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.

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!

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.