Advanced Saving
A timed deposit of 3, 6, 12 - or more - months that can usually be held "in house" at your financial institution in exchange for a higher interest rate.
What is a certificate of deposit (CD)?
While you may earn interest on your savings, you pay interest on your loans: What is the common term applied to the interest you pay?
What is Annual Percentage Rate (APR)?
Money paid upfront for a vehicle you buy which can result in an increased likelihood of loan approval, paying less interest, lower monthly payments, and protecting yourself from owing more than your car is worth.
What is a down payment?
The government agency that insures your money in a bank.
What is the Federal Deposit Insurance Corporation (FDIC)?
The term applied to the interest rate you earn on your deposits.
What is Annual Percentage Yield (APY)?
The term applied to the payment stated on your monthly credit card bill that you must* satisfy in order to remain in good standing.
*You are allowed pay more!
What is the minimum payment due?
The term applied to a reduction in the value of a vehicle with the passage of time, but especially immediately after purchase.
What is depreciation?
The government agency that insures your money at a credit union.
What is the National Credit Union Administration (NCUA)?
This financial concept can offer greater interest/dividend yields but also introduces a higher level of risk than "in-house" savings options.
What is investing?
The mathematical concept of adding accrued interest into your unpaid balance, so that you are paying interest on interest . . . and the reason you could pay more than you're "supposed to" in interest.
What is compound interest?
When one individual sells their personal vehicle to another individual, it is known as this type of sale.
What is "private party"?
The figure up to which the aforementioned agencies insure your deposited funds against loss.
What is up to $250,000?
Not attached to any employer, this type of retirement savings account helps you save for the future and *may* provide tax benefits now.
What is a Traditional Individual Retirement Account (IRA)?
Consumers often obtain this type of credit card to improve their credit scores or establish a credit history.
What is a secured credit card?
This type of "purchase" can offer a lower monthly payment but often has a higher amount due at signing and does not lead to long-term ownership.
What is a lease?
Members of a credit union share a common bond, also known as the credit union’s what?
What is the "field of membership"?