Loans Savings

Save on Back-to-School Shopping

August 28, 2020

While this school year is going to be an unusual one, one thing remains the same … Our kids will need school supplies! Since back-to-school shopping is hard to avoid, we figured we’d give you a few ways you can save on supplies.

  • Do an Inventory
    Chances are, you have plenty of school supplies left over from last year. Have your kids help you collect and go through all of the supplies you have on hand. Have a spiral notebook with only a few pages used? Rip them out and you’ve got a new notebook! If your kids are learning from home this year, the good news is your kids will be able to share many of their supplies like highlighters, colored pencils and more!
  • Think About a Swap
    Touch base with your fellow parents and see if you can make a school supply exchange. They might have an extra three-ring binder or glue sticks while you may have something they need as well.
  • Hit Up Thrift and Consignment Stores
    Whether your kids are learning from home or the classroom, there’s no reason to spend your hard-earned money on expensive new clothes. Don’t forget to check out your local thrift and consignment stores first, before heading to your favorite stores. Especially if your children are younger, don’t care so much about labels and grow out of their clothes more quickly. They’re not going to mind wearing gently used clothes if they have what they want.
  • Visit the Dollar Store
    You might be surprised the amount of affordable school supplies you can find at a dollar store. Stock up on pencils, erasers, two-pocket folders, you name it! We recommend you go to the dollar store first, and then visit the big box stores to fill in the blanks on your list.
  • Go Online to Save
    Store apps and websites are a veritable treasure trove of discounts. Many stores offer mobile and online coupons to help you save a few bucks. Get on their email lists to get advance notice of upcoming sales and coupon codes as well.
  • Put Your Kids to Work
    Does your child want an expensive pair of sneakers or need a high-ticket item like a graphic calculator? Make them work for it! Sit down with them to determine what chores they’ll need to do to earn enough money for what they want/need. They might decide they either don’t want the item after all or agree that a more affordable option is a better idea.

COVID-Related Supplies

Don’t forget your child will need additional coronavirus-related school supplies this year. Shop for them as early as you can since they’re probably in high demand:

  • Face masks
  • Small containers of hand sanitizer (for backpacks)
  • A lap desk if they’re at home for school
  • Unique school supplies like cute erasers or character pens/pencils to make this unusual school year a bit more fun

Having a hard time making ends meet and can’t afford all of the school supplies your child needs? WWFCU is offering a great-rate Back-to-School Loan. Click here for details.

Financial Wellness

Fine Tuning Your Credit

July 30, 2020

We all work hard to maintain a decent credit score. But it doesn’t take much to put a dent in it. We’ve got a few tips on how to fine tune your credit before the speed bumps of life affect it.

  • All Debt is Equal
    When it comes to your credit report, agencies look at both your revolving debt like credit cards and installment debt like loans. That means that one isn’t more important than the other when it comes time to pay your bills. Make sure you make the minimum credit card payment (at least) and your loan payments each month.
  • Get Consolidated
    If you have a few higher rate credit cards, you’ll save money and simplify your life if you consolidate them into one low-rate card. This will also help you pay your debt down sooner. This isn’t as easy if you have a few store credit cards, you may want to consider getting a consolidation loan to lower your rates and minimize your monthly payments. WWFCU’s Visa Rewards card offers fee-free balance transfers and 0% financing for the first six months. Learn more here.
  • Card Age Matters
    Keeping the previous bullet in mind, be sure to keep some of your older credit cards as well as opening new lower rate cards. Credit reporting agencies like to see that you have a solid credit history and it can account for about 10% of your score.
  • Keep Balances Low
    While it’s tempting to spend up to your credit limits on your cards – don’t do it! Unless you have an emergency, keep your balances low. Having a low debt ratio (compares the amount of debt you have to your overall income) makes credit reporting agencies happy as well. Ideally, you don’t want your credit debt to be more than 20% of your income.
  • Group Applications
    If you’re shopping around for a new credit card or maybe looking to get a car loan, be sure to group your applications into a month’s time. Credit reporting agencies will group these similar credit inquiries from creditors and only ding your credit for a single inquiry.
  • Contact Creditors
    If you’re behind on your loan or credit card payments, it’s natural to want to avoid speaking to them. But we recommend you answer the phone when they call. Or, better yet, call them first and work out a payment arrangement. They’ll be much more likely to work with you if you’re proactive and receptive to communicating with them.
  • Monitor Your Credit
    We can’t watch everything all the time. This goes for your credit. Keep an eye on your credit report. Go to com to get a free copy of your credit card. You can get one per credit reporting agency per year, so check it every four months. You can also get a credit monitoring company to help you watch your credit. They’ll alert you if you get a dip or rise in your credit score. Good news if you already have a WWFCU Visa Rewards credit card, it already comes with free credit monitoring.

