Skyla Credit Union Blog

Refinancing your auto loan can be a smart way to save money, but timing is everything. Whether you're looking to lower your monthly payments or secure a better interest rate, knowing when to refinance is key. So, how do you know when the time is right? Let’s break it down so you can make the most informed decision.

The emotional impact of being scammed can be brutal. After realizing you’ve lost money, self-blame and “if only” thinking often kick in: “What if I hadn’t clicked that link?” “I should have known better.” “I’m so stupid for falling for that.”

Think about the last time you traveled. Do you remember how much you spent? Did you set a budget? Did you go over that budget? Or did you stay diligent and manage to enjoy your trip while staying on track?

When you purchase a car, you might take out a loan to cover the cost. However, as soon as you hit the road, the value of your car starts to depreciate. Now, let's say your car gets stolen or is damaged beyond repair. You file a claim with your primary auto insurance provider, and they cover the car's current market value, which is the amount your car was worth right before the unfortunate incident.

Having a credit card has a lot of benefits including building your credit, getting rewarded for spending with cash back or travel points, and increasing your buying power. These perks are really great when you keep a low to non-existent balance every month, but it’s hard to enjoy its benefits if your balance is constantly building.

So, you’ve got the basics of credit limits down—now you’re probably wondering: what actually qualifies as a good credit limit?

Ever wondered why your credit card has a spending cap? Or why your credit score drops after a big purchase, even if you pay on time? 🤔

Thinking about applying for a student loan, but unsure if you qualify on your own? This is normal. In fact, 90.30% of undergraduate private student loans were co-signed in the academic year to date 2022/23, according to the Enterval Private Student Loan Report. That’s because many students don’t yet have the credit history, income, or financial track record lenders are looking for. That’s where a co-signer steps in.

Starting your journey as a self-employed individual or entrepreneur is an exciting step toward financial independence. However, it also comes with important financial responsibilities - especially when it comes to taxes. Unlike traditional employees who have taxes automatically deducted from their paychecks, self-employed individuals must manage their own tax obligations.