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How to Get Pre-Approval for a Motorcycle Loan

June 20, 2017

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


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.


 

 

Simple Requirements for a Boat Loan

June 20, 2017

Covering the Right Boat

A Boat Loan can be used to finance boats of many sizes, from tracker, ranger, and bass boats up to inboard or outboard motor boats, runabouts, pontoon boats (party barges), and yachts. For a smaller craft, like a kayak, canoe, or even a jet ski, a Recreational or Personal Loan is recommended. Our staff can talk to you about which loan matches your needs.

Determining the Length of Your Boat Loan

Boat Loans come in a variety of terms and rates that depend on the length of the loan as well as your credit and financial standing. For new and late model boats (2015-2017), terms can be from 12 months to 180 months (1 to 15 years). For 2014 and older craft, terms can range from 12 months to 120 months (1 to 10 years). Interest rates generally rise as the length of the loan increases. If you are approved for financing, we can help you work out a length of loan and terms that match your financial and budgetary needs and capabilities.

Figuring Out if You Qualify

The answer depends on the loan you are trying to obtain—the amount, length, and any other specific needs you have. Generally, you’ll want good credit standing, an income that is compatible with your loan amount, and good financial footing. Your individual life circumstances, finances, and credit standing will help determine if you are qualified. We’ll cover them when we meet with you, explain how financing works, and see if you qualify for the terms you need to fit your budget and lifestyle.

What if You Don’t Meet the Requirements?

If an analysis of your financial and credit standing reveal that you do not yet qualify for the Boat Loan you want, we can make recommendations for different loan amounts or terms, and help you make a plan to improve your credit-worthiness.

You can get an idea of what your payments would be under different repayment lengths and interest rates by checking our Boat Loan rates page or using our Boat Loan Calculator.

Learn More

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

 

 

 

Big Changes at the Utica Zoo

June 1, 2017

For many years, the Utica Zoo has been building on their long and rewarding tradition of bringing education and entertainment to the Mohawk Valley and Central New York. Now, they are digging into even bigger plans.

Back in September of 2016, we sponsored the Zoo’s Dream Big Master Plan Unveiling Initiative, where we announced a $60,000 contribution to the Utica Zoo Sinnott Education Center, a facility dedicated to giving attendees a glimpse behind the scenes of their ambassador and education animals. These animals are usually only visible when they travel to school classrooms, fairs, and other events to help people learn about the zoo’s important conservation work, and about the natural world. The Sinnott Center will give us a chance to see these wonderful animals during their training, both before and during their time visiting people outside of the facility.

Preparation for the new center has begun, as demolition of the old structure is completed. Renovations to the new space are beginning, and First Source CEO Mike Parsons joined other community leaders in celebrating the start of work with a ceremonial “shovel-ready” event on the site.

From left to right: Utica Zoo Executive Director Andria Heath, Joan M. Sinnott, PhD, Mayor Robert M. Palmieri, Senator Joe Griffo, First Source Federal Credit Union CEO Mike Parsons

We look forward to seeing the new Sinnott Education Center take shape, along with the other exciting new initiatives at the Utica Zoo in the months and years ahead!

Youth Month Winners

June 1, 2017

April was National Credit Union Youth Month, and to encourage our younger Members to start (or continue) a savings habit, we created a contest. Everyone who made a deposit to a youth account during the month of April was entered to win one of five prizes.

We had a great turnout, with many of our youth Members making deposits. From among all the entries, we randomly chose our five winners. Winners of Utica Zoo passes are:
From left to right: Rocco B., Colin P., Evan D., Andrew W.

Our grand prize winner, who will go on a special Utica Zoo Animal Encounter, is Francesca D. Watch for a great picture of Francesca on her Animal Encounter next month.

Thanks to everyone who entered. Keep up those savings habits, and you’ll all be big winners as your savings grow!

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