5 Things to Look for in an Auto Loan

Do you have your eye on a shiny new vehicle that would look just right in your driveway, a more energy-efficient vehicle, or an additional car for a new driver?

Purchasing a car or truck is a big decision with many variables, First Choice has outlined 5 things to look for in an auto loan—and the corresponding ways that we assist you through the car-buying process.

1. Terms and Financing

The loan comes down to the dollars, ultimately. The term of your loan could be anywhere from 3 years to 7 years. The longer the term, the lower the monthly payments, but the more you will end up paying in interest over time. Also, beware: if your loan is longer than the amount of time you keep the car, you may end upside down (owe more on the loan than the value of the car) when you are ready to move on to your next vehicle.

2. Pre-Approval

Getting pre-approved for a car loan is better than setting foot in a dealership. Wit is a good idea to separate obtaining your financing and the purchase of your car. They are both big unique decisions that will help keep you in control. We make it easy for you by offering online applications through our 24/7 lending center. Apply now through First Choice.

3. Specialty Options: Young Adult Loans

Be aware of the specialty loans at First Choice Credit Union, including our Young Adult car loans. This program looks at your situation a little differently because we know young adults’ stage in life shouldn’t keep them from owning their own vehicle. Young people can develop another level of financial independence while being backed by the knowledge that the credit union has their best interests in mind.

4. Solid Advice: Auto Advisors

At First Choice Credit Union we offer Auto Advisors, which is the friend you always wished you could take with you when you go to the dealership. If you would like to simplify the car buying process and have an expert assist you in auto purchase negotiations, please call our office at 561-649-7133 or visit them online.

Check out our Auto Loan Resource Center for information, links, and more assistance in the car buying process.

5. Go with a Credit Union

Working with a Credit Union offers you the same services as a bank, but with the added benefits of a member-based relationship and sense of community. Should you run into trouble making payments, your Credit Union is more likely to work with you and find solutions than a far-away bank.


Car loans are one of the many ways that we support and serve our members in their financial needs, and we look forward to helping you purchase your next vehicle.

3 Tips for a Smart Holiday Budget

Holiday spending can get steep if you’re not careful.

The average American plans to spend nearly $1,000 this holiday season, according to the National Retail Federation. Between decor, food, and gifts, the costs add up fast.

Budgeting doesn't have to take the fun out of the Holidays. Keep these tips in mind for a jolly and wallet-friendly holiday.

1. Grab a Pen and Paper

Don’t assume you’ll remember your holiday shopping list by heart. Write down everything you need to buy. That means everything; your grocery list, gifts, decorations, new clothes for a holiday party, gas or airline tickets, gift wrap, and even holiday greeting cards. Keep a running budget with the list. It may be helpful to mark out how much you plan to spend on each gift.

Then, take to the holiday ads and scope for deals. Check each store’s price match policy. Being prepared helps you cut out expensive last-minute gifts or impulse buys.

2. Shop Early, but Not All at Once

If you feel like every shopping outing turns into an all-out shopping spree, you’re not alone. It’s not your self-control that’s at fault. Buying one thing can psychologically trigger you to buy more things – something researchers call The Shopping Momentum Effect.

It’s because of this that shopping boundaries are important. Take advantage of Black Friday and Cyber Monday deals, but stick to your list. Shopping online could help ease this by getting you out of the mall atmosphere, but watch out for shipping costs, which can climb quickly.

3. Get Strategic About Big Purchases

Huge store sales like Black Friday can be a great time to buy electronics, appliances and exercise equipment because of the steep markdowns. You might want to think about buying last year’s model rather than the latest releases, which can save you a significant chunk of change.

If you’re planning to make a really big purchase this holiday season, a loan can help make your holiday dreams come true. First Choice Credit Union’s Fair Rate Lending Program gives members the best payback rate possible based on their credit score. You’ll save money because the loans are calculated based on simple interest, and there is never a prepayment penalty.

