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Looking to Order Checks? Give memberBILLPAY a try.

July 21, 2017

A great way to save time and money

If you’re ready to order new checks, here’s an option for you to consider: our paperless memberBILLPAY solution. Here’s how it works.

Manual Deductions

You can pay bills directly from your online account. Simply designate a payee (it can be a person or a business), the account from which you want the funds drawn, the amount you want to send, and send. It’s as simple as that.

Auto Deductions

Have a regular bill, like rent, or your phone bill? You can schedule regular payments through memberBILLPAY. Set up your payee, the amount to pay, and when you want it sent. You can also designate how many payments you want to make, or a date through which you want the payments made. Turn it on, and every billing cycle, like clockwork, your bills get paid without any more work required from you. Just make sure your account balance is enough to cover each time your bills come due, and you’re all set. No more worry about forgetting to make payments, or late payment fees.

You’re In Control

Never paid bills electronically before? Not to worry. At any time, you can stop payments, discontinue auto deductions, or make changes to the payees, amounts, or dates. You’re still in control of your money and your accounts.

Most payments will be made electronically. For those who cannot accept electronic payment, a paper check will be cut and mailed out directly from First Source on your behalf. You never actually have to write another paper check again!

Want to learn more? Call or visit us and let us know what you need.

Ready to start using memberBILLPAY now?

Still prefer and need checks?

Online:

  • Sign into memberONLINE, select "Options" in the left menu

  • View "Account Actions" and select "Order Checks" in the middle of the screen

  • Follow the on-screen prompts to place your order

By Phone: Call our Member Care Center at 315-735-8571 during hours of operation

In Person: Stop into any branch during hours of operation

 

How to Finance an RV, Camper, or Trailer

July 12, 2017

Financed camper set up with chairs and a lantern at a campground.

When you’re ready to buy your recreational vehicle

Sales of recreational vehicles (RVs), campers, and trailers are growing every year as more and more people find adventure in camping and road trips. If you’re ready to find your new path, or looking to upgrade to something a little more comfortable, you’ll most likely need financing. Here are some simple steps for how to finance an RV, camper, or trailer without breaking your budget.

Buying one of these large vehicles for temporary living isn’t just about the purchase price. You’ll need to plan ahead for monthly payments with interest, fees and warranties, monthly and yearly maintenance costs, insurance, storage in the off season, and all the expenses that come with traveling, including fuel, campground fees, and perhaps a new vehicle for towing!

1. Figure Out How Much You Can Afford

This first step seems obvious, but you don’t want to start by shopping for and choosing your dream vehicle until you’ve checked your budget. Start with your income and future financial plans and expectations, and see how much you can handle monthly or yearly for this purchase. Remember to include your plan for retirement (whether it’s your present or in your near future), and the financial changes that brings.

2. Shop in Your Price Range

Many RV prices are inflated on the lot, so people often don’t pay sticker price. Dealers will negotiate the price with you, and there are many online resources to help in your search, and pricing strategy. So even though you can start with asking prices a little above your range, we like to recommend looking in your established range. That way, if you negotiate a lower price, consider the difference a savings, or even a bonus to add to your maintenance budget. Another great strategy is to start smaller, and if you like it—or if your family grows—plan to upgrade later.

3. Check Your Credit Rating

As with any significant loan, your credit will affect whether you are approved for a loan, as well as the rate you secure. A lower score, among other factors, can result in a higher interest rate. If your rating is low, ask how we can help you improve it before you apply for a loan. You can check your own credit score ahead of time, and we’ll also check it during the loan approval or pre-approval process. A small difference in your interest rate can make a big difference in what you pay over the life of the loan.

4. Save for a Down Payment

Saving cash to put down can help in a number of ways. You’re in a stronger negotiating position on the purchase price, you reduce your loan amount, and you’ll owe less on your vehicle over time, a big help when you’re looking to trade up or sell. Not sure how you can manage your budget to save? Ask us for advice!

5. Apply for a Recreational Loan

Among your many financing options, a Recreational Loan could be your smartest choice, depending on your wants and needs. Make an appointment to talk with us, and bring your questions. We’ll talk about your financial standing, budget, expectations, and plans, and cover the loan options and terms available to you. There are different rates for different length payoff terms (1-7 years), and your credit standing can make a difference. We can help with budget suggestions as well, and make sure you’re planning for all the expenses involved.

Want to know how a Recreation Loan for an RV or Camper works? 
 

Posted in: camper, finance, loan, rates, RV

5 Steps to Affording Your Vacation

July 11, 2017

Man enjoying a beautiful view on vacation he financed
Plan ahead for worry-free vacation financing

When you’ve been planning a dream vacation and you’re ready to find financing to make it happen, follow these 5 simple steps to making your adventure possible.

1. Plan Your Trip

You’ll need to know where you’re going, for how long, where you plan to stay, and at least an idea of the kinds of activities you plan to pursue while you’re there. All of these will figure into your travel and accommodations expenses, as well as entertainment expenses, how much meals and incidentals will cost, and more. Once you have your trip plan outlined, you can move on to figuring out your budget.

