events

Refinance to Save

Are you in search of ways to reduce your monthly payments?

Get started lowering your payments by learning about auto and home refinancing. In this article, we’ll walk you through ways you can shrink your payment. Learn more about this topic in our “Auto Loans & Auto Financing 101: Your How-To Guide“.

First New York offer a savings source you may not have considered: Refinancing your car loan
and reducing your monthly payment.

Auto Loan Refinancing is Surprisingly Simple:

You take on a new (and better) loan to pay off what you owe on your current
auto loan. If you’re carrying a high interest rate or a high payment each
month, refinancing is the answer.

Reduce Your Rate:

If you financed through a dealership or it’s been a while since you took out
the loan, rates may be in your favor, especially at First New York.

Shrink Your Monthly Payment:

You may be able to extend the length of your loan. For example, if you
extend the term to 48 months from 36 months, your monthly payment
will be lower.

First New York’s loan experts will walk you through all your options, giving
you all the information you need to make a decision. Get started today in a
branch, online, via Face2Face video, or over the phone.

Is a Hybrid or Electric Vehicle Right for You?

The recent rise in gas prices has led to increased interest in hybrid and electric
vehicles. How do you know what is right for your lifestyle? Here’s a quick primer to get you prepared for a test drive or two.

Hybrid vehicles use two or more engines i.e., an electric motor and a conventional gas or diesel engine. The electric engine powers the car at lower speeds, and the gas engine powers it at higher speeds. Battery electric vehicles (BEVs or EVs) rely on large battery packs to power their electric motors.

Hybrids team an electric motor with a gasoline engine to provide efficient transportation. Owners don’t need to worry about plugging their hybrid vehicle in, and these models drive
similarly to regular cars.

Plug-in hybrid-electric vehicles (PHEVs) are a bridge between traditional hybrids
and full electric vehicles, allowing for local driving on electric power alone as
well as the range of a gas engine for longer road trips.

Fully Electric (Full EVs) have zero tailpipe emissions, and are conveniently charged at home. They’re very efficient, and most new models have a driving range of well over 200 miles. Under normal circumstances, it takes between 8 and 10 hours to recharge an EV using
a Level 2 (240-volt) connector when the battery is near-empty. Charging is
usually less costly than buying gas.

Need Additional Information: Contact Us

As your credit union, First New York Federal Credit Union is always here to support you and your financial journey. Contact us today for sound financial advice from local experts.

Not a member? Become a Member online.