S P R I N G 2 0 1 7

LEASE OR BUY A NEW CAR?Next to a home, a new car is the second biggest purchase most of us make. Listening to car commercials, family and friends, and the sales team can make the decision to lease or buy more confusing. Here are a few factors to consider before you decide whether buying or leasing is better for your budget and lifestyle.

LEASING Pros & Cons PRO: You can get more car for less money since you’re only paying for the future

depreciation of that vehicle and not the actual sales price.

PRO: Since most leases run about three years, the vehicle is usually covered under warranty for repairs for the duration of the lease

PRO: If you enjoy having the newest high-tech features, leasing could be better for you since you’ll be turning your car in for a new one every few years.

CON: Some lease contracts limit the number of miles you can drive.

CON: Most lease contracts prohibit you from making any alterations to the vehicle like upgraded sound systems or tinted windows.

CON: At the end of the lease, you walk away with nothing.

CON: Leasing typically requires a high credit score.

BUYING Pros & Cons PRO: When the loan is paid off, the car is yours to alter, sell, or maintain until you

want to replace. It is your property and it carries some inherent value.

PRO: There are no mileage restrictions when you purchase a car

CON: To qualify for fi nancing and a manageable monthly payment, you may need a large down payment.

CON: Getting to the monthly payment that fi ts your budget may result in an extended loan term which means you pay more in interest—and therefore pay more for the car.

CON: YOU are always responsible for the repairs, maintenance, taxes and title for life of the car

If you need help, sit down with us and we’ll walk you through assessing your budget, driving needs, lifestyle and credit history before you decide whether to buy or lease.

NEED ANAUTO LOAN?

FOR A LIMITED TIME

SEE DETAILS ON BACK FOR FREE GAS CARD OFFER.

Bay Ridge FCU SS Auto Loan F1545304-J.indd 1 2/28/17 2:09 PM

1750 86th Street Brooklyn, NY 11214

(718) 680-2121

1609 Avenue Z Brooklyn, NY 11235

(718) 934-6809

Holiday ClosingsMemorial Day Monday, May 29, 2017 Independence Day Tuesday, July 4, 2017

www.brfcu.org

BAY RIDGEF E D E R A L

TV shows are littered with ads convincing you to get your credit score fast and easy, but are they the same score your

lender will be looking at? The gold standard is still your FICO credit score, used for over 20 years by most lenders. FICO stands for Fair Isaac Corporation, the data company behind the formula used to determine and analyze your credit information. FICO is the only score that uses specifi c data from each of the top three credit bureaus—Experian, TransUnion, and Equifax.

Other sources for your credit score include Quizzle.com, related to the people who bring you Quicken Loans. Quizzle offers the VantageScore 3.0 which was developed by the three credit bureaus to compete with FICO. While including some information from the three bureaus, it does not use the same information or the same analysis tools as FICO to develop its score.

Credit.com offers a score from the Experian credit bureau as well as the VantageScore 3.0. CreditKarma.com, besides from fi lling up air time with snappy commercials, offers the TransRisk score from TransUnion.

While FICO may be the gold standard, it will cost you money while the others are usually free. If your score from the other providers is good, that’s usually a safe bet that your FICO score will be, too. You can always stop in and talk to our loan representative to retrieve and review your score and consider ways to improve it.

ARE ALL CREDIT SCORES THE SAME?

GET A FREE $100 GAS CARD!*

NEED AN AUTO LOAN?

Simply present this to our friendly Auto Loan Specialist at the time your auto loan is fi nalized and receive a $100 Gas

Card as our way of saying

“CONGRATULATIONS!”Apply Today! www.bayridgeloans.org

* Limited-time offer. Subject to credit approval. Special rate available for members who have or sign up for auto-pay and direct deposit. Other rates and terms available. Credit union membership eligibility required.

MEMBER’S CORNER

Congratulations to Charles Caldwell who proudly accepted his Personal Loan check from Bay Ridge FCU staff, Josephine Geraci, Member Service Representative (far left) and AnnMarie Schilizzi, AVP (far right).

Another great example of people helping people!

Bay Ridge FCU Member, Charles Caldwell and wife Veda Dorsey.