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5 Reasons for a Holiday Loan

November 1, 2021

Children open a present as their parents watch, enjoying a holiday assisted by Holiday Loan financing
A Smarter Way To Cover Holiday Expenses

Why Consider a Holiday Loan?

As we approach the holiday season—from Christmas to Hanukkah, Kwanzaa, Festivus, and more—we take advantage of the many sales and discounts offered by retailers. We also tend to have more family feasts and gatherings, or plan holiday travel. Our best intentions can temporarily exceed our bank balance, and paying off credit card debt all at once or at credit card interest rates can become costly come January. A smarter approach: financing these expenses with a lower-interest loan that can be paid back over a longer period. That’s where a First Source Holiday Loan comes in.

Funds from a Holiday Loan can be used to pay for qualifying expenses that could include travel, gifts, food and groceries, or entertaining. We encourage all our Members to save over the course of the year for these year-end expenses, but our actions don’t always live up to our best-laid plans. Having a financial buffer can relieve some of that stress. Do you think you need a Holiday Loan? Here are 5 possible reasons to apply.


1. You Can Plan Ahead

If your funds for holiday shopping and expenses traditionally run low before the holidays are over, you may be miscalculating for your seasonal budget. A Holiday Loan can help you to plan a holiday budget and follow it as closely as possible. While unexpected expenses always come up (and those unexpected sales often catch us by surprise), armed with a budget, we’re much more likely to stay on track.


2. Your Budget Will Thank You

The Holiday Loan is currently at 2.99% APR, coming in at a rate significantly lower than most credit cards, and the terms allow payment in known monthly amounts. Resorting to credit cards with high interest rates to cover gift purchases and unexpected expenses can wreak havoc with a household budget. A Holiday Loan makes payments predictable and manageable.


3. You’ll Know What You Can Spend

While the funds from a Holiday Loan are there to help you get through a busy financial period, we help you make sure you can handle the payments before finalizing your loan. If your monthly budget can’t handle the additional amount, you may have to adjust your gift list, shopping plans, social calendar, or travel details. We can help you work out the details so you can pay off your loan in a year (or less), and be ready for next year!


4. You’ll Gain Resolve

Speaking of those unexpected sales and promotions, a Holiday Loan forces you to evaluate your financial standing, strengthen your resolve before the shopping season starts, and limit your purchases to only what you need. If you don’t have the funds, it’s easier to say no to added debt or expense.


5. You’ll Have Less Stress!

If you apply and receive approval, we’ll put a payment plan in place. Once your funds are secured, you can follow your plan, and not stress so much. You can cover your holiday expenses, and not have to worry about that enormous January bill.


This seasonal loan is available now through December 20th, 2021, and requires application and approval time, so apply today. Then enjoy your holidays with peace of mind!

Posted in: Holiday Loan

If You Want An RV, You May Want An RV/Camper Loan

August 18, 2020

Driving down the road on an RV adventure.Frequently Asked Questions Regarding RV & Camper Financing

It’s no secret that the price of summer items tend to trend down as autumn approaches. Lawn mowers, grills and recreational vehicles may see a drop in their sale prices during August and into the fall.

If you’ve always wanted to purchase an RV or camper, it might be wise to start planning as summer winds down. But what does that entail?

Recreational vehicles and campers are bigger ticket items, and you may have questions you would like answered before committing to the purchase. Here are some frequently asked questions regarding RV financing that you may find helpful.


1. What Is RV Financing And How Does It Work?

RV financing is the term used for how you will be paying for the vehicle. Just like getting a car, that may consist of money you have saved for the purchase as well as obtaining a loan to help you pay for the balance. Start by comparing your income and expenditures to help you figure out your budget, and what you can realistically spend on an RV, right now. Next, we can help walk you through your loan options & qualifications for getting pre-approved, financing rates and timeframe for purchase and repayment. Knowing exactly how much you already have, plus how much your loan would be will help you shop for the RV that fits within your budget.

Use our Budget Calculator to help determine realistic monthly payments towards your new RV.


2. What Is A Recreational Loan?

First Source offers a Recreational Loan, made specifically for this type of purchase. It's great for helping finance your outdoor activities. Try our Recreational Loan Comparison Calculator to help you get a general idea of the numbers. We are happy to answer any questions you may have about getting pre-approved for a Recreational Loan and we'll help you prepare so you go in with the negotiating power of knowing exactly what you can afford.


3. How Will My Credit Score Affect My Chances of Getting a Loan?

As with other loans, your credit score can affect whether you are approved for a loan, as well as the rate you secure. Even a small difference in interest rates can create a big difference in what you pay over the life of the loan. If you are worried that a low score may prevent you from purchasing an RV, we can help advise you on how you might improve it before you fully apply for a loan.


4. What Additional Costs Should I Expect As An Owner?

Consider your destinations and fuel costs, permits to park and camp, insurance, storage during winter, supplies you stock onboard, and of course maintenance. You may also want to consider a down payment. Saving to put money down up front can put you in a stronger negotiating position on the purchase price, reduce your loan amount and help you owe less on the vehicle over time.