Need help understanding your credit report? Learn more here. Want to learn more about consolidation loans or our Visa Rewards card, speak to a WWFCU Member Service Representative at (734) 721-5700 or stop by our branch today.

Investments

Are You Financially Ready to Retire?

July 23, 2020

If you’re at the point where retirement is looming on the horizon, it’s time to determine if you’re actually financially ready to retire. Here are a few things to consider before you leave work behind.

Spending
If you track your spending and expenses or use a budget, you’re ahead of the game. If not, you need to start tracking your expenses over three to four months. There are plenty of apps and websites out there to help.

Once you’ve got these numbers, you need to project what these expenses will be like by the time you retire. For example, you won’t have your kids’ college education to pay for or your mortgage may be paid off by then. Or your travel and clothing expenses may change once you’re no longer working.

Income
The next step is to add up your different sources of income from salary, any rental income, Social Security, etc. You can log onto the Social Security website to get a projection of what your payments will be when you retire. The website also offers various retirement calculators.

Investments

Hopefully, you’ve been saving for retirement for a few decades by now. (Or if you’re younger, now is the time to start saving!) The goal is to be able to withdraw around 4% of your retirement savings to live off of during retirement, that way you shouldn’t run out of savings in your lifetime. However, we recommend you speak to a financial planner before you start spending.

Adjustments

As with most things in life, you’ll need to adjust your plans along the way. Your spending and income may change over the years, as will your investments. If you’ve made these calculations early enough, you may need to adjust how much you’re saving and investing to reach your retirement goals. Again, a financial planner may be able to help you meet those goals.

WWFCU offers individual retirement accounts (IRAs), money market accounts and share certificatesto help you save for your retirement. Call (734) 721-5700 or stop by our branch to speak to a Member Service Representative about your savings and investment options.

 

 

Credit Cards Financial Wellness

Is it Time to Get a Credit Card?

July 20, 2020

It seems like you can’t do anything these days without a major credit card. But what if you or your adult kids don’t have one yet? If you’re wondering if it’s time to get a credit card have other questions, we have a few answers for you.

  • Turning 18
    For credit card companies, turning 18 is the magic number for being able to apply for a credit card. But just because you can, it doesn’t always mean you should! If you’re 18 or older and have a steady source of income, then yes, it might be time to get a credit card. You want to start establishing your credit as soon as possible.
  • Credit Help
    If you’re credit has hit a speed bump or you need help getting out of debt, it might be time to get your first credit card – or a new card. If your credit is on the decline, it may be harder to get a card. But if you can make payments, getting a credit card can help boost your score. Just don’t max out your limit! Also, if you’re overwhelmed by debt, getting a low-rate 0% balance transfer card to consolidate your debt might be the answer. So might our Visa Rewards Credit Card.
  • Major Purchase
    If you’ve got to furnish your family room or replace a broken refrigerator, then a credit card may help. Seriously, most of us don’t have several thousands of dollars waiting to be spent! Many stores offer 0% cards. However, make sure you’ve paid off the card before the 0% introductory offer ends, or you’ll be paying more than you bargained for.
  • Secured Credit Cards
    If this is your first card or your credit score is less than desirable, you may want to consider starting out with a secured credit card. With a secured card, you make a deposit of anywhere from $100 or more. Whatever your deposit is, that’s what your credit limit is. Pay your balance off each month and establish or rebuild your credit and then you’ll be eligible for a regular credit card before you know it. WWFCU offers a secured credit card, in case you were wondering!
  • Student Credit Cards
    If you’re a college student and getting your first card, you might want to check out the student credit cards that are available. Many come with great perks, discounts on textbooks and some even reward you for good grades.

