Apr 07, 2020 / Money Tips

4 Ways to Weather a Financial Storm

Have you ever been outdoors when the weather turned suddenly? The skies darken and the rain starts to pour, and your natural response is to take cover. You want to stay safe and comfortable, and wait for the weather to improve. The same applies to the economic storms that sometimes come out of nowhere. In recent weeks, the spread of the coronavirus has brought about financial storms and unforeseen challenges. Naturally, your response is to take cover and wait for better times ahead. Here are 4 ways you can weather the financial storm.

1. Refinance your auto loan

During economic downturns, many people choose to refinance their existing car loans to reduce their monthly payments and/or lower the overall cost of their loans. If your current loan has a high interest rate, and you think you could save money by refinancing, reach out to Utah First. Right now, you can get 120 days with no payments with an auto loan refinance. That means you can weather the financial storm for the next 4 months without having to make a car loan payment. Plus, you can save money over the long-term with a low interest rate.

2. Look into mortgages

During this uncertain time, many people have mortgage questions. Is now the right time to refinance? Is it a good time to buy a new home? We have answers to all your mortgage questions. If you’re considering buying a new home or refinancing, talk to one of our experts about the best options for you. Call us at 800-234-0729.

3. Stash cash in a money market

During difficult times when money is tight, it can be easy to lose sight of your savings goals. But there are options to keep your savings goals on track. Money market accounts are safe alternatives to a volatile market. They are great ways to rebuild depleted savings. And you get the benefit of still having access to your money if and when you need it. It’s a win-win for times when you want to keep your money close and still earn a higher interest rate and keep your money safe.

4. Find ways to delay payments

During down times in the economy, it’s nice to buy as much time as you can to make payments. As already mentioned, one way to do this is by applying for our auto loan refinance, which lets you delay making another auto loan payment for 120 days. If the spread of the coronavirus has brought about unforeseen financial difficulty for you, we want to see if we can help. We have been granted certain regulatory leniencies to defer loan payments, waive late fees, and allow delinquency for some members whose incomes have been affected. This is different than loan forgiveness, but it may give you some extra time to sort out your affairs while the economy rebounds. And if you’re worried about staying on top of your existing mortgage loan, we can help answer your questions.

As a local credit union that’s been around for more than 85 years, we’re lucky to be part of a community that cares for each other. And we want to be part of the solution and shelter during difficult times. If you have questions about how any of the foregoing affects you, please reach out to us at [email protected] or leave us a voice message at 385-465-3330.