Car-Buying Basics Help You Save on Financing

February 20, 2008

car buying

The first time you shop for an auto loan can be time-consuming and a little confusing.  But, once you know these car-buying basics, you’ll save money on financing your first car or your 10th:

1. Evaluate your financial situation.  If your credit history is spotty, clean it up for at least six months before applying for a loan.  It will improve your credit score, and lower your payment.

2. Compare annual percentage rates (APRs).  Some lenders, such as First New York FCU, will give you a rate break if you have automatic payments from your checking account.

3. Consider buying used.  The average cost of a used car is less than half of a new one.

4. Get insurance quotes.  Most lenders require collision and comprehensive insurance on new and used vehicles.

5. Realize the less you borrow, the more you save in loan interest.

6. Pay off the loan as quickly as possible and you could save hundreds of dollars in interest charges.

7. Ask a First New York FCU loan officer to preapprove your loan so you can bargain for a dealer discount based on a cash sale.

8. Understand the loan contract.  A loan officer can help you evaluate a loan agreement.

9. Make purchasing the vehicle, financing the vehicle, and trading the vehicle three separate transactions.

 Use these car-buying tips – and save money!


New Year Financial Resolution Podcast

January 2, 2008

Happy New Year!  And, for the new year, we have added our latest podcast on financial resolutions.

Here is the MP3 version.  You can click to open and listen to the podcast using your computers audio software, or you can right click the link and save it to your hard drive to listen at a later date on your MP3 player.

Be sure to visit the Podcast section of this blog for all of our previous podcasts.

New Year Financial Resolution Podcast

Kustom Kickz

December 20, 2007

Virtual Business

First New York Federal Credit Union and the Capital Region Career & Technical School team up on virtual business venture! 

You’ve heard of Reebok and Nike, but you probably have never heard of Kustom Kickz!  That’s the name of a virtual company that students in the Career & Technical School’s Virtual Business Program have created. 

Kustom Kickz is the company formed by 12 local students at the area school.  The students are gaining experience by creating the company from the ground up, and drawing from expertise in the real world. 

The students have teamed up with executives from First New York in areas such as Administration, Lending, Human Resources, Marketing and Sales, Web Design, Accounting and Finance.   The credit union staff members are serving as mentors for the students and are providing input on how to write a business plan, creating policies, accounting principals and how to market products. 

From an initial meeting between the students and the credit union officials, the students have been busy developing plans and strategies to launch the virtual business, which involves custom made sneakers. 

The ultimate goal of the students is to enter competitions where their virtual business will be judged against others from throughout the country. During the process the students will be receiving real life training that is used in the virtual world today – and the real world tomorrow!

Dollars For Scholars

December 20, 2007

First New York FCU is pleased to announce that we will once again award three $1,000 one-time scholarships to students who meet the following criteria: 

·      Member in good standing of First New York FCU

·      Graduating High School Senior

·      Planning on attending an accredited two or four year college

·      An active community volunteer 

Applications are available at all First New York offices, and at  Completed applications must be received by Friday, March 14, 2008.

Colonie Branch Now Open

December 13, 2007

Colonie Grand OpeningWall St Sign

First New York Federal Credit Union has announced that it’s newest branch office located in the Town of Colonie is now open!  The new credit union office is located at 2 Wall Street (at New Karner Road, near Watervliet Shaker Road). 

The branch features a full service drive up window, a 24 hour drive up ATM and night drop, and an internet access area for members.  The branch is the seventh office for the Capital District credit union. 

The branch is open six days a week, with lobby hours of 9:00 AM to 5:00 PM, Monday through Thursday, 9:00 AM to 6:00 PM Friday and 9:00 AM to 1:00 PM Saturday.  In addition, the drive through window will be opening at 8:00 AM Monday through Friday. 

Hope to see you there!

Best Places To Work!

December 6, 2007

Best Places To Work

Today, The Business Review recognized First New York Federal Credit Union as one of the Best Places to Work in the Capital District!

The award recognizes First New York’s achievement in creating a positive work environment that attracts and retains employees through a combination of benefits, working conditions and company culture.  First New York was one of 150 companies to be nominated, making the top 30 list based on the strength of its employee evaluations.

The companies were evaluated on an objective 40-question survey completed by employees of participating companies.  Employees scored their respective companies on a six-point scale.  The results were compilied and analyzed by The Business Review’s research partner, Quantum Market Research.

The survey takes the following strategic measures into account:

  • Team effectiveness
  • Retention
  • Employee alignment with company goals
  • Trust with co-workers
  • Individual contribution
  • Manager effectiveness
  • Trust in senior leaders
  • Feeling valued
  • Work engagement
  • People practices

Congratulations, First New York Federal Credit Union!!!

Warrior Branch at Mohonasen High School

October 12, 2007

Warrior Branch Ribbon Cutting

Today, First New York FCU and Mohonasen High School held a ribbon cutting ceremony for the Warrior Branch inside the Mohonasen High School.  The branch is open on Fridays from 11AM to 12:30PM, inside the Trading Post school store, and is run by Mohonasen High School students.

The branch is open to students and staff members, and is a tool to help educate students about finances, promote savings and offers a look at careers in business.  Throughout the year, students will run, promote and develop with ideas on how to promote the branch.

Good luck, Warrior Branch!