It’s possible to celebrate the Holidays and stay on a budget – even if you’re planning a Clark Griswold-esque celebration. Enlist the help of First Choice Credit Union - we’ll help you reach your yuletide goals without demolishing your budget.

First Choice Credit Union Auto Loan and Car Buying Tips

Purchasing a vehicle is an exciting moment, but can also be confusing and daunting. First Choice Credit Union is here to advise you on the car-buying steps and help you make a purchase decision that is both financially smart and gets you the vehicle you want.

1. Determine Your Budget

A good rule of thumb is that you should only take on new debt when your monthly spending is less than your monthly income. A new loan shouldn’t take away from your plans to save or from your existing commitments. If you have the room in your budget for a monthly car payment, that will inform your overall car-buying budget. Not sure what your monthly finances will allow? Our member services staff can assist you.

When calculating your overall budget, keep in mind that your monthly payment will be determined by a) vehicle price, including any added warranties, b) down payment, c) term of the loan, and d) APR (annual percentage rate). The larger the down payment, the smaller the loan, which will give you more flexibility and a more comfortable monthly payment.

2. Check your Credit Report

The terms of your loan will be influenced by your credit score, so it may be a good idea to check your credit report for any discrepancies you might need to dispute.

3. Direct Lending vs. Dealership Financing

Buyers have several choices when it comes to securing an auto loan. Dealership financing makes use of the dealership’s relationships with financial institutions, and won’t necessarily be the best deal. Direct lending involves getting your loan directly from your bank or credit union, and First Choice is proud to specialize in low-cost auto loans. We pride ourselves on having the lowest car loans in Palm Beach County, with our Fair Lending Program in place to determine your best rate based on your personal history.

4. Meet with an Auto Advisor

One of the newer services that First Choice offers our members is the Auto Advisor program—we’re the friend you wish you had with you as you enter the dealership. Your assigned advisor will help you simplify the car-buying process and be your expert advice, from determining fair market value for your trade-in to helping you complete your final purchase.

5. Get Pre-Approved

Getting pre-approved from First Choice Credit Union will help you feel more confident when you’re shopping and beginning to negotiate price. We can issue a sight draft which you can bring on the lot with you. Visit our low-cost Auto Loan Resource Center for more information.

6. Shop Around

Use the many car finding sites and apps to give you a good understanding of fair prices for the vehicle you’re looking for. Visit a few dealerships to see their inventory, test drive, and compare certain features. It’s a good idea to bring along a shopping companion to help you weigh your options and talk through your decision.

7. Consider Warranties and Maintenance Plans

Extended warranties and maintenance plans add to the total cost of the vehicle but can save you a bit of money in the long run (which is also money you’d be paying out of pocket unexpectedly for repairs and maintenance, versus having it rolled into your loan in most cases). Talk to the dealership staff and our Auto Advisors to know what to expect.

8. Read the Fine Print

You’re almost there! Read all parts of the auto contract carefully. If you have questions about wording, ask them, and make sure all of the coverage you’re opting into is listed out. If you see something you didn’t agree to or don’t understand, ask. For a quick road map to the parts of an auto insurance contract, follow along with this guide.



We’re happy to help our members through the car-buying experience. Contact us to get started!

A Variety of Personal Loans From First Choice Credit Union

Personal loans are loans between $500 and $10,000 that can be taken out for a variety of reasons and are not restricted to a particular purchase. Like other loans with First Choice Credit Union, the terms of your loan are based on the amount borrowed, and the rate you pay is based on your credit history. Our members know they can rely on us to offer the fairest and best rate possible, and it is a pleasure for us to help our members realize their dreams.

Personal loans are appealing not only because they can help you reach your goals, but because they are flexible, have lower rates than credit cards in most cases, and, if paid in full each month, they can actually improve your credit score.

Americans use personal loans for everything from debt consolidation to wedding receptions. Let’s look at some of the common (and not so common) ways to use a personal loan.

1. Debt Consolidation

Consolidate credit cards or other loans into one single personal loan, and get a fixed rate, fixed monthly payment, and often, cases lower interest rate.

