Archive for the ‘ Auto ’ Category

Pre-approved Auto Loans


Before you shop and get your heart set on a certain make and model, wouldn’t it be nice to know exactly how much car you can realistically afford? With a pre-approved auto loan, you can shop  and feel good about that potential purchase and how it will impact your budget.

little_car_on_money2Buying a car is typically the second-largest purchase you’ll make after a house. Like with any loan, you’re going to have monthly payments. Those payments mean a fixed payment, every month, at the interest rate you qualified for based on your credit history, for a certain length of time. If you can’t afford those payments down the road, you could end up losing your car or may have to sell it and start over to get something more affordable. A great perk of a pre-approved auto loan is that it helps you figure out how to fit that monthly payment into your current budget. It also gives you time to make any necessary adjustments. Use our financial calculators to help you work out your numbers.

Having a pre-approved auto loan transforms you into a “cash buyer” and in turn, puts you in the driver’s seat  when you’re at the dealership. It will help you be in a better position when negotiating your purchase and will help you stay on track because you already know exactly what you can spend. Be sure that while you are shopping and looking at the prices that you keep in mind that there will be sales tax and other fees that will go into the deal before you can drive away. And, if you have a trade in, that could be a plus or you may choose to sell your current vehicle yourself. In any case, keep your potential trade in well maintained, cleaned and  have an idea of its current going rate by checking out its Kelley Blue Book value or through Edmunds.com.

 Ready to get started? A Members 1st Pre-Approved Auto Loan allows you to lock in your rate for 30 days until you make your decision. All rates are based on the model year. We offer a variety of terms to suit your needs. Check out our auto loan rates today and get ready to apply.

Note: Be sure to ask us about Member Value Protection. This is optional  coverage you can elect to have when you apply for your loan. It gives you the peace of mind of knowing that your monthly loan payments will be cancelled in the event of death, disability or involuntary unemployment.

Does Minimum Coverage Mean Minimum Protection?


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In the event you cause an accident, your auto insurance liability limits cover injuries to the other driver, the other driver’s passengers, and your passengers. Most states, including Pennsylvania, require that you purchase a minimum amount of car insurance. However, purchasing only state minimum limits may not be enough. Having adequate liability coverage can be the difference between being well protected and potential financial disaster.

Q. Pennsylvania requires minimum insurance coverage of 15/30/5. What does that mean?
A. Minimum liability limits of 15/30/5 means the insurer will provide bodily injury liability coverage up to $15,000 per person injured in any one accident, and $30,000 for all persons injured in any one accident, and up to $5,000 for property damages in any one accident.

Q. If I have minimum limits, what happens if I have an accident and damages exceed my policy limits?
A. Your insurance company will only pay up to the amount of your policy limits. So, if you’ve chosen Pennsylvania’s minimum property damage limits of $5,000 and cause
an accident which results in $25,000 in property damage, the insurance company will only pay $5,000, and you will be responsible for payment of the remaining $20,000.

Q. Why would I want to buy more insurance than state law requires?
A. Auto insurance is your safety net, and works best if it provides proper protection. Carrying state minimum protection may be more affordable in the short term. However, because you could be personally liable for damages which exceed your policy limits, you
should seriously consider purchasing liability insurance with limits higher than is required by state law.

Q. Is there another coverage option in lieu of increasing my policy limits?
A. Yes. You could also consider purchasing a personal umbrella policy (“PUP”) for added protection. A PUP is designed to “kick-in” when the liability limits of your auto policy have been exhausted. The bottom line – if you’re legally responsible for damages which
exceed your coverage limits, you’ll be responsible for the difference. The time to discover you don’t have adequate insurance/coverage is BEFORE you’re involved in an accident, not AFTER.

Q. Is increasing my limits right for me?
A. Increasing coverage limits (and/or adding a PUP) may not be as costly as you think. If you’re interested in protecting your and your family’s present well-being and financial future, and securing a little more peace of mind, as your independent insurance agent, we’re here to help answer any questions and help you review your available options.

Contact Members 1st Insurance Services today for a FREE quote!

Personal Insurance:
(800) 283-2328, ext. 5218 or 5245

Medicare, Long-Term Care, Group or Individual Health Insurance:
(800) 283-2328, ext. 6269

Petplan Pet Insurance:
(866) 467-3875

*Personal insurance services available to PA residents only.

5 Reasons to Get an Auto Loan from Us


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Although the thought of finally having a dependable set of wheels can be thrilling, a car’s price tag can quickly quell that newfound excitement. Financing your car through a financial institution can therefore be incredibly helpful. Credit unions are particularly popular among consumers who want hassle-free loans with excellent rates and member (customer) service. So don’t panic when you see your dream car’s price tag – here are five reasons why it’s a good idea to get an auto loan from Members 1st.

1. Stellar rates and flexible terms
Credit unions offer lower rates and more flexible payment schedules than many big banks. Rates for new cars are often under 3%, which comes in under the national average of about 4%. If, for example, a car is financed at $30,000 over the course of a 60 month loan, that seemingly small difference will save you around $1,000. What’s more, at Members 1st, we will finance cars with terms ranging from 12 to 84 months depending upon the model year, thereby allowing you to set a payment schedule that best suits your needs and budget.

2. Good odds of having your loan approved
If you have a poor credit score because of past credit problems, credit unions are a great place to look for auto loans. Unlike bigger financial institutions that have more rigid policies and requirements in place, we’ll do our best to help get you the money you need and discuss your credit history and any issues you may have had so we have an understanding of your particular financial situation. If, on the other hand, you have a good credit score and also happen to be a loyal member of a particular credit union, you might qualify for especially low rates or other perks.

3. Great member (customer) service

Credit unions are member-owned, not-for-profit financial cooperatives. What does this mean for you? Essentially, it means that it’s in our best interest to offer you loans that you can actually pay off, and that you won’t have to worry about being ripped off or taken advantage of.

4. Mutually beneficial relationships between credit unions and members (customers)
Our profits go back to members in the form of lower rates on financial products. Your needs are therefore always front and center. We are happy to work with you to ensure that you don’t encounter any problems while making payments.

5. Access to information
If you’re new to the world of auto loans and find yourself scratching your head trying to understand words like “loan rates” and “payment schedules,” don’t worry. We have a resource centers and tools to help members learn more about how auto loans work and we offer Car Loan Calculators aimed to help you determine what payment plan would work best for you. Taking advantage of these resources will help you make more informed decisions down the road, which will save you stress, time, and, most important of all, money.

Buying a car is a big investment, but it doesn’t have to be a daunting one. Whether you’re in the market for a brand new hybrid, a used car, or a truck, consider going to Members 1st to help you finance your new ride.

Note: With a Members 1st auto loan, we can help you Member Value Protection – optional coverage for an additional price that offers you peace of mind knowing that your monthly loan payment will be cancelled in the event of death, disability or involuntary unemployment. Ask us for details, (800) 283-2328, ext. 6040.

Members 1st also offers a first time car buyers program – just ask for details! We really do make car buying easy!

Need car insurance? Want a quote from Members 1st Insurance Services

 Guest Blogger: Tony Armstrong, NerdWallet

Visit us at the PA Auto Show!


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Heading to the PA Auto Show at the PA Farm Show Complex this weekend? Stop by our booth (M24 in the main hall) and ask us how we may be able to help you get pre-approved for a new ride with our Auto Shopper Loan.* It’s so much easier to shop when you know what you can afford. Make sure to enter to win a snow blower and a $200 VISA® Gift Card, too!

*Rates based on model year. Lock in your rate for 90 days until  you make a decision. Ask an associate for details.

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