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First times are scary, but there’s a first time for everything! Here are just a few firsts where Securityplus may be able to help.

Loan Options

When buying your first car, you have more options than you think.

  • Signature Loan - A flexible financing option with no model year or mileage restrictions.
  • Auto Loan - Purchase both new and used vehicles at great rates and added security with GAP coverage. Plus, get a special discounted rate when you enroll in Automatic Payments.

Car Buying Tips

  1. Know what you can afford. Have an idea of how much you want to pay for your next vehicle and begin searching for cars in that price range.
  2. Do your research. In addition to price, reliability, safety and fuel efficiency are factors to consider when purchasing a car. Decide what's best for you and find a vehicle that meets your needs.
  3. Shop around. Be sure to look around for the best deals on the car and on financing. Most importantly, don't let a salesperson talk you into buying before you're ready.

Covering Moving Expenses

Security deposits, hauling expenses, and home purchases can really add up. Here's what we offer that can help:

  • Visa Credit Cards - Enjoy security, low rates, rewards points, and the convenience of making purchases in-person and online from your favorite retailers.
  • Signature Loans - A simple fixed rate loan with a consistent monthly payment, great for keeping a steady budget!
  • Personal Lines of Credit- A revolving line of credit that's there any time you need it. You can keep this account for years to come, even if you don't use it.

Renting Tips

  1. Read and understand the lease. Avoid skimming the lease and simply signing where told. The lease agreement can usually answer many general questions you have about your rights as an occupant. Always save a copy of your lease for your records.
  2. Inspect the home. Never sign the lease before seeing the home and when you do visit, make sure all the appliances are working properly and look for signs of pests, leaks, mold, and other hazards.
  3. Consider the location. Before choosing to rent, be sure the neighborhood is not only safe, but within reasonable proximity to necessities such as grocery stores and gas stations.
  4. Document preexisting damages. Always document the condition of the home prior to your moving in to avoid charges for damages you did not cause.
  5. Always prepare. Moving is expensive. Keep a budget and try to save in any way you can. Remember spreading out purchases can make the financial burden a little lighter.

Loans Designed to Build Credit

Understanding credit is essential in building and maintaining good credit. If you're just starting out and need to establish credit, we've designed these products specifically to help kick start your journey to good credit:

  • Credit Builder Loan - With this unconventional loan, loan proceeds are placed on hold in your Share Savings account instead of receiving them upfront. Once you have completed your monthly payments, funds are made available for you to use as you please.
  • Share-Secured Visa - Pledge the funds in your Share Savings account as collateral for this Visa and take comfort in knowing you're not spending more than you have.

Tips for Managing Credit Responsibly

  1. Only use a fraction of what's available. Try spending no more than 30% of the total amount available to you. Maxed out credit cards can negatively impact your credit utilization ratio which lenders use in the loan approval process, and it's generally more difficult to pay off a maxed out credit card depending on your limit.
  2. Pay more than the minimum. Only paying the minimum payment amount racks up the interest you pay, not to mention it could take years to pay off the entire balance.
  3. Don't close out old cards. Once you close a credit card, you lose all the good payment history you've acquired using that card. Since part of your credit score is based on credit history, this could actually decrease your credit score.
  4. Always make payments on time. Making late payments could subject you to penalty fees and even cause your APR to increase.
  5. Understand how your credit card works. Make sure you know when your promotional period ends (if there is one) and what your APR will be after that promotion. Also, understand the rewards system and take advantage of all the perks your card has to offer.

Getting the Right Loan

When you think "college" you may have only considered tuition and room & board, but textbooks, transportation, food, tutoring, school supplies, and activity fees can add up quickly.

We have options for students that include:

  • Student Visa - Enjoy the ease and convenience of a credit card designed for students. A great tool for managing college expenses and building a solid credit history.
  • Personal Line of Credit - A revolving line of credit that's there any time you need it. You can keep this account for years to come, even if you don't use it.
  • Signature Loan - A simple fixed rate loan with a consistent monthly payment, great for keeping a steady budget!

Managing Student Loans

Student loans aren't to be taken lightly. Even after you receive your degree, they can still be a burden. We've gathered some information to help you manage your student loans post-graduation.

Here are some useful strategies for loan repayment:

  1. Keep track of your loans. Know where your loans come from, what your interest rates are, whether the loan is subsidized or un-subsidized, and what your repayment terms are. Understanding your loan will help you avoid paying additional fees and interest.
  2. Set up a payment plan. There are a ton of flexible payment plans available for Federal student loans. When it's time to begin making payments, choose the plan with the most affordable payment over the shortest term to cut back on interest costs.
  3. Stay current on your payments. This may seem like a no-brainer, but student loans often fall by the wayside despite the dire consequences, and keeping your payments current will help to avoid costly fees.

Life Happens

— No matter what stage of life you’re in, we can help make the ride a little smoother. —

  • There’s a first time for everything, but that doesn’t mean you have to go unprepared. Here are a few firsts that Securityplus can help you with.

  • So you’re ready to make one of the biggest commitments of your life? We’re experts at financing the big day expenses — and beyond.

  • No matter how much you plan, things can still go wrong. During times of unexpected hardship, Securityplus is still willing to help.

  • Whether a new baby or a new pet, a growing family means growing expenses. We can help you prepare for those changes in your budget.

  • Whether you're looking to vacation or you're relocating, Securityplus wants to make sure finances don't stand in your way.

  • You've spent most of your life preparing to retire. Securityplus can help ensure that you are financially equipped to do so comfortably.

InOurcommunity
Join us for our BIGGEST Shred Day Event ever!

Help Securityplus set a Guinness Book World record, and raise funds to benefit Strong City Baltimore, all while preventing ID theft!

Saturday, September 16, 2017
9 am - 3 pm (or until trucks fill)
Camden Yards; Parking Lot H
Join Securityplus Today
If you live, work, worship, or go to school in the City of Baltimore; are employed by or retired from SSA or CMS; or are in the immediate family of an existing member, you are eligible to join Securityplus Federal Credit Union.
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