2. Home Improvements and Remodeling

Americans spend billions of dollars on home remodeling projects each year, and these costs can be covered (and paid over time) with personal loans.

3. Weddings or Quinceñeras

Celebrate your big day just how you want! It may mean big price tags that add up, so many families use a personal loan to make their celebration perfect.

4. Medical Bills or Adoption

Paying for surgeries and treatments or worrying about preparing for an adoption can be alleviated with personal loans.

5. Funeral Expenses

These often unexpected costs can run over $10,000.

6. Trips of a Lifetime

Be careful of using a personal loan for travel expenses, but if there is a once-in-a-lifetime trip that you are carefully planning to finance, like a honeymoon or destination wedding, this could be a good option.


Interested in your own personal loan? Members can apply for a personal loan in person at any of our branch locations, or online.

How to Save Money on Your Daughter's Quinceañera

Your daughter's coming of age birthday party might seem like it is going to cost you a pretty penny as you begin to plan and prepare. Some people can go overboard and spend a small fortune on their daughter's quinceañera, but with these money-saving tips, you can afford to throw your girl the birthday party of her dreams!

Skip the Salon

Your daughter and her friends want to look perfect for the big day, but a lot of hair, makeup, and nail treatments can be done less expensively than at a salon. One idea is to go to a local cosmetology school to get discounted services. Otherwise, enlist a particularly talented friend or relative to help with hair or makeup for getting ready, saving you hundreds in salon costs.

DIY Decorations

Instead of flowers, choose balloons or photographs to decorate the party. The dollar store offers many creative and inexpensive decorations and you can search on Pinterest.com for easy DIY crafts to make with them. Enlist relatives to help create custom quinceañera decorations and even put together favors for your guests.

Frugal Food

Make handmade food choices instead of catering. Traditional dishes will go over better with your guests, anyway! You can also choose to have multiple smaller cakes or cupcakes instead of just one big one to save a little money. Another popular choice is to serve multiple appetizers instead of a sit-down dinner. Plated meals will oftentimes blow the budget so simpler food choices can reduce the cost of your daughter's quinceañera dramatically.


As your daughter celebrates her very special fifteenth birthday, it can be tempting to spend a lot to have her every wish granted. To save money on her quinceañera, heed these tips to save tons of money.

First Choice Credit Union is here to help you make smart financial decisions in all aspects of your life. We offer a special quinceañera loan just for your little girl. Stop in today and ask about how we can help make her birthday the best yet!

How to Hatch Your Own Financial Nest Egg

Many people know the importance of having a nest egg available. Accidents happen, home improvements pop up, and each December, people spends hundreds (if not thousands) on holiday gifts. For Florida residents and anyone who lives along the coast, we also know how important it is to prepare for the inevitable tropical storm to blow in.

The problem comes when we try to begin saving for a nest egg. Spending wisely and staying on budget are, actually, very difficult things to do. Even if the $5 you spend each day on your morning cup of coffee adds up over time, it seems to take far too long to make a lasting impression. You’re left waiting and–worse yet–without coffee.

So how do you do it? How can you realistically save up a nest egg without drastically altering your lifestyle? Check out some of our ideas below:

Conduct a Spending Appraisal

Track your spending closely. For at least a month (the longer, the better) track everything you spend–everything. A spare few dollars doesn’t seem like much at one time, but they add up. The best way to see this is to keep track of it all. Knowing how much they add up and where they are being spent is a crucial starting point in observing your spending. Find extra help on our website with our financial calculators.

Open a Saving Account

And contribute to it regularly. If you are able, set up an automatic withdrawal on your payday. Think of it as paying a bill to yourself. After a few months, you won’t even notice the difference in your paycheck. It might seem silly, but you’d be surprised at how much you can save by stockpiling spare change and loose dollar bills at home, then depositing them into the bank each month.

Comparison Shop

This is one of those tips that seem simple enough, but it is easy to fall into a comfortable pattern of spending more out of convenience. Shop around for the best deals. Try something new, like visiting a new grocery store or researching different insurance options. Complacency and comfort tend to cost people a lot of money without them realizing it.