Things to Consider

There are a few things you should consider and compare when shopping for your first credit card:

  • Review rates and fees
    Many cards have great introductory rates. Read the fine print to see how long the introductory period is and what your rate will be when it ends. Also, some cards charge fees like annual fees, etc. Compare rates and fees before choosing one.
  • Shop Welcome Bonuses
    In addition to introductory rates, many cards offer points or miles if you get their card. Some may really make it worth your while, so take a look and see which one has perks that appeal to you.
  • Make Monthly Minimum Payments
    Be sure to make at least your minimum payment each month. If you can pay off the balance every month, even better. If you don’t, you’ll be paying interest on your balance as well as any new purchases. Paying less now means you’ll pay more later.
  • Pay On Time
    Get a bill reminder app or do whatever you can to remind you to pay your credit card bills on time. Late payments come with fees, extra interest and a ding to your credit score. Some cards charges as much as $40 per late payment.
  • Keep Balances Low
    As tempting as it is to charge up to your credit limits, avoid it if you can. Carrying a high balance negatively affects your credit score. Credit reporting agencies like to see low credit utilization ratios (the percentage of available credit that you use).
  • Watch Your Statements and Credit Report
    Credit card fraud is the most common form of identity theft, so be vigilant. Take a close look at your monthly credit card statements to make sure there are no unknown charges. Also, be sure to review your credit report regularly to make sure there are no mistakes. Go to com to get a free copy of your credit card. You can get one per credit reporting agency per year, so check it every four months.
  • Get Alerts
    If you’re a WWFCU member and have our Visa Rewards Credit Card, then you can get CardNav. This free app lets you control when, where and how your card is used. It’ll send you alerts if anything seems suspect. Our card also comes with FREE identity theft protection and credit monitoring.

Interested in getting a WWFCU Visa Rewards Card? Click here to apply today or speak to a Member Service Representative at (734) 721-5700 or stop by our branch.

Credit Cards Financial Wellness Home Loans Insurance Loans

Dos and Don’ts for First-Time Homebuyers

July 13, 2020

We know, there are so many things to learn and think about before buying your first home. So, we thought we’d simplify things and give you a Do and Don’t list.

Don’t …

  • Shop Too Soon
    You need to apply for a mortgage before you do anything else. Since there are few homes on the market, competition is tight for those that are for sale. If you don’t have a mortgage locked down, you might lose the house of your dreams to someone that does. And knowing how much you can afford will help you be more realistic when it’s time to house hunt.
  • Wait to Make Plans
    Planning ahead will ensure you’ve got the money for your down payment and closing costs before you sign on the dotted line. Planning ahead will also let you pay down your debt and add to your savings. Put together a budget and a timeline to ensure you’ve got a plan in place.
  • Look Beyond Your Budget
    We’d all love to buy that big dream home with the big yard and picket fence, but sometimes we need to begin with a smaller starter home. Stay away from wistful shopping and stick to your budget when you house hunt.
  • Go Crazy with Your Credit
    Once you’ve got a mortgage nailed down, stop spending, opening up credit cards or getting new loans. This will all affect your rate and ability to get that final mortgage. Curb your spending till you’re in your new home, and even then – stick to your budget!
  • Pick a House Instead of a Neighborhood
    You don’t want the best house in an undesirable neighborhood. Do some research looking at taxes, school districts, etc. and narrow your search down to a few neighborhoods. Then you can pick your new home in a neighborhood you like.
  • Follow Your Emotions
    It’s easy to follow your heart or your gut when buying a home. Use your brain instead. You don’t want to get too attached to a house before you get all the facts. This will stop you from paying too much for a home and blowing your budget.
  • Worry About 20% Down
    It’s called the Myth of 20% Down. Although having a 20% down payment would be great if you could do it, you can buy a house with much less. Sometimes you could need only 3% down to buy a home. Just be prepared to pay for mortgage insurance with a low down payment.
  • Ignore Government Loans
    As a first-time home buyer, it’s easy to overlook loans from the Federal Housing Administration (FHA), the S. Department of Veterans Affairs (VA loans) and the U.S. Department of Agriculture (USDA loans).
  • Misjudge Costs of Home Ownership
    The costs of buying and owning a new home don’t end when you sign your mortgage papers. Be prepared to pay for property taxes, mortgage insurance, homeowners’ insurance, repairs, maintenance, utilities and more.
  • Forget About Gift Money
    If you’re relying on parents or other family and friends to help you with your down payment, get it lined up before you finalize your mortgage. Get a copy of the check or electronic transfer or a signed gift letter before proceeding.