2. Estimate Your Expenses

With your trip plan in hand, make your best estimates for the costs of each part of your trip: travel getting to and from your destination (flights, cruise, etc.), any travel expenses while there (car rental, public transportation, ride sharing services), accommodations (hotels/motels/other), and daily expenses, including souvenirs, parks or attractions, and meals. If you’re traveling overseas, remember to factor in currency exchange rates. We also suggest adding in a little extra, say 10% more, for anything you’ve missed, or unexpected expenses. Every trip has them!

3. Start Saving

With this target number in mind, figure out how much you can reasonably set aside each week or month in advance of your trip, and how much total you’ll have saved by the time your departure date arrives. This may not necessarily match your target expenses for the trip. That’s where a loan comes in…

4. Apply for a Loan to Make Up the Difference

Start with how much cash you can save for the trip, subtract that from your total expenses, and you’ll have your target loan amount. So if your trip will cost $5,000, and you can save $2,000, you’ll need to borrow the difference ($3,000). Sit down with one of our loan officers early in the process, and we’ll help you figure out the best loan option for you. How do you start the financing process for a vacation? Learn more here.

5. Enjoy Your Adventure

Once you’re approved, congratulations—you’re going on an adventure! If you want to consider a larger loan amount or different terms next time around, just ask how we can help. We can suggest steps to get you better prepared for future loans. We want to make your vacation a reality!

Learn More

Visit our vacation financing page to learn more about how financing will work, then set up an appointment with one of our friendly representatives to discuss your needs.

How to Get Pre-Approval for a Motorcycle Loan

June 20, 2017

Rider traveling down the road on a motorcycle they financed

Learn what you need to know about pre-approval

Once you have all your information in place and are ready to apply for your motorcycle loan, how do you go about getting pre-approved? Is it worth the effort? You may even be asking, “What exactly is pre-approval?” We’re here to answer your questions.

How Do You Apply for Pre-Approval?

You start by submitting a preliminary application for your loan. After we review your credit standing and other factors discussed above, if you qualify, we can recommend a loan. We’ll tell you how much you can borrow, the interest rate, and what the terms of the loan will be.

Is There a Commitment?

When you get pre-approved, you don’t have to make any commitment to get the loan. It’s just ammunition to help you negotiate your motorcycle purchase with the dealer. You can always change your mind. To pre-approve you, we would make sure that your financial standing details are confirmed. Then once you choose a bike, we will need to make sure the loan is worth the value of your purchase before final approval. 

Why Get Pre-approval?

First, you’ll know exactly how much you can borrow. (You can get a rough idea by viewing our motorcycle loan rate page or using our motorcycle loan calculator.) This way you save yourself time and trouble by focusing on the type of bikes you can reasonably afford. 

You can also go into negotiations with the confidence of someone who has cash in hand; you know you can obtain the amount needed, which can also make pricing clearer from a dealer who might otherwise try to sell you on financing options.

Living Smarter

We make it easier for you to apply for loan pre-approval. See what a Motorcycle Loan includes, then make an appointment with one of our representatives for your financing.

 


 

How to Finance a Motorcycle

June 20, 2017

Man about to ride a motorcycle he financed
Getting ready to apply for a Motorcycle Loan

1. Find Out if You Qualify

You’ve dreamed about this bike for some time, but you can’t rush in blindly when it comes to financing. We’re here to breakdown the process and answer your questions.

In many ways, financing a motorcycle is a lot like financing any other road-worthy vehicle. There are just a few key factors to consider if you want to know if you can qualify for a new or used motorcycle loan:

  • Your credit standing
  • Your debt to income ratio (cash flow)
  • Your cash in hand

Secondary issues will affect if and how you can pay back your loan, such as the length, interest rate, and other terms of your loan.

Learn more about our Motorcycle Loans here.

2. Check Your Credit Standing

This includes your credit history and credit-worthiness. You can check your own credit ahead of time and we’ll take a look during the loan approval or pre-approval process. Have you always made loan payments on time? Do you keep your credit within practical limits (avoid over-extending yourself)? Do you have a limited number of loans you are currently paying? Do you have high balances on your credit cards? These and other factors can affect your credit standing.

Talking with a loan representative can help you discover the details about your situation, and if your credit needs improvement, we can suggest some great moves to help.

3. Decide How Much You Can Afford

Before you apply for motorcycle financing, figure out your budget and get a rough idea of how much you can afford. You don’t want to stretch yourself thin so that you can’t make your loan payments for any reason. Consider how much you have left over each week or month, how much you have saved for a down payment, and how long you can reasonably expect to pay off a loan. We can sit with you and determine what you can afford.

4. Narrow Your Loan Choices

Ask any questions you have before finalizing the loan. We’re here to help, and make it as clear and simple as possible. 

Living Smarter

We want to do everything we can to help you get out on the open road sooner. Learn more, and schedule an appointment with one of our representatives for a Motorcycle Loan.


 

 

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