Camp Smarter

Begin planning next summer’s big adventure by visiting our Recreational Loans for RV's and Campers page to learn more. Get started with the application process below.

 

If you’re not ready to apply for a Recreational Loan, and have questions, we are here to help. Call 315-735-8571 to talk about your options or make an appointment with one of our friendly and knowledgeable representatives today.


Did You Spend Too Much During The Holidays?

January 17, 2020

Reviewing billing statement after the holidays.What To Do If You Over Spent

Don’t Panic

If the holidays put you in a financial pinch and credit cards, loans, and other debt are beginning to be difficult to pay off, you’re not alone. It's simply a sign that it may be time to consider a proactive solution and possibly a debt consolidation plan.


Re-Evaluate Your Finances

While it may be more difficult to control debts like medical bills and home, vehicle, or college loans, it can be easier to start by deciding where and when to rein in our spending on non-essentials. This can help credit card debt. Credit cards also typically come with higher interest rates, so paying them down first is a good start. Along with paying them down, reconsider any unnecessary purchases for the time being, allowing time to catch up on those bills. Experts suggest unsubscribing from retail email lists, and deleting your credit card information from websites where you commonly make purchases. Evaluate your monthly spending, especially on credit, and consider choices to spend less going forward.


Create A Budget

Creating a budget goes hand-in-hand with getting spending under control. Debt is simply a sign that you are spending more than you are earning. A smart budget lists all your income and expenses, making it easier to understand where your debt is coming from, and where you can make changes, both large and small. Take advantage of our budgeting tools, from online education, tips, and calculators, to easy-to-use budgeting tools within our online and mobile banking applications. You can also sit with us to make a plan. 

About Budgeting


Getting Started

A smart debt consolidation plan will include accommodating your lifestyle and goals, so that you can keep your finances on track long term. In addition, your budget can include a line item for holiday savings, giving you most of the next year to plan and save. We can help you evaluate all of these factors, and work with you on a plan to lower your debt and better manage your finances.

If you have any questions, we are here to help. Visit our Debt Consolidation page for more information. Call 315-735-8571 to talk about your options or make an appointment with one of our friendly Member service representatives today.


Popular Projects for After the Holidays

January 9, 2020

Multi-ethnic group of family members work together in a crowded kitchen to prepare dinner for a family Christmas celebration.Need more space to entertain?

Was your kitchen just a little too crowded? Were you feeling cramped in your own home? Holidays often remind us that our space may be adding to our stress. When we can’t comfortably accommodate all our guests, a renovation or addition may be in order. After the holidays is a great time to make those improvements uninterrupted.


Popular Improvements

It’s no surprise that the most popular post-holiday home improvement projects are remodels of kitchens and bathrooms. They are among the most-used rooms when we host visitors, and improving them is high on homeowners’ lists. We spend more time indoors during these weeks and months, with more awareness of the updates we want, and more time to think about how we want to make them happen. Even when we’re not managing party crowds, smart improvements can affect our own enjoyment of these spaces by enhancing their convenience, flow, and beauty. These upgrades can also help increase the value of your home, so the money spent is more likely to pay off if you ever decide to sell. 


Home Improvement Loan

There are smart financial reasons to consider a Home Improvement Loan for your kitchen or bathroom, and getting pre-approved can make the process even easier to navigate. You get the advantage of competitive rates, a fixed term, and you’ll know ahead of time what your budget can handle, so you can make good decisions during the design and estimating process.  


Working With First Source

Working out the financial details can be daunting, which is why we’re here to help make the entire process more manageable. Get started with the application process below.

 

Not sure if your project is right for a Home Improvement Loan? Give us a call at 315-735-8571 to discuss your financing options or make an appointment with one of our friendly and knowledgeable representatives today.


ATV Financing: Get Pre-Approved

May 29, 2019

Estimating The Right Cost

Putting together an accurate estimate and getting pre-approved for a Recreational Loan for your new ATV or UTV provides you with a number of benefits before and after your purchase. 


Budget For Extras

Whether you’re exploring country trails, snow blowing in the winter, or getting work done on your farm, most times you'll want accessories and extras. 

When you estimate how much you’ll need to pay, consider everything from safety equipment and tools, to repair and spare parts add-ons, upgrades, and usually a trailer for towing.

Insurance can also add to your out-of-pocket costs, so think about that as well, to help you budget more accurately. 


Why Get Pre-Approved?​

Once you have considered everything you plan to purchase, we will examine your options.

  • We can help you understand what you may or may not be able to afford

  • If you can’t afford everything now, we can help you make a plan to save for future purchases

  • Getting pre-approved puts more purchasing power in your hands when talking with the sales rep

Finally, consider how much you can put down up front to reduce your loan payments. If you’re unsure, we can help you budget. 


Explore Smarter 

Learn more about financing your ATV and UTV, and Live Smarter. Get started with the application process below.

 

If you have more questions, we’re happy to help. Give us a call at 315-735-8571 to discuss your options or make an appointment with one of our friendly and knowledgeable representatives today.


Posted in: atv financing, atv loan

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