Do …

  • Research Mortgage Options
    Get online and see what all your options are for mortgages. Don’t forget government loans (mentioned above) as well as your credit union for a mortgage, we usually have some of the lowest loan rates around. Make sure to get a preapproval letter once you’ve applied.
  • Save for Your Down Payment
    Do this from the moment you first think about wanting to own a home one day. Figure on saving about 5%, but save more if you can. The larger the down payment, the lower your monthly payment will be!
  • Get a Good Buyer’s Agent
    Many first-time homebuyers don’t realize it’s in their best interest to get a Realtor to help them. They know neighborhoods, prices and school districts. They’ll save you time and money, so get one as soon as possible.
  • Stick to Your Budget
    Once you’ve been preapproved for a mortgage and looked at your budget and savings, you should know what you can afford. Don’t stray from it for a bigger and “better” home that you can’t afford.
  • Budget for Closing Costs
    Many new homebuyers only look at the cost of the house when budgeting how much money they’ll need. Don’t forget there will be closing costs on top of that. They usually run 2% to 5% of your loan amount. You can’t get a mortgage without them!
  • Factor in Moving Expenses
    From paying for actual movers to utility deposits, furniture, appliances, rugs, etc., it’ll cost you even more once you’ve set a move-in date. Make sure you have enough saved to pay for them all.
  • Buy a Home for Your Future Needs
    If you’re newlyweds, you might be planning a family. Be sure your new home will have room for the eventual additions to your family. You want a house you can grow into, not grow out of.
  • Remember Home Inspections
    Once you’ve had your offer accepted, be prepared to pay for a home inspector. They’ll check for mold, needed repairs, pests and more. If there are more repairs needed than you thought, negotiate with the sellers to get things fixed or be prepared to walk away if needed.
  • Secure Adequate Homeowners’ Insurance
    Another thing you’ll need before signing on the dotted line is homeowners’ insurance. Start with the company that you use for auto or renters’ insurance, and then shop around. WWFCU members can get a discount on homeowners’ and auto insurance from TruStage.

Whew! We hope these dos and don’ts aren’t too overwhelming. But there are a lot of things to consider as a first-time homebuyer. Use this list as a guide and you’ll be home sweet home in no time!

Have questions or want to get preapproved? Speak with and experienced mortgage expert from our partner Mortgage Center at 800-353-4449 today.

Financial Wellness

Budget Basics

July 1, 2020

In honor of Financial Literacy Month, we wanted to remind our members of the basics of budgeting. Creating and sticking to a detailed budget are the first steps toward financial health.

Many of us have the best intentions to make a budget but keep procrastinating. While in the meantime we’ll be living paycheck to paycheck. Boost your financial literacy and get your finances under control by creating a budget. Here are a few things to consider to get you started:

Why do you want a budget?

We all have reasons why we feel a budget would benefit us. When you uncover why you need a budget, it’ll be that much easier to put one together. Do one of these reasons ring true to you?

  • You need to save more money
  • You’re tired of living paycheck to paycheck
  • You keep fighting with your partner about money
  • You need to get out of debt
  • You need to control your spending
  • You have some long-term goals you want to reach

What are your spending habits?

It’s time to be honest with yourself and start keeping track of every penny you spend in a month. This includes every cup of coffee and smartphone app. Whether you write it all down or put it in a spreadsheet, this will give you a clear understanding of where your money really goes. Speaking of apps, there are plenty of free apps and websites that will help you track your budget like Mint, Wally and Goodbudget. Look at a few months’ worth of your credit union statements to make sure you’re not missing anything. Take a hard look at the amounts and determine where you can cut back – like those daily/weekly expensive cups of coffee.

What are your surprise expenses?