Work to Reduce High-Interest Debt

If you have a loan or a credit card with an interest rate in the teens, it can be hard to get ahead of the minimum monthly payment. If you have multiple loans or debts, focus your payments on the one with the highest interest, even if it has more of a principal balance than your other bills. It might take you longer to become debt-free, but you will save more money in the process.

Skip Your Yearly Vacation

This one is tough for some people. We work hard, so naturally, we want to play hard. If you are really dedicated to saving, however, skipping a yearly vacation can save you lots of cash. Try instead to have a staycation at home, or choose somewhere less pricey to vacation, such as a local park or campground.

Find a Cheaper Apartment

Another option that may not seem appealing to many people is to move into a less expensive apartment or house. This will save you money right away, but it is a lifestyle change and will require a commitment. Just remember that the commitment is temporary. Think of the money you are saving and search Pinterest for fun ways to decorate a small space.

Starting a nest egg fund can be difficult, but once you make a couple changes for the better, the savings will pile up fast. Commit to making a real change and stick to your plan. You’ll reach your goals before you know it.

If you’re looking for some added financial advice, contact our staff at First Choice Credit Union.

Improving Your Credit as a Young Adult

We are all assigned numbers; social security numbers, personal identification numbers, checking account numbers - lots of important numbers to remember and protect. One of the most important numbers is your credit score, the number that tells lenders how capable you are to repay a loan. Your credit score can determine the financial options that are available to you in the future.

What is a Credit Score?

Credit scores range from 300 to 850. The higher your credit score, the more trustworthy you appear to lenders, and the more likely you are to be approved for a loan. There are a few different ways you can check on your credit score. The most popular and reliable is the FICO (or Fair Isaac Corporation) scoring system. To determine your score, a few basic categories are taken into account: payment history, accounts owed, length of credit history, new credit, and credit mix. Each of these categories might hold different weight for different people.

Payment History

Your payment history generally makes up 35% of your credit score—the largest and most influential component of your credit score. The best thing you can do to keep or build good credit is to pay your bills on time. This shows lenders that you are reliable.

Accounts Owed

This section refers to the amount of money you owe and represents around 30% of your credit score. College student reading this are probably thinking “30%? Oh, no! I knew studying abroad was a bad idea…” However, it’s not as simple as you might think; having a lot of debt doesn’t always equal low credit scores. For example, if one person owes $5,000 on multiple lines of credit and has all their credit cards maxed out, they will have a lower score than someone who owes $50,000 but has not reached their limit or has other available lines of credit.  

Length of Credit History

At about 15% of your credit score, the length of your credit history can be very important. FICO scores will measure how long your oldest (and newest) account has been open and the overall average of all your accounts. Having a longer credit history is important, but if you have good scores in other categories, even a short credit history can result in a good credit score.

Credit Mix

The variety of accounts that make up your credit is known as a credit mix. This makes up about 10% of your credit score. Having a good credit mix means having many different lines of credit, such as retail accounts, credit cards, or installment loans (like mortgages, student loans, or car loans).

New Credit

New Credit is the amount of recently opened accounts and makes up the last 10% of your credit score. This means if you have recently taken out a mortgage or a pack of student loans, your credit score may be (perhaps temporarily) lower, especially if the loans were taken over a short period of time.

So, What Does This Mean for Young Adults?

Young adults - especially recent grads - tend to think that they are more financially stuck than they really are. The one factor they dwell on is debt. Actually, having debt is not as crippling as you might think. As long as you can manage your payments, debt will not necessarily ruin your credit report.

Students also tend to think that paying off their loans quickly will improve their credit score. Actually, it can have the opposite effect. Lenders make money off of interest, so sticking to your payment plan will often help your score more than getting rid of your debt fast. Missing a payment, on the other hand, will definitely hurt your credit score. And defaulting on a student loan can be downright crippling. If you’re having issues repaying your loan, talk to your lender before it gets out of hand.

