Is a car refinance right for me?

Date December 17, 2015

 alt=Car owners typically refinance for one of three reasons: to lower monthly payments, to save on interest charges or to get cash to cover an expense or help manage other debt. To determine whether refinancing makes sense for you, take a good look at your current loan and financial picture. You might benefit from refinancing if:

  • Your credit has improved, which would qualify you for a lower interest rate.
  • Your old loan’s rate is more than a couple of percentage points higher than current rates for refinancing loans being offered by lenders.
  • Money is tight, and lowering your car payments would bring relief.
  • The refinanced loan could pay off your existing auto debt and give you cash back to help manage other expenses.
  • You don’t have a heavy prepayment penalty on your current loan.
  • You still have enough time left and money owed on your loan that a refinance would bring meaningful savings.

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How to Help Aging Parents Without Going Broke

Date December 14, 2015

The stress involved in being a care provider for your parents is twofold: You want to make sure they’re not in pain, while making sure that you don’t hurt yourself financially. The balance is a delicate one.

Almost a third of adults ages 40 to 59 have provided financial support to a parent in the previous year, according to a Pew Research report in 2013. If you’re in that situation, see what you can do to help without burning through your savings or going into debt.

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The Benefits of a Mortgage Pre-approval — and How to Get One

Date November 16, 2015

Unless you were recently selected as the No. 1 pick in the NFL draft or released a hit album, you probably won’t pay for your new house in cash. Like millions of Americans, you’ll take out a mortgage.

Before you begin your housing search, try to get a mortgage pre-approval, which is usually good for up to 90 days. After reviewing and verifying some of your financial information, lenders will tell you how much money they’d be willing to let you borrow. Getting pre-approved can speed up the sale process and demonstrates to sellers that you’re serious about buying.

Here’s a closer look at how you could benefit from a mortgage pre-approval and what it takes to get one.

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That 0% Auto Loan Might Not Be the Best Deal

Date October 13, 2015

 alt=In seeking the best deal on your next car, you might have stumbled upon advertisements or offers to get a 0% interest auto loan. As great as this sounds, you may not save as much as you expect with this type of incentive.

Since auto loans can come through either a dealer or a lender, such as a bank or credit union, it’s important to note that a 0% interest loan generally, if not always, is obtained through a dealer. Automakers offer them to attract buyers to certain car models, especially ones that aren’t selling well. Here are a few things to consider about 0% financing and why it might not be in your best interest to use it.

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Pre-Qualification-v-Pre-Approval:  What’s The Difference?

Date September 14, 2015

Buyers are out in full force, which indicates it is going to be competitive for homebuyers.  Since many homes are receiving multiple offers from prospective buyers, when you are ready to buy a home, you will need to be prepared to act quickly.  To that end, it is imperative that you have your mortgage financing in order before you begin house-hunting.

In years past, a pre-qualification for a mortgage loan may have been enough for a seller to seriously consider your offer.  However, today you’ll need to have a pre-approval letter to demonstrate you are serious about buying a particular home and that you have the financing in place to do so.  Here’s how pre-qualifications and pre-approvals differ.

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MCCU Voted BEST CREDIT UNION for 7th Year!

Date August 28, 2015

 alt=We Did It Again!

We consider ourselves LUCKY to have such loyal members of our credit union, and our community. We are very proud to announce that we have once again been voted the BEST CREDIT UNION in Los Angeles in the Daily News Reader’s Choice Awards! This is the 7th time we’ve won this prestigious award!

In addition to the affordable and convenient financial products and services we offer to our community, MCCU continues to be a safe and sound place to bank. We consistently earn the highest 5-star rating from Bauer Financial and are well-capitalized.

You can refinance your car, buy a new home, get a Home Equity Loan or Personal Loan, and so much more. We make it easy with our quick and easy online loan application at – and you’ll get a fast response!

Plus, we still have Free Checking for personal accounts and business accounts with no monthly service charges! And with that, you’ll get free mobile banking, debit cards, over 30,000 no-fee ATMs, access to 5,000 Shared Branches nationwide, online bill pay and more! You can rely on us for better banking!


Refinance Your Car Loan and Earn up to $200 Cash Back!

Date August 21, 2015

Do you have a car loan? Do you want to lower your monthly payment? 

When you refinance at MCCU, you’re not only getting a competitive, low rate, you’ll also enjoy no payments for the first 90 days (interest will accrue)! And, we will give you up to $200 cash back. You won’t pay anything to apply – most banks and lenders will charge you an application fee!

MCCU is a local lender, plus we were voted BEST CREDIT UNION by the readers of the L.A. Daily News! We want to help members of our community to get into the car they need with an affordable monthly payment. We also offer new and used car loans in addition to refinances.

Apply online today and get a quick response! When you apply, you can even get a free payment quote to see how much you can save! Hurry, this offer ends October 31st!

Get More Details and Apply Today!

Get Affordable Solar Financing Before the Rebate Goes Away in 2016!

Date August 17, 2015

Save Money. Save Energy. Go Solar.

If you own a home in California (or anywhere else with extreme hot weather), you dread the summer and the high utility bills that come with it.

There is a solution – add Solar to your home!

Your utility bill can drop significantly when you generate your own solar. How much you save depends on the size of your solar system and how much electricity you use. And sometimes, when you generate more electricity than you need, the excess power goes back to the utility grid, and most utility companies (SCE/DWP) will pay you  or give you a credit for the electricity!

Protect yourself from rising utility costs

Unfortunately, utility costs tend to go up every year. And we’re not going to stop using our air conditioner when it’s over 100 degrees outside. But when you add solar to your home, you can protect yourself from these constantly rising costs and experience savings every year. The rebate/incentive for adding solar to your home is expected to go away on December 31, 2016, so take advantage now! Read the rest of this entry »

Is My New Car a Lemon?

Date August 10, 2015

 alt=If you, or someone you know, has purchased a car only to find out it’s a lemon, you know that it’s not a fun process.  Most consumers purchase a new car so they don’t have to worry about breakdowns, mechanical problems, or safety issues, but sometimes you get a lemon. Here’s the scenario: You are so excited to finally buy the car of your dreams (or maybe just the car you need). You get the car loan (hopefully from MCCU!), drive the car home, and live happily ever after. Or not. Your brakes don’t work correctly, or you have constant transmission problems. You may have purchased a lemon.

What is a “lemon”?
A lemon is a (often new) car that is found to be defective only after it has been bought. Any car with numerous, severe issues can be termed so and, by extension, so can any product with flaws too great or severe to serve its purpose. The Lemon Law covers new motor vehicles, including:

  • A new car bought or used for personal business
  • A new car with a gross vehicle weight under 10,000 pounds bought or used primarily for business purposes
  • Purchased and leased cars
  • A dealer-owned car, a “demonstrator”, or other cars sold with a manufacturer’s new car warranty (such as a used car)
  • Motorcycles and Motor Homes used primarily as a primary home are excluded from the Lemon Law

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The Difference Between a Traditional 401(k) and a Roth 401(k)

Date July 13, 2015

An employer-sponsored 401(k) plan is often one of the most valuable parts of a job’s benefits package. Although free snacks and a generous vacation policy are great, making regular contributions to a retirement account can help ensure that your golden years are financially comfortable.

That’s what makes it so important to understand the ins and outs of these savings tools, including knowing the difference between traditional and Roth 401(k) plans. Here’s a look at the features that make each one unique, and how you might be able to take advantage of both.

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