When we’re putting a budget together, it’s easy to remember the monthly expenses like your mortgage/rent, utilities, groceries, etc. It’s not so easy to remember the once-a-year expenses. Here are a few to remember and add to the budget:

  • Holidays
  • Birthdays
  • Vacations
  • Property taxes
  • Insurance premiums
  • Medical and veterinary exams
  • Auto inspections and registrations
  • Professional dues

What’s your income?

Sure, we all know what our paychecks say. Don’t forget to include money you may earn from any side jobs, alimony, child support, business income or investment income. Add it all together.

What are your goals?

This is the fun part. People are usually saving money for a reason. Make a list of all your short- and long-term goals to remind you of why you’re doing all of this. We have a few goals you might be including:

  • Paying off debt
  • Buying a home or car
  • Creating an emergency fund
  • Saving for college
  • Saving for retirement
  • Saving for vacation or some other big purchase

Prioritize these goals and add any dollar amounts if known.

How much should you save?

Time to do a little math. Once you’ve determined how much is coming in and how much is going out, you get a clearer picture of how much you’ll have left over to save or invest. When you’ve got that bottom-line amount, you can figure out how much you can put aside each month for your goals.

How do I stick to my budget?

Now that you know how much you need to spend and save each month, it’s time to put your budget in motion. There are a few things you can do to make this easier:

  • Automate – From autopay to direct deposit, use tools like these to make paying bills and saving money a mindless task.
  • Envelopes – Some of us like to go old school and use the envelope system. This means dividing up your cash each month into a series of labeled envelopes. You can only spend the money in the designated envelope for each expense. If you run out of money in an envelope for the month, you’re done spending in that category.
  • Track – Tracking your monthly budget isn’t a one-time thing. Keep on top of tracking your income and expenses and make sure you’re not straying from your budget. Make adjustments when necessary.

If you need help budgeting or managing your debt, WWFCU’s partner GreenPath is here for you – for FREE. Visit their website or call (877) 332-2235 to get help today.

Credit Cards Financial Wellness Loans Savings

How to Become Financially Independent from Your Parents

June 19, 2020

If you’re like many 20-somethings, you either still live at home with your parents or they’re helping you pay your bills. Don’t despair. According to a study by Pew Research, 45% of young adults ages 18 to 29 say they’ve received a lot or some financial help from their parents in the past 12 months.

Chances are, you’re hoping to become financially independent as soon as possible. We have a few tips to help get you there faster.

  • Paying for College
    The average student loan debt per student is $32, 731. If you’re battling or facing student loan debt, there are a few things you can do. First, think about attending a community or state college so your tuition, and hence your debt, will be lower. If you’re already in college, now is the time to put a plan together on how much you’ll owe when you graduate and what your monthly payments will be. This will give you an idea of what kind of income you’ll need to make to pay off your student loans.
  • Work on Your Credit
    Don’t have a credit card yet? Then, you probably haven’t built any credit yet either. It’s time to get a low-balance credit card to get started. Only charge what you can pay off each month. You may need to be an authorized user on a parent’s card or get a secured credit card to get started. The important part is to get started building your credit and good spending habits now. WWFCU has low-rate and secured credit cards – learn more!
  • Get Out of the House
    As much as your parents love you, it’s probably time you start thinking about getting your own place. Start saving for down payments and rent while your costs are low at home. You may also want to start finding a roommate to help keep expenses at a minimum. Already paying rent to your parents? You could probably talk them into letting you save that money towards renting a place instead.
  • Cut Back Your Expenses
    From getting a prepaid cell phone service to learning to cook instead of eating out, there are many small steps you can take now toward becoming more financially independent. Start shopping at resale stores and making your own coffee too, every little bit will help you make ends meet when you’re on your own.
  • Save More, Spend Less
    Get into the savings habit now. In addition to what you’re saving to get out of your parents’ house or let go of those purse strings, you need to get into a good savings habit as soon as you can. Putting 10% away is a great place to start. Make it automatic with direct deposit if possible and save it in an account that’s not easy for you access. Keep track of what your expenses are or what they will be when you’re own your own and put together a budget so you know what you need to get by. Check out WWFCU’s savings accounts here.