Lastly, having a good credit mix is often lost on young adults. Even if you are not ready to take out a mortgage on a home, taking out a variety of credit lines is important. One such example can be taking out a car loan.

At First Choice Credit Union, we have flexible young adult car loan options. We accept loans for older models, offer various loan amounts and terms, and are less stringent on income and employment options. If you are looking for a good first step in improving your credit mix, this could be a perfect option for you. Apply online, or contact First Choice Credit Union for more information.  

How You Can Save Money as a College Student

Headed off to college soon?

With all the excitement and happiness that goes with pursuing an education, it can be hard to grapple with the reality of financially supporting yourself as an adult. How can you balance earning a degree without going broke? Read our tips below to get you started on the path to financial independence.

Work in school. Whether by having a part-time job or work-study, working throughout college will provide a few things. First, you will earn extra money for rent and books. Secondly, working can help you gain experience and develop essential professional skills that will look great on future resumes. Third, it will help you develop a strong work ethic that will take you far in your professional career.

Learn how to be financially smart and independent. Working hard will earn you lots of money but if you don’t have the right financial habits, you won’t be able to hold onto that hard-earned money. To start with, track your current saving and spending habits. Are you being smart with your money habits or are you scrambling to pay rent every month? Learn to save, budget and invest. Find resources from your school, credit union, family and online to develop and maintain financial habits.

Stick to a budget. As a result of learning to be financially savvy and self-sufficient, learning to budget will be your greatest asset. At the beginning of each month, budget all your bills and necessities — rent, schoolbooks, gas and more — to prevent overspending on your credit card and blowing your savings. Budget in a little wiggle room in order to treat yourself without feeling too guilty.

Get used, not new. From clothes to books to dorm room furniture, there are plenty of resources for you to find quality, used items at a steep discount. Check online, at secondhand stores and college social media pages. There’s always someone looking to get rid of a mini-fridge or to sell a textbook from Bio 101. Buying used will save you hundreds on school and lifestyle expenses so get thrifty.

Be responsible. Got a credit card? Use it as little as you can, and pay it on time, every time. Track your accounts and spending habits to avoid overdrafts. Consider if you really need cable television, a gym membership and multiple fast food trips in a week. Being responsible now can save you tons of money, protect your credit score and set you up for life after college.

With all the educational and lifestyle expenses that come with college, it can be overwhelming to balance earning a degree and supporting yourself financially. Follow these tips, and speak to our experts at First Choice Credit Union for information on student and car loans, as well as checking and savings accounts for students.

Quinceañera Loans to Help Celebrate Your Daughter’s Big Day

For a young woman, a quinceañera marks the landmark moment when she transitions from childhood to adulthood. Celebrated in different ways across the world, this special birthday is a once in a lifetime event for a young woman. A grand affair, the expenses of a quinceañera can quickly spiral into an expensive bill. Even with a well-intentioned and firm budget, many quinceañeras end up costing as much as a small wedding. How can you make this grand celebration a dream come true for your daughter without spending a fortune?

To help relieve your family of some of the financial burden of a quinceañera, First Choice Credit Union offers a quinceañera loan that focuses on special low rates. This can make the cost of a dress, accessories, venue, photographers or videographers, invitations, decorations, and food significantly more affordable. Securing a First Choice Credit Union Quinceañera Loan can help you be proactive in your celebration planning.

To help celebrate and as an added bonus for loyal members, First Choice Credit Union will provide a 1% discount off an already low and unsecured interest rate.

First Choice Credit Union will also provide $25 dollars to help open a savings account for the special birthday girl. This means that your daughter can mark this special rite of passage with a rite of responsibility. While planning the special event, take this opportunity to teach her about financial security and responsibility by including her in the budgeting process and encouraging her to help save for the big event.

First Choice Credit Union offers wonderful customer service and excellent loan rates for every need. First Choice Credit Union members can apply online or call (562)-641-0100 for more information on loans.

For quinceañera celebration ideas, take a look at Budgeting for a Quinceañera Party and the Top 10 Quinceañera Themes of 2016.