Financial advice for major purchases from Auburn Federal Credit Union

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Every now and then we all think about buying a new car or completing a major home improvement project, the question always persists: how to pay for it?

When deciding to take on a large project around the house, Sam Scro, CEO and President of Auburn Community Federal Credit Union, tells us to first determine the scope of your project. Depending on how you carry out the project and how much you are willing to spend, the method of funding plays a role.

Scro says, figure out if you’ll do it yourself or hire a professional. If you’re hiring a professional, it’s important to get multiple quotes and check references before signing a contract. Once determined, you need to ask how much money you will need to complete the project.

You can either pay the bill directly or use cash for items under $ 1,000. There are other options inducing personal / signing loan, home improvement loan and home equity loan depending on the type of project. It is advisable to add 10% contingency on larger projects for unknown issues that may arise.

While vehicle purchases are generally an impulse purchase, Scro advises that you do your homework before you buy and research the type of vehicle you want. He suggests never letting the dealership know what monthly payment you are comfortable with, as the dealership will be looking to direct you to a vehicle where they can maximize their profits.

Finance your purchase with a local financial institution in case you run into a problem later. Finally, if you can’t get the price you want on a car then walk away, because they make more than one!

Auburn Community Federal Credit Union has three locations in central New York City. They have two locations in Auburn and one in Weedsport. To connect with them and learn more, visit AuburnFCU.com or visit them on Facebook.

Watch the video below for more tips on buying a new car.


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