Have questions? Speak to a WWFCU Member Service Representative today at (734) 721-5700 or stop by our branch.

Insurance

Top 5 Life Insurance Myths

June 17, 2020

Do you hear “life insurance” and think it’s for old people or breadwinners from large families? Think again. These are just two of the misconceptions that people usually have about life insurance. Keep reading to view other life insurance myths and the actual truth behind them.

Myth #1
I’m young, healthy and single, I don’t need life insurance.

If you’re an adult, you need life insurance – regardless of your age or marital status. You don’t want to burden your loved ones with your debt once you’re gone. This includes any medical or funeral expenses you might incur. The great news is that if you’re young and healthy, a life insurance policy should be very affordable. Now is the time to get it.

Myth #2
Life insurance is too expensive.
The majority of people overestimate the actual cost of life insurance. In fact, Millennials overestimate the cost by 213%, Gen Xers by 119%. There are numerous types of life insurance policies out there, meaning you’ll be able to find one that meets your needs and your budget. In fact, if you’re a WWFCU member, you can get a great discount on life insurance. Click here for details.

Myth #3
I should save or invest my money instead of buying life insurance.
Unless you’re a millionaire, you’re better off having life insurance – in addition to saving/investing. Life insurance should be part of your financial plans, not an afterthought. The cost is so minimal, you should be able to afford life insurance and have enough left over to save or invest.

Myth #4
My life insurance at work is enough coverage.
You may have amazing life insurance at work, but chances are it’ll just be enough to cover the basics if you die. Wouldn’t you rather leave your loved ones more than enough money to pay your expenses rather than have them scramble and borrow to pay off your debt?

Myth #5
I have health issues, I won’t be able to get life insurance.
Unless you have a severe life-threatening illness, you’ll be able to get life insurance coverage. It will cost more than if you were 100% healthy, but it should still be affordable. If you’re not sure if you can get coverage, it doesn’t cost anything to apply for life insurance to find out.

WWFCU is proud to be able to offer life insurance at a great discount to its members from TruStage. Click here to learn more.

Taxes

Pet Owners Get Tax Breaks Too!

June 3, 2020

Business owners and parents seem to get all the tax breaks, but what if your “kid” has four legs and is furry? Guess what? You get some tax breaks too! Read on to see if your pet helps you qualify for any of these deductions.

  • Pest Control – Did you get your cat or other animal primarily for the purpose of catching vermin at your business? You can deduct a few hundred dollars for pet food. Just be ready to prove that’s why you have your mouse hunter.
  • Showing Off – If you spend your free time showing your dog or cat, you may be able to deduct your expenses for showing them. The rules around this are tricky, so consult with a tax specialist to see what you can deduct.
  • Business Expenses – If your pet serves a real purpose at your business, you might get some tax breaks. A good example is if you have a guard dog at your business. In this instance, the size and breed of your dog matters. A miniature pinscher won’t qualify but a Doberman pinscher might.
  • Service Animals – Is your pet more than a pet? Does it help you in a health-related capacity? You may get a tax break including training, veterinary bills, food, etc. You must have documentation such as a prescription from a doctor to qualify for any deductions.
  • Fostering Pets – If you’re one of those big-hearted people that foster pets, you may have a tax break in your future. The animals must be from a qualified nonprofit to get the deduction and the expenses must be unreimbursed.

Speak to a tax expert to see if you could qualify for any of the above pet tax breaks. In the meantime, as a WWFCU member you can get a valuable discount on federal products from TurboTax. Click here to get started.

Auto Loan Loans

What You Need Before You Buy a Car

May 29, 2020

Whether you’re looking to get a new or used vehicle, buying a car can be an exciting yet stressful experience. WWFCU wants to take the stress out of the process and walk you through the steps you need to take before signing on the dotted line.

  • Get Your Score
    Unless you’re paying cash, the very first thing you need to do before even stepping on the car lot is to check your credit score. Both NerdWallet and Credit Karma offer free credit scores. If your score is lower than you expected, you’ll want to see if there are any errors on your credit report. You can get one free credit report per year from com. Fix any errors before trying to find auto financing.
  • Find Financing
    We need to start this section off by reminding you that credit unions like WWFCU have some of the lowest loan rates around – including on auto loans! Speak to a loan officer or member service representative to see just how much car you can afford. You’ll want to consider the rate you’ll receive and the terms as well as what the actual loan amount should be.
  • Research Your Trade-in Value
    Kelley Blue Book is the best place to start when figuring out exactly what your car is worth. You’ll need to know the make, model and mileage of your car as well as the equipment options it comes with. And be brutally honest about the condition of the vehicle to get the most accurate value quote. Between your financing and your trade-in amount, you’ll have a better idea of what you can afford before you start shopping.
  • Car Shopping
    There are tons of websites out there that let you search numerous dealers at the same time. While you’re on these sites, you’ll be able to research the dealers as well. Check out the reviews for both the car you want to buy as well as the dealers you may be visiting. WWFCU’s partner AutoSMART lets you search for both new and used vehicles, lets you know if you’re getting a good deal and gives you access to dealer ratings. Compare prices and dealers before picking the car you want.
  • Get the Details – New Cars
    During your car shopping/research be sure to get the dealer invoice price. This gives you more negotiating power when you get to the dealer. Take the time to visit the car company’s website to see what rebates and deals are available on the car you want.
  • Get the CARFAX – Used Cars
    If you find a used car you’re interested in, check out the CARFAX before you buy it. The good news is if you finance your used car with WWFCU, you can get a free CARFAX on your car ahead of time. That way you can check out the vehicle’s history and see if there have been any accidents.

Take all of these steps before buying your car and you can rest easy knowing you got the best deal you could on the car of your dreams. To learn more about auto loans at WWFCU, stop by our branch, visit wwfcu.org or call (734) 721-5700 for more information.

Business Loans

Time to Reopen Your Small Business?

April 22, 2020

More and more communities are looking to the near future when businesses may open back up again. If your business was forced to shut down due to the coronavirus pandemic, you may be wondering what to do next. Now is the time to think things through and put a formal plan together.

  • Health Policies
    You’ll have to put some defined health-related policies in place before you open your doors. Are you taking everyone’s temperature at the start of their shifts? What do you do if someone has a fever? How do you cover their position – from sales to CEO – if someone does have a fever? Figure it out now and put an official policy together to share with your staff before you reopen.
  • Get Prepared
    Do your employees have workstations right next to each other? Does your staff work directly with customers/clients? You’ll probably have to rework your floorplan and safety precautions, including personal protection equipment like gloves and face masks, in place to open back up. Your staff and clients/customers will want to feel that their health is being protected.
  • Business Model
    What you did before might not work anymore. You may have to rethink your business model including what you do/sell, how you do it and if you have deliveries. Create a model that will include a possible future shutdown in case there’s a second coronavirus surge.
  • Hiring Time
    If you had to lay off your staff, you’ll have to hire a new one. Obviously, call your laid off employees first, but some may have had to find a new job by now or choose to work somewhere else to feel safe. Let your new and re-hires know what policies you’re putting in place and precautions you’re taking to protect them ahead of time.
  • Rethink Schedules
    If you’re used to having a bustling and full staff, things will probably have to change. Skeleton staffs will probably be required to begin with to keep employees and clients/customers safe.
  • Find Vendors
    You may call around to discover that some of your previous vendors are no longer in business or are changing how they’re doing business, including payment options. Contact your vendors way in advance to make sure you’ll have what you need to open. This will give you plenty of time to find new ones if needed.
  • Get Help
    There’s been plenty of news about the Paycheck Protection Program and the Economic Injury Disaster Loan program. But you may have better luck with local programs and agencies to help your business make payroll and other expenses. You can also reach out to WWFCU to see if you qualify for a low-rate business loan.

Have small business questions or need some assistance? Speak to a Member Service Representative at (734) 721-5700.

1 2 3 4 5 6 … 30

Tax Solutions and Savings for Members

Trust & Will

TruStage Auto & Home Insurance Program

wwfcu.org

You are about to open a window to a third party website. WWFCU is not responsible for the content of the third party website. WWFCU does not represent either the third party or the user if the two parties enter into a transaction. Privacy and security policies may differ from those practiced by WWFCU. Do you wish to continue?

You will be redirected to

Click the link above to continue